olivLaw · European equity research
Sabre Insurance Group plc SBRE.L
United Kingdom · London Stock Exchange · ISIN GB00BYWVDP49 · Vertical: Listed companies from United Kingdom
Sabre Insurance Group plc is a British motor insurance specialist focused on non-standard risk and motorcycles. In 2025 the group reported a profit before tax of 51.0 million pounds, up from a smaller premium base, which points to disciplined underwriting. The company now faces a market where motor prices are cooling and could rise again.
At the close of 05 Nov 2026, Sabre Insurance Group plc (SBRE.L) stock was 1.78 GBP (+0.45% on the day), with market capitalisation 438.1 m GBP, P/E 11.6 on diluted EPS of 0.15 GBP over the last 12 months, dividend yield 8.29%, beta 0.44, 52-week range 1.25–1.87 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 1.63 – 1.86
- in the upper half of the band · %B 0.65 · band width 13.0%
- SMA 50 / 200
- 1.73 / 1.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | −0.6% | +3.2 pp | — |
| 3 months | +2.4% | −4.2% | +6.6 pp | — |
| 6 months | +18.9% | +4.3% | +14.5 pp | — |
| Year to date | +36.6% | +7.5% | +29.1 pp | — |
| 1 year | +35.8% | +9.9% | +25.9 pp | +6.7% |
| 3 years | +25.8% | +49.8% | −24.1 pp | +24.8% |
| 5 years | −9.3% | +42.8% | −52.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.5, median 9.6, max 21.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 18.1 m | 36.0 m | 37.9 m |
| Net income YoY | unavailable | +99.1% | +5.4% |
| Diluted EPS | 0.07 | 0.14 | 0.15 |
| Diluted EPS YoY | unavailable | +99.6% | +6.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 23.7 m | 22.1 m | 36.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 257.9 m GBP
- Total assets
- 729.3 m GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.7%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 23.6 m | 48.6 m | 51.0 m | esef· 07 Apr 2026verified |
| Income tax | 5.5 m | 12.6 m | 13.0 m | esef· 07 Apr 2026verified |
| Net income | 18.1 m | 36.0 m | 37.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.07 | 0.14 | 0.15 | esef· 07 Apr 2026verified |
| Dividend per share | 0.03 | 0.10 | 0.15 | esef· 07 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 35.1 m | 31.3 m | 25.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 4.4 m | 4.2 m | 4.3 m | esef· 07 Apr 2026verified |
| Goodwill | 156.3 m | 156.3 m | 156.3 m | esef· 07 Apr 2026verified |
| Total assets | 630.1 m | 665.8 m | 729.3 m | esef· 07 Apr 2026verified |
| Total liabilities | 387.7 m | 407.5 m | 471.4 m | esef· 07 Apr 2026verified |
| Equity | 242.4 m | 258.3 m | 257.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 248.5 m | 248.3 m | 246.7 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 25.3 m | 22.1 m | 36.9 m | esef· 07 Apr 2026verified |
| Capex | 1.7 m | 0 | 253.0 k | esef· 07 Apr 2026verified |
| Free cash flow | 23.7 m ≈ | 22.1 m ≈ | 36.6 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -1.7 m | 0 | -253.0 k | esef· 07 Apr 2026verified |
| Financing cash flow | -7.1 m | -25.8 m | -42.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 6.5 m | 24.3 m | 36.3 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 0 | 5.1 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 438.1 m GBP
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 96.6% | 95 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.6x | 74 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.4% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 9.5% | 100 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 99.2% | 30 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SABRE INSURANCE GROUP PLC (SBRE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.7%.
The estimated value range is 1.63–2.53 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.97 GBP, the price of 1.78 GBP leaves a potential of 10.9% (value / price − 1) and a margin of safety of 9.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 96.6%
- P/E (TTM): 11.6x
- FCF yield: 8.4%
- Shareholder yield (distributions): 9.5%
What contradicts it
- Payout ratio (FCF): 99.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SBRE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sabre Insurance Group plc is a British motor insurance specialist focused on non-standard risk and motorcycles. In 2025 the group reported a profit before tax of 51.0 million pounds, up from a smaller premium base, which points to disciplined underwriting. The company now faces a market where motor prices are cooling and could rise again.
SWOT
Strengths
- Specialisation in non-standard motor insurance and a database built over two decades.
- A low cost base with efficient underwriting and claims processes and outsourced routine tasks.
- Pricing discipline that has kept profitability even when volume fell.
Weaknesses
- Near-total dependence on motor insurance, which exposes the group to the cycles of that segment.
- The fall in gross written premium in 2025 shows sensitivity to competitive pressure.
- Post-dividend solvency fell from the prior year, although it remains above the preferred range.
Opportunities
- Firmer market prices could open room for profitable volume growth.
- Expansion of motorcycles and direct distribution under the Ambition 2030 strategy.
- Automation and AI tools could lower operating costs if implemented successfully.
Threats
- Aggressive price competition could reduce margins across the market.
- Care and car parts inflation could exceed pricing assumptions.
- Regulatory changes on ancillary products and premium finance could affect revenue.
Risks
- Underwriting riskhigh
If prices do not cover claims cost inflation, margins could fall quickly, especially in non-standard segments.
- Competitive pressuremedium
Competitors accepting lower margins could limit volume growth and profitability.
- Solvency and capitalmedium
Post-dividend solvency has declined, and share buybacks depend on capital staying in the preferred range.
- Regulationmedium
Changes in conduct rules for customers or premium finance could alter the revenue model.
- Ambition 2030 executionlow
Delays or failure of automation, AI and motorcycle expansion initiatives could postpone planned growth.
Investment thesis
What would need to be true (bull case)
- Pricing discipline and the specialised database could let the group grow profitably if the market moves toward firmer prices.
- The core motor loss ratio improved, and motorcycles and taxis could add further profit.
- A rising dividend and the capacity to generate capital could support shareholder value in the coming years.
What would break the thesis
- The market is described as over-competing, which could reduce sector profitability and limit the company's growth.
- Gross written premium fell in 2025, and volume growth depends on a pricing environment that is not assured.
- Post-dividend solvency has declined, and if cost inflation persists, capital could be needed to absorb larger losses.
What to watch
- Evolution of average premiums in the UK motor insurance market2026
- Core motor loss ratio and net insurance marginnext annual report
- Progress of Ambition 2030 initiatives and motorcycle expansion2027
- Solvency ratio and share buyback programmenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sabre is a UK insurance group focused almost entirely on motor insurance, with a specialist position in non-standard risk. Its business model rests on disciplined risk pricing, a proprietary database built over more than 25 years and efficient underwriting and claims processes, with routine tasks outsourced to experienced partners. The cost base is low and can flex with business volumes. According to the 2025 annual report, the group prioritises margin over volume, even when competitive pressure is strong, and brokers remain an important distribution channel alongside direct sales.
Key 2025 figures show profit before tax of 51.0 million pounds, against 48.6 million in 2024, while gross written premium fell to 202.9 million pounds from 236.4 million. The core motor loss ratio was 50.5% and the net insurance margin 19.2%, inside the company's target range. The annual report states that volume is treated as an output of fair pricing rather than a goal in itself.
The Ambition 2030 strategy targets at least 80 million pounds profit before tax from core motor by 2030 and the expansion of the motorcycle business. Initiatives include cost automation, growth of direct distribution and AI tools in pricing, claims and operations, with human oversight kept over pricing decisions.
Segments
Core motor
The core segment is motor insurance for non-standard customers, where the company says its data and underwriting experience give it an advantage. The annual report shows a loss ratio of 50.5% for this segment in 2025, and the strategy aims to grow its profit to 2030.
Motorcycles
Motorcycles were launched through the direct product Sabre Direct, which attracted business almost entirely via price comparison websites. Management says confidence in the pricing proposition has grown and that the footprint will keep expanding through 2026, after loss ratios improved in the second half of the year.
Market context
The UK motor insurance market has been in a price downturn since 2018, when average premiums fell 14% between Q1 2018 and Q1 2022, while claims cost inflation stayed high. Prices rose quickly from Q2 2022 until Q1 2024, then fell again, with stabilisation in the second half of 2025. The annual report indicates claims inflation has moderated to a mid-single-digit level, and prices could rise in 2026, though the timing cannot be predicted.
Management describes the market as over-competing, which could reduce industry-level profitability in 2026. The UK government concluded its motor insurance review without market-wide intervention, and the Financial Conduct Authority decided no market-wide action would be taken on premium finance.
Trends
- Motor pricing cyclemixed
The UK market alternates between periods of firm pricing and aggressive competition. The recovery of 2022-2024 and the subsequent decline could create openings for a disciplined underwriter if price increases cover inflation.
- Claims cost inflationheadwind
Care costs for seriously injured people, wages and car parts keep rising, which could squeeze margins if prices do not adjust enough. The company's prices are set to cover expected inflation.
- Regulation and conductmixed
Regulators keep a strong focus on value for customers, ancillary products and interest rates on premium finance. The company says its exposure to these areas is low, which could limit the effect of new rules.
- Digitalisation and AItailwind
Online channels and AI tools could reduce servicing costs and improve pricing if implemented with human oversight. The company treats them as part of its cost plan to 2027.
Competitive position
The UK motor insurance market is fragmented and competitive, with many insurers, brokers and new entrants that can cut prices when profitability is high. Management suggests some competitors could accept lower margins to keep volume.
Sabre differentiates itself through its specialisation in non-standard risk and the data it regards as an advantage. However, price competition can limit volume growth, and competitors with greater scale or capital could respond differently.
- Admiral Group
UK motor insurer with a major presence in the volume market, which could influence price levels.
- Direct Line Group
UK motor and home insurance group with direct and broker channels that compete in similar areas.
- Aviva
Diversified UK insurer with motor operations that could compete in similar segments.
- Ageas UK
UK arm of the Ageas group, active in motor insurance through brokers and direct channels.
News & filings
In the press
- Sabre Wulf RemasteredHacker News · 25 Oct 2026 · EN
- (2nd LD) (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (URGENT) S. Korea captures Asian Games gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (Asiad) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (URGENT) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (Asiad) S. Korean sabre fencers target 4th straight Asiad team goldYonhap News (KR, EN) · 25 Sept 2026 · EN
- (Asiad) Sabre fencer Oh Sang-uk feels Asia's fencing getting strongerYonhap News (KR, EN) · 23 Sept 2026 · EN
- (LEAD) (Asiad) Oh Sang-uk defends men's individual sabre fencing title at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- (Asiad) Oh Sang-uk defends men's individual sabre fencing title at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- (URGENT) Oh Sang-uk wins gold in men's individual sabre fencing at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- Sabre (SABR) Prices $1.35B of Secured Notes. Is the Breathing Room Worth the Cost?Yahoo Finance — News · 20 Sept 2026 · EN
- Sabre-rattling to ‘tremendous love’: erratic Trump dominates final hours of Nato summitThe Guardian World · 08 Jul 2026 · RO
- Cuba hopes for World Cup respite from US sabre-rattling – but prepares for the worstThe Guardian World · 11 Jun 2026 · RO
- Sergiu Manea, CEO BCR, desemnat CEO of the Year la SABRE Awards EMEA 2026SpotMedia.ro · 26 May 2026 · RO
- Sergiu Manea, CEO BCR, desemnat CEO of the Year la SABRE Awards EMEA 2026. El este primul executiv din banking şi primul CEO al unei companii din Europa Centrală şi de Est care primeşte acest premiuZiarul Financiar · 26 May 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sabre Insurance Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.