Sabre Insurance Group Plc, the latest to release an update on how it’s been doing so far this year, does not seem too worried about the numbers despite a decline in gross written premium (GWP).
For the four months ended April 30, the private motor insurance underwriter reported £64.7 million in GWP – a lower, but expected, amount from last year’s £69.8 million. The total figure for 2019, however, might take a minor hit.
“As anticipated, premium is down in the early months of the year as we continue to cover claims inflation through price increases against the backdrop of a continued competitive environment,” noted Sabre chief executive Geoff Carter. “We are very comfortable with our premium position at this point in the cycle and believe our strategy positions us well for growth when the market turns.
“The outlook for our full-year GWP position continues to be in a range depending on the timing of this market turn, but at this stage feels likely to be slightly down year on year.”
Meanwhile Sabre’s solvency coverage ratio, taking into account payment of 2018 full-year dividend, stood at 185% thanks to sustained strong organic capital generation.
“We are pleased to report results for the first four months of the year which are very much in line with our expectations,” said Carter. “Our continued focus on our stated strategy has delivered strong underwriting margins and capital generation.”
The CEO added that they remain confident in delivering on Sabre’s guidance for the full year.
