Sabre Insurance Group (SBRE) H2 2025 earnings summary

Executive summary

• Profit before tax increased by 4.9% year-over-year, with margins at 19.2% within the target range and a strong net loss ratio of 54.1%.

• Premiums returned to growth in the last quarter, with Ambition 2030 strategy progressing, including direct motorcycle distribution and differentiated pricing tests.

• Capital position remains robust, supporting increased dividends and a proposed £5m share buyback.

Financial highlights

• Net insurance margin at 19.2%, within the 18%-22% target range.

• Net loss ratio improved by 4.6 percentage points to 54.1%, reflecting strong underwriting.

• Expense ratio increased to 28.2% from 25.5% in 2024 due to reduced net term premium and cost inflation.

• Profit before tax rose 4.9% to £51 million.

• Dividend per share increased to 13.5p, with a proposed £5m share buyback.

Outlook and guidance

• Expectation to grow both premium and profit in the current year, with margin to remain within target range.

• Ambition 2030 projects are on track, with further premium and earnings growth expected in 2026, subject to market conditions.