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(Alliance News) - Sabre Insurance Group PLC on Tuesday said its profit declined in the first half of 2019 amid competitive market conditions.
The motor insurer - whose direct brands include Go Girl, Drive Smart and Insure 2 Drive - reported a pretax profit of GBP30.5 million for the six months to the end of June, down from GBP32.0 million in the first half of 2018, as gross written premium slipped to GBP101.2 million from GBP108.8 million.
The FTSE 250-listed company said its expense ratio, which is generally a little higher in the first half due to staff bonuses, has remained relatively stable year-on-year, at 23.3%. The slight increase against prior year's 22.9% is a result of higher fixed costs over a lower relative level of net earned premium.
Sabre is paying an interim dividend of 4.7 pence a share. Last year, it paid 7.2p, which, the company noted, was not subject to its ongoing dividend policy, on account of it being the first dividend paid post-listing. The company floated on the London Stock Exchange in December 2017.
"We are pleased to have delivered half-year results in line with expectations. The financial and operational performance of Sabre demonstrates the resilience of the business model and the merit in our strategy, despite the competitive market conditions," said Chief Executive Geoff Carter.
"Looking ahead, we remain confident of delivering in line with our existing guidance for 2019 - a COR slightly better than our long-term target, continued strong capital generation and an attractive dividend," added Carter.
Sabre shares were trading 2.3% lower on Tuesday in London at 271.50 pence each.
