Sabre posts COR of 83.6% for H1 2024

Motor specialist insurer Sabre has posted a combined operating ratio (COR) of 83.6% for H1 2024 – the six month period ended 30 June 2024.

This represented a significant improvement from H1 2023, when COR sat at 93.8%, and a vindication of Sabre’s strategy to focus on profitability as a target, rather than volume. 

The insurer’s gross written premium also increased by 26.3% however, reaching £125.7m for the period and up from £99.5m a year ago. 

Policy counts fell slightly year-on-year for both motorcycle and taxi, but this was counteracted by an increase in motor vehicle policies, which surged from 212,000 at H1 2023 to 237,000 in this period. 

Sabre explained that the improvement in its top line and profitability was a “clear demonstration” of it strategy, which “allowed the group to leverage favourable market conditions to generate profitable growth in the latter half of 2023 and 2024, which has earned through in 2024”. 

It added that while H1 2023 was still being impacted by the inflationary shocks of 2022, its products have performed in line with expectations and allowed it to be optimistic about reaching a COR target of between 75% and 80% in its full year 2024 results. 

Strong position 

Sabre chief executive Geoff Carter said: ”We are in a strong position at the halfway point of the year, having written good levels of premium at our target margins across all product lines.

”This is clearly demonstrated by the positive numbers we are reporting today. We have been able to deploy price increases, which reflect our view of claims inflation and we look forward to a strong performance in the second half of the year as the premium we have written to date earns through.” 

Sabre’s financial results statement added that, following the necessary market pricing correction that drove price increases in 2023, there was evidence of an anticipated slowing down of market wide price increases in H1 2024. 

However, it said that claims inflation had continued at relatively high levels for 2024 and this was expected to continue into 2025.