Sabre Insurance have had a good year, posting results via the LSE (London Stock Exchange) today. Profits are at £61.4m before tax, £50.1m after tax. Sabre issued a 6.8p per share dividend.
The company also launched a new van insurance product in the back end of 2018, insure2drivevan and stated that they are in the testing stages with new AI-powered systems as part of their IT infrastructure update.
Geoff Carter, Chief Executive Officer of Sabre, said:
“I am pleased to report on our first full year as a listed business. Against the backdrop of what have been competitive underlying market conditions during the year, we have stuck to our core principle of focusing on underwriting profitability over volume growth. This has ensured that we maintained our market-leading underwriting performance, with a combined operating ratio better than our target, and continued to deliver strong organic capital generation.
The strong capital generation, driven by our profitability, has allowed us to return a proportion of excess capital generated through a proposed special dividend, whilst maintaining our solvency ratio above our preferred range of 140-160%. From an operational perspective, we have continued to make excellent progress, building on our competitive strengths with the introduction of new rating factors and data sources while exploring new, complementary product lines and maintaining our focus on customer service.
Looking ahead, there remains uncertainty around the market dynamics, but we will continue to take a prudent approach to monitoring and responding to potential changes and trends in our industry, taking pricing action only when speculation and opinion becomes fact.
We are confident that by maintaining our absolute focus on underwriting discipline – treating volume as an output not target – we will continue to deliver strong profitability and attractive, consistent returns for shareholders and are well positioned to take advantage of growth opportunities at the appropriate time.