Sabre Insurance Group PLC Trading Statement (9062Z)
23 May 2019 - 4:00PM
UK Regulatory
TIDMSBRE
RNS Number : 9062Z
Sabre Insurance Group PLC
23 May 2019
23 May 2019
SABRE INSURANCE GROUP PLC
Trading Update
Sabre Insurance Group plc (the "Group" or "Sabre"), one of the
UK's leading private motor insurance underwriters, today provides
an update on trading for the period ending 30 April 2019 ahead of
its AGM later this morning.
-- Continued strategy of prioritising underwriting profitability
over volume, with the competitive market dynamics observed in FY18
continuing through the first four months of this year
-- Anticipated full year Combined Ratio slightly better than mid 70% target
-- Gross written premium down GBP5m YOY (GBP64.7m V GBP69.8m) as
expected with Sabre maintaining its strategy of countering claims
inflation with ongoing price increases to preserve underwriting
discipline and target margins
-- Continued strong organic capital generation with a solvency
coverage ratio of 185% (post payment of 2018 full year dividend)
exceeding our preferred range of 140 to 160%
Geoff Carter, Chief Executive Officer of Sabre, commented:
"We are pleased to report results for the first four months of
the year which are very much in line with our expectations. Our
continued focus on our stated strategy has delivered strong
underwriting margins and capital generation.
As anticipated, premium is down in the early months of the year
as we continue to cover claims inflation through price increases
against the backdrop of a continued competitive environment. We are
very comfortable with our premium position at this point in the
cycle and believe our strategy positions us well for growth when
the market turns.
The outlook for our full year GWP position continues to be in a
range depending on the timing of this market turn, but at this
stage feels likely to be slightly down year on year.
We remain confident in delivering on our guidance for the full
year, including a COR slightly better than our long term target,
strong capital generation and an attractive dividend, as we
continue to execute our long established and successful
strategy."
Investor enquiries 0330 024 4696
Sabre Insurance Group plc
Geoff Carter / Adam Westwood
Media enquiries 020 7353 4200
Tulchan Communications sabre@tulchangroup.com
James Macey White
David Ison
Amber Ahluwalia
LEI Code: 2138006RXRQ8P8VKGV98
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END
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