(Alliance News) - Sabre Insurance Group PLC on Thursday said that it anticipates annual improvements across "almost all key measures" in its 2023 results.
The Surrey, England-based motor insurer said that it has taken "rapid and decisive pricing actions" since 2022 to offset the impact of claims inflation. As a result of these efforts, Sabre said it was anticipating strong results for the year ended December 31, with a view to returning to its historic levels of profit.
Sabre said that it expects results for the year to exceed current market expectations "across almost all key measures".
Gross written premiums are expected at around GBP225 million, 31% ahead of GBP171.3 million in 2022.
Sabre expects 47% growth in core motor vehicles. In 2022, the motor division's net earned premium was GBP132.9 million.
Sabre said that its profit would land "towards or slightly above the upper end of current market expectations". The company's collated consensus predicts around GBP20 million in pretax profit for the full year, with the highest forecast standing at GBP23 million. Sabre's pretax profit was GBP12.8 million in 2022.
Sabre's anticipated pre-dividend solvency capital ratio of 205% will also land ahead of last year's figure of 161.4%.
Sabre is scheduled to release its results for the full year on March 19.
Shares in Sabre were up 1.6% at 154.50 pence each in London on Thursday morning.
By Hugh Cameron, Alliance News reporter
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Sabre Insur (SBRE)