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(Alliance News) - Sabre Insurance Group PLC on Tuesday posted a first-half profit fall but noted that it is now in a more "favourable position" as the UK lockdown has eased.
Gross written premiums in the six months to June 30 fell 14% year-on-year GBP86.9 million from GBP101.2 million, the private motor insurance underwriter said.
Gross earned premiums fell 7.8% annually to GBP94.0 million from GBP102.0 million, with pretax profit down 8.9% to GBP27.8 million from GBP30.5 million.
Chief Executive Officer Geoff Carter noted that at the time of the firm's annual general meeting in May, Sabre was in the "eye of the storm" as Covid-19 lockdowns continued to cripple trading, shrinking new business volumes.
"At the half-year mark, we are in a more favourable position. Quotation requests in the market have increased markedly as lockdown restrictions have eased. From a position of being around 25% down at the end of April year-on-year quote requests now appear to be in line with the previous year. Our written premium for June, on a week on week basis, exceeded that for the same period last year by over 10%, with July likely to deliver a similar increase," Carter added.
Sabre's ordinary payout was sliced by 8.5% to 4.3 pence per share from 4.7p, though this time around it also paid a 5.2% "additional interim dividend".
"On the regulatory front, we still await the details of the FCA review into 'loyalty penalty' pricing, although we do not expect to be adversely impacted by this, and the detail of the whiplash reforms which have now been delayed to 2021," CEO Carter said.
Sabre back in March last year said the UK Financial Conduct Authority's review is focused on the differences between new business and renewal prices, and the use of behavioural, or non-risk, factors in determining pricing.
Also on Tuesday, the company said it has added Michael Koller to its board as a non-executive director with effect from September 1.
Koller spent nine years at insurer Prudential PLC, including a stint as group risk director. He also spent three years as chief risk officer of Aviva PLCs Europe arm.
Sabre shares were 6.1% higher at 276.50p each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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