Profits down two-thirds at Sabre in 2022

cars

Sabre Insurance has reported a 66.5% drop in profit after tax to £10.1m for 2022, as the combined operating ratio deteriorated to 96% from 79.4% in 2021.

The provider’s gross written premium ticked up marginally from £169.3m to £171.3m. Sabre’s motor premium was down year-on-year at £134.9m from £164.6m.

According to the insurer, the motor book remained “suppressed in 2022 due to continued market-wide underpricing”. In its view, “a material correction is necessary”.

Inflation

Sabre reported that it had maintained a disciplined approach to pricing delivering rate increases of around 30% in 2022. However, the current year loss ratio for the line

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