Sabre Insurance Group Plc: Good start to 2026 with 15% premium growth

研报英文原文证据摘录

Sabre Insurance Group Plc: Good start to 2026 with 15% premium growth

Equity Research

European Insurance

21 May 2026

Sabre Insurance Group Plc

Good start to 2026 with 15%

premium growth

Sabre's competitiveness has increased in 1Q26, with claims SBRE.L/SBRE LN OVERWEIGHT

inflation stable at mid-single digits while pricing shows recent Unchanged

signs of increases. Management expects to grow top and European Insurance UnchangedNEUTRAL

bottom line, with increasing contribution from internal Price Target GBp 181

initiatives. Unchanged

Price (20-May-26) GBp 155

Potential Upside/Downside +16.8%

We regard the 4M26 update as positive with good top-line momentum and signs of cyclical Source: Bloomberg, Barclays Research

improvements in core motor market. The stock remains inexpensive at 10x P/E 2026, 8.7%

dividend yield and 1.3% additional share buyback yield - we remain Overweight with no Market Cap (GBP mn) 382

changes to forecasts or price target (GBp181, ~25% total return). We expect positive read- Shares Outstanding (mn) 246.60

across to motor peers, such as Admiral (OW). Free Float (%) 97.94

52 Wk Avg Daily Volume (mn) 0.5Gross written premiums up 15% - including +18% in Motor: Sabre managed to accelerate the

Dividend Yield (%) 7.94top line growth trend - from +2.6% in 4Q25 gross written premium growth has accelerated to

Return on Equity TTM (%) 14.6915%YoY for January-April 2026. Management highlights increased competitiveness due to

Current BVPS (GBp) 103revised forward-looking claims inflation assumptions - from high-single digit in 1H25 to mid-

Source: Bloomberg

single digits. In our view, the pace of growth is likely to moderate later in 2026 as the base effect

is particularly favourable currently - at this point last year the market was applying strongest