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Sabre Insurance's focus on profitability pays off with strong underwriting results

By BFN News | 08:37 AM | Thursday 11 October, 2018


UK motor insurer Sabre Insurance Group said its focus on profitability had enabled it to achieve a strong underwriting result for the nine months to 30 September and generate significant excess capital. This supported the Group's continued expectation of delivering a combined full-year 2018 ratio better than its mid-70%'s target and slightly higher than its full-year 2017 combined ratio of 68.5%. "Whilst premiums for Q3 2018 were slightly below a strong comparative period in Q3 2017, we remain confident that we will end the year with premiums in line with 2017," said CEO Geoff Carter. The company took appropriate pricing actions taken to cover anticipated claims inflation, with Gross Written Premium (GWP) for the first nine months of the year remaining broadly flat year on year at £162.6m, compared with £165 a year earlier. The company said it maintained its expectations for full-year 2018 GWP to be in line with that of 2017. "Throughout a period of strong competition in the UK motor insurance sector, we have continued to apply our core philosophy of focusing on underwriting profitability, with volume remaining an output rather than target," added Carter. Further, the company's strong organic capital ratio supported the potential for an attractive full-year dividend with a solvency coverage ratio of 195% as at the end of September, above its 140%-160% target range. At 8:37am: (LON:SBRE) Sabre Insurance Group Plc share price was +1p at 256p Story provided by StockMarketWire.com

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