Sabre Insurance expecting highest-ever gross written premium

(Sharecast News) - Sabre Insurance Group reaffirmed its 2024 guidance in an update on Thursday, as it expected to achieve its highest-ever gross written premium. The London-listed motor insurance underwriter, which was holding a capital markets event, said profits for the 12 months ended 31 December were anticipated to align with current market expectations.

It said its medium-term 'Ambition 2030' growth strategy plan targeted a profit before tax of at least £80m by 2030, equating to a compound annual growth rate of around 10%.

"Today's capital markets event is an opportunity for our management team to outline Sabre's ability to deliver material growth across the cycle, whilst maintaining the core principles that have delivered exceptional returns and resilience over the group's more than 30 years as an underwriter," said chief executive officer Geoff Carter.

"The delivery of our 'Ambition 2030' will be underpinned by our proven skills and data, supported by the roll-out of significant technological enhancements to our pricing infrastructure.

"We will be targeting profit growth through balancing income and margin and continuing to maintain resolute underwriting discipline."

Carter added that the company was enhancing distribution across its motorcycle business, including the launch of a new, online-only direct motorcycle brand in the first quarter of 2025.

"All growth initiatives leverage existing Sabre strengths, do not require capital investment and can be rolled out in a controlled manner.

"I am looking forward to sharing our exciting ambition for the future and will report on our progress in subsequent market updates."

At 1013 GMT, shares in Sabre Insurance Group were flat at 131.8p.

Reporting by Josh White for Sharecast.com.