Sabre Insurance Group (SBRE) Q1 2026 TU earnings summary

Executive summary

• Gross written premium increased over 15% year-over-year for the first four months of 2026, with Motor Vehicle premiums up over 18% and Motorcycle premiums up approximately 48%.

• Growth driven by revised claims inflation assumptions and expansion of the "Sabre Direct" motorcycle product.

• Taxi premium declined due to continued unattractive market conditions.

Financial highlights

• Total gross written premium for the period reached £76.3m, up from £66.1m in the same period last year.

• Post-dividend solvency capital ratio remains strong, reflecting continued organic capital generation.

Outlook and guidance

• Full-year guidance reiterated, expecting year-on-year growth in gross written premium and profit slightly ahead of 2025.

• Strong undiscounted net insurance margins anticipated within the 18% to 22% target range for 2026.

• Ambition 2030 initiatives progressing as planned, with more significant impacts expected from 2027 onwards.