Sabre Insurance Group Plc “has delivered a strong level of profitability” in 2020, chief executive Geoff Carter is happy to report.
In its results release, the private motor insurance underwriter cited what Sabre described as a “robust” financial performance during a heavily disrupted period because of the coronavirus crisis.
The car insurer did enjoy positive earnings for the year ended December 31 despite the circumstances, albeit at a lower level compared to 2019 figures. Here’s how Sabre has fared in the past two years:
|
Metric |
2020 |
2019 |
|
Gross written premium |
£173.2 million |
£197 million |
|
Profit before tax |
£49.1 million |
£56.5 million |
|
Profit after tax |
£39.8 million |
£45.7 million |
“The impact of COVID-19 has been well publicised,” noted Carter, “and I’m proud of how Sabre has performed through the pandemic. The strength and simplicity of our business model means we have been able to support all of our stakeholders. We have maintained strong dividend flows to our shareholders, retained all staff on full salaries, and continued to award pay raises.
“We supported customers by relaxation of certain policy conditions and focussed temporary price discounts to reflect likely claims savings. At the same time, throughout this disruption, we have remained resolutely focussed on our long-term strategy of prioritising underwriting profitability over premium volume.”
Meanwhile, Sabre’s board has elected to pay a year-end dividend of 11.7 pence per share – taking the total dividend paid in respect of 2020 to 16 pence per share, including the 4.3 pence ordinary interim dividend already paid.
The CEO added: “Having maintained our business’s fundamental strengths and focus during this period, we believe we are now well positioned to take advantage of anticipated growth opportunities without undermining our margin targets.
“I would like to thank all my colleagues for their continued dedication to the business that has allowed us to deliver these results and look forward with confidence.”
