By Kyle Morris
Sabre Insurance Group PLC said Tuesday that pretax profit fell in its first half, as the combined operating ratio worsened.
The FTSE 250 motor-insurance provider posted a pretax profit of 4.3 million pounds ($5.2 million), compared with GBP22.2 million a year earlier.
Gross written premiums were GBP91.8 million, compared with GBP78.2 million, it said.
Sabre’s combined operating ratio–the proportion of revenue taken up by losses and expenses–worsened to 98.9% from 74.4%. A ratio below 100% indicates profitable underwriting.
The board declared an interim dividend of 2.8 pence a share, compared with 3.7 pence at the half year in 2021.
“Having taken decisive pricing action ahead of the market, we are confident that significant impacts of extraordinary, rapid inflation will be limited to 2022, with a rebound in profitability for 2023 and beyond,” Chief Executive Geoff Carter said.
Write to Kyle Morris at [email protected]
Credit: www.marketwatch.com /