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Sabre Insurance Group PLC said Wednesday 2022 is ‘shaping up’ to be a more positive year for the insurer.
In the four months to April 30, gross written premiums surged 30% to £59.8 million from £46.0 million. Its motor book saw gross written premiums rise ‘slightly’ to £47.8 million - in line with expectations as market conditions ‘remain soft’.
‘We saw growth in our core portfolio during this period. More recently, the broader macro inflationary pressures have not been reflected in price increases across the market, which has modestly impacted our own private car volumes as we continued to exercise our own disciplined pricing strategy,’ Sabre added.
Looking ahead, Sabre said it is ‘encouraged’.
‘The addition of motorcycle and significant enhancement of taxi lines diversifies Sabre's growth opportunities and makes the overall business more robust,’ it continued. ‘Overall, we continue to project material top-line growth this year across our combined product lines. Our financial-year combined operating ratio will be impacted by temporary growth strain in motorcycle and taxi, and the current high levels of inflation will need to be considered in evaluating the expected costs of open claims.’
It continues to target a combined operating ratio of 80%.
Shares in Sabre Insurance were 0.2% lower in London on Wednesday at 216.50 pence each.
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