Slides
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Half-Year Results 30 June 2026
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Presenting today Geoff Carter CEO Adam Westwood CFO Trevor Webb Claims and Policy Ops Director Matt Wright Chief Actuary Sabre Half-Year 2026 Results2
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Agenda Sabre Half-Year 2026 Results3 01 2026 HY Highlights 02 Financial Performance 03 Market Update 04 Strategy Update 05 Investment Case 06 Outlook and Summary 07 Q&A
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Highlights Strong growth and confidence in full-year guidance
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2026 HY Highlights Sabre Half-Year 2026 Results ‒ Gross written premium up over 15% year-on-year ‒ Profit before tax of £23.9m, expected to accelerate in H2 ‒ Full-year profit expected to be slightly ahead of 2025 ‒ Business continues to be written at target margins, fully covering claims inflation ‒ Growth achieved ahead of anticipated market turn ‒ Continued strong solvency position ‒ Interim dividend of 4.1p per share, up 20% on prior year ‒ £5m share buyback nearly complete ‒ Ongoing enhancement of customer experience ‒ Continued progress with Ambition 2030 strategy including expansion of Sabre Direct motorcycle 01 Financial result 02 Growth 03 Capital 04 Progress on strategy 5
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Financial Performance For the 6 months ended 30 June 2026
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Sabre Half-Year 2026 Results Half-year 2026 Financial Performance Expense ratio Net loss ratio 7 1) Alternative performance metrics are reconciled to IFRS reported figures in the Financial Reconciliations section of the 2026 half-year results 2) Ratios include the impact of the share buyback All ratios and margin presented on an undiscounted basis Net insurance margin Delay between premium being written and earned means lower earned premium, increasing expense ratio in the short-term and reducing margin for the period. Half-year Half-year 2026 2025 Gross written premium (1) £116.0m £100.3m 15.7% Net insurance margin (1) 15.7% 19.0% (3.3) ppts Net loss ratio (1) 55.7% 54.9% 0.8 ppts Expense ratio (1) 29.9% 27.7% 2.2 ppts Combined operating ratio (1) 85.6% 82.6% 3.0 ppts IFRS Profit before tax £23.9m £25.5m (6.3%) IFRS Profit after tax £17.9m £18.9m (5.1%) Interim dividend per share 4.10p 3.40p 20.6% Solvency coverage ratio (pre-dividend) (1) (2) 175.9% 194.3% (18.4) ppts Solvency coverage ratio (post-dividend) (1) (2) 161.4% 180.9% (19.5) ppts Change
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Net insurance margin progression ‒ Net insurance margin expected to increase to within target range for the full-year as expense ratio recovers and impact of short-term loss ratio volatility reduces ‒ Loss ratio in-line with expectation at 55.7% in H1 2026, with expense ratio having risen to 29.9% ‒ Expense ratio strain is due to lower earned premium in the period, reflecting business volumes written in 2025, set against continued investment in people and technology ‒ Expense ratio expected to improve in H2 as higher premium business volumes earn through Sabre Half-Year 2026 Results8
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Loss ratio performance ‒ Current year loss ratio a little ahead of FY 2025, but within normal levels of volatility ‒ Current year always carries the most uncertainty and largest risk adjustment given the high number of new claims at period-end which had not yet been settled ‒ Prior-year favourable movement on reserves, reflects explicit margin run-off and includes some positive prior-year development in 2026 ‒ Overall, loss ratio is in-line with our target Sabre Half-Year 2026 Results9 Half-year 2026 net loss ratio Full-year 2025 net loss ratio
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Underwriting Performance by Product ‒ Motor vehicle performance was very strong reflecting continued underwriting discipline ‒ Motor vehicle policy count up 16.5% on prior half year ‒ Growth in Motor Vehicle product despite continued primary focus on underwriting quality ‒ Improvement in Taxi loss ratio year-on-year, with Motorcycle carrying the impact from large claim volatility and seasonality in the year to date ‒ Looking beyond short-term volatility, Motorcycle and Taxi products expected to contribute to full-year profit Sabre Half-Year 2026 Results10 Net earned premium and claims by product Product Period Gross written premium Net earned premium Net loss ratio Policy count HY 2026 £103m £83m 52.0% 231,539 HY 2025 £87m £86m 48.1% 198,662 HY 2026 £9m £5m 120.9% 40,104 HY 2025 £6m £4m 104.2% 39,482 HY 2026 £4m £5m 48.2% 6,320 HY 2025 £7m £7m 111.1% 10,034 Motorcycle Taxi Motor Vehicle
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Sabre Half-Year 2026 Results Strong Surplus Capital Generation 11 HY-2026 Surplus Capital Generation ‒ Continued benefit from strong profitability and an efficient capital model ‒ Interim dividend of 4.1p (2025: 3.4p) in line with policy ‒ £5m share buyback programme nearly complete ‒ Strong capital generation led to a period-end post-dividend and buyback solvency ratio of 161.4%, above target range of 140% to 160%
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Market Update For the 6 months ended 30 June 2026
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Market update Sabre Half-Year 2026 Results Market Pricing ‒ Evidence that market prices have stabilised ‒ Initial increases are feeding through but with more rate needed across the market to meet claims cost inflation ‒ Sabre can increase prices less than market given existing price adequacy Regulatory ‒ Stable regulatory environment, with no new market interventions in the period ‒ Sabre remains able to evolve and adapt should the regulatory landscape change ‒ Sabre maintains low regulatory risk Claims Inflation ‒ Claims inflation remains at mid- single digits ‒ Global conflicts currently having a limited impact on supply chains and costs – but we remain vigilant Prices up 6.3% year on year Source: Jefferies ‘Tracking the Cycle’, 27 July 2026 Sabre estimate claims inflation c.6-7% No regulatory overhang 13
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Pricing in the UK motor insurance market - Market pricing appears to have stabilised, but needs to increase to avoid industry-wide losses - Sabre’s pricing discipline has ensured the Group expects to maintain target levels of profitability despite soft market prices Sabre Half-Year 2026 Results14 Credit: Jefferies, data source: Office for National Statistics (ONS), Association of British Insurers (ABI) Pricing surplus/deficit (by underwriting year) UK motor premiums and claims (% vs 2019) - written basis -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Premiums Claims 2019 2020 2021 2022 2023 2024 2025 2026
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Strategy Update A high-margin business with strong growth opportunities
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Core Motor Increase Profit Motorcycle Increase Profit Our Ambition 2030 timeline remains on-track with early proof-points emerging Sabre Half-Year 2026 Results16 IT system enhancement Pricing development Motorcycle IT requirements Motorcycle customer service Motorcycle pricing Expenses Base development Further evolution of IT capability Initial tests complete Iterative pricing tests/roll-out GWP impact Profit impact In-place for direct Roll-out to select insurance brokers In-place for direct Expand on-line chat % AI-supported chat Initial development complete Expand quotability Further develop rates GWP impact Profit impact Maintain expense base at low level whilst developing Key In progress OutcomesCompleted 2026 2030At least £80m profit before tax in 2030
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Controlled use of AI will be embedded throughout our business and support Ambition 2030 Sabre Half-Year 2026 Results Rapid coding and development of system enhancements ‒ Use of AI in building code to enhance existing platforms will allow more rapid deployment of product enhancements and third-party integration 17 Tight focus on and further investment in cyber-security ‒ Risk environment is constantly evolving, we remain vigilant in protecting our, and our customers’ data AI supported fraud checks & claim valuation ‒ Allows enhanced claimant experience whilst limiting growth in cost base, enhancing operational leverage as the business grows ‒ Greater sophistication in identification of fraud and minimising occurrence of errors Machine learning integration into pricing analysis ‒ Building on existing pricing algorithms ‒ Enhancing, not replacing, skilled human analysis ‒ Will increase speed and efficiency of analysis Use of AI in select customer interactions e.g AI enabled chatbots ‒ Customer-centric and low-cost platform will allow faster, more accurate and more cost-effective customer interactions
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Investment Case Sabre’s competitive edge
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Sabre’s competitive edge ‒ Focussed, pure motor insurer ‒ Proven record of delivering market-leading margins ‒ Achieved through pricing discipline and data advantage Sabre Half-Year 2026 Results19 High quality underwriting Proven cycle management Growth potential as market pricing improves A clear medium- term growth plan Low risk balance sheet Attractive income and capital returns ‒ Reduce volumes when pricing is weak ‒ Protects margins and capital ‒ Maximises medium-term profitability ‒ Premium growth as market rates catch up to inflation ‒ Can grow profitably into a hardening market ‒ “Ambition 2030” set out plan to grow PBT to >£80m in 2030 ‒ Growth through Sabre Direct Motorcycle, enhanced pricing sophistication and selective expansion in niche segments for motor vehicle ‒ Even modest market share gains can drive significant growth due to low current share ‒ No debt ‒ Reinsurance cover against individual large claims ‒ Straightforward investment portfolio – no equity or private credit ‒ FY2025 dividend yield >8% ‒ Ordinary dividend 70-80% of profit after tax ‒ Special dividend and share buyback announced at 2024 and 2025 year -end results Underpins Ambition 2030 £80m profit before tax by 2030 Sabre Direct and broker Motorcycle expansion Enhanced Pricing Sophistication Selective Expansion in Motor Vehicle Even modest market share gains can drive significant growth due to low current share Supports shareholder returns 4.1p HY26 interim dividend £5m Buyback in 2026 70-80% Ordinary dividend payout >95% dividend payout since IPO
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Outlook and Summary
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Strong growth and confidence in full-year guidance Sabre Half-Year 2026 Results21 Strong growth in 2026 to date underpins confidence in medium-term growth plans, with benefits expected to earn through progressively in H2 Full-year profit guidance confirmed: slightly ahead of 2025 2026 net insurance margin expected to be within target range of 18% - 22% “Ambition 2030” on track with early proof points from Sabre Direct Motorcycle
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Q&A Thank you!
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Disclaimer LEGAL NOTICE This presentation has been prepared to inform investors and prospective investors in the secondary markets and other market participants about Sabre Insurance Group plc and its subsidiaries (the "Group") and does not constitute an offer of securities under any applicable legislation or an offer to sell or solicitation of any offer to buy, or otherwise constitute an invitation or inducement to any person to subscribe for or otherwise acquire or underwrite, any securities or other financial instruments or any advice or recommendation with respect to any securities or other financial instruments. This presentation contains forward-looking statements concerning the financial condition, results, operations and business of the Group which are necessarily subject to risks and uncertainties because they relate to events and depend upon circumstances that may or may not occur in the future. For example, statements regarding expected revenues, margins, earnings per share, market trends and the Group's product pipeline are forward-looking statements. Words such as "aim", "plan", "intend", "anticipate", "well placed", "believe", "estimate", "expect", "target", "vision", "consider" or the negative of these terms and other similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group and are not guarantees of future performance. There are a number of factors, many of which are beyond the Group's control, that could cause actual results or developments of the Group's business and operations to differ materially from those expressed or implied by these forward-looking statements. Some of those factors are discussed in the Group's Annual Report and Accounts 2025 in the section headed "Principal Risks and Uncertainties". Any forward-looking statement is based on information available to the Group as of the date of preparation of this presentation and the Group cautions against placing undue reliance on any forward-looking statement. All written or oral forward-looking statements attributable to the Group are qualified by this caution. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this presentation to reflect any change in the Group’s expectations or any change in events, conditions or circumstances on which any such statement is based. This presentation may contain supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the Group's business. Whilst such information is considered important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them. Nothing in this presentation should be construed as a profit forecast. Sabre Half-Year 2026 Results23