(Alliance News) - Sabre Insurance Group PLC on Friday said it remains confident in volumes increasing as the number of drivers and car sales continue to rise as lockdown restrictions are eased.
For the first quarter to March 31, the motor insurance provider reported volumes in line with expectations and volumes for April ahead of the comparative month in 2020. Sabre emphasised its continued focus on prioritising underwriting profitability over volume, with price increases "materially ahead" of the market.
Gross written premiums for the four months to April 30 were GBP46.0 million, down 16% from GBP54.6 million a year prior.
Sabre reported continued strong organic capital generation with a solvency coverage ratio of 171% post-dividend as at March 31, improved from 155% on December 31.
"Looking forward, we remain confident that volumes will increase as the number of drivers and car sales increase," said Chief Executive Geoff Carter.
"Our claims performance and organic capital generation was strong, and we remain confident of providing an attractive dividend for the year, possibly through the utilisation of our robust capital range. While short term visibility remains limited, we remain confident that our agility and tried-and-tested strategy will deliver a strong result for the year."
Shares in Sabre were 1.8% higher in London Friday in early trading at 261.00 pence each.
Separately, Matthew Wright has been appointed as chief actuary after seven years with the company.
Sabre's annual general meeting will take place later on Friday.
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Sabre Insur (SBRE)