(Alliance News) - Sabre Insurance Group PLC on Tuesday reduced its dividend payout after posting a drop in annual profit.
The FTSE 250-listed motor insurance company said pretax profit declined in 2019 to GBP56.5 million from GBP61.4 million. Net income fell to GBP191.0 million from GBP194.9 million.
Gross written premium decreased to GBP197.0 million from GBP210.0 million year-on-year, with net earned premiums down to GBP183.2 million from GBP188.2 million.
Sabre said it will be paying a total dividend for 2019 of 12.8 pence, having paid 20.0p a year earlier.
Looking ahead, Sabre said it is very conscious of the fast-changing Covid-19 situation and anticipates a significant, temporary, reduction in claims frequency.
"Against the backdrop of on-going turbulent market conditions and industry headwinds, our commitment to underwriting profitability has helped Sabre to both deliver a robust performance in 2019 and, as importantly, ensured business is adequately priced to support profitability in future years," said Chief Executive Geoff Carter.
Sabre shares were trading 3.7% higher in London on Tuesday at 281.50p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Sabre Insur (SBRE)