Sabre Insurance Group (SBRE) H1 2026 earnings summary

Executive summary

• Gross written premium increased by 15.7% year-over-year to £116.0m, driven by strong growth in Motor Vehicle and Motorcycle products.

• Profit before tax was £23.9m, down 6.3% from H1 2025, reflecting timing effects from lower 2025 premium volumes earning through in H1 2026.

• Interim dividend of 4.1p per share declared, up from 3.4p in H1 2025, supported by robust capital generation.

• £5m share buyback programme underway, with over 1 million shares cancelled by period end.

• Ambition 2030 strategy progressing, with expansion in motorcycle and digital enhancements.

Financial highlights

• Gross written premium: £116.0m (H1 2025: £100.3m), up 15.7% year-over-year.

• Profit before tax: £23.9m (H1 2025: £25.5m).

• Net insurance margin: 15.7% (H1 2025: 19.0%), expected to return to 18–22% by year-end.

• Combined operating ratio: 85.6% (H1 2025: 82.6%).

• Solvency coverage ratio: 175.9% pre-dividend, 161.4% post-dividend.

Outlook and guidance

• Full-year profit expected to be slightly ahead of 2025, with net insurance margin returning to 18–22% target range.

• Premium growth in H1 underpins confidence in meeting full-year guidance.

• Market-wide price increases anticipated to provide further growth momentum.

• Ambition 2030 on track, targeting at least £80m profit before tax by 2030 through core motor and motorcycle expansion.

• AI adoption expected to enhance pricing and efficiency.