25th May 2023 12:06
(Alliance News) - Sabre Insurance Group PLC on Thursday said gross written premiums fell marginally over four months as it maintains its expectation of full-year growth.
The Surrey, England-based motor insurance provider said gross written premiums in the four months to April 30 were GBP58.9 million, down 1.5% from GBP59.8 million the year prior.
The firm said gross written premiums in motor were GBP47.9 million, up 5.7% from GBP45.3 million, with profitability in line with its expectations, and ahead of the same period a year ago.
Meanwhile, motorcycle premiums fell 48% to GBP6.3 million, from GBP12.0 million, and taxi premiums increased 88% to GBP4.7 million from GBP2.5 million.
Sabre said it expects its motorcycle business to add a positive contribution to profit in 2023, while underwriting actions to improve the profitability of its taxi business are expected to continue throughout the year.
The company noted that its total policy count fell to 275,000, down 9.5% from 304,000, as it maintains its focus on profitability rather than volume.
Looking ahead, Sabre said it expects to deliver high single-digit growth in gross written premiums, with its motor business expected to produce low double-digit growth. However, the firm anticipates that this will be offset by a reduction in gross written premiums for its taxi and motorcycle segments.
Chief Executive Geoff Carter commented: "I am pleased to be able to continue my message of cautious optimism from our full-year results into our first update for 2023, and indeed I am feeling slightly more optimistic given strong volumes in recent weeks.
"In particular, we have been encouraged by the trends that we have been seeing from mid-March and into May. There is clear evidence that market pricing is improving, and we have seen weekly gross written premiums across this period in our core Motor business over 20% higher than the same time last year."
"If these positive market pricing trends and run-rates continue through the rest of the year, we anticipate a strong bounce-back in earnings compared to 2022," Carter added.
Sabre Insurance shares rose 1.5% to 125.80 pence each in London on Thursday morning.
By Harvey Dorset, Alliance News reporter
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