2138006RXRQ8P8VKGV982025-01-012025-12-31iso4217:GBP2138006RXRQ8P8VKGV982024-01-012024-12-31iso4217:GBPxbrli:shares2138006RXRQ8P8VKGV982025-12-312138006RXRQ8P8VKGV982024-12-312138006RXRQ8P8VKGV982023-12-31ifrs-full:IssuedCapitalMember2138006RXRQ8P8VKGV982023-12-31ifrs-full:TreasurySharesMember2138006RXRQ8P8VKGV982023-12-31ifrs-full:MergerReserveMember2138006RXRQ8P8VKGV982023-12-31sabreinsurgroupplc:FVOCIReserveMember2138006RXRQ8P8VKGV982023-12-31sabreinsurgroupplc:InsuranceReinsuranceFinanceReserveMember2138006RXRQ8P8VKGV982023-12-31ifrs-full:ReserveOfSharebasedPaymentsMember2138006RXRQ8P8VKGV982023-12-31ifrs-full:RetainedEarningsMember2138006RXRQ8P8VKGV982023-12-312138006RXRQ8P8VKGV982024-01-012024-12-31ifrs-full:IssuedCapitalMember2138006RXRQ8P8VKGV982024-01-012024-12-31ifrs-full:TreasurySharesMember2138006RXRQ8P8VKGV982024-01-012024-12-31ifrs-full:MergerReserveMember2138006RXRQ8P8VKGV982024-01-012024-12-31sabreinsurgroupplc:FVOCIReserveMember2138006RXRQ8P8VKGV982024-01-012024-12-31sabreinsurgroupplc:InsuranceReinsuranceFinanceReserveMember2138006RXRQ8P8VKGV982024-01-012024-12-31ifrs-full:ReserveOfSharebasedPaymentsMember2138006RXRQ8P8VKGV982024-01-012024-12-31ifrs-full:RetainedEarningsMember2138006RXRQ8P8VKGV982024-12-31ifrs-full:IssuedCapitalMember2138006RXRQ8P8VKGV982024-12-31ifrs-full:TreasurySharesMember2138006RXRQ8P8VKGV982024-12-31ifrs-full:MergerReserveMember2138006RXRQ8P8VKGV982024-12-31sabreinsurgroupplc:FVOCIReserveMember2138006RXRQ8P8VKGV982024-12-31sabreinsurgroupplc:InsuranceReinsuranceFinanceReserveMember2138006RXRQ8P8VKGV982024-12-31ifrs-full:ReserveOfSharebasedPaymentsMember2138006RXRQ8P8VKGV982024-12-31ifrs-full:RetainedEarningsMember2138006RXRQ8P8VKGV982025-01-012025-12-31ifrs-full:IssuedCapitalMember2138006RXRQ8P8VKGV982025-01-012025-12-31ifrs-full:TreasurySharesMember2138006RXRQ8P8VKGV982025-01-012025-12-31ifrs-full:MergerReserveMember2138006RXRQ8P8VKGV982025-01-012025-12-31sabreinsurgroupplc:FVOCIReserveMember2138006RXRQ8P8VKGV982025-01-012025-12-31sabreinsurgroupplc:InsuranceReinsuranceFinanceReserveMember2138006RXRQ8P8VKGV982025-01-012025-12-31ifrs-full:ReserveOfSharebasedPaymentsMember2138006RXRQ8P8VKGV982025-01-012025-12-31ifrs-full:RetainedEarningsMember2138006RXRQ8P8VKGV982025-12-31ifrs-full:IssuedCapitalMember2138006RXRQ8P8VKGV982025-12-31ifrs-full:TreasurySharesMember2138006RXRQ8P8VKGV982025-12-31ifrs-full:MergerReserveMember2138006RXRQ8P8VKGV982025-12-31sabreinsurgroupplc:FVOCIReserveMember2138006RXRQ8P8VKGV982025-12-31sabreinsurgroupplc:InsuranceReinsuranceFinanceReserveMember2138006RXRQ8P8VKGV982025-12-31ifrs-full:ReserveOfSharebasedPaymentsMember2138006RXRQ8P8VKGV982025-12-31ifrs-full:RetainedEarningsMember
Annual Report and Accounts 2025
Success driven
by discipline
Who we are
Sabre Insurance Group is
a UK-based motor insurer,
providing fairly priced policies
to a wide range of customers.
We have a track record of
market-leading underwriting
performance across the cycle
aided by a diverse, multi-
channel distribution strategy.
01–67 | Strategic Report
01 | Highlights
02 | At a Glance
03 | Our Business
04 | The Sabre Journey
05 | Investment Case
06 | Our Strategy
07 | Our Business Model
08 | Ambition 2030
12 | Our Values
13 | Market Context
15 | Chair’s Letter
16 | Chief Executive Officer’s Review
20 | Key Performance Indicators
22 | Principal Risks and Uncertainties
31 | Viability Statement
33 | Section 172 Statement
37 | Chief Financial Officer’s Review
41 | Responsibility and Sustainability
67 | FCA Consumer Duty
68–125 | Governance
69 | Chair’s Governance Letter
70 | Board of Directors
74 | Governance Report
82 | Audit Committee Report
86 | Risk Committee Report
89 | Nomination & Governance Committee Report
92 | Remuneration Committee Report
96 | Directors’ Remuneration Policy
107 | Annual Report on Directors’ Remuneration
121 | Directors’ Report
125 | Statement of Directors’ Responsibilities
126–221 | Financial Statements
127 | Independent auditor’s report
134 | Consolidated Profit or Loss Account
135 | Consolidated Statement of Comprehensive Income
136 | Consolidated Statement of Financial Position
137 | Consolidated Statement of Changes in Equity
138 | Consolidated Statement of Cash Flows
139 | Notes to the Consolidated Financial Statements
204 | Parent Company Statement of Financial Position
205 | Parent Company Statement of Changes in Equity
206 | Parent Company Statement of Cash Flows
207 | Notes To The Parent Company Financial Statements
212 | Financial Reconciliations
217 | Glossary of Terms
219 | Shareholder Information
221 | Company Information
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
On track
to expand
footprint in
core motor
In late 2025, we began testing
our differentiated rating structure,
which will allow us to enhance
competitiveness for a wider
range of potential customers,
accelerating growth in our core
Motor Vehicle business.
For more information
go to pages 08 to 10
Strong profitability maintained and margin improved
throughasustained period of low market pricing,
demonstratingrobust cycle management and a business
model that works throughout changing market conditions.
1 Alternative performance measure. For reconciliations to
alternative performance measures, see pages 212 to 216
For more information
sabreplc.co.uk
Financial highlights Moving forward
Highlights
Gross written premium
1
£202.9m
2024 | £236.4m
IFRS profit before tax
£51.0m
2024 | £48.6m
Pre-dividend solvency
coverage ratio
1
198.7%
2024 | 216.6%
Undiscounted combined
operating ratio
1
82.3%
2024 | 84.2%
Total dividend
13.5p
2024 | 13.0p
Post-dividend solvency
coverage ratio
1
161.5%
2024 | 171.1%
Ambition 2030
– Sabre has set out a medium-term plan to
increase profit before tax to at least £80m
in 2030
– We are expanding our competitive footprint
without compromising our underwriting
discipline or margin on existing business
– We are growing our presence in the
motorcycle market through our direct
brand and further broker relationships
For more information
go to pages 08 to 11
Launch of
Sabre Direct
In 2025, we launched our new
online-only Motorcycle insurance
product, “Sabre Direct”. This
increases our access to customers
while allowing for greater levels
of insight and flexibility – a key
stepping-stone in achieving our
Ambition 2030 target.
For more information
go to pages 08 to 10
Contents Generation – Sub PageHighlights
01–67 | Strategic Report
01 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
At a Glance
Our purpose
To provide motor insurance
based upon a fair, risk-based
pricing model.
Our aim
To generate excess
capital and return this to
shareholders, or reinvest
in the business to increase
future returns.
Our Ambition
To grow absolute profit
over the medium term
whilst maintaining leading
underwriting performance
and smart management
of the motor insurance
pricing cycle.
Our values
Fair to customers
Fair to our people
Fair to the planet
Fair to partners
Focused on our strategy
For Our values
go to page 12
Contents Generation – Sub Page
Contents Generation - Section
At a Glance
02 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our Business
Indirect distribution
The Group has established a
broad network of more than
700 insurance brokers across
the UK, meaning that our
policies often sit behind well-
known household names.
Direct distribution
Price
comparison
websites
We work with all
the major price
comparison websites
(“PCWs”), including
Compare The Market,
Moneysupermarket.
com and GoCompare.
Almost all of our
policies initiate
on a PCW, whether
sold through our direct
brands or our network
of brokers.
We also sell to
customers via our
direct brand websites,
and through our broker
partners’ branded
sites, to give us an
exceptionally wide
coverage of
distribution channels.
Our products Our peopleOur channels
c.249k
In-force policies
2024 | c.266k
c.60%
through brokers
c.700
Insurance brokers
across the UK
c.40%
through direct brands
172
Dedicated employees
Motor vehicle
80.7%
Taxi
3.2%
Motorcycle
16.1%
Our success in 2025 and
confidence about the
future is entirely due to the
efforts and commitment of
all Sabre’s people.”
Geoff Carter
Chief Executive Officer
For more information
sabreplc.co.uk
Sabre provides multiple products across a diverse range of distribution channels,
providing resilience whilst maintaining focus on high-quality motor underwriting.
Contents Generation – Sub Page
Contents Generation – Section
Our Business
03 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
How we support
our customers
The Sabre Journey
Choosing the
right policy
Most customers will find the right
policy for them by entering their
details into a price comparison
website and choosing their policy
based on a comprehensive list of
quotes from a number of insurers.
Others may contact a broker via
telephone or their branch office.
We aim to provide a fair price for
almost everyone who requests a
quote, meaning that we can service
customers others can’t reach.
Buying a Sabre policy
We sell policies directly to customers
through our brands GoGirl,
Insure2Drive and Sabre Direct, and
through insurance brokers, meaning
that our policies often sit behind
well-known household names. This
diverse distribution network allows
us to provide our policies to the
largest possible customer base
and gain direct customer insights
through operating our own brands.
You’re in safe hands
Sabre is a successful and profitable
Group, with a very robust balance
sheet. The Group holds considerably
more capital than is required to
meet its expected liabilities and
operates a low-risk model, meaning
that you can be assured that we will
be there when you need to make
a claim.
Renewing your policy
Sabre has a bespoke, fully-
automated pricing model, which
means we have always priced
policies fairly and do not hike
priceson renewal.
If the worst
happens
Sabre’s dedicated claims
handling team are experts in
their field, targeting fast, fair
claims payments. We thoroughly
investigate claims to ensure
that honest customers continue
to get the best deal possible.
We operate a ‘zero backlog’,
transparent culture, as we
understand that no customer
should be left in the dark when
making a claim.
Being a Sabre
customer
Whether you buy a policy through
Sabre’s direct brands or through
a broker, you can be assured of
excellent, expert customer service.
Our direct brands are managed
through a specialist, UK-based
call centre, or fully online for our
Sabre Direct product. Our network
of brokers operate to the quality
expected by some of the UK’s
largestcustomer brands.
For more information
sabreplc.co.uk
Contents Generation – Sub Page
Contents Generation - Section
The Sabre Journey
04 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
1 Alternative performance measure. For
reconciliations to alternative performance
measures, see pages 212 to 216
Investment Case
Long and medium-term opportunity
For more information
sabreplc.co.uk
A resilient business
– Target margin above industry norm,
reflecting our niche operating sector
and focus on underwriting profitability,
means that shareholders have been
able to rely on Sabre to deliver an
underwriting profit whatever the
overarching market conditions.
– Underwriting discipline and sharp
focus drives early pricing action when
market conditions change, meaning
future claims costs are fully covered
and underwriting performance can
recover quickly from one-off shocks.
– Motor insurance is a compulsory
purchase for motorists in the UK. As a
specialist provider, primarily in non-
standard markets, Sabre has a strong
defensive position.
– The Group holds a significant
excess of assets over liabilities
and its regulatory requirement,
providing a strong balance sheet
able to withstand the most extreme
foreseeable shocks.
Low-risk and capital-light
– The Group balances strong, consistent
earnings generation with effective risk
management, limiting the amount of
regulatory capital required.
– The Group invests in government-
backed assets and highly rated
corporate bonds. These assets fuel
the Group’s exceptional target
underwriting returns and present
verylow risk.
– Reinsurance is used to limit exposure
to individual large claims. This reduces
year-on-year volatility and the capital
that the Group is required to hold.
Reliable dividend flow
– Sabre’s core business is fundamentally
capital-generative. The majority of
capital generated by the Group
has historically been returned to
shareholders by way of an ordinary
and special dividend.
– In 2025 the Group operated
its first share buyback scheme,
purchasing £5m of Sabre shares,
delivering enhanced capital
returnstoshareholders.
– Since IPO the Group’s dividend
payout ratio has remained above
95.0% ofearnings.
Optimised for growth
– Sabre’s market share represents
a very small share of the total
motor insurance market, leaving
considerable scope for market share
growth when market conditions
arefavourable.
– A technologically-focused approach
to underwriting excellence, constantly
optimising pricing opportunities while
deploying best-in-class underwriting
and claims teams.
– We consider entering new
partnerships in complementary
areas (such as the Motorcycle
andTaxiproducts).
IFRS profit before tax
£51.0m
2024 | £48.6m
Pre-dividend solvency
capital ratio
1
198.7%
2024 | 216.6%
Total dividend in
respect of 2025
13.5p
2024 |13.0p
Market share
<1%
Total UK market >28m policies
Contents Generation – Sub Page
Contents Generation – Section
Investment Case
05 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our Strategy
Our clear framework
Disciplined
underwriting
Risk
management
Operating
flexibility
Operational
expertise
Distribution
Controlled
growth
– Actuarially driven pricing
strategyutilising an agile
proprietary model.
– Risks individually priced using
Sabre’s advanced pricing
algorithm, built upon many
years of data collection
andexpertanalysis.
– Unique and extensive catalogue
of claims data, compiled from
more than 20 years of successful,
consistent underwriting.
– Robust and extensive
claimsmanagement
operation,combined with
counter-fraudexpertise.
– Focus on maintaining
acceptable underwriting risk
while minimising exposure to
other risks within the business.
– Maintain sufficient capital to
allow operational resilience and
meet regulatory requirements
under all reasonably
foreseeableoutcomes.
– Exposure to large individual
claims is managed through
prudent use of reinsurance.
– Non-core operations are
outsourced to allow greater scale
benefits in purchasing and low
fixed cost base.
– Lower operating leverage
allows the business to maintain
underwriting discipline.
– If the Group chooses to slow
growth during periods of
unfavourable market conditions,
the flexible expense base can
absorb operating leverage strain.
– Our team consists of talented
people making good decisions
every day.
– Sabre operates an inclusive,
supportive culture in which its
people are proud to work. This
allows the Group to retain a
significant amount of experience
within all levels of the business.
– Brokers accounted for
approximately 60% of the gross
written premium in 2025, with the
remainder being sold through
our direct brands, Insure2Drive,
GoGirl and Sabre Direct.
– Broker relationships allow us to
leverage their well-established
brands, customer relationships
and retail pricing capabilities.
– Direct brands ensure we can
offer products to customers not
served by traditional brokers,
while allowing a direct line of
sight to customer and price
comparison website data.
– Sabre will grow the business
strongly when market conditions
are favourable, and allow growth
to slow or reverse when market
conditions are poor.
– Over the medium term, this
strategy allows the business
to grow whilst maintaining
profitability and reducing risk.
– Growth in profit will be
accelerated through the
Ambition 2030 initiatives
described on pages 08 to 11.
Contents Generation – Sub Page
Contents Generation - Section
Our Strategy
06 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our Business Model
Our inputs How we manage risk Value creation
1
2
3
4
Experienced management
and operational teams
Underwriting discipline
Sabre’s team of actuaries and
underwriting experts calculate the
right price for each policy which will,
on average, generate the Group’s
target margin.
This requires access to high-quality
data, cutting-edge pricing tools,
personal expertise and a sharp
focus on achieving target margins.
Distribution
Sabre employs a diversified, multi-
channel distribution strategy through
broker partnerships and selling direct
to customers through the Group’s
direct brands, Insure2Drive, GoGirl
and Sabre Direct. The vast majority of
new business in the UK market is sold
through price comparison websites,
and so setting the right price in this
highly competitive market is critical.
Claims handling
Sabre’s emphasis on the technical
aspects of claims handling draws on
over 900 years’ worth of experience,
encompassing cutting-edge fraud
mitigation, excellent cost control and
a high-quality experience for claimants.
Strong cash generation
Our underwriting discipline and streamlined
operating model gives us confidence that
we can deliver our target ordinary dividend
payout ratio of 70%–80% of IFRS profit after tax.
IFRS profit after tax
£ 37.9m
2024 | £36.0m
Premium growth
We anticipate medium-term growth in gross
written premium across the insurance cycle, while
maintaining our target net insurance margin.
Gross written premium
1
£202.9m
2024 | £236.4m
Maintaining expertise
We continue to refine our underwriting model
to drive increasingly accurate, customer-focused
pricing. We aim to retain and develop superior
levels of expertise in underwriting and claims
management at all levels within our business.
1 Alternative performance measure. For
reconciliations to alternative performance
measures, see pages 212 to 216
Strong broker relationships
Proprietary data
Analysis and pricing expertise
D
A
T
A
(
U
N
I
Q
U
E
&
C
O
M
P
L
E
T
E
)
D
A
T
A
(
U
N
I
Q
U
E
&
C
O
M
P
L
E
T
E
)
Risk management
Reinsurance: Sabre operates an excess-
of-loss reinsurance policy across its entire
portfolio, limiting the cost of any single
largeaccident.
Balance sheet: All financial investments
are investment-grade bonds, with over two-
thirds in very low-risk government bonds
and government-backed assets.
Core operations
Sabre’s focus on its key strengths and the
experienced leadership team has built
highly-efficient underwriting and claims
management processes,
with routine, volume-dependent tasks
being outsourced to expert partners. This
allows for a low expense base, which can
flex inline with business volumes.
Contents Generation – Sub Page
Contents Generation – Section
Our Business Model
07 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Sabre’s medium-term
growth plans are on-track
Ambition 2030
Core Motor
Increase Profit
At least £80m
profit before
tax in 2030
Continued controlled expenditure
Motorcycle
Increase Profit
These growth plans are driven
by initiatives that stay true to
Sabre’s DNA – high-margin
underwritingactivities.
Growth will not be linear and
will accelerate and decelerate
dependent on market conditions.
These plans require minimal capital
investments – the foundations have
already been laid.
Efficiency of Direct
Distribution
Direct
Motorcycle
Expand market
position
Broker
Motorcycle
Initiatives Progress
Contents Generation – Sub Page
Contents Generation - Section
Ambition 2030
08 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Cost base enhancement
through greater
automation
Launched in H1 2025
with expansion in 2026
Testing started in Q4 2025,
on-track to introduce
through 2026
Implementation work
ongoing with expected
launch in 2027
Ambition 2030 continued
09
2025 2030
Core Motor
Increase Profit
Motorcycle
Increase Profit
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 online
chat %
AI-supported chat
Initial
development
complete
Expand quotability
Further develop
rates
GWP impact
Profit impact
Maintain expense base at low level
Completed
Key
In progress
Outcomes
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial
Statements
Strategic
Report
Governance
Ambition 2030 continued
Building on our strengths
to deliver Ambition 2030
Core Motor
Expand market position
Sabre’s core underwriting model Ambition 2030 initiatives
Sabre’s data
advantage
Quality, volume,
skills and
experience
Motorcycle
Distribution and pricing
– New rating structure for direct
andbroker products based on
multi-year experience
– New pricing infrastructure replicating
new car rating technology
– Large elements of experience
combined across car and
motorcycle such as
personal injury
– Already quote for expanded footprint
– Already underwrite some policies in
expanded footprint
– Amending margin for increased
volume in expanded footprint cohort
“One version of the truth”
Consistency on key assumptions ensures all teams
use the same data and assumptions, creating
clarity and consistency in decision making
Policy validation
Pre- and post-sale validation of all policies
ensures accurate information and strengthens
data integrity
Fast feedback
loops
Daily interaction between
claims, pricing, and
actuarial functions
improve pricing
accuracy and maintain
underwritingdiscipline
High quotability
We quote for almost
all risks using core
and enriched data
Claims screening
All claims screened for
fraud and accuracy, which
protects performance by
ensuring claims are genuine
and correctly assessed
Margin
management
Disciplined approach
ensures profitability
is prioritised ahead of
volume growth
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
10 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Sabre’s data advantage An AI-enabled
business
Built on over 25 years of specialist motor data and stable,
migration-free systems, Sabre’s pure motor focus and specialist
footprint enables disciplined pricing and reliable underwriting,
underpinning our proven record of margin-led outperformance.
We have deployed AI tools throughout the
business, carefully managing risk while
seeking new opportunities and efficiencies.
Data
Skills and experience
Volume
Quality
1
Vast volume
of quote data
Sabre produces 200m
direct quotes per year,
providing great
insight into market
conditions and our
customer base
Long history
of specialist
underwriting
More than 6.4m years
of customer policies
underwritten by the
Group, with a focus
on non-standard risks,
gives leading insight
into Sabre’s core market
2
Complete and
consistent data
Sabre’s data has
been captured on
a single, reliable
administrationsystem
Reliable analysis
Integrated pricing and
reserving analysis,
combining traditional and
AI-supported techniques
3
Specialist underwriting
experience
More than 20 years of specialist
underwriting enable accurate, competitive
pricing for non-standard risks
Driving performance
This expertise is a core contributor to
Sabre’s record of market-leading
underwriting performance
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
11 Sabre Insurance Group plc Annual Report and Accounts 2025
Financial
Statements
Strategic
Report
Governance
Ambition 2030 continued
Pricing
– Use of tools in data analysis and price setting
– Maintain human oversight in all pricing decisions
– Full transparency, no ‘black box’
– Complements, does not override pricing team
Claims management
– Completes routine tasks
– Skilled claims team can focus on technical aspects
– Decision-making remains with individuals
Operations
– Enhances efficiency in customer service and policy management
– Day-to-day use, such as document summarisation Integration
into IT security
Distribution
– Working with partners to ensure we provide easy access to our
product through AI-enabled distribution
Our Values
A fair and
focused
business
Focused on our strategy
Our strategy is simple, clear and well understood by our stakeholders.
This is discussed in detail on page 06, but can be distilled further
into one thing: focus. Focus on profitability through obsessive
management of our pricing and rigorous discipline. Focus on long-
term growth by engaging in the right development projects at the
right time, drawing on our core strengths. Focus on attracting and
retaining top talent to achieve all of this. Focus on the wider needs of
stakeholders, through our sustainability and responsibility programme.
Fair to
customers
Fair to
our people
Fair to
the planet
Fair to
partners
At the core of our business sit our
customers. Fair treatment of our
customers is ingrained in the DNA of
our business, be it through provision of
high-quality insurance at a fair price, fast
and efficient handling of claims or high-
quality customer administration through
our UK-based call centre.
Sabre’s greatest asset is the talented
group of individuals who keep the
business running every day, from the
pricing and product teams generating
our cutting-edge pricing, through to
the expert claims team achieving fair
customer outcomes while robustly
managing fraudulent claims. We strive to
place the right people in the right roles
at the right time, while maintaining a
happy and safe working environment.
We recognise that all organisations, big
and small, have a responsibility to act
in the best interests of our environment
and society as a whole. We have set out
a roadmap to net zero, which includes
making changes now to minimise the
impact of our business on climate
change. We believe that companies
can be a force for good, and through
our Charity Committee we support local
organisations who we believe make a
real difference to people’s lives.
We enjoy excellent working relationships
with all of our partners, including our
brokers, key suppliers and outsourced
operations. Through the challenging
period of the last two years, we have
worked closely with our partners to assist
in their continued success.
Contents Generation – Sub Page
Contents Generation - Section
Our Values
12 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Cyclicality in the UK motor insurance market
The UK private motor insurance market has historically
exhibited pricing cyclicality driven by competitive dynamics,
as well as social, economic and regulatory factors.
In times of lower competitive intensity, price levels tend to
rise. However, pricing increases typically enhance industry
profitability, resulting in industry participants reducing prices
to increase volumes and new entrants joining the market.
This increased competition can cause prices to fall, which
can reduce underwriting profitability across the industry and
may, in turn, lead market participants to reduce volumes or
seek to exit the market, reducing competitive intensity and
leading to prices rising again.
The pricing cycle can also be impacted by regulatory
changes, such as pricing interventions or restrictions on
claimant activity.
Current market conditions
Motor insurance pricing in the UK entered a downturn in
2018, with average premiums dropping by 14% between Q1
2018 and Q1 2022. Over the same period, the Consumer
Prices Index (“CPI”) increased by over 10% and, in Sabre’s
view, motor insurance claims costs increased even further.
This cycle downturn was far longer than normal, which was
driven by a ‘normal’ downturn, then impacted by ongoing
influences of the UK’s exit from the European Union, COVID
and the high inflationary period.
Pricing started to recover in Q2 2022 and increased rapidly
until Q1 2024, over which time the CPI-adjusted average
premium charged by the market had recovered to 2017
levels. Since Q1 2024, market prices have decreased, with
price reductions stabilising in H2 2025.
With price decreases having slowed or stopped, we now
expect prices to increase in order to cover claims cost
inflation. Whilst the market imperative will be to increase
prices immediately in order to stem market-wide losses (to
which Sabre is not exposed given our continued pricing
discipline), we cannot be certain as to when these price
increases occur. As we believe that in general market prices
currently do not cover costs, we expect price increases in
2026 will need to cover past and future inflation, whereas
Sabre’s increases should be required only to cover future
inflation, at most.
Drivers of cost inflation
In previous years, we have described why claims cost inflation
was significantly ahead of wider economic inflation. We still
see evidence that claims costs across the motor insurance
industry are rising with an overall annual increase in costs,
including consideration of both cost and frequency of claims,
in the mid-single-digits. Key elements driving inflation remain
largely consistent with prior period and include:
– Care costs for seriously injured people. Overall care
inflation is reported at 10.9% for agency day rates in 2025.
– Wage inflation, and the consequent impact on othercosts.
– The costs of car parts and paint continue to increase as
these elements become more complex.
– The costs of hire vehicles and extended hire periods has
improved somewhat, albeit issues such as the JLR cyber
event created delays for that brand.
– An industry consensus formed over the past year that
accident frequency had reduced structurally, albeit the
reasons for this were unclear – possibly being due to safer
driving, driving at different times of day, lower speed limits
or a lower propensity to claim for small accidents. We have
observed this trend, although remain cautious that certain
elements, such as the propensity to claim, could reverse.
The outlook for inflation
It is not possible to predict exactly how cost inflation will
develop; however, we have identified several factors which
will impact costs going forward, many of which have not
changed since our last Annual Report:
– Care cost inflation, which is largely driven by wage
inflation for care workers, could rise significantly as the
potential pool of care staff from around the world remains
suppressed, and continued minimum wage and national
insurance rises take effect.
– Wage inflation is predicted to drop in 2026, however
impacts from national insurance changes, living wage
increases and scarcity of labour supply will likely impact
costs by more than this in the care and bodyshop sectors.
– There is some indication the costs of car parts will
continue to rise. The current geopolitical climate,
including conflicts and potential tariffs, may impact
supply chains.
– Used car prices have stabilised.
– The cost of hire vehicles is impacted by the time taken to
carry out repairs. If part availability increases, rental costs
could reduce.
– We expect industry levies to continue to rise in line
with increases in the expected costs of compensating
thevictims of uninsured drivers.
– Energy costs increases can impact elements of the
claims supply chain, such as repair costs.
What does cost inflation mean for Sabre?
Cost inflation is factored into Sabre’s policy pricing – we
charge an amount based on what we expect to pay
out over the period of that policy (generally 12 months),
factoring in our view of inflation. As all the inflationary factors
are market-wide, we expect that market price increases will
reflect this inflation, but, as discussed earlier, this has come
in ‘jumps’ as the market transitions from ‘soft’ to ‘hard’. Lower
than expected inflation can be beneficial to earnings, as
pricing assumptions can turn out to be conservative.
Market Context
Underlying
market
conditions
Contents Generation – Sub Page
Contents Generation – Section
Market Context
13 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Sabre’s business model is designed to withstand, adapt, and
thrive over the long term within a changing environment.
Political and regulatory
2025 has seen the resolution of certain regulatory issues
impacting motor insurance, in particular the conclusion
of the UK Government’s Motor Insurance Task Force. It was
pleasing to see that this wide-reaching investigation into the
price of motor insurance did not result in any market-wide
intervention and concluded that in general motor insurance
pricing fairly reflected underlying costs, with an effective and
competitive market.
A final report from the Financial Conduct Authority into
premium financing (paying by monthly instalments) was
released in February 2026. The report confirmed that no
market-wide action is to be taken, although it underscored
the importance of providing value to customers, for example
by not charging excessive interest rates. Sabre provides
premium financing directly to a proportion of customers on
its direct brands, which account for fewer than 20% of Sabre’s
total customers. In 2025, income from instalment interest
made up less than 1.6% of the Group’s insurance revenue.
We continue to comply fully with all current requirements,
including the Consumer Duty. As part of our focus on
customer fairness, we have ensured that our target margins
are consistent across all of our products. We present a
statement of compliance with the Consumer Duty on
page67 of this report.
Economic
For Sabre, and much of the insurance market, the two most
significant macro-economic factors remain inflation and
interest rates. Inflation is discussed at some length throughout
this report, with rising costs related to both claims and
operational costs, such as salaries and maintenance of the
Group’s IT network. The increase and decrease of interest rates
has little real-world impact for Sabre, as invested assets are
primarily fixed-rate bonds which the Group holds to maturity,
meaning the cash flows from these bonds are known at
purchase and are not affected by temporary reductions in
their value. The impact on the Group’s balance sheet strength
is also small, as the Group’s liabilities have been discounted
to reflect the time value of money – and the impact of this
discounting is inherently linked to risk-free yields.
Social
After a period of real-terms decline in spending power,
many households in the UK continue to struggle to
purchase essentials and maintain a fair standard of living.
Sabre has always aimed to price its policies fairly, not
exploiting any group of customers while fairly reflecting
changing underlying costs. This is reflected in the Group’s
adherence to the robust Consumer Duty rules with which
we will continue to comply fully. Selling a product that
is effectively compulsory, rather than being reliant on
discretionary spend, means that Sabre has historically
shown great resilience during periods where customer
spending power has reduced.
In addition, the Group’s exceptionally strong controls
over claims spend has mitigated increases in fraudulent
behaviour, which is sometimes a feature of a challenging
economic environment.
We continue to do our best to support customers in financial
difficulty, while providing easy access to fairly priced
insurance for everyone.
Technological
Technological change continues apace, not only in the
means of propulsion in vehicles switching from internal
combustion to electric, but in the way that insurance is
developed, marketed and sold to consumers. We continue
to invest in cutting-edge pricing techniques, as well as
partnering with some of the most technologically advanced
distributors within the insurance market, ensuring that
our policyholders get the fairest price and enjoy the best
possible customer experience. In particular, developing
increasingly sophisticated pricing infrastructure is key to
achieving our ambitious plans for 2030.
Market Context continued
Current
market
focus
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
14 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
14 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chair’s Letter
This performance
underscores the strength
and resilience of our business
and provides a solid platform
from which to pursue our
Ambition 2030 targets.”
Rebecca Shelley
Group Chair
Welcome to Sabre’s 2025
Annual Report and Accounts.
On behalf of the Board, I would like to thank our shareholders
for their continued support and engagement throughout
the year. 2025 was another year of strong performance for
Sabre, achieved against a backdrop of challenging market
conditions. This resilience is a testament to the strength of our
business model and the dedication of our people.
Delivering on Our Strategy
In late 2024, we set out our medium-term strategic plan,
Ambition 2030, which outlines our ambition to deliver profit
before tax of at least £80m in 2030 and builds on the Group’s
existing core values and unique strengths. I am delighted to
report that during the first half of 2025 we achieved the first
milestone in this journey: the successful launch of Sabre Direct,
our innovative Direct Motorcycleproduct.
We also advanced our pricing capabilities during the year,
entering a testing phase in late 2025 that will enable us to
expand our addressable market and accelerate growth in
the years ahead.
Performance and Market Context
As our CEO, Geoff Carter, explains in his statement, Sabre
delivered a strong headline profit before tax for 2025
despite weak market conditions. This profit has translated
into significant capital generation and has allowed us to
pay an increased dividend for the year. This performance
underscores the strength and resilience of our business and
provides a solid platform from which to pursue our Ambition
2030 targets. I am also pleased that we have been able to
announce a further £5m share buyback programme this
year, subject to regulatory approval.
Governance and Risk
The Board remains committed to robust governance and
stewardship, providing challenge and support to management
with a clear focus on achieving our strategic goals, and to aid
in this, I was delighted to welcome David Neave as a Non-
executive Director to the Board in August 2025.
We also engaged extensively with shareholders through
one-on-one meetings, ensuring a full understanding of
stakeholder needs throughout our decision making. Further
information on the Board and its activities during the year
can be found in the Governance section of this report, from
page 68 onwards.
Managing risk is second nature to Sabre, and our disciplined
approach to pricing and risk management gives us
confidence in our ability to thrive in any environment. While
global economic conditions remain uncertain, our robust
foundations and sharp focus position us well for the future.
Further information on the risks the Group faces and how
it manages them can be found in the Principal Risks and
Uncertainties section of this report on page 22.
Sustainability and ESG
Sabre continues to make progress on its sustainability
agenda. We remain firmly committed to our net-zero target,
monitored through our evolving Road to Net Zero framework.
I am pleased to report that we achieved a ‘B’ rating from the
Climate Disclosure Project for our disclosures last year – a
clear recognition of our transparency and commitment.
Outlook
Looking ahead, we expect Sabre to continue delivering
strong profits regardless of market conditions. We see
significant potential for growth as pricing strengthens and
through our Ambition 2030 initiatives. Over the next few years,
we anticipate generating and distributing considerable
capital, creating value for all stakeholders.
On behalf of the Board I would like to thank Sabre
colleagues for their continued commitment and the
Executive Team for their strong leadership throughout the
year. The Board and I remain confident in Sabre’s future and
excited about the opportunities ahead.
Rebecca Shelley
Group Chair
9 March 2026
Contents Generation – Sub Page
Contents Generation – Section
Chair’s Letter
15 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
15 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chief Executive Officer’s Review
Our profitability clearly
demonstrates the
benefit of our on-
going commitment to
disciplined underwriting.”
Geoff Carter
Chief Executive Officer
Contents Generation – Sub Page
Contents Generation - Section
Chief Executive Officer’s Review
16 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
2025 was another strong year for Sabre. We delivered an
increased profit from a lower premium base and made
significant progress with our Ambition 2030 initiatives.
Our profitability clearly demonstrates the benefit of our on-
going commitment to disciplined underwriting, treating profit
as the target and volume an output. We priced prudently
for potential claims inflation on business written in the year,
despite soft market conditions, and benefitted from positive
experience as inflation moderated in the latter part of the
year which allowed us to drive growth in both premium
andpolicy count in Q4 and into 2026.
The Headline numbers for 2025 are:
Within this we delivered a very positive core motor loss ratio
of 50.5%. We have seen both Motorcycle and Taxi loss ratios
improve in the second half of the year and continue to
expect these products to deliver useful additional profit for
the business. Our overall financial year loss ratio of 54.1%
was a 4.6ppts improvement on 2024 and delivered a net
insurance margin of 19.2%, well inside our target range.
We have continued to ensure our prices fully cover our view
of claims costs and are calculated to deliver our target
margins. In our view, claims inflation moderated during the
year and we believe it is now at a mid-single digit level.
Reflections on 2025
In my 2024 Review, I outlined our hopes and expectations for
2025. These included:
– We would deliver a strong financial result through our
differentiated and focused approach to pricing
– We would test the first stages of our Ambition 2030 plans
– We would expand our Motorcycle distribution
– We would demonstrate continued focus on customer
experience through development of a self-service portal
– Market rates would be competitive in H1, and increase in
H2 to protect margins across the market
– Premium levels would be partially impacted by market
pricing levels
I’m delighted that we delivered on the majority of these
objectives. While market pricing stabilised in H2, there were
no signs of meaningful increases, which is discussed further
in the Market section.
Ambition 2030 plans – Test new pricing models
As hoped, we successfully conducted our initial pricing tests,
gathering valuable feedback that will allow us to begin the
ramp-up of initiatives in 2026. Given that market pricing was
generally not supportive of growth, the increase in our in-
force policy count in Q4 indicates that our refreshed strategy
allows us to grow profitably even in more challenging
marketconditions.
Motorcycle
Our new direct product launched on schedule, attracting
business almost entirely through Price Comparison Websites.
“Sabre Direct” was launched with a restricted footprint in
order to allow us to test and learn, and to amend prices
as we gathered more data. We are now confident in our
pricing proposition and will continue to expand our footprint
through2026.
We are also servicing all polices in-house rather than
outsourcing. This is supported through low fixed costs, with
the product being entirely on-line, with web-chat support
and no call centre.
Customer Portal/Experience
We have continued to develop and refine our online portal
and are benefitting from an increasing volume of customers
using this as their preferred servicing model. This has
supported positive customer experience as well as laying
the foundations to reduce direct product servicing costs
overtime.
Regulation
Our approach is to operate in-line with both the spirit and
the letter of all relevant regulation, with a continued focus on
delivering good customer outcomes.
We were pleased to see the conclusions of the Government
Taskforce on Insurance in late 2025. This concluded that
the market functioned well and that price increases were
reflective of increased claims costs – which were primarily
driven by external factors. This has always been our view as
outlined in previous result announcements, and we hope this
removes a cloud over the industry.
We continue to believe we have low exposure to on-going
areas of regulatory focus, which appear to be primarily poor
value ancillary products, high APR’s for premium finance and
certain claims management activities.
Chief Executive Officer’s Review continued
Healthy premium levels,
increased profit and
attractive capital returns
Gross written premium
1
£202.9m
2024 | £236.4m
IFRS profit before tax
£51.0m
2024 | £48.6m
1 Alternative performance measure. For reconciliations to alternative
performance measures, see pages 212 to 216
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
17 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Market
In our view the market is currently over-competing and
risks undermining margins. This is not something we will
allow to happen at Sabre, and we remain focussed on
underwritingdiscipline.
As noted earlier, we believe claims inflation is returning to
historical norms of mid-single digit levels, whilst overall there
has been little compensating market level rate increase
in2025.
At an overall level this is likely to drive reduced market-level
profitability in 2026 although this may look very different for
individual competitors, such as Sabre, where underwriting
profitability has remained the focus.
Capital and dividend
We have increased our dividend to 13.5p per share for 2025,
reflecting increased profits and strong capital generation.
While our post-dividend solvency ratio of 161.5% is below
2024, this remains above our preferred operating range.
The Board has elected to use additional capital, paying
down into the range, to execute a buyback of £5m, the
same amount as in the previous year. This is indicative of the
Board’s confidence in the Group’s robust capital position
and ability to generate further capital as we look to grow
through to our Ambition 2030 target.
People
Our success in 2025 and confidence about the future are
entirely due to the efforts and commitment of all Sabre’s
people. In 2025 the whole business excelled in pushing to
deliver the in-year result as well as continuing to develop
ourAmbition 2030 plans.
In return we were delighted to be able to pay a Christmas
Bonus as well as performance bonuses. In addition, in the
year we agreed an extra day’s holiday for all staff to be taken
on or around their birthday.
Our hybrid way of working with all staff spending a minimum
of 3 days in the office continues to work well for the business
and our people and we have no plans to change this.
Environmental, Social and Governance
(“ESG”)
Environmental, social and governance matters remain
integral to how we make decisions as a business. We
continue to uphold our environmental commitments and
values, ensuring fairness to our people, customers, partners
and the planet. During the year, we have made continued
progress towards our net-zero ambitions, as outlined in the
‘Responsibility and Sustainability’ section of this report on
pages 54 to 66.
Artificial intelligence
Throughout the year we continued to position the business to
benefit from potential AI driven opportunities and to manage
the threats arising from AI. This includes running numerous
efficiency tests, utilising large language models and other
novel pricing and analysis models and preparing for possible
medium-term changes in distribution – for example AI driven
premium comparisons. Overall, we believe that as a focused
product manufacturer AI will benefit rather than threaten
ourbusiness.
Outlook for 2026
We will continue to focus on writing business at our target
margins, with overall premium levels being influenced by
market pricing dynamics. As the year progresses, we expect
to begin seeing the noticeable positive premium impact of
our Ambition 2030 plans. We expect the Group to continue
premium growth in 2026, and to deliver a profit slightly ahead
of 2025 as the high-margin business written in 2025 earns
through. I anticipate we will continue to deliver sustainable
profitable growth as we move towards 2030.
In my next report I look forward to providing more detail
on the development and impact of this work, as well
as reporting another strong in year performance. Huge
thanks to all our people for making this happen, and
to the board members for their continuing support and
constructivechallenge.
Geoff Carter
Chief Executive Officer
9 March 2026
Chief Executive Officer’s Review continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
18 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
We delivered an increased profit,
from a lower premium base, but
made very substantial progress
with our Ambition 2030 initiatives.”
Chief Executive Officer’s Review continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
19 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
23 23
23 23
24 24
24 24
25 25
25 25
£225.1m
30.0%
61.6%
91.6%
£236.4m
25.5%
58.7%
84.2%
£202.9m
28.2%
54.1%
82.3%
How our KPIs link to Sabre’s strategy
The most fundamental element of the Group’s strategy
is underwriting profitability, and, as such, our KPIs
focus on measures of profitability – specifically net
insurance margin, loss ratio, expense ratio, combined
operating ratio and IFRS profit after tax. As the Group is
focused on managing risk, maintaining an appropriate
solvency coverage is also important, so solvency
coverage ratio is considered a KPI.
The Group monitors its growth and intends to grow
when market conditions allow; as such, the level of
gross written premium forms a KPI. Effective deployment
of capital is an overarching element of Sabre’s strategy
and is measured through return on tangible equity.
For Our strategy
go to page 06
How our KPIs link to
Directors’ remuneration
Executive Directors’ and senior management’s
remuneration is based on both financial and non-
financial measures, with a primary focus on the
financial performance of the Group. This is achieved
through a ‘profit pool’ whereby participants are
entitled to a maximum bonus equal to a percentage
of the Group’s IFRS profit before tax, which is then
modified according to performance against individual
performance goals. The Group’s Long Term Incentive
Plan is underpinned by measures which include return
on tangible equity and solvency coverage ratio. Each
of the KPIs either contribute towards the Group’s profit
or report the Group’s resultant capital position and are
therefore aligned with this remuneration approach.
For our Remuneration Report
go to page 92
Gross written premium £’m Expense ratio %
Net loss ratio % Combined operating ratio %
What is it?
The total premium written by the business.
Why is it important?
Writing insurance policies is the Group’s
primary function, and the Group’s margin
targets dictate that on average all business
written should be profitable. Therefore, in order
to grow profit, levels of premium must be
sustained or grown.
Aim
To grow premium over the medium term such
that the profit target set out in Ambition 2030
can be achieved.
What is it?
A measure of the Group’s total operating
expenses as a proportion of the net
earnedpremium.
Why is it important?
This shows how efficiently the Group runs
its operations. This is a broadly consistent
measure across insurance companies,
although it is important to note that not all
other companies include their entire expense
base when calculating this measure. Our
reported expense ratio does include all
expenses incurred by the Group.
Aim
To minimise expense ratio to the extent
possible while maintaining a robust operating
environment, such that the Group’s net
insurance margin target can be achieved.
What is it?
Sabre’s total claims expense (on an
undiscounted basis) as a proportion
ofthenet earned premium.
Why is it important?
This shows how much the Group pays out
in claims for every pound of net premium
earned. It is a useful comparator of relative
underwriting strength and can be compared
across years and against peers.
Aim
To achieve a sufficiently low loss ratio to
achieve the combined operating ratio
andnet insurance margin targets.
What is it?
Similar to net insurance margin, this takes
into account only pure premium, claims,
and operating expenses. Presented on an
undiscounted basis.
Why is it important?
This is a common performance indicator used
by similar companies, so will aid in allowing
comparison across the sector.
Aim
To achieve to the overall net insurance
margin target, the Group needs to record
a combined operating ratio of 80% – 85%,
while ensuring an optimal level is reached
tomaximise profit before tax.
Key Performance Indicators
Links to Strategy
1 2 3 4 5
Links to Strategy
3 4 5
Links to Strategy
1 4 5
Links to Strategy
1 3 4 5
Principal Risks
1
6
2
7
3 4 5
Principal Risks
1
7
2 4 5 6
Principal Risks
1 2 5 6 7
Principal Risks
1
7
2 4 5 6
Contents Generation – Sub Page
Contents Generation - Section
Key Performance Indicators
20 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
23 23
23 23
24 24
24 24
25 25
25 25
10.6%
205.3%
22.7%
£23.6m
17. 6%
216.6%
38.2%
£48.6m
19.2%
198.7%
37.2%
£51.0m
Net insurance margin % Pre-dividend solvency coverage ratio % KPI to IFRS reconciliations
All KPIs are non-IFRS measures, with the exception of
IFRSprofit before tax.
Return on tangible equity % IFRS profit before tax £’m
What is it?
A measure of the total profit generated
through pure underwriting activities, taking
into account premium-like income, such
as instalment interest, claims expenses and
operating expenditure. Presented on an
undiscounted basis.
Why is it important?
Maintaining a profit margin within a target
range ensures that the Group’s top-line
growth does not come at the expense
of total profit and highlights the Group’s
effectiveunderwriting.
Aim
We aim to operate with a net insurance
margin of between 18% and 22%.
What is it?
The Group’s solvency coverage ratio is the
ratio of the Group’s regulatory capital in a
particular point in time to its solvency capital
requirement (“SCR”) for the same period,
expressed as a percentage, stated before
the final dividend declared in respect of the
financial year.
Why is it important?
The Group is required to maintain regulatory
capital at least equal to its SCR. This is a
measure of the balance sheet strength
oftheGroup.
Aim
To hold no less than 140% of the Group’s SCR
and, in general, no more than 160%.
What is it?
The Group’s total IFRS profit after tax divided
by the Group’s average tangible net assets
across the year.
Why is it important?
This is a measure of the efficiency with which
the Group deploys its assets and is a useful
comparable measure across different sectors.
Aim
To make efficient use of the capital available
to the business and achieve broadly
consistent returns year-on-year.
What is it?
A measure of the total pre-tax earnings of
the Group, in accordance with prevailing
accounting standards.
Why is it important?
Generation of profit is core to the Group’s
stated purpose and our Ambition 2030, which
targets sustainable growth in IFRS profit over
the medium term.
Aim
Through careful management of expenses
and skilled underwriting, to deliver growth in
IFRS profit over the medium term such that
we deliver an IFRS profit before tax of at least
£80m in 2030.
Key Performance Indicators continued
Links to Strategy
1 2 3 4 5
Links to Strategy
1 4 5
Links to Strategy
3 4 5
Links to Strategy
1 3 4 5
Principal Risks
1 2 5 6 7
Principal Risks
1 2 5 6 7
Principal Risks
1
7
2 3 5 6
Principal Risks
1 3 5 7
For a reconciliation of KPIs to IFRS
measures go to pages 212 to 216
Links to Strategy
Principal Risks
Disciplined Underwriting
Insurance
Distributions
Regulatory, Governance and Compliance
People
Macro Risks
Operations
IT and Systems
Controlled Growth
Finance and Capital
Risk Management
Operations
1
2
3
4
5
For our strategy go to page 06
For our Principal Risks go to pages 22 to 30
1
6
2
7
3
4
5
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
21 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties
Risk management
Managing risk effectively is core to Sabre’s strategy and is
integral to delivering sustainable long-term growth for its
investors. The Board is responsible for prudent oversight of
the Group’s business and financial operations, ensuring that
they are conducted in accordance with sound business
principles, comply with applicable laws and regulations,
and to ensure fair customer outcomes. This includes a
responsibility to articulate and monitor adherence to the
Board’s appetite for exposure to risks. The Board also ensures
that measures are in place to provide independent and
objective assurance on the rigorous identification and
management of risk, and on the effectiveness of the internal
controls in place to mitigate those risks.
The Board delegates the oversight of risk to the Group’s Risk
Committee, which is responsible for understanding the major
risk areas and ensuring that adequate and effective internal
controls are in place to manage the Group’s risk exposure,
and for providing oversight and advice to the Board in
relation to the Group’s risk exposure. Further information
on the Risk Committee can be found on pages 86 to 88.
The Risk Committee works closely with the Remuneration
Committee to ensure that the effective management of risk
is accurately reflected when making decisions regarding
remunerationpayments.
Sabre has established a robust and proportionate risk
management strategy and framework as an integral
elementin its pursuit of business objectives and the
fulfilmentof its obligations to shareholders, regulators,
customers, employees and suppliers.
The Group’s objectives regarding risk management
are that:
1. The Group endeavours to operate an effective Risk
Management Framework, which utilises the three
linesofdefence philosophy and manages risk within
Boardappetite;
2. All significant risks are identified, measured, assessed,
managed and monitored in a consistent and effective
manner across the Group;
3. Appropriate and reliable risk management tools,
including likelihood and impact indicators, are deployed
to support the rating and the management of risks;
4. All Directors, Management and relevant employees are
accountable for managing risks in line with their roles
and ensuring that the Group’s reputation remains high;
5. The Group complies with all relevant legislation,
regulatory requirements, guidance and codes of
best practice; and
6. The Board receives timely, dependable assurance
that the Group is managing the significant risks it is
exposedto.
Risk assessment, identification and evaluation
Sabre’s assessment of risk is not static. The Board and
Management continually assess the risk environment in
which the Group operates and ensures that Sabre maintains
appropriate mitigation to remain within risk appetite.
Management recognises that risks must be identified,
monitored and mitigated appropriately, to ensure their
impacts on the Group are minimised. Whilst accepting that
some elements of risk are core to the operation of the Group,
it is important that the Group identifies and accepts only the
risks which the Group considers to be within its risk appetite.
To do this, Sabre’s Risk Framework is based on the three lines
of defence model, which divides all functions within Sabre
into three groups depending on their primary roles. By doing
so, it is possible to clearly define the boundaries around each
function to ensure clarity of functional purpose and remit, as
well as guard against potential conflicts of interest arising.
Three lines of defence model
First line
− Day-to-day responsibility for owning, assessing,
managing and controlling risks
Third line
− Provision of independent assurance
Second line
− Facilitating the Group’s risk management processes
− Oversight and challenge of risk management
and controls
− Testing of controls
Contents Generation – Sub Page
Contents Generation - Section
Principal Risks and Uncertainties
22 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
22 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
1. Risk identification
There are various tools available, and activities undertaken
within the risk management process which are used to
identify risks. These include but are not limited to meetings,
incident and loss event analysis, assurance reviews, thematic
risk reviews, simulations and horizon scanning.
2. Risk assessment
Risk assessment involves rating risks at an inherent
level (without controls) and a residual level (post controls).
Risks are rated by likelihood and impact from a scale of 1 to 5.
The impact areas for risk are defined as:
– Business process interruption
– Customer outcomes
– Earnings/financial/solvency
– People and environment
– Reputation and regulatory
3. Risk mitigation and controls
Identified risks are mitigated and controlled to reduce
the likelihood of a risk occurring and/or reducing the
impact of a risk should it occur. Controls can include, but
are not limited to, implementing policies and operating
procedures, authority and approval levels, segregation of
duties, reconciliations, system restrictions such as password
requirements, education and training.
4. Risk monitoring and reporting
The output of Sabre’s risk identification, assessment and
mitigation activities is regularly monitored by responsible
business areas and reported to senior individuals and
committees at management and Board level to ensure
appropriate visibility, discussion and challenge of matters
relating to risk, including the Board’s oversight of adherence
to Sabre’s risk appetite.
Key information such as risk changes, key risk indicators,
breaches, incidents, issues, and significant control weaknesses,
is curated and shared across the relevant individuals and
committees in the form of a Risk Dashboard over the quarter.
Risks and controls are reported through the Group with a
bottom-up approach, with management feeding into the Risk
Management and Compliance Forum, which reports to the
Group’s Risk Committee, which then reports to the Board.
Comments from the Board and Risk Committee Directors
are given to management via the Chief Risk Officer, and, if
required, by the Chief Executive Officer.
5. Risk response and learning
When risks crystalise, or when Sabre’s residual risk exposures
increase, this is escalated to the appropriate individuals, Board
and committees, either through regular reporting or on an
exceptions basis.
The risk management process at Sabre
This section sets out the activities that Sabre conducts
to ensure that risks arising are identified and managed.
The risk management process comprises five broad
categories of activities:
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
23 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
23 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
Risk universe
The Group uses a risk universe to aid in the identification of
risks and to ensure that no risks are overlooked. Sabre has
identified its risk universe as:
Insurance
Risks associated with the business of
the Group – What we do as a Group,
including agreeing claims, reserving,
pricing and underwriting
Operations
Risks associated with inadequate
or failed internal processes and
systems, or from external events –
How we operate, including product
development, and how we deal with
suppliers, distribution and customers
Finance
and Capital
Risks associated with the Group not
being able to meet its financial and
solvency obligations – How we use our
financial resources, including capital
management, investments, solvency
and taxation
IT and Systems
Risks that arise from the development,
implementation, maintenance and
utilisation of the technology ecosystem
which includes infrastructure, software
and cyber protections
Regulatory,
Governance
and Compliance
Risks associated with not complying
with laws and regulations – How we act
People
Risks associated with our employees –
Who we are
Macro
Risks that arise from outside the Group
such as climate, inflation or interest
rate risk
Risk appetite
The Board recognises that it is both necessary and desirable
for the Group to assume and accept a level of risk in
pursuing its strategy but notes that this must be maintained
within acceptable limits. The Group is generally risk-averse
and operates the business to take advantage of its good
utilisation of operational resources and its strong ability to
price risks at a consistently profitable level. The Group does
not tolerate risks which impact the Group’s key objectives of
the preservation of capital and the reliable and consistent
performance of the Group across the insurance cycle.
While developing its risk appetite, the Board considers all
stakeholders, including customers, employees, regulators,
shareholders and suppliers. The Group’s risk appetite is
reviewed by the Group’s Management Risk and Compliance
Forum, the Risk Committee and the Board annually to
confirm that it remains appropriate.
Emerging risks
Sabre monitors external developments, including regulatory
changes, industry trends, and changes in the global and
domestic economic environment, which would impact its
risk profile. The identification and management of emerging
risks through this monitoring is a key element of the Group’s
strategic risk management. Emerging risks are developing
threats that are subject to uncertainty but could impact the
Group in either the short or long term. Emerging risk scanning
provides a forward-looking view of the risks that have the
potential to impact Sabre but have not yet crystalised.
Management continually monitors emerging risks to ensure
they are mitigated where possible and the Management
Risk and Compliance Forum and Risk Committee review the
Emerging Risk Log quarterly.
Risk culture
The Group has adopted the following principles to guide
decision making throughout the Group and its attitudes to
riskand its management.
1. The Group conducts its business with integrity, due skill,
care and diligence and observes high standards of
market conduct.
2. The Group organises and controls its affairs responsibly
and effectively with sound risk management systems
and procedures.
3. The Group treats its customers fairly and communicates
with them in a way which is clear, fair and not misleading.
4. The Group manages conflicts of interest fairly, both between
itself and its customers and between itself and reinsurers,
brokers, shareholders and other stakeholders.
5. The Group manages risk in a cost-effective manner,
subject to compliance with applicable legislation and
regulatory requirements and effective management of
risk exposures.
6. The Group’s employees all play an active role in the
management of risk.
7. The Group deals with its regulators and other supervisory
bodies in an open and co-operative way, making full and
open disclosure of risk events where appropriate.
8. The Group ensures that adequate processes and controls
are in place to ensure that it meets the requirements of
a listed company, including rules relating to disclosure,
transparency and management of conflicts of interest.
9. The Group considers the needs of all relevant
stakeholders in making material decisions.
Sabre’s risk culture is formally reviewed on an annual basis as
part of the work that feeds into the annual Chief Risk Officer’s
report. This aims to provide an assessment and commentary
on the prevailing state of Sabre’s risk culture and highlight any
areas for development where relevant.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
24 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
Assessment of principal risks and uncertainties
The Directors confirm that they have undertaken a robust assessment of the principal risks
and uncertainties, and emerging risks that the Group faces – this includes those that threaten
the business model, future performance, solvency or liquidity of the Group.
Set out in the following table is an overview of the principal risks the Board believes could
threaten the Group’s strategy, performance and reputation, and the actions management
takes to respond to and mitigate those risks.
Having given both new and evolving risks due consideration, the Directors continue to consider
insurance activity to present the most material risk to the Group, in particular the estimation risk
of reserving and the ability to price premiums correctly.
Although Sabre is a UK-based business, global issues can have a significant impact on the
Group. The Group has reviewed the impact on its risk profile from continued global instability
and has updated the individual risks accordingly.
The following table shows the principal risks the Group faces, their impacts and how they
are mitigated.
Insurance
Risk Description Mitigation
Change
from prior year
Link to
strategy
Pricing
Failure to price risks effectively can result in worse-than-
expected loss ratios or significant unexpected changes
in volumes of business written. Pricing considerations
include appropriate estimation of the increasing cost
of claims, through both historical trends, such as repair
costs, and emerging considerations such as climate
change and the impact of legal reforms.
The Group operates a highly sophisticated pricing model which is built upon fully
tested scientific principles. The model is updated only when sufficient data has been
collected and analysed to support a change.
Management continually monitors the market for pricing developments but prioritises
maintenance of appropriate margins over the volume of business written.
We consider the impact in the changing profile of physical risks related to climate
change in pricing our policies.
Changes in the costs of claims settlements which could relate to climate change are
captured in our normal-course reviews of policy pricing. The pricing of all new products
is carefully assessed and closely monitored by the Chief Actuary and his team.
1
2
3
Key
LINK TO STRATEGY*
Disciplined Underwriting
1
Risk Management
2
Controlled Growth
3
Operations
4
Distribution
5
CHANGE IN RISK RATING FROM PRIOR YEAR
Increase
Decrease
No change
New risk
* Further information on the Group’s strategy can
be found on page 06
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
25 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
Risk Description Mitigation
Change
from prior year
Link to
strategy
Reserving
Inappropriate estimation of the ultimate cost of claims
incurred can lead to corrections in future periods which
could have a detrimental impact on the Group’s capital
and profitability. Further, incorrect reserving can lead
to errors in the pricing of new policies due to a poor
understanding of the profitability of business already
written. Estimates made in relation to inflationary, or
potentially inflationary, factors such as legal reform,
andclimate change are equally relevant to reserving.
There is a consistent and cautious approach to reserving with a risk adjustment
held above the actuarial best estimate. The Group’s actuarial function analyses
and projects historic claims development data and uses a number of actuarial
techniques to both test and forecast claims provisions. The Group also commissions
an additional independent actuarial review on a triennial basis.
1
2
3
Large losses
A small number of very large claims could have
asignificant impact on the short-term profitability
andcapital position of the Group.
Reinsurance is purchased on an excess-of-loss basis to limit the impact of large
individual losses and catastrophic events.
1
2
Reinsurance
Should reinsurance become unavailable at an
acceptable cost, the Group’s profit would become
considerably more volatile, and its capital position
would suffer.
The Group ensures that pricing decisions are taken on the basis that the gross loss
ratio should be preserved in the long term, such that reinsurers achieve satisfactory
returns through their relationship with Sabre. This ensures the greatest possible
appetite for reinsurers to renew Sabre’s coverage. Sabre maintains an open and
transparent relationship with all reinsurers on its panel.
1
2
Operations
Risk Description Mitigation
Change
from prior year
Link to
strategy
Customers
Failure of the Group to meet customer requirements
orexpectations.
Sabre’s business is built around the customer, with the goal to provide access to fairly
priced motor insurance. We want our customers to experience high-quality customer
service and peace of mind. The Group has established claims handling and
actuarial teams ensuring that claims are appropriately handled, and pricing is fair.
The Group has implemented the requirements under the Consumer Duty regulation.
Sabre has developed a set of Key Performance Indicators to assess the delivery of
good customer outcomes and there is a dashboard which is reviewed by the Board
regularly. The Group prepares an Annual Consumer Duty Board Report, which details
how outcomes have been monitored and delivered, which is approved by the Board.
1
2
3
4
5
Suppliers and
outsourced
operations
The use of outsourced functions in routine operations,
such as customer services, exposes the Group to
the practices and procedures prevalent at the
outsourcedoperation.
The Group monitors its outsourced operations closely, through regular audits and
monitoring of key performance metrics to minimise customer detriment, financial
damage and failure to meet regulatory requirements.
2
4
Insurance continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
26 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
Risk Description Mitigation
Change
from prior year
Link to
strategy
Failure of
brokers
(distribution)
While the Group accesses the market through almost all
retail brokers within the UK, much of its business is written
through a relatively small number of large brokers. It is
therefore particularly exposed to the failure of those brokers.
The Group monitors its exposure to its broker partners on a continual basis and
regularly reviews the financial stability and solvency of its larger brokers.
5
Financial
crime
Financial crime, whether internal or external, could result
in material loss of assets and significant reputational risk.
Financial crime can include misappropriation of assets or
fraudulent activity designed to misrepresent the financial
performance or position of the Group.
Ownership and management of operational risks sit with the first-line business
functions. While substantial internal controls are in place to mitigate the risk of
financial crime, the Group considers its culture and ‘tone from the top’ to be key
in raising awareness of external crime, including training and limiting the risk of
occurrence of internal financial crime. We see a slight increase in this risk due to
the implementation of the Economic Crime and Corporate Transparency Act.
2
4
Finance and Capital
Risk Description Mitigation
Change
from prior year
Link to
strategy
Capital
management
If the Group fails to maintain adequate solvency capital,
this could result in regulatory intervention which may
limit profitability or the ability of the Group to make
distributions. Some issues impact primarily on the solvency
position but do not affect the trading result of the Group.
The Group has strong governance in place to monitor its solvency position on a
continual basis, including forecast solvency and scenario testing, primarily as part
of the Group’s Own Risk and Solvency Assessment (“ORSA”) process. The Group
ensures that key elements of judgement, such as reserving, are reviewed by the
Audit and Risk Committees and undergo appropriate independent scrutiny.
1
2
3
Investments
The Group invests primarily in government-backed
securities and other fixed-interest securities and
is therefore exposed to the impact of interest rate
movements on the value of these investments. The
valuation and creditworthiness of such assets can be
impacted by macro-economic factors, such as political
uncertainty and economic factors.
The investment portfolio is relatively short term, limiting the impact of interest
rate movements on the valuation of invested assets. The maturity profile of these
investments is designed to match the pattern of outgoing claims payments, such
that the impact of any movement in interest rates is mitigated by a converse
movement in the value of claims liabilities, which are discounted. Sabre has an
Investment Policy, and the appointment of an outsourced investment manager
ensures that investment decisions are made on the basis of the most up-to-date
and relevant information.
2
3
Operations continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
27 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
IT and Systems
Risk Description Mitigation
Change
from prior year
Link to
strategy
Software and
infrastructure
The Group operates bespoke IT systems and is reliant
on the accurate recording, storage and recall of data.
Failure of these systems could result in the business being
unable to price or process new business or manage
claims effectively. IT systems are supported by a third
party and hosted in external data centres. This creates
adependency on thesesuppliers.
The Group operates a small number of key systems which are overseen by a highly
experienced team of bespoke systems specialists. A robust backup and recovery
plan is in place to ensure continuity of systems in the event of local system failure.
The Group has sought to avoid any identifiable single point of failure and maintains
continuity solutions for all key services.
4
Cyber attack
and data
breach
Loss of data, including personal data, could lead to
significant financial and/or reputational detriment and
there is the risk of not complying with the appropriate
regulation. Theft of the Group’s intellectual property could
impact the ability of the Group to compete in the market.
The rise in phishing attacks continues to present a risk
to Sabre, as attackers employ increasingly sophisticated
tactics to compromise security that could severely impact
business operations and data integrity.
The Group maintains several layers of security to ensure that perimeter and internal
systems remain secure and resilient to attack. This approach includes controlling
the access to data by our employees and the implementation of sophisticated
monitoring systems.
The Group utilises expert third-party companies and software to ensure data is
always protected, and has implemented comprehensive security awareness training
for employees, deployed multi-factor authentication (“MFA") to access accounts
and uses email filtering tools, training and system monitoring to reduce the risk of
phishingattacks.
4
Regulatory, Governance and Compliance
Risk Description Mitigation
Change
from prior year
Link to
strategy
Non-compliance
with laws and
regulations
The Group is subject to a number of regulatory
regimes, including prudential regulation by the
Prudential Regulation Authority (“PRA”) and conduct
regulation by the Financial Conduct Authority (“FCA”)
and governance regimes, including The UK Corporate
Governance Code, the Senior Managers’ and
Certificate Regime (“SMCR”), GDPR, Solvency II Rules
and Consumer Duty.
Failure to comply fully with prevailing regulation
can lead to reputational damage and monetary or
other sanctions which may impair the Group’s ability
tofunction.
The Group has an extremely low appetite for accepting any risk other than those
which relate to the underwriting of its insurance policies, and therefore its decision
making reflects this in relation to conduct risk and other regulatory and governance
matters. The Group operates a risk management framework which is approved
by the Board to control the Group’s risks. The Group monitors governance and
regulatory developments in the UK and closely monitors its exposure to regulatory
and governance risks. The Group culture ensures the interests of our customers and
the delivery of good outcomes are paramount. The Group’s Head of Compliance
reviews and monitors operational activity to ensure regulatory requirements are
adhered to. The Group engages with both regulators on all relevant consultations.
2
4
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
28 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Principal Risks and Uncertainties continued
Regulatory, Governance and Compliance continued
Risk Description Mitigation
Change
from prior year
Link to
strategy
Breach of
legislation
The Group operates within the UK and is therefore
primarily subject to the requirements of the laws in
that territory. Further to those regulatory and data
protection laws, the Group is exposed to employment
law, Companies Act legislation and tax law.
Non-compliance with laws can result in financial
sanctions or impair the Group or the Group’s
Directors’ability to operate effectively.
The Group has established a robust risk management framework (including
controls) and sets clear objectives to minimise the risk of non-compliance with all
relevant laws and regulations. A review of all new material contracts is undertaken.
2
4
People
Risk Description Mitigation
Change
from prior year
Link to
strategy
People and
culture
The quality of our employees is central to the success
of Sabre, and the potential loss of key employees or the
inability to recruit quality employees may have an adverse
impact on the performance of the Group.
Sabre seeks to create a positive and collaborative working environment
and endeavours to attract, retain and develop its employees by creating a
hardworkingand enjoyable work environment, induction and on-the-job training,
annual appraisals and pay reviews, offering benefits and discounts and running
wellbeing initiatives.
Sabre has an appointed Non-executive Director who is responsible for engagement
with employees, runs employee roundtables with the Chief Executive Officer and has
an active Charity and Social Committee, which enables employees to be involved
with the local community.
Further information on this can be found in the Our People section of this report on
pages 44 to 50.
4
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
29 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Macro
Risk Description Mitigation
Change
from prior year
Link to
strategy
Climate
change
The risk of climate change could have a negative impact
on the earnings or financial position of the Group. For
example, there could be an impact on the cost of claims
in the long term. Further information on this can be found
in the Responsibility and Sustainability section of this report
on pages 41 to 66.
The Board has appointed the Chief Financial Officer to oversee the management
of this risk and its impact on the Group is reviewed at least annually by the Group’s
Risk Committee. We have sought to integrate the consideration of climate risks within
the Group’s decision-making processes and continue to improve the clarity and
usefulness of our disclosures around climate change. Further information on the
Group’s considerations relating to the environment and climate change can be
found on pages 54 to 66 of this report.
2
4
Risks
associated
with ESG
Sabre could fail to meet its key stakeholder expectations,
or legislative or regulatory requirements related to ESG.
Also, Sabre sees risks attached to societal factors relating
to ESG, such as a lack of diversity.
The Group has a strategy regarding its customers, people, community, partners and
environment. ESG remains on the Board’s agenda and the Chief Financial Officer is
the Board Director responsible for ESG. Further information on this can be found in
the Responsibility and Sustainability section of this report on pages 41 to 66.
2
4
Inflation and
interest
rate increases
Cost inflation remains high across the UK and global
economy. In general, the costs related to insurance
claims have experienced inflation above wider economic
inflation, which peaked at over 12% in 2022 and, while
this has reduced in 2025, has remained high by recent
historic standards. We expect claims inflation will continue
to exert pressure on claims costs and that there will be
some residual impact of high inflation on the Group’s
overall cost base.
In setting insurance premiums and in calculating the expected cost of claims used
for setting the Group’s insurance liabilities, Sabre uses an up-to-date assessment of
the current claims and wider inflationary environment. We expect market pricing
to adapt to this increasing cost base and therefore any price rises applied should
have a low impact on our competitiveness in the medium term. We will continue to
monitor and model the changes in costs and adjust our prices accordingly.
1
2
3
Geopolitical
instability
At the time of writing this report, conflict has continued
across a number of geographies including eastern
Europe and the Middle East. The terms of international
trade have continued to shift, with raised tensions over
tariffs and increased unpredictability caused by volatile
inter-country relationships. Whilst Sabre does not operate
outside the UK, this can impact supply chains and as
such must be considered in assessing the overall level
of claims cost inflation.
The Group reviewed the impact of these events and has updated the ratings where
appropriate, notably the impact of its supply chain on both claims and general
expenses. The Group continues to monitor the exposure and impact of these events.
2
3
4
Principal Risks and Uncertainties continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
30 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Assessing viability
In making its assessment, the Board took into account the
potential impact of the principal risks that could prevent the
Group from achieving its strategic objectives. The assessment
was based on the Group’s ORSA process, which brings
together management’s view of current and emerging
risks, with scenario-based analysis and reverse stress testing
to form a conclusion as to the financial stability of the
Group. Consideration was also given to a number of other
individual risks and events. In the Board’s estimation, these
events would not plausibly occur to a level of materiality that
would endanger the Group’s viability. The assessment also
included consideration of any scenarios which might cause
the business to breach its solvency requirements which are
nototherwise covered in the risk-based scenario testing.
Viability statement
Based on the consolidated financial impact of the sensitivity
analysis and associated mitigating internal controls and
risk management actions, as described in detail for each
principal risk, the Directors concluded that they have a
reasonable expectation that the Group will be able to
operate within its solvency capital appetite and maintain
sufficient liquid investments and cash reserves to meet
its funding needs over the three-year period ending
31December 2028.
Going concern
The Directors also considered it appropriate to prepare
the financial statements on the going concern basis, as
explained in the Basis of preparation paragraph in Note 1
tothe Financial Statements.
The impact of inflation
Whilst inflation has fallen from the peaks in 2022, overall
economic inflation remains higher than the Bank of
England’s target rate and above expectations set at the
start of 2025. Persistency remains uncertain and investment
markets are vulnerable to increased levels of volatility.
Interest rates remain materially higher than in the years
preceding2022.
The Group and its operating entity have considered various
stress scenarios related to inflation. These risk scenarios
indicate that the current economic environment will not
change the viability status of the Group and its operating
subsidiary. The Group maintains a robust capital position and
is expected to remain well capitalised under all reasonable
financial and operational stress scenarios.
The impact of climate change
We discuss the impact of climate change in detail on pages
54 to 66 of this report. We have assessed the short, medium
and long-term risks associated with climate change. Given
the geographical diversity of the Group’s policyholders
within the UK and the Group’s reinsurance programme, it
is highly unlikely that a climate event will materially impact
Sabre’s ability to continue trading. More likely is that the costs
associated with the transition to a low-carbon economy will
impact the Group’s indemnity spend. For example, electric
vehicles are currently relatively expensive to repair. We expect
that this is somewhat, or perhaps completely, offset by
advances in technology reducing the frequency of claims,
in particular bodily injury claims which are generally more
expensive than damage to vehicles. These changes in the
costs of claims are gradual and, as such, reflected in our
claims experience and fed into the pricing of our policies. If
the propensity to travel by car decreases over time this could
impact the Group’s income in the long term, but this is not
expected to be material within the viability period of three
years. We do not consider it plausible that such a decrease
would be as severe as the scenarios that we have modelled
as part of our viability testing exercise.
This table shows some of the key scenarios modelled as
part of our viability testing exercise, and the risks category
towhich they most closely relate.
The impact of cyber crime
In recent years, cyber crime has become more
sophisticated, more frequent and more dangerous. For
these reasons, it ranks highly amongst our principal risks
and warrants particular consideration with regard to the
viabilityassessment.
Viability Statement
The Board considers the Group’s financial status
and viability on a regular basis as part of its
programme to monitor and manage risk. In
accordance with provision 31of the UK Corporate
Governance Code 2018, the Directors have
assessed the Group’s prospects and viability
for the three-year period to 31 December 2028,
taking into account the Group’s current position
and the potential impact of the principal risks.
The assessment period of three years has been
chosen as it is in line with our business planning
horizon. This is consistent with the time horizon
projected for most scenarios assessed through
the Group’s annual Own Risk and Solvency
Assessment (“ORSA”) report (a requirement
under the UK’s Solvency regime), which sets
out detailed considerations of the principal
risks and uncertainties facing the Group and
also considers the current and future levels of
solvency and liquidity over the short and medium
term with reference to the Group’s preferred
operating capital excess range of 140% to 160%.
The cyclical nature of the motor insurance
market and the nature of the Group’s business,
motor insurance policies which generally cover
a period of one year, means that projecting for
periods longer than three years creates material
uncertainty; however, we do review longer-term
strategic developments and emerging risks over
longertime periods.
Contents Generation – Sub Page
Contents Generation – Section
Viability Statement
31 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Cyber attack
Large single
expense
Excess inflation
Pricing and
reserving errors
Changing interest
rate environment
Reinsurance
pricing,
availability
and exposure
Reinsurance –
loss of USP
Broker failure
Temporary
cease business
Loss of
competitiveness
Reasonable
worst case
Extreme
worst case
Insurance
Operations
Finance and
capital
IT and systems
Regulatory,
governance
and compliance
People
Macro risks
Our modelling includes a specific ‘cyber attack’ scenario,
which takes an extreme view of business interruption,
expenditure, and reputational damage that can be caused
through a cyber attack. Given the Group’s very strong capital
position, diversified product distribution and sophisticated
control environment, we have concluded that the Group
would remain viable in the event of a severe cyber attack.
Some detail on the types of stresses modelled in each
scenario is given below:
– Cyber attack: Temporary cessation in ability to write
business, large fine, additional expenditure
– One-off major loss event: A significant immediate
expense of unspecified nature
– Inflation: Increase in gross and net reserves, increase in
loss ratio for 12 months, increase in operational expenses,
decrease in premium
– Pricing and reserving errors: Increase in gross and net
reserves, short-term significant increase in loss ratio
– Changing interest rate environment: Decline in
bondvalues
– Reinsurance pricing, availability and exposure: Significant
reinsurance rate increase and failure of a large reinsurer
– Broker failure: Loss of premium from largest broker for
oneyear
– Temporary cessation in ability to write business: Significant
reduction in premium for three months
– Loss of competitiveness: Shrink premium materially
year-on-year
– We have also modelled worst-case scenarios which
combine these events.
Note that each scenario tested assumes that the year-end
dividend is paid as declared, and the proposed £5m share
buyback is executed in 2026.
Viability Statement continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
32 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our purpose
To provide motor insurance, available to the widest possible
range of drivers, based upon a fair, risk-based pricing model.
Our Aim
To generate excess capital and return this to shareholders,
orreinvest in the business in order to increase future returns.
Section 172 (1) Statement
This section of the Strategic Report describes how the
Directors have had regard to the matters set out in Section
172 (1) (a) to (f), and forms the Directors’ statement required
under section 414CZA of the Companies Act 2006.
Stakeholders and our Board
Sabre aims to provide high-quality motor insurance at a fair
price, while making attractive returns for its shareholders
under any market conditions. This can only be achieved
through engagement with, and consideration of, all
stakeholders including our employees, customers, suppliers
and regulators.
Stakeholder engagement
The Board recognises that the needs and relevance of
different groups of stakeholders can vary over time, and, as
such, the Board seeks to understand the needs and priorities
of each stakeholder as part of its decision making. This is
integral to the way the Board operates.
Pages 34 and 35 of the Strategic Report sets out who
our stakeholders are and how our strategy impacts
them. We further discuss how we engage with our key
stakeholders, and our employees, on pages 41 to 66 of
theStrategicReport.
Listening to the needs of stakeholders
The Board interacts with stakeholders through direct
engagement as well as through information provided
byManagement.
Key engagement activities include:
– A nominated Non-executive Director is responsible for
direct employee engagement, which involves meeting
with employees throughout the year in order to discuss
their concerns and views on the business.
– Review and assessment of the results of annual
employee surveys.
– Engaging with shareholders: at the regular Management
roadshows, attendance at investor conferences and
through meetings with the Chair.
– The Board and Management allow time for informal
discussions with shareholders before and after the
Group’s Annual General Meeting. This is an opportunity to
interact with smaller, non-institutional shareholders.
– Regular supervisory meetings between individual Board
members and the Group’s regulatory supervisory team,
which facilitates wider discussion of the issues facing the
insurance industry, as well as Group-specific matters.
– Reports from Management to the Board on customer
service, including complaints root-cause analysis and
whether customer service metrics have been met.
Embedding stakeholder interests within
our culture
Through informed discussion at Board level, Sabre’s Executive
Team carry forward stakeholder consideration into and
throughout the business. Sabre operates a culture of openness
and transparency, with management at all levels working
among their teams, ensuring that the tone from the top is well
embedded in the day-to-day operations of theGroup.
Section 172 Statement
Fair, risk-
based pricing
and reliable
returns
Contents Generation – Sub Page
Contents Generation – Section
Section 172 Statement
33 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
33 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our people Business Model page 07
CEO’s Review pages 16 to 19
Our People section of the CSR Report
pages 44 to 50
Board Principal Decisions page 36
Chair’s Governance Letter page 69
Remuneration Committee Report
pages 92to 95
Directors’ Remuneration Report
pages 107to120
Employee designated NED page 72
Stakeholders Strategy operations page 06
Strategy distribution page 06
Strategic priorities page 06
CEO’s Review pages 16 to 19
Business Model page 07
Responsibility and Sustainability Report
pages 41 to 66
Community
and
environment
CEO’s Review pages 16 to 19
Responsibility and Sustainability Report
pages 41 to 66
Directors’ Report pages 121 to 124
Reputation Strategy Report page 06
CEO’s Review pages 16 to 19
Governance Report pages 74 to 81
Fairness for
shareholders
Strategy Report page 06
Governance Report pages 74 to 81
Remuneration Committee Report
pages 92 to 95
Directors’ Remuneration Report
pages 107 to 120
How s.172 is applied
across our stakeholders
Shareholders
Underwriting performance
Delivering consistent and attractive returns on capital.
Risk management
Minimise volatility in result and maximise available capital.
Growth
Increasing value and absolute returns over time.
Operations
Enhancing operational efficiency and minimising cost.
Distribution
A flexible distribution model allows protection of bottom line
throughout the market cycle and responds to emerging
customer demand.
Our people
Underwriting performance
Stable business model allows for long-term,
rewardingcareers.
Risk management
Job security in a supportive, culturally sensitive environment.
Growth
Over time, internal opportunities to develop and grow with
the business.
Operations
Skills-based operations allow for fulfilling employment.
Conformity with best practice.
Distribution
Broker-led distribution retains technical skills in-house.
Ensuring stakeholder interests are taken
into account
The Board takes its responsibilities under Section 172 of the
Companies Act very seriously. The Board is aware that the
Directors of the Company must act in good faith, and in ways
that promote the success of the Company for the benefit of
its members, and in doing so have regard to:
– The likely consequences of any decision in the long term.
– The interests of the Company’s employees.
– The need to foster the Company’s business relationships
with suppliers, customers and others.
– The impact of the Company’s operations on the
community and the environment.
– The desirability of the Company maintaining a reputation
for high standards of business conduct.
– The need to act fairly as between members of
theCompany.
This table demonstrates where further information on how
the Board has met these responsibilities is disclosed:
Long-term
results
Our Strategy page 06
Chair’s Letter page 15
Market Context pages 13 to 14
CEO’s Review pages 16 to 19
Business Model page 07
KPIs pages 20 to 21
Principal Risks and Uncertainties
pages 22 to 30
CFO’s Report pages 37 to 40
Viability Statement pages 31 to 32
Audit Committee Report pages 82 to 85
Risk Committee Report pages 86 to 88
Section 172 Statement continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
34 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
34 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Section 172 Statement continued
Customers
Underwriting performance
Providing a quote for almost all potential customers,
based upon the expected cost to us in providing
that policy, irrespective of the individual’s shopping or
behavioural habits.
Risk management
Certainty that cover will be honoured and that the Group
will retain the means to settle any claims which fall due.
Comfort that we operate in line with all applicable laws
and regulations.
Growth
Over time, scale benefits allow lower prices without
sacrificing margin.
Operations
Efficient, consistent service from our claims and front-
end administrative units, along with effective operational
controls to allow for fast, accurate transactions.
Distribution
Obtaining a Sabre quote is easy, whether through a
broker, price comparison website or direct through our
brands, meaning almost everyone has access to a
Sabrepolicy.
Partners
Underwriting performance
Cash-positive business makes Sabre a reliable counterparty.
Risk management
Certainty of liquidity to meet debts as they fall due.
Growth
Become an increasingly valuable trading partner over time.
Operations
Make timely, accurate payments to all suppliers.
Distribution
Fair, consistent terms with our distribution partners.
Regulators
Underwriting performance
Only underwriting business that will meet our target margins
and generate appropriate regulatory capital.
Risk management
Maintaining capital headroom. Minimising conduct risk and
ensure full compliance with legal and regulatory landscape.
Growth
Growing when the market allows, without sacrificing
profitability or capital security.
Operations
Ensuring accurate, timely reporting and close monitoring of
regulatory risk areas.
Distribution
Broker audits and on-boarding processes ensure a fully
compliant customer journey.
Society
Underwriting performance
Providing access to insurance to as wide a group as
possible, reducing the risk of uninsured drivers.
Risk management
Financial stability and strong balance sheet present lowest
possible systemic risk.
Growth
Increasing employment in the local community, while
monitoring our impact on the environment.
Operations
Ensuring efficient use of resources and managing the
Group’s impact on our local environment.
Distribution
Making our product available as widely as possible,
at a fair price to all.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
35 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Board also makes a secondary consideration of the
expectation of shareholders, understanding that many of
the Group’s investors hold stock in order to benefit from
thestrong dividend flow.
During 2025, the Board made the decision to declare a final
ordinary and interim dividend in line with the Group’s policy.
Having reviewed the strength of the balance sheet and
detailed capital modelling prepared by Management, the
Board was satisfied that such a distribution was appropriate
and in line with the expectations of the Group’s stakeholders.
In early 2026 the Board approved the buyback of Ordinary
Shares worth up to £5m, subject to regulatory approval.
Thisfollows the successful £5m buyback programme
completed in 2025.
Pricing and inflation
The Board supported Management’s data-led approach
to managing pricing through a period of continued
high inflation and low market-price increases. The Board
challenged management’s assessment of inflation and
the setting of claims reserves in the context of continuing
economic uncertainty and ensured that an appropriate
balance was being struck between prudent and fair
pricingfor customers.
In line with the Group’s strategy, intended to deliver maximum
value to shareholders whilst maintaining sufficient levels of
regulatory capital, the Directors monitored the appropriateness
of allowing volumes of business to decline in weak market
pricing conditions.
Investment in cyber-security
The Board recognises cyber-security as a key risk to the business
and, as such, has supported management’s continued
enhancement of the Group’s security infrastructure. Cyber-
security benefits all stakeholders, in particular customers,
who can take comfort that their personal data isheld safely
and securely.
Strategy
During 2025, the Board reviewed the Group’s progress
towards the medium-term strategy, Ambition 2030, discussed
on 08 to 11 of this report. The Board considered whether the
strategy had met, and will continue to meet, the needs of the
Group’s shareholders.
This strategy underlines the Board’s commitment to driving
profitable, sustainable growth over the medium term without
compromising the Group’s strengths. The Board continually
reviews the Group’s strategy against its best understanding
of the needs of key stakeholders and in respect of Ambition
2030, considering the benefit to customers of being able
to purchase Sabre policies at more competitive prices,
shareholders who would benefit from growth in the business,
and the positive impact on motivation of all the people
within the business.
The Board held two ‘strategy days’ during the year, at
which the strategy was assessed primarily against the
needs of shareholders, customers, employees and the
Group’s regulators. The Board considered whether the
Group’s strategic objective not to sacrifice profitability over
growth remained appropriate and concluded that the
current, focused approach was likely to give the best long-
term resultfor shareholders as well as the best prices for
customers and the best level of customer service.
Distribution of capital
The Group’s dividend policy states that an ordinary dividend
will be paid based on 70%–80% of the year’s profit after tax,
with the potential for additional capital to be distributed
by way of a special dividend, as appropriate. The Board
assessed whether to pay a special dividend on an annual
basis once the result for the year is known. This decision is
made primarily based upon the financial position of the
Group, as demonstrated through its solvency coverage ratio,
as well as projected capital needs and the wider economic
and market backdrop. The Board considers this to meet the
overriding need of all shareholders, customers, employees and
the Group’s regulators, for the Group to remain a solvent, viable
trading entity under all reasonably foreseeable circumstances.
Key Board decisions
during the financial year
ended 31 December 2025
The Board recognises the importance
of making decisions in a manner which
ensures that all the Group’s stakeholders
are treated consistently and fairly. This can
be demonstrated through the key decisions
made by the Board during the financial
year ended 31 December 2025,
as discussed below.
Section 172 Statement continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
36 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chief Financial Officer’s Review
Demonstrating Sabre’s
strengths through the
market cycle.”
Adam Westwood
Chief Financial Officer
Contents Generation – Sub Page
Contents Generation – Section
Chief Financial Officer’s Review
37 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Highlights
2025 2024
Gross written premium* £202.9m £236.4m
Net insurance margin* 19.2% 17. 6%
Net loss ratio* 54.1% 58.7%
Combined operating ratio* 82.3% 84.2%
IFRS profit before tax £51.0m £48.6m
IFRS profit after tax £37.9m £36.0m
Solvency coverage ratio
(pre-dividend)* 198.7% 216.6%
Solvency coverage ratio
(post-dividend)* 161.5% 171.1%
Return on tangible equity* 37. 2% 38.2%
* Alternative performance metrics are reconciled to IFRS reported
figures on pages 212 to 216 of the Annual Report and Accounts
Executive summary
Sabre’s performance in 2025 has demonstrated the strength
of the Group’s core strategy and delivered a strong result
despite challenging market conditions. The Group has grown
profit before tax by 4.9% and improved margin by 1.6ppts
through deploying strict pricing discipline and balancing
profitability with the volume of business written, allowing
the top-line to decrease as market pricing has remained
belowinflation.
Whilst the motor insurance market is expected to experience
a drop in profitability in 2026, Sabre’s approach has provided
a strong foundation for continuing profitable growth as the
Group delivers consistent profitability and capital returns.
Insurance revenue
2025 2024
Gross written premium £202.9m £236.4m
Movement in unearned element
of liability for remaining coverage £11.7m £7.2m
Gross earned premium £214.6m £243.6m
Customer instalment income £3.4m £4.5m
Insurance revenue £218.0m £248.1m
Reinsurance expense (£23.9m) (£33.6m)
Net insurance revenue £194.1m £214.5m
Gross written premium
by product
Motor vehicle £180.1m £209.9m
Motorcycle £10.6m £9.7m
Taxi £12.2m £16.8m
Policy counts by product
Motor vehicle (‘000) 201 217
Motorcycle (‘000) 40 38
Taxi (‘000) 8 11
The 14.2% decline in premium was as expected given
market pricing decreases during the year, with Sabre pricing
to ensure bottom-line stability and allowing volumes of
business written to drop in unfavourable conditions, in line
with our long-term strategy. The dip in premium was weighted
towards the first half of the year, with conditions stabilising in
the second half allowing a gradual return to growth in the
fourthquarter.
Whilst the Taxi business has been in a holding pattern to
preserve profitability in a difficult market, we have started to
grow the Motorcycle business, which now operates through
an established broker relationship and the Sabre Direct
brand, launched in 2025 and a cornerstone of the Group’s
Ambition 2030 initiatives. The Sabre Direct brand remains
deliberately restricted as we gain comfort in the product,
andwe expect to continue to release these restrictions
andgrow the product throughout 2026.
The ‘unearned’ element of the liability for remaining
coverage represents the element of written premium
covering future periods, which has the effect of smoothing
gross earned premium (“GEP”) (and therefore insurance
revenue) over time, so where there is a big change in
written premium, insurance revenue will change more slowly.
Customer instalment income reflects the interest income
charged on instalment policies and remains a relatively
small percentage of the Group’s total insurance revenue.
Gross written premium
1
£202.9m
2024 | £236.4m
IFRS profit before tax
£51.0m
2024 | £48.6m
1 Alternative performance measure. For reconciliations to
alternative performance measures, see pages 212 to 216
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
38 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chief Financial Officer’s Review continued
Insurance expense
2025 2024
Undiscounted gross claims
incurred £173.8m £143.8m
Discounting
1
(£23.3m) (£14.3m)
Directly attributable expenses £7.2m £7.0 m
Amortisation of insurance
acquisition costs £16.8m £18.2m
Insurance service expense £174.5m £154.7m
Undiscounted reinsurance
recoveries (£70.6m) (£21.5m)
Discounting
1
£16.0m £8.4m
Net insurance expense £119.9m £141.6m
Current accident year
net loss ratio
2
59.6% 58.2%
Impact of the development
of prior accident years
2
(5.5%) 0.5%
Financial-year net loss ratio 5 4.1% 58.7%
Net loss ratio by product
Motor vehicle 50.5% 56.1%
Motorcycle 70.0% 58.6%
Taxi 88.0% 95.7%
Discounted ratios
Discounted financial-year
net loss ratio 50.4% 55.4%
1 Includes discounting on Period Payment Orders (“PPOs”)
2 Calculation of undiscounted net loss ratio allows for the impact
of discounting on long-term non-life annuities, Periodic Payment
Orders (“PPOs”), consistent with presentation under IFRS 4
The Group delivered excellent profitability in its core product in
2025, with a 5.6ppts improvement in Motor loss ratio reflecting
strong pricing in both 2024 and 2025 earning through.
Performance of the Motorcycle business, which being small
is subject to natural volatility, improved significantly in the
second half of 2025 and delivered an acceptable result with
strong underwriting profitability expected to be shown over
the medium term. The Taxi loss ratio improved on 2024 and this
product is being written in line with our target margins. As with
Motorcycle, this product will show big shifts in loss ratio given
the small size of the book.
There was 5.5% favourable movement on prior-year reserves –
a combination of normal levels of IFRS risk adjustment run-off
and some positive development of prior years in 2025. The
current-year loss ratio is in line with our expectations and
reflects our continued cautious view of inflation.
Overall, the financial-year loss ratio of 54.1% has allowed us
to deliver a net insurance margin of 19.2%, well within our
target range.
Other operating expenditure
2025 2024
Employee expenses £18.2m £15.4m
IT expenses £6.9m £6.8m
Industry levies £5.7m £6.0m
Policy servicing costs £2.1m £3.2m
Other operating expenses £4.2m £3.9m
Before adjustment for directly
attributable claims expenses £37.1m £35.3m
Reclassification of directly
attributable claims expenses (£7.2m) (£7.0 m)
Total operating expenses £29.9m £28.3m
Expense ratio 28.2% 25.5%
The significant proportion of variable cost within the business
has meant that the expense ratio has moved out by only
2.7ppts despite adverse operating leverage given the 9.2%
reduction in net earned premium in 2025 and ongoing
economic cost inflation.
In absolute terms, expenses (before adjustment for directly
attributable claims expenses) have increased by 5.1%
during the year. This increase is driven primarily by employee
expenses. Since the prior year, employee numbers have
increased by approximately 3%, reflecting continued
investment in the business ahead of expected growth in 2026
and beyond. The average pay rise in 2025 was approximately
3.7% (including individual one-off salary increases). Staff
bonus costs incurred in 2025 – which were based on salaries
paid in 2024 – increased due to relatively high pay rises given
to staff in 2024. Employee expenses also impacted by the
increase in National Insurance from April 2025.
Other income
2025 2024
Interest revenue calculated using
the effective interest method £11.7m £7.9m
Other technical income £0.6m £0.7m
Total interest and other income £12.3m £8.6m
2025 2024
Insurance finance expense
from insurance contracts issued (£10.0m) (£8.4m)
Reinsurance finance income
from reinsurance contracts held £4.2m £3.7m
Net insurance financial result (£5.8m) (£4.7m)
Other technical income, related to non-insurance revenue
earned such as product fees (excluding instalment
interest)and commissions, remains a very small element
of the Group’s income. Interest revenue reflects the yield
achieved across the Group’s investment portfolio. The
continued increase in interest revenue reflects the higher
yield gained through reinvesting matured assets.
The Group’s investment strategy remains unchanged,
beinginvested in a low-risk mix of UK Government bonds,
other government-backed securities and diversified
investment-grade corporate bonds.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
39 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chief Financial Officer’s Review continued
Fair value gains and losses are taken through other
comprehensive income and largely reflect market
movements in the yields of risk-free and low-risk assets.
We donot expect to realise any of these market value
movements within profit, as we continue to hold invested
assets to maturity.
Insurance and reinsurance finance income/(expense)
reflects the run-off of discounting applied to insurance
liabilities under IFRS 17. As cash flows move towards
settlement, the total level of discounting is reduced and this
reduction is reflected here. The increase in 2025 reflects the
discount rates applied at the point claims were incurred and
is a function of the run-off patterns applied to claims costs
when they are incurred.
Taxation
In 2025 the Group recorded a corporation tax expense of
£13.0m (2024: £12.6m), with an effective tax rate of 25.6%,
(2024: 25.9%). The effective tax rate is slightly higher than
the current 25% rate of corporation tax in the UK, reflecting
the tax impact of the Group’s employee share schemes.
The Group has not entered into any complex or unusual
tax arrangements during the year.
Earnings per share
2025 2024
Basic earnings per share 15.37p 14.48p
Diluted earnings per share 15.26p 14.37p
Basic earnings per share of 15.37p is largely proportionate to
profit after tax, with a slight improvement due to the reduction
in total shares in issue from 250.0m to 246.6m following the
share buyback executed during the year. Diluted earnings
per share is similarly proportionate to profit after tax, taking
into account the potentially dilutive effect of the Group’s
share schemes. No shares have been issued during the year.
Cash and investments
2025 2024
Government bonds £124.8m £112.8m
Government-backed securities £100.7m £103.3m
Corporate bonds £100.2m £95.1m
Cash and cash equivalents £25.5m £31.3m
Total cash and investment holdings have increased slightly,
reflecting normal variances in these balances throughout
the year. The level of cash retained reflects Sabre’s normal
liquidity requirements and there has been no change in
the overall investment strategy, with gilts and government-
backed assets remaining the majority of the portfolio,
with c.30% of invested assets held in investment-grade
corporatebonds.
Insurance liabilities
2025 2024
Gross insurance liabilities £460.7m £ 397.9m
Reinsurance assets (£216.4m) (£160.8m)
Net insurance liabilities £244.3m £ 237.1m
The Group’s net insurance liabilities continue to reflect
the underlying profitability and volume of business written.
Generally, the gross insurance liabilities are more volatile
and impacted by the receipt and settlement of individually
large claims. The level of net insurance liabilities held remains
broadly proportionate to the volume of business written
along with the inflation applied to claims costs.
Leverage
The Group continues to hold no external debt. All of the
Group’s capital is considered Tier 1 under the UK regulatory
regime. The Directors continue to hold the view that this
allows the greatest operational flexibility for the Group.
Dividends and solvency
2025 2024
Interim ordinary dividend (paid) 3.4p 1.7p
Final ordinary dividend
(proposed)
8.9p 8.4p
Total ordinary dividend
(paid and proposed)
12.3p 10.1p
Special dividend (proposed) 1.2p 2.9p
Total dividend for the year
(paid and proposed)
13.5p 13.0p
The dividend proposed is in line with the Group’s policy to
pay an ordinary dividend of 70% to 80% of profit after tax,
and to consider passing excess capital to shareholders by
way of a special dividend. We also consider using excess
capital to fund a share buyback where this is considered to
be appropriate.
For 2025, the Group has announced a total ordinary
dividend of 12.3p, 80% of profit after tax, and a special
dividend of 1.2p, taking the total dividend in respect of 2025
to 13.5p (2024: 13.0p).
The Group’s post-dividend SCR coverage ratio at
31December 2025 is 161.5% (2024: 171.1%).
We have announced this year that the Group intends to
operate its second share buyback programme, having
completed the first in 2025. This is expected to distribute an
additional £5.0m of excess capital, subject to regulatory
approval. The Group’s year-end post-dividend and post-
buyback SCR coverage ratio is 154.0%.
Adam Westwood
Chief Financial Officer
9 March 2026
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
40 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chief Financial Officer’s Review continued
Responsibility and Sustainability
A responsible
and sustainable
business
Operating Sabre as a responsible and
sustainable business is a key element
of our long-term strategy. We have
developed a framework for our actions,
which forms an important reference
point when directing the Group’s
activities. We are committed to our
part in building a sustainable future.
Our
Customers
go to page 42
Our
Partners
go to page 43
Our
People
go to pages 44 to 50
Our
Shareholders
go to page 51
Our
Community
go to pages 52 to 53
Our
Environment
go to pages 54 to 66
Contents Generation – Sub Page
Contents Generation – Section
Responsibility and Sustainability
41 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Sabre’s business is built
around the customer,
with a goal to provide
access to fairly priced
motor insurance for almost
everyone. We want our
customers to experience
high-quality customer
service and peace of mind.
Pricing
We price all of our policies based upon our
estimate of the ultimate cost to us of providing that
policy, including paying claims and administrative
expenses. Each uniquely priced policy is based upon
our view of the risks presented by it, considering both
the person and the vehicle insured. This assessment
is based on our bespoke fully-automated pricing
model, using our experience represented by many
years of claims data. We have generated a deep
pool of data, which allows us to provide the best
possible, risk-adjusted prices.
Customer experience
We strive to ensure an easy, efficient service to all of
our customers however they reach us. This could be
through our extensive broker network, or directly to
us through our own brands, GoGirl, Insure2Drive and
Sabre Direct. This includes providing a straightforward
sales process and a knowledgeable, well-staffed UK-
based call centre.
Claims
Most of our business is sold online or through our
network of brokers, which means our first contact
with customers is often when they make a claim.
We understand this can be a stressful process and
seek to make it as easy as we can, to provide a ‘no
hassle’ service for honest customers and third parties.
Where we believe individuals are making false or
exaggerated clams we will defend our position
robustly to allow us to continue offering competitive
premiums to all our customers. We engage with
excellent partners, with whom we agree a strong suite
of service-level parameters, which are monitored
regularly, to ensure customers receive great service
at all touch points – whether by our own team or our
outsourced partners.
Our Customers
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
42 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Partners
Our relationships with partners are
designed to be mutually beneficial,
fair, and in the best interests of
allstakeholders.
Suppliers
Suppliers are selected based on operational and
financial resilience, compliance, economic terms,
and governance. Customers are foremost in our
decision making to ensure we select a supplier
which will support them. Ongoing due diligence
isperformed to ensure suppliers continue to
deliverthe services and meet our expectations.
Commercial terms are negotiated to deliver the
best value to our shareholders, while also ensuring
partners can earn a reasonable profit and sustain
amutually beneficial ongoing relationship.
Brokers
Approximately 60% of our premium income was
sourced through brokers in 2025. Our philosophy
when entering into business with brokers is simple:
we will provide a fair and sustainable price, available
to as many of their customers as possible. In return,
they commit to exceptional standards of customer
service, to collect the correct premium from the
customer and pass it to us, and to make best efforts
to ensure that the policy details provided to us
arecorrect.
We aim to offer fair terms to all brokers, reflecting their
long-term profitability to us. We therefore do not offer
scheme discounts or other incentives, which might
demonstrate preferential treatment in favour of a
particular broker.
Our broker on-boarding and audit processes give us
the comfort that our brokers are providing customers
with a good quality of service while adhering to our
high standards.
Outsourced operations
We engage in several key outsourcing arrangements.
In each case, we have developed a fair set of
measurable service levels and fee structures
designed to deliver best value for both parties.
Weconduct regular reviews of our key outsourced
operations to ensure that they reach the expected
levels of employee and customer welfare as well
asmeeting any regulatory requirements.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
43 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our People
Our people are central
to Sabre’s success. Their
expertise, dedication and
commitment underpin our
ability to deliver for customers
and shareholders alike.
We are proud to foster a
workplace where people
feel valued, supported
and rewarded. The Group
operates from a single site
in Dorking, Surrey and
as at 31 December 2025
employed172 people.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
44 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Employee policies and Code of Conduct
Policies are in place to support and develop the Group’s
employees, all of which are subject to regular review.
Examples of these include policies addressing equal
opportunities, acceptable behaviour, flexible working, and
health and safety. The policies and practices are consistent
with the Group’s values and support the long-term success
of the business through supporting its employees. During
2025 all employee policies were reviewed to ensure that they
are fair by outlining the responsibilities of both the Group
and our employees. All employee policies are available
through the Employee Portal which allows for easier access
to the employee as well as transparency. We continue
to support our employees who are parents by providing
enhanced maternity and paternity pay. During the year we
also introduced a Miscarriage Policy to support employees
furtherin difficult times.
Salaries
As in prior years, the Company gave employees pay rises
during the year. Among those who received pay increases
through our annual review process, and prior to any individual
performance-related adjustments, the average increase
was 3.6% excluding individual one-off salary increases. During
the year, the Company reviewed and increased the starting
salaries for trainees and employees on our Milestone scheme.
The Company confirms that a minimum of the National Living
Wage is paid as a minimum toallemployees.
Sabre remains committed to being an employer of choice,
one where people are proud to work, are empowered to
make a difference, and can share in the value they help
tocreate.
We continue to provide competitive and fair compensation,
including inflation-linked salary adjustments, performance-
related bonuses, share plans and other benefits. Alongside
these, we believe in small but meaningful touches that help
build a sense of belonging, and in 2025 we introduced
a day off for employees to celebrate their birthdays. We
are committed to treating colleagues as individuals and
providing tailored support where needed. This includes
wellbeing initiatives, structured development opportunities
and clear pathways for progression.
Flexibility remains an important part of our culture.
Weoperate a hybrid working model, with colleagues
expected in the office at least three days each week
andable to work from home on the remaining days.
Thisworking model allows us to maintain collaboration
andinnovation, whilst supporting work-life balance.
Diversity, equality and inclusion are central to how we view
talent. We continue to build a workforce that reflects our
broad range of customers, recognising the value of different
perspectives and experiences in strengthening our business.
We are pleased to confirm that over 47% of our employees
have been with the Group for ten or more years.
Communication with employees
Sabre encourages internal communication through creating
a culture of transparency and open dialogue, using
multiple channels to share timely and relevant information,
and actively engaging employees through feedback
mechanisms. Throughout the year we have embraced
this through:
Our People continued
– ‘CEO lunches’ hosted by Geoff Carter, with teams across
the Group to empower employees to share ideas in an
open forum.
– ‘Listen & Learn’ sessions hosted by Karen Geary, the Non-
executive Director responsible for Employee Engagement,
with Q&A sessions with employees.
– ‘Lunch & Learn’ sessions with senior management and
employees to foster both team building and promote a
culture of continuous learning.
– Quarterly Employee Happiness Surveys are used to help
identify factors affecting employee satisfaction, improve
the work environment and inform strategic decisions.
They enable employees to post comments anonymously.
– The Annual Employee Satisfaction Survey is used
to provide valuable insight and is sent annually to
employees to allow them a safe space to provide
feedback anonymously to the Executive Team.
– Full Year and Half Year Presentations are held to
update employees on the Group’s financial results
and answer any questions they may have in relation
totheannouncements.
– Twice-yearly appraisals are held to boost engagement
and motivation while supporting growth and detail any
further improvements.
– The Head of HR attends the Remuneration and
Nomination & Governance Committees meetings
toprovide an update on our people and culture.
– Non-executive Directors meet with employees outside
ofBoard meetings.
In addition to this, the Group utilises a dedicated
Whistleblowing platform through which our employees
canreport any concerns anonymously. Annual training
andregular reminders are provided to all employees
regarding whistleblowing.
Responsibility and Sustainability continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
45 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Employee share plans
In 2025, the Group launched its eighth Save As You Earn
(“SAYE”) grant, allowing employees to purchase shares in
the Group at a reduced rate. The Group allows employees to
contribute the maximum monthly contribution of £500, in line
with the maximum allowed under the SAYE Plan, and provides
the maximum discount of 20% when the option price is set.
The 2025 SAYE Grant saw 25.4% of employees participate. As
of 31 December 2025, 50.6% of employees were participating
in one of the Company’s SAYE grants, which is an increase
compared to the figure as at 31 December 2024 which
was46%.
Benefits
The Company operates a generous benefits
packageincluding:
– Enhanced holiday leave
– Birthday leave (from 2026)
– Company Pension Scheme
– Matched pension contributions, with the minimum level
of matching contribution increased in 2025 to 7.5%
– Annual meetings available for employees with the
pension broker
– Pension walkthroughs for all new starters
– Performance bonus
– Life assurance policy
– Share plans
– Save As You Earn
– Share Incentive Plan
– Health benefits
– Private health care
– Employee Assistance Programme
– Platform providing shopping and leisure discounts
for employees
– Eye tests
– Annual flu jabs
– Mini health MOTs
– Workplace perks
– Daily employee breakfast
– Weekly fruit deliveries
– Bean to cup coffees
– Electric car scheme
– Support towards professional qualifications
As part of Sabre’s commitment to contributing towards a
greener environment, the Group offers an electric car leasing
scheme, which provides the opportunity for employees to
lease an electric vehicle through a salary sacrifice scheme,
which generates tax savings for the employee. The Group
also offers a cycle to work scheme to all employees, which
has a tax saving benefit to the employee and can save on
the cost of a bike and accessories.
Our People continued
Responsibility and Sustainability continued
Training and qualifications
The Group offers ongoing qualifications and training to
all employees where appropriate. During 2025, 30% of
employees were provided with some form of additional
qualification or training.
Qualifications and training provided to employees
in 2025 were:
Qualifications:
– Foundation Insurance Test, Chartered Insurance Institute
– Advanced Diploma, Chartered Insurance Institute
– Chartered Management Accountant Qualification,
Chartered Institute of Management Accountants
– Associate Diploma in Organisational Learning &
Development, Chartered Institute of Personnel
and Development
Training:
– Presentation Skills, Aspire Leadership
– Allbright Every Woman – Accelerate Programme
– Employment Law, Chartered Institute of Personnel
and Development
– Employee Wellbeing, Chartered Institute of Personnel
and Development
In addition to the above qualifications and training being
paid for by the Group, we also provide paid study leave
and cover the costs of professional memberships. The
Group operates a compulsory e-training programme for
all employees, which focuses on the Company’s needs
and includes topics such as anti-bribery and corruption,
whistleblowing and modern slavery. The Group offers
ongoing training to all employees and external courses
fornewly promoted employees where appropriate.
23%
of employees were provided with
additional qualification or training
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
46 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Employee wellbeing
Sabre takes mental health training very seriously utilising St
John Ambulance who are England’s First Aid Charity. The Group
continues its investment in trained mental health champions
and mental health first aiders. Their roles are to promote positive
mental health and to signpost relevant support and help,
where appropriate. Sabre has two fully trained Mental Health
First Aiders alongside nine Mental Health Champions, an
increase of two compared to the prior year.
During 2025, 18% of employees were provided with some
form of mental health training.
The training detailed below on mental health was carried out
during the year:
– Manager’s Mental Health Awareness, St John Ambulance
– Emergency First Aid at Work, St John Ambulance
– Introduction to Stress at Work, Red Cross
The Group also provides access to an Employee Assistance
Programme which is available 24-7 and 365 days a year, with a
telephone service that can provide support with work, marital,
financial or family problems and health information. In addition,
access is given to eight Cognitive Behavioural Therapy sessions
per year per employee through Vitality at Work.
Inclusivity, diversity and equality
The Group is fully committed to the elimination of unlawful
and unfair discrimination and values the differences that a
diverse workforce brings to our organisation. We encourage
inclusivity, diversity and equality among our workforce,
whilst eliminating unlawful discrimination, and the Group
operates an Equality, Diversity and Inclusivity Policy. Inclusive
recruitment practices are embedded across all functions.
Number of Mental
Health First Aiders
2
2024 | 2
Number of Mental
Health Champions
9
2024 | 7
Our People continued
Sabre’s Equality, Diversity and Inclusivity Policy aims:
– to promote equality, fairness and respect for all
ouremployees:
– to ensure that the Group does not discriminate against
an individual, specifically due to their age, disability,
gender reassignment, marriage and civil partnership,
pregnancy and maternity, race, religion or belief, sex
and sexual orientation; and
– to avoid all forms of unlawful discrimination.
Sabre provides compulsory diversity and inclusiveness
training annually to all employees through our online training
platform. These modules are designed to help employees
and enable them to understand how their attitudes and
behaviour towards each other can have a negative or
positive impact on the workforce. There is a compulsory
assessment, which must be passed before completion,
ensuring a level of understanding is reached.
The Group operates a Religious Holidays Policy, for
employees who wish to observe special religious holidays
orfestivals. All employees, whatever their religion or belief,
willbetreated equally in this and all respects.
During the recruitment and interview process we ensure fair,
non-discriminatory and consistent processes are followed.
Sabre has a policy of advertising all roles internally (where
practical) to allow employees to progress and develop.
Sabre also supports working parents through shared
parental leave, enhanced maternity and paternity leave and
where possible embraces flexible working for our employees.
During 2025 we had seven internal secondments which
allows for further training and development within specialist
areas. We also had 11 internal promotions supporting Sabre’s
ethos of internal development within the Group and of these
promotions 27% were female employees.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
47 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Diversity and Inclusion:
Listing Rule LR9.8.6R (9–11)
The requirements of the new listing rule are:
– At least 40% of the Board are women.
– At least one senior Board position (Chair, CEO, CFO, SID)
is held by a woman.
– At least one member of the Board is a non-white ethnic
minority (based on ONS categories).
– Publish gender and ethnicity data of their Executive
Management. The FCA has defined Executive
Management as the Executive Committee or most
Senior Executive or managerial body below the Board
(or where there is no such formal committee or body,
the most senior level of managers reporting to the
Chief Executive), including the Company Secretary but
excluding administrative and support staff.
As at 31 December 2025, 37.5%, of the Board are women,
therefore we do not meet this target, however the other
targets have been met. The Group operates a Diversity &
Inclusion Policy for the Board which operates within the FCA
listing rules. The data in the tables is collected on a self-
reporting basis using the categories in the FCA tables for
gender and diversity reporting.
Our People continued
Number of Board
members % of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID & Chair)
Number on
Executive Team
% on
Executive Team
Men 5 62.5% 3 4 80%
Women 3 37.5% 1 1 20%
Other categories n/a n/a n/a n/a n/a
Not specified/prefer not to say n/a n/a n/a n/a n/a
Number of Board
members % of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID & Chair)
Number in
executive
management
% of executive
management
White British or other white
(incl. minority white groups) 7 87.5% 3 5 100%
Mixed/multiple ethnic groups – – – – –
Asian/Asian British – – – – –
Black/African/Caribbean/Black British 1 12.5% 1 – –
Other ethnic group including Arab – – – – –
Not specified/prefer not to say – – – – –
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
48 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Number and % of women working for Sabre
Male
101
(58.7%)
2024 | (59.3%)
Female
71
(41.3%)
2024 | (40.7%)
Number and % of women on the Executive Team
Male
4
(80%)
2024 | (80%)
Female
1
(20%)
2024 | (20%)
Number and % of women in senior roles
(reporting to members of the Leadership Team)
Male
26
(60.5%)
2024 | 26 (63.4%)
Female
17
(39.5%)
2024 |15 (36.6%)
Responsibility and Sustainability continued
Our People continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
49 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Gender Pay Gap Report
Whilst Sabre has fewer than 250 employees
and therefore is not required to submit a
formal statement on its gender pay gap,
Sabre has committed to publish its Gender
Pay Gap Report on an annual basis. We
believe that by publishing this information, the
Group is ensuring accountability regarding
gender pay. Sabre’s Gender Pay Gap
Report is available on the Group’s website:
sabreplc.co.uk/about-us/corporate-
governance/gender-pay-gap-report/
Sabre has reviewed employee salaries and
can confirm that those employees with the
same job titles and similar length of service
are paid similar amounts, as illustrated in the
Group’s Gender Pay Gap Report.
Responsibility and Sustainability continued
Our People continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
50 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Shareholders
We operate a responsible and
sustainable business, while continuing to
deliver on our core strategy. We engage
frequently with our shareholders, who
support our efforts to operate a fair
and inclusive workspace while
minimising any negative impact
on our environment.
Our shareholders and potential investors expect
clear, detailed and relevant disclosure of our
activities designed to operate a responsible and
sustainable business. We deliver this through our
Annual Report and Accounts and related materials
such as our Road to Net Zero roadmap and aim
to evolve and improve in this area continuously.
In order to achieve this, we appointed the Chief
Financial Officer to establish our ESG framework,
and to ensure that sufficient, accurate and timely
information is provided to stakeholders. The Net
Zero roadmap is available at www.sabreplc.co.uk/
about-us/corporate-governance/.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
51 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Community
Since 2019, Sabre has
operated a Charity and Social
Committee (the “Committee”)
to prioritise and plan
fundraising and social events,
which is run by employees.
The Committee consists of 12
employees from across Sabre,
with varying lengths of tenure.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
52 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Charities supported
At the beginning of 2025, the Committee reviewed the
nominated charities that the Group partners with, taking
into account how local the charities are to Sabre and
how we could make a difference, both by fundraising
andvolunteering employees’ time.
The Charity Partners chosen for 2025 were:
St Catherine’s Hospice
St Catherine’s Hospice offers both physical and emotional
support to those living with a terminal illness whose families
live in Sussex and East Surrey. Further information on
St Catherine’s Hospice can be found here:
www.stch.org.uk/
Dorking Area Foodbank
Dorking Area Foodbank plays a vital role in supporting
the local community by providing emergency food and
assistance to individuals and families facing financial
hardship. In addition to distributing food parcels, it
collaborates with referral agencies and runs a voucher
hotline to make access easier for those in crisis. In 2024
alone, it distributed over 1,200 emergency food parcels
and supported thousands of adults and children in need.
Further information on Dorking Foodbank can be found
here: dorkingarea.foodbank.org.uk/
Other charities supported during the year were:
– The Rainbow Trust
– The Royal Marsden Cancer Charity
– Happy Days Children’s Charity
– Charlie’s Promise
– African Revival
– Macmillan Cancer Support
– Royal British Legion
Charity events during the year
Our staff proudly took part in a variety of charity events
throughout 2025, showcasing their commitment to making
a difference. From tackling the gruelling London2Brighton
Ultra Challenge for St Catherine’s Hospice to testing their
endurance in the Longest Day Golf Challenge for Macmillan
Cancer Support, these activities not only raise vital funds
for worthy causes but also strengthen team spirit and
community engagement.
Give a Day Away
In addition, Sabre continued with its Give a Day Away
Scheme, where employees can take time out of their working
day to volunteer for charities. During the year, employees
took part in leaflet dropping for St Catherine’s Hospice
ahead of their annual dragon boat race, TAG – ‘The Thursday
Afternoon Group’ where employees volunteered to assist with
differently abled adults and gardening to help maintain the
Dorking War Memorial. A total of 30 employees from across
the business volunteered and gave up a total of 114 hours
of their time. The employees really enjoyed participating in
these events and we look forward to supporting them to take
part again next year.
By the end of the financial year, Sabre and its employees
had raised £14.2k for St Catherine’s Hospice and £6.4k for
Dorking Area Foodbank. The total donations by the Group
and its employees amounted to £33.3k, of which £6.7k was
raised by employees (2024: £7.3k) and £26.6k donated by
Sabre (2024:£26.9k).
London2Brighton Ultra Challenge for
StCatherine’sHospice
Responsibility and Sustainability continued
Our Community continued
Raised for St Catherine’s Hospice
£14.2k
Raised for Dorking Area Foodbank
£6.4k
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
53 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Environment
Our consideration of environmental
matters focuses on two interconnected
priorities. First, we continue to evaluate
how a changing climate may influence
our operations and broader business
model, and where feasible, we take
steps to reduce those risks. Second,
we assess the environmental effects
generated by our activities, particularly
our greenhouse gas emissions and their
role in contributing to climate change.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
54 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Stakeholders’ expectations in these areas continue to evolve.
As a result, we regularly review and strengthen our approach
and related disclosures, taking into account relevant
guidance from regulators and standard setters, including
the Task Force on Climate-related Financial Disclosures
(“TCFD”) and Streamlined Energy and Carbon Reporting
(“SECR”)requirements.
Throughout 2025, we worked closely with Forvis Mazars
toadvance our assessment of climate-related risks and
refineour emissions measurement analysis.
Governance over climate change
The Board retains overall accountability for identifying, assessing
and responding to climate-related risks, as well as reducing the
Group’s environmental impact. Climate considerations – such
as the implications of transitioning towards lower-emission
insured assets or investing in more sustainable infrastructure
– are incorporated into strategic and operational decision
making. When establishing Ambition 2030, the Board chose
not to introduce underwriting targets linked specifically to
climate factors, consistent with our long-standing principle of
pricing risk fairly and objectively. The CFO, Adam Westwood,
continues to oversee the Group’s climate strategy, associated
reporting and implementation. He has undertaken specialist
training with Forvis Mazars and has led the development of
enhanced climate disclosures, improved emissions reporting
and further refinements to climate risk identification and
monitoring since2019.
Board and Committee reporting
Climate-related risks and opportunities remain a regular
topic for both the Board and the Risk Committee. The Risk
Committee receives quarterly updates on climate-related
metrics, scenario analysis outputs where applicable,
andprogress against risk management actions.
ESG issues are a standing Board agenda item, and the
Risk Committee receives regular reporting, which includes
a consolidated climate metrics dashboard, progress
against the Group’s net zero roadmap, and emerging
climate risk considerations relevant to strategic decision
making. In addition, the Risk Committee reviews the Group’s
climate scenario analysis every three years, in line with our
established Climate Scenario Analysis (“CSA”) cycle.
Management oversight and remuneration
Management Team oversight of climate-related objectives
remains collaborative, with the CFO co-ordinating key
activities and ensuring that climate targets – particularly
those supporting the net zero transition – are reflected
in performance objectives and remuneration structures.
Climate-related elements within remuneration typically
applyto senior leaders and managers whose roles
materiallyinfluence climate-related decision making.
KPIsmay includeoperational emissions reductions, or
otherclimate-related metrics.
Climate awareness and Sustainability Forum
Climate awareness across the organisation is supported
through the Sustainability Forum, an employee-led group
that partners with the CFO to develop and deploy climate
initiatives. The Forum meets regularly, with discussions
typically covering operational initiatives (such as office
energy efficiency improvements), engagement activities, and
updates on supplier sustainability assessments or employee
sustainability training. Climate responsibilities are embedded
into the Group’s induction materials, with additional training
delivered as necessary.
Strategy for climate change
Climate-related risks and opportunities continue to be
identified and incorporated into the Group’s risk register.
We consider the impact of climate risks along differing time
horizons, which are generally longer than those horizons
assessed for other risks. We consider short-term (0–5 years),
medium-term (5–15 years) and long-term (15–35 years) risks.
Scenarios used in quantitative analysis
In 2025, we performed a detailed CSA exercise, in line
with our intention to carry out this analysis every three
years, the last exercise having been completed in 2022.
The frequency of this reflects our expectation of the rate of
change in the related risks, although we note that should
the business change materially, we would consider revisiting
this analysis. It is intended that this work will be referenced by
Management and the Board in future decision making.
This exercise focused on physical, transitional and reputational/
legal risk and included a risk-mapping and materiality review
through which the pre-existing risks were challenged and
reassessed. Any changes to this assessment are included in
the risk tables below. The tables below also include a summary
of the analysis performed and relevant outcomes. The exercise
carried out in 2025 focused on the Group’s insurance activities,
with the pre-existing analysis of physical risk to the Group’s
operations considered to remain relevant.
Sabre’s approach to assessing climate-related risks through
quantitative scenario analysis covers both transition and
physical risks over the period from 2025 to 2050. The analysis
is designed to provide a forward-looking view of how different
climate pathways could affect Sabre’s business, reflecting
both global decarbonisation dynamics and UK-specific
transport trends.
Transition risk methodology
Sabre’s assessment of transition risk is based on scenario
analysis that examines how changes in climate policy,
technology, and behaviour could influence demand and
asset performance under alternative transition pathways.
Theanalysis draws on projections from the UK Department
forTransport (DfT), generated using its National Transport
Model and National Road Traffic Projections.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
55 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
These models provide long-term forecasts of traffic volumes
and modal shifts under varying assumptions, ensuring
the analysis reflects the specific characteristics of the UK
transport system.
To capture broader macro-economic and policy-driven
transition dynamics, the DfT projections are complemented
with climate transition scenarios from the Network for the
Greening of the Financial System (NGFS). These scenarios
are derived from the REMIND Magpie integrated assessment
model and are widely used by regulators and financial
institutions to assess the economic implications of different
climate transition pathways, including variations in carbon
pricing, technology adoption and behavioural change.
By integrating UK-specific DfT transport projections with
country-level NGFS scenarios, Sabre has developed a
coherent framework that links global transition drivers to
domestic transport outcomes. Transition risk is assessed
by considering each scenario individually, with NGFS
scenarios mapped to corresponding DfT scenarios based
on their underlying narratives and defining characteristics.
NGFS scenarios are widely recognised by regulators and
financial institutions for exploring economic impacts of
climate transition pathways, including variations in carbon
pricing, technology adoption and behavioural change.
Sabre’s portfolio is projected under four standard transition
scenarios: Current Policies, Delayed Transition, Net Zero
2050, and Low Demand.
Physical risk methodology
andscenarioalignment
The physical risk analysis assesses Sabre’s exposure to a
range of climate-related hazards, including riverine and
coastal flooding, windstorm, soil subsidence, hailstorm,
heatwave and snowstorm. These assessments are based
on Representative Concentration Pathways (RCPs), which
describe alternative greenhouse gas emissions trajectories
and their associated levels of global warming.
Specifically, the analysis uses RCP 2.6, RCP 4.5 and RCP 8.5,
subject to availability within individual hazard models. RCP
2.6 assumes rapid emissions reductions consistent with
strong mitigation efforts and approximately 1.5°C of warming
by 2100. RCP 4.5 reflects moderate mitigation, leading to
around 2–3°C of warming, while RCP 8.5 represents a high-
emissions pathway with limited mitigation and the potential
for warming of 4°C or more. Higher RCP values therefore
correspond to more severe physical climate impacts. In
our analysis we have linked these scenarios to the Shared
Socioeconomic Pathways (“SSPs") used in previous exercises.
Broadly RCP 2.6 maps to SSP 1, RCP 4.5 to SSP 2 and RCP 8.5
to SSP 5.
While physical hazard modelling is undertaken using RCPs,
Sabre’s portfolio projections are based on NGFS transition
scenarios. To ensure consistency across the analysis, RCPs are
mapped to NGFS scenarios based on the similarity of their
underlying assumptions. RCP 8.5 is aligned with the Current
Policies scenario, RCP 4.5 with Delayed Transition, and RCP
2.6 with both Net Zero 2050 and Low Demand scenarios.
This alignment enables a consistent assessment of how
physical climate risks interact with different transition
pathways, reflecting the relationship between emissions
trajectories, mitigation efforts and climate impacts.
Together, these methodologies provide an integrated view of
Sabre’s exposure to climate-related transition and physical
risks, supporting robust, decision-useful disclosures aligned
with regulatory and investor expectations.
Materiality – How we decide what to measure
Our disclosures aim to provide meaningful and decision-
useful information to stakeholders. We prioritise topics
considered most relevant to stakeholders and most
significant to the sustainability of our business. Consistent
with our enterprise risk management framework, climate-
related risks with higher likelihood or higher potential impact
are treated as material. The Management Team, with
oversight from the relevant Board Committees, determines
the climate metrics and disclosures included in this report.
We continue to monitor regulatory and market expectations,
acknowledging that stakeholder priorities evolve. We expect
our approach to materiality and reporting to continue
developing accordingly.
As the first step in our CSA we conduct a materiality and
risk mapping review. This ensures that the risks assessed
in the CSA align with our wider materiality framework and
the areas considered most significant to the Group and
itsstakeholders.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
56 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Description
Transitional market risk
Primary time horizon:
medium-term
Risk rating:
medium
The transitional risks (i.e. the impact of moving to a low-carbon economy) are
complex. We see the transition as impacting the Group in the following ways:
– Shift from internal combustion engines (ICE) to electric vehicles (EV) and
alternative fuels potentially leading to changes to the risk profile, repair
costs and insurance needs.
– Decline in private vehicle ownership potentially shrinking the insurance
market, limiting growth opportunities.
– Regulatory and financial pressure on emissions, such as the introduction
of low emissions zones, carbon taxes and rising fuel costs may accelerate
the decline in traditional vehicle use, potentially impacting demand for
conventional motor insurance.
– Carbon taxes or the expansion of emissions-based vehicle taxation
(e.g.Clean Air Zones, ULEZ) could increase operational costs and
requirechanges to pricing models or investment strategies.
Modelled outcomes (e.g. premium and policy counts) are not disclosed
due to commercial sensitivity, but they form part of internal analysis and
are incorporated into strategic planning. No allowance is made for current
strategic objectives within the modelled scenarios, ensuring results reflect
underlying climate transition drivers alone.
Relevant quantitative analysis
Based on the CSA results, the Group is considered resilient under all NGFS
transition scenarios assessed, with financial impacts either immaterial or
manageable through pricing, underwriting and portfolio adjustments.
Current Policies
– Vehicle mix gradually increases in EV with combustion engine vehicles
maintaining dominance
– Limited transition pressure for Sabre, requiring the management of a slowly
changing risk profile as EV penetration rises incrementally
– Sabre can continue to rely on historical experience
– Carbon Price remains constant until 2050
– Sabre’s overall policy count grows steadily
Delayed Transition
– Vehicle mix shifts rapidly after 2030, with EVs projected to dominate by 2050
– A need to adapt pricing models and claims assumptions to account for
EV-specific risks and predominance in the market
– Increased risk of stranded assets, residual value and coverage gap
– Carbon Price remains flat until 2030 before rising sharply
– Sabre’s overall policy count grows before stabilising in 2040
Net Zero 2050
– Vehicle mix shows rapid transition to EVs, rising to approx. 87% in 2050
– Assumption that the transition is underway and market transformation
isaccelerating
– Urgent need to recalibrate pricing models and claims assumptions
– Carbon Price has a persistent and steep increase that reaches £1,042 per
tonne of CO
2
by 2050
– Sabre’s overall policy count is greatest in this scenario
Responsibility and Sustainability continued
Our Environment continued
The Group’s climate resilience has again been reviewed with support from Forvis Mazars, including testing our exposure to a range of climate scenarios across both investment and insurance
portfolios. A summary of this analysis is set out in the scenario assessment table on pages 57 to 62.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
57 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Environment continued
Risk Description
Transitional market
risk continued
Low demand
– EVs are expected to account for 75% of the market by 2050
– Alleviation on decarbonisation efforts as behaviour shifts towards
low-carbon goods and services
– Significant adjustments in underwriting and pricing
– Carbon Price rises to £486 in 2050, significantly lower than in the
Net Zero or Delayed Transition pathways
– Sabre’s overall policy count does not grow significantly
Overall, in the absence of any strategic, tactical or market initiatives, our
modelling shows that revenue remains highest under the ‘current policies’
scenario, with ‘Net Zero 2050’ being the next highest. This is consistent with
our pre-existing organisation risk assessment, and is considered within
Sabre’s ongoing strategic plans.
Financial and operational impact
This could inhibit the Group’s ability to grow and hence requires strategic
consideration. Sabre’s competitiveness and policy count are monitored by
management and shifts in types of insured vehicle are closely monitored by the
pricing team. Sabre’s Route to Net Zero roadmap outlines the Group’s carbon
emissions reduction plan and ensures the Group is well positioned to mitigate
the medium-term risks associated with the transition to a low-carbon economy.
Relevant metrics and targets
We monitor the number of insurance policies sold in the UK, as reported by
the ABI and other industry sources. We also measure our competitiveness
within the UK insurance market, and consider whether transitional market
trends have impacted. Overall, the UK motor insurance market increased by
2.4% over the past five years, and increased by 1.0% in the past year, in terms
of cars insured. This suggests that the market has not entered a declining
state as a result of climate transition. The Group has set out growth targets
in its ‘Ambition 2030’ and therefore must continue to grow its market share
across the next five years, although this will not be linear. The Group will never
set out specific policy count or premium targets over the short term as this
would be contrary to the overall strategy set out in Ambition 2030.
We monitor the proportion of non-combustion engine vehicles Sabre insures
and consider whether we are under or over-exposed relative to the market.
This information is commercially sensitive and, as such, is not disclosed here.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
58 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Description
Physical liability
Primary time horizon:
medium-term
Risk rating:
low
It appears clear that an increased number of unpredictable extreme weather
events will increase the overall cost of claims. While this is expected to have a
lower potential to have a material impact than in, for example, home insurance,
nonetheless this could have a bearing on the cost of claims over time.
Financial impact
An increase in the frequency of adverse weather events is likely to increase
the total cost of claims, although we consider this would be immaterial in the
short term, with pricing action taken to address increased costs in the medium
term. The impact of one-off individually material events is mitigated by our
reinsuranceprogrammes.
Our base case scenario is that such events will increase in frequency, but this
increase will be slow and over a long period of time, and hence will be reflected
in policy pricing across the market in the same way as any other inflationary
factor. The likelihood of a material increase in claims being sufficiently rapid not to
be compensated by re-pricing is considered to be very low. The more significant
risk is that of a more immediate, unexpected and un-priced weather event (such
as extreme hail), which could cause significant damage very quickly. We primarily
manage this risk through our insurance pricing mechanisms, including short
feedback loops between our claims and pricing teams.
Relevant quantitative analysis
Sabre’s portfolio was assessed against multiple climate hazards. Combined
average annual losses were assessed over a 25-year period to include flooding,
windstorm, soil subsidence, hailstorm, heatwave and snowstorm.
Whilst we do not disclose the specific outcome of this analysis, we note that
whilst we expect the impact of these events to increase over the period of review,
the start and end-point average annual loss remains very small, at c.0.2% of the
Group’s net earnedpremium.
Sabre’s portfolio carries some climate-related risk; however, historically, claims from
climate-related perils have been low and the risk can be managed by monitoring
loss ratios. Therefore, Sabre’s risk from climate-related perils on our insurance
portfolio is low.
Based on the CSA results, the Group is considered resilient under all NGFS physical
risk scenarios assessed, with the projected impacts remaining immaterial relative
to the Group’s claims experience and mitigated through reinsurance and
pricingmechanisms.
Relevant metrics and targets
Sabre’s flood capital requirement makes up less than 7.0% of our total base SCR,
before any correlation effect. If Sabre’s flood SCR was uplifted by 100%, this would
cause less than a 1.9% increase in Sabre’s total SCR. Therefore, Sabre’s SCR could
tolerate considerable increase in climate capital requirements. Sabre targets a
solvency coverage ratio over 140% in all reasonably foreseeable circumstances.
We do not set standalone targets for physical liability risk, as these exposures are
managed through normal pricing and reserving processes rather than through
forward-looking quantitative targets.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
59 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Description
Physical operational
Primary time horizon:
medium-term
Risk rating:
medium
The physical risks generated by climate change relate to a changing weather
system prevailing over the environment in which we operate. This could include
an increase in temperature but is more likely to manifest in an increase in the
number and severity of extreme weather events, such as flooding, windstorms,
snow and hail.
Operational impact
Such a change in the weather could impact the ability of employees to attend the
office or prohibit the office or other equipment from being able to be used in the
‘normal’ way.
There is the related risk of failure of key IT infrastructure due to extreme weather
events in the vicinity of the related hardware. We have assessed this risk under
a number of scenarios and concluded there is a low probability of such events
occurring until at least 2090. We do not consider any of our key locations to be
exposed to high-impact weather-related events and therefore no preventative
action is required.
Relevant quantitative analysis
Based on the CSA results, the Group is considered resilient under all NGFS
operational risk scenarios assessed, with no material short or medium-term
risks identified and long term site specific exposures monitored through
routinefacilities and IT infrastructure assessments.
We have considered the exposure of the Group’s head office, outsourced customer
service location and two key data centres to heatwaves, heavy precipitation and
a rise in sea levels. For Sabre’s four operational sites, only one is at risk from sea-level
rise, albeit at ‘moderate’ risk by the year 2100.
This analysis has confirmed that there is no raised level of short or medium-
term operational risk in respect to climate change, and has highlighted that
exposure to climate-related events should be considered when making long-
term decisions about the Group’s operational structure.
Relevant metrics and targets
While the analysis described above occurs on a three-year cycle, we monitor
any incidence of climate-related operational outage. During 2025, no such
outage occurred. We expect this to remain at zero, given the Group’s low
exposure. Our target is for zero climate-related outages.
No further operational climate risk targets are set because the risk exposure is
inherently low, site specific, and appropriately managed through the Group’s
facilities and IT resilience processes.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
60 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Description
Litigation and
reputational
Primary time horizon:
long-term
Risk rating:
low
There is a chance that the transition to a low-carbon economy or the
occurrence of physical risks could lead to litigation risk. For a Group such as
Sabre, which could be seen as ‘contributing’ to the climate problem, we could
find ourselves directly litigated against for those impacted negatively by, for
example, rising sea levels. Perhaps more likely (but still unlikely) is that litigation is
tabled in order to stop us being able to undertake our normal course of business.
There is also a potential litigation risk attached to investments which could
generate valuation downgrades. While there is little direct mitigation available,
the Management Team ensures that they remain up to date with regard to
legaland regulatory developments in this area.
For Sabre, reputational risk now extends into the climate and environmental
domain, where customers, investors, and regulators increasingly are scrutinising
ESG compliance closely. This includes emissions management, supply chain
sustainability, and alignment with national and international climate goals.
Financial impact
Litigation can be costly, regardless of the outcome. While we consider direct
litigation against Sabre to be highly unlikely, industry-wide litigation could
impact the Group indirectly.
Operational impact
Industry-wide disruption due to the consequences of undetermined future
legislation has the potential to impact on the Group’s ability to sell policies
to customers. Direct litigation against the Group would cause significant
distraction for management.
Based on the CSA and our assessment of credible litigation pathways, the Group
is considered resilient under all NGFS scenarios, with litigation risk remaining low
likelihood, and potential impacts mitigated through ongoing regulatory monitoring,
investment screening, and active horizon scanning by the Management Team.
Relevant metrics and targets
We monitor whether Sabre or the UK insurance industry, or any other relevant
industries, are subject to material litigation focused on climate change. At the
time of writing, no such litigation has been tabled.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
61 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Description
Investments
Primary time horizon:
long-term
Risk rating:
low
Sabre has an investment portfolio spread across corporate bonds, gilts and
government-backed assets. Each individual investment is exposed in some way
to the physical and transitional risks related to climate change. Each investment
is also an indirect exposure to the carbon footprint of the counterparty.
The Board takes climate-related risks and opportunities into consideration
when considering the allocation of capital. ESG credentials are considered
within the Group’s investment portfolio, although given the short-term nature of
investments held this is relatively light-touch in respect of investments currently
held, with greater consideration given to the evolution of the portfolio towards
the Group’s net-zero target.
When Sabre diversified from gilts into corporate bonds, we introduced a ‘climate-
friendly’ term to our investment agreement whereby ‘green’ assets should be
purchased in favour of ‘less green’ assets where the assets provide similar returns
and profiles. In 2022, we introduced a further restriction on investment into
certain organisations whose activities were not consistent with our ESG outlook.
The Company’s Investment Committee monitors the ‘green’ credentials of the
investment portfolio through regular reporting by our investment manager,
Goldman Sachs Asset Management.
Our influence over entities in which we hold corporate bonds is limited, and we
do not hold any equity investments in any entities not directly controlled by the
Group. As such, we can exert influence only through our investment choices as
described above.
Financial impact
Given the short-term nature of our investments (average duration c. two years)
the risks attached are far lower than they may be within other large investors.
Nonetheless, we must consider the risk attached to each investment in order to
remain alert to our true exposure to climate-related risks. We have designed our
investment guidelines to limit exposure to particularly damaging industries.
Relevant quantitative analysis
Sabre’s investments are in cash or short-term (generally less than five years)
fixed interest bonds. Cash carries very little risk from climate change as it is liquid
and is not tied up with carbon-intensive activities. Assuming these bonds are
held to maturity, then the key investment risk that Sabre carries is if one of the
issuers of the bonds default. Sabre’s portfolio is well diversified, and all securities
are with carriers with credit rating BBB or above. Furthermore, Sabre’s portfolio is
not materially exposed to the key sectors exposed to the largest degree of direct
climate change risk. In summary, we do not believe that Sabre’s investment
portfolio is materially exposed to the risk of climate change.
Relevant metrics and targets
We monitor the weighted average carbon intensity (“WACI”) of our investment
portfolio. As at 31 December 2025, this was 29.7 tCO
2
/$MM (31 December 2024:
25.5 tCO
2
e/$MM). Sabre targets a zero WACI investment portfolio by 2050 as
part of its target for investments under its net-zero roadmap.
We have not set interim WACI reduction targets due to reliance on investee
disclosures and because changes in portfolio mix may be commercially
sensitive. The Group does not maintain a standalone ‘investment climate
policy’, but investment-related climate risks are governed through the Group’s
Investment Guidelines and the wider risk management framework.
Our Environment continued
Responsibility and Sustainability continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
62 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our metrics and targets
The Group uses its suite of pricing and policy performance
information to monitor the impact of climate risks on the
business, such as sales volumes, types of vehicles insured,
claims frequency and severity and the incidence of severe
weather events (which remain immaterial). The primary
physical liability risks are therefore monitored and addressed
through our normal pricing and reserving processes,
while longer-term transitional risks are addressed through
monitoring the volumes of our product sold and projecting
these volumes into the future. These targets are therefore in
line with our wider corporate objectives of maintaining our
combined operating ratio within our target range through
an appropriate response to liability risks while growing the
business across the insurance cycle.
Metrics and targets relevant to individual climate risks are
discussed in the table on page 64.
Emissions are contextualised with reference to the Group’s
employee numbers and gross written premium. We have also
taken the opportunity to enhance the accuracy of previously
reported figures where possible, and derive a consistent basis
for year-on-year comparison.
The greenhouse gas (“GHG”) emissions data for the Group
is set out adjacent, alongside prior years. We are pleased to
see the continued decline in our GHG emissions.
We believe our operational activities are consistent with a
scenario well below 2˚C, however we have not fully aligned
with science-based targets at this stage. We have not set
out specific targets with regard to our activities as a holder
of invested assets beyond the long-term goal of net-zero
emissions across the portfolio by 2050. We expect to reduce
emissions across the portfolio in a controlled manner over
time, but must remain somewhat reactive to the net-zero
aspirations of investee (and potential investee) entities.
Managing climate-related risks
A formal risk management process, including a risk register,
is in place which fully considers climate-related risks and
opportunities. The risk register is updated regularly with
climate-related risks being included as a standing agenda
item during 2025 for the monthly Management Risk and
Compliance Forum. Where relevant, the Group’s policies are
adapted to reflect climate-related risks. Identified climate-
related risks are integrated into the Group’s overall risk
register and risk management process. Further information
on the Group’s risk management processes is provided in
the Principal Risks and Uncertainties section of this report on
pages 22 to 30.
Recent climate-related issues considered by those
charged with governance include review of climate-related
risks and Sabre’s responses to those risks, and specific
consideration of the long-term transition risks within the
motorinsurancemarket.
Our investments
Our product
The provision of motor insurance, our core operation,
is generally environmentally light on a direct basis, i.e.
excluding any consideration of the environmental impact of
the vehicles we insure. Clearly, motor vehicles are a material
source of emissions and we are aware that Sabre’s products
enable the use of such vehicles. Most of our policies are
sold online, and administered remotely. However, there
are elements of our product offering which can generate
a positive impact on the environment. Importantly, we
underwrite a significant number of policies for electric and
hybrid vehicles. We are happy to take these policies on, and
believe that in having done so historically we are better able
to price these risks accurately.
Responsibility and Sustainability continued
Our Environment continued
Climate-related opportunities
Whilst the disclosure above has focused on the risks
presented by climate change, Sabre remains alert to the
opportunities presented, some of which are noted below.
Note that Sabre does not necessarily intend to exploit all of
these opportunities inthe near term.
Opportunities considered as part of the Group’s broader
climate assessment include areas where evolving
vehicle technologies, regulatory changes, or consumer
behaviour trends may create commercially viable product
developments or operational efficiencies.
– Provision of insurance products and services tailored
towards alternative modes of transport.
– Collecting sufficient data to provide competitively priced
traditional insurance for electric vehicles and vehicles
powered by other new technologies.
– Reducing overall costs to the business by making use of
cheap, sustainable energy sources.
– Increasing engagement with manufacturers and repair
networks specialising in EV technology to support
accurate pricing and claims cost management.
– Exploring the potential for partnerships that incentivise
lower-emission-driving behaviour or enable more energy-
efficient operations.
The impact of climate-related risks and opportunities on
Sabre’s business, strategy and financial planning has been
assessed and understood, as outlined above. Strategic
decision making takes potential future climate-related
risks and opportunities into account, along with the wider
stakeholder considerations outlined elsewhere in this report.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
63 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The emissions data is measured in tonnes of carbon dioxide equivalent (“tCO
2
e”) and covers:
i. Scope 1 emissions, being direct emissions resulting from combustion of fuel and operation of facilities
ii. Scope 2 emissions, being indirect emissions from purchased grid electricity and other energy for own use
iii. Scope 3 emissions, being all other indirect emissions which occur in the Group’s value chain
Tonnes of CO
2
e/year 2025 2024 2023
Scope 1* – – 130
Scope 2 (Location-based)** 26 34 32
Scope 2 (Market-based)** 1.4 7.8 32
Operational footprint (Market-based)* 1.4 7.8 162
Scope 3, excluding insured emissions 15,072 12,741 20,937
Total footprint (Market-based), excluding insured emissions** 15,073 12,749 21,099
Number of FTE employees*** 162 158 162
Operational footprint (Market-based) per employee* 0.01 0.05 1.00
Insurance revenue £218m £248m £188m
Operational footprint (Market-based) per £m of insurance revenue* 0.01 0.03 0.86
Building energy usage (KWh) 134,189 151,780 143,147
* Scope 1 emissions for 2024 have been revised downward following the receipt of additional information regarding the consumption of gasses
through our air conditioning system.
** When calculating totals, where Scope 2 is included, e.g. total operational footprint or total footprint, note that the Market-based Scope 2 figure
takes into account Sabre’s renewable energy procurement, whereas Location-based does not. In 2023, Location-based and Market-based
emissions were not disclosed separately.
*** Full-time equivalent (“FTE”).
The footprint is calculated in accordance with the GHG Protocol on calculating organisational footprints. Activity data has
been converted into carbon emissions using published emissions factors or appropriate estimation techniques. Management
has obtained external quality verification for the GHG data presented here.
All relevant and measurable emissions have been included in these calculations. Specifically: Scope 1 – ‘F gas’; Scope
2 – electricity; Scope 3: Category 1 – Purchased goods and services, Category 2 – Capital goods, Category 3 – Fuel and
energy-related activities, Category 4 – Upstream transportation and distribution, Category 5 – Waste generated in operations,
Category 6 – Business travel, Category 7 – Employee commuting, Category 15 – Investments.
Separately, we report an estimated footprint related to our insurance operations, in line with the Partnership for Climate
Accounting Financials (“PCAF”) guidelines. This is not currently included within our assessment of Scope 3 emissions.
The total relevant carbon emissions across our insured
vehicles is estimated to be 56,388 tCO
2
e/yr as at
31December 2025 (2024: 72,151 tCO
2
e/yr).
GHG emissions have been reported by the three WBCSD/
WRI Scopes. Scope 1 includes direct GHG emissions from
sources that are owned or controlled by the Company
such as natural gas combustion and Company-owned
vehicles. Scope 2 accounts for GHG emissions from the
generation of purchased electricity, heat and steam
generated off-site. Scope 3 includes all other indirect
emissions such as waste disposal, business travel and staff
commuting. The most significant element within Scope 3
emissions is the investment portfolio, which contributed
12,756 tCO
2
e/yr to 2025 emissions (2024: 10,061 tCO
2
e/yr).
The weighted average carbon intensity across the portfolio
was 29.7 tCO
2
e/$MM as at 31 December 2025 (2024: 25.3
tCO
2
e/$MM).
All emission sources have been reported on as required
under the Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008 (as amended).
The reporting period is in line with the Company’s financial
year, which is the same as the calendar year. In order to
provide the most accurate estimate of our GHG emissions,
primary (actual) data has been used where it is available,
up to date and geographically relevant. Secondary data in
the form of estimates, extrapolations and industry averages
has been used when primary data is not available.
We expect that, as we and our counterparties improve
the quality of record-keeping and reporting on GHG
emissions, the use of primary data will increase. Given that
secondary data is calculated with a considerable degree of
conservatism, we expect that increased quality of reporting
will reduce the reported levels of GHG emissions.
Responsibility and Sustainability continued
Our Environment continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
64 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Our route to net zero
We have continued to adjust our ways of working and
our working environment to minimise our negative impact
onourenvironment.
The Group has assessed its emissions and concluded that
it is appropriate to set a target for net zero emissions. The
target has been set having considered the Group’s current
footprint along with an assessment of the level of influence
held by the Group and expected societal trends. The Group
has defined net zero in line with the Science-Based Targets
initiative’s net zero standard framework.
We have set a more immediate goal of 31 December 2030
for the Group to report operational carbon neutrality. This,
effectively, is the reduction of the Group’s Scope 1 and 2
emissions to zero. We have set out our net zero roadmap,
which is published on the Group’s website, www.sabreplc.
co.uk/about-us/corporate-governance/. Management
targets set for 2026 and beyond include the achievement of
specific activities in relation to this plan. Our baseline position
against which the roadmap has been set is 2019, the last full
year not impacted by COVID-19 and the related disruption
to normal working practice. In our last Annual Report and
Accounts, we detailed anumber of actions which had been
carried out since 2019.
In 2025, we made further progress through:
– Strengthened strategic relationships with key suppliers
and brokers by reviewing their sustainability frameworks,
emissions performance and alignments with their
long-term net-zero commitments through supplier due
diligence surveys.
– Distributed a sustainability knowledge questionnaire
to Sabre employees to evaluate their current
understanding and to identify key opportunities for
sustainabilityimprovement.
– Continuation of the employee-led Sustainability Forum
to strengthen employee engagement and enhance
sustainability practices across the Group.
Our Environment continued
The costs associated with these initiatives are largely immaterial to the Group as a whole; however, the Board remains open
tothe approval of appropriate additional expenditure in relation to climate-related initiatives as and when required.
Our roadmap is a live document, which will constantly evolve as we continue to interrogate our activities and the
availablesolutions.
Statement of consistency with TCFD recommendations
In preparing the Responsibility and Sustainability section of the Annual Report, we have made disclosures consistent with
those recommended by the TCFD. All of the relevant disclosures are made within this section of the Annual Report. The Group
has considered the consistency of these disclosures against the TCFD’s Guidance for All Sectors and Supplemental Guidance
for Insurance Companies, and considers them to be consistent.
The Group remains on a journey with respect to gaining a full understanding of the impact of climate change on the
business. Steps have been taken to ensure that consideration of both the effects of climate change and the Group’s impact
on the environment is embedded within the Group’s culture at all levels. As such, we expect our understanding and the
related disclosure to evolve over the coming years.
The table below lists the TCFD’s 11 recommendations and where they are addressed within this report.
Recommendation Where addressed and whether consistent with TCFD requirements
1. Governance
a. Describe the board’s oversight of climate-related risks
andopportunities.
Risk Committee Report, pages 86 to 87
Consistent
b. Describe management’s role in assessing and managing
climate-related risks and opportunities.
Managing Climate-Related Risks, pages 54 to 66
Consistent
2. Strategy
a. Describe the climate-related risks and opportunities the organisation
has identified over the short, medium, and long term.
Strategy for Climate Change, page 55
Consistent
b. Describe the impact of climate-related risks and opportunities on
the organisation’s businesses, strategy, and financial planning.
Strategy for Climate Change, page 55
Consistent
c. Describe the resilience of the organisation’s strategy, taking into
consideration different climate-related scenarios, including a 2°C
or lower scenario.
Strategy for Climate Change, page 55
Consistent
Responsibility and Sustainability continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
65 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Responsibility and Sustainability continued
Our Environment continued
Recommendation Where addressed and whether consistent with TCFD requirements
3. Risk management
a. Describe the organisation’s processes for identifying and assessing
climate-related risks.
Managing Climate-Related Risks, pages 54 to 66
Consistent
b. Describe the organisation’s processes for managing
climate-related risks.
Managing Climate-Related Risks, pages 54 to 66
Consistent
c. Describe how processes for identifying, assessing, and managing
climate-related risks are integrated into the organisation’s overall
risk management.
Managing Climate-Related Risks, pages 54 to 66
Consistent
4. Metrics and targets
a. Disclose the metrics used by the organisation to assess climate-
related risks and opportunities in line with its strategy and risk
management process.
Our Metrics and Targets, page 63
Consistent
b. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse
gas (“GHG”) emissions and the related risks.
Our Metrics and Targets, page 63
Consistent
c. Describe the targets used by the organisation to manage climate-
related risks and opportunities and performance against targets.
Our Metrics and Targets, page 63
Consistent
Note that we have also ensured that the Supplemental Guidance for Insurance Companies has been followed,specifically:
– Strategy (b) Describe the potential impacts of climate-related risks and opportunities on core products and services –
Strategy for Climate Change, page 55
– Strategy (c) Disclose certain information where climate-related scenario analysis is performed – detailed climate-related
analysis is not performed across the portfolio given the nature of the risks insured, therefore additional disclosure is
notrequired
– Risk Management (a) Describe processes for identifying and assessing climate-related risks on portfolios – Managing
Climate-Related Risks, pages 54 to 66
– Risk Management (b) Describe key tools or instruments related to climate-related risks in relation to product development
or pricing – Managing Climate-Related Risks, pages 54 to 66
– Metrics and Targets (a) Provided aggregated exposure to weather-related catastrophes – Exposure is negligible due to
nature of insurance products sold
– Metrics and Targets (v) Disclose weighted-average carbon intensity emissions associated with commercial property and
speciality lines – Not applicable
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
66 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
FCA Consumer Duty
The FCA regulatory requirements for Consumer Duty set the
standard of care that firms should give to customers in retail
financial markets. It is designed to ensure firms put consumers
at the heart of their business and focus on delivering good
outcomes for customers. The Consumer Duty consists of a
Principle, three cross-cutting rules and four outcomes.
Governance
Sabre has a robust governance process in place:
– Karen Geary, Independent Non-executive Director,
is the Consumer Duty Champion.
– The Head of Compliance meets individually with
the Consumer Duty Champion and the Chair of the
RiskCommittee.
– Consumer Duty is reported on at the Company’s
Leadership Meetings and Risk Committee during the year.
– The Head of Compliance regularly provides reports to
the Board on Consumer Duty.
– A framework has been built that provides the Board with
assurance that customers are receiving goodoutcomes.
– The Annual Consumer Duty Board Report is reviewed
andapproved by the Board.
Management information
Regulatory requirements apply to new and existing products.
A thorough ongoing programme is in place:
– Our products are designed to meet the demands
and needs of our target market and deliver fair value
to the end consumer, including those with actual or
potentialvulnerabilities.
– A monthly Consumer Duty MI Dashboard is produced
by Management and is subsequently reviewed and
challenged by the Second Line of Defence.
– A robust set of key performance indicators are used to
assess performance against each of the four outcomes.
Monitoring
Monitoring and training are key to assuring customers are
receiving good outcomes:
– All employees complete annual mandatory training on
Consumer Duty and this, along with existing training in
other key regulatory areas, supports the delivery ofgood
customer outcomes.
– The Head of Compliance is responsible for ensuring
theregulatory requirements are fully adhered to.
Sabre recognises the
importance of a firm’s
culture and purpose
in its ability to be able to
deliver good outcomes
for customers.
Contents Generation – Sub Page
Contents Generation – Section
FCA Consumer Duty
67 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Corporate Governance
68–125 | Governance
69 | Chair’s Governance Letter
70 | Board of Directors
74 | Governance Report
82 | Audit Committee Report
86 | Risk Committee Report
89 | Nomination & Governance Committee Report
92 | Remuneration Committee Report
96 | Directors’ Remuneration Policy
107 | Annual Report on Directors’ Remuneration
121 | Directors’ Report
125 | Statement of Directors’ Responsibilities
Contents Generation – Page Contents Generation – Sub Page
68–125 | Governance
68 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Dear Shareholders,
On behalf of the Board, I present Sabre’s Governance Report
for the financial year ended 31 December 2025. This report
explains Sabre’s governance framework, how Sabre applies
the provisions of the UK Corporate Governance Code (the
“Code’’) and includes the committee reports from the
Audit, Risk, Nomination & Governance and Remuneration
Committees. The Board is responsible to shareholders for
the strategic direction, management and control of the
Group’s activities and is committed to the highest standards
of corporate governance in delivering in these areas. The
Group’s strategy and culture are aligned and are discussed
at Board meetings. With regard to compliance with the Code,
the Board considers that appropriate corporate governance
standards were in place throughout 2025, except for those
set out on page 80.
As at the year ended 31 December 2025, the Board
consisted of eight Directors who had the appropriate
balance of skills, experience, independence and knowledge
of the Group to oversee the strategy, review management
performance and to set the Group’s values and standards
to ensure that its obligations to its shareholders and
other stakeholders are met. Further information about our
Directors and the experience they bring to the Group is
set out on pages 70 to 73 of this Annual Report. During
the year, I was pleased to welcome David Neave to the
Board as a Non-executive Director. David was subsequently
appointed to the Audit, Remuneration and Nomination &
GovernanceCommittees.
Rebecca Shelley
Group Chair
Diversity remains a key consideration for the Board. As at
31 December 2025, I am pleased that the Board meets the
FCA’s requirements that at least one of the senior Board
positions is held by a female and that one of the Board
directors is from an ethnic minority, but also recognise that,
due to the recruitment of David Neave, the percentage of
females on the Board fell to 38%, which is below the FCA’s
requirement of 40% of the Board being female. In addition,
the Board meets the Parker Review target that at least one
member of the Board is from an ethnic minority background.
Further information on Sabre’s approach to diversity and
inclusion can be found on pages 47 to 48 of this report.
Sabre’s Annual General Meeting provides shareholders
with the opportunity to vote on the resolutions put to them
and, for those shareholders who attend, to ask questions of
the Directors, including the Chairs of each Committee. The
Notice of Meeting will be sent to shareholders and the result
of the Annual General Meeting votes on all resolutions will be
published on the Group’s website.
We look forward to meeting shareholders at our forthcoming
Annual General Meeting, which will be held at 9:30 am on
Thursday 21 May 2026 at the Group’s offices at Old House,
142 South Street, Dorking, RH4 2EU.
Rebecca Shelley
Group Chair
9 March 2026
Chair’s Governance Letter
Contents Generation – Sub Page
Contents Generation – Section
Chair’s Governance Letter
69 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Board of Directors
As at 31 December 2025
Board gender disclosure
Board ethnicity disclosure
Chair and Non-executive Directors’ tenure
Male
5/8
(62.5%)
2024 | 4/7 (57.1%)
White British or other
white (including
minority-white groups)
7/8
(87. 5%)
2024 | 6/7 (85.7%)
6+ years
1/6
(16.7%)
2024 | 1/5 (20%)
3–6 years
2/6
(33.3%)
2024 | 1/5 (20%)
Female
3/8
(37. 5%)
2024 | 3/7 (42.9%)
Black/African/
Caribbean/
Black British
1/8
(12.5%)
2024 | 1/7 (14.3%)
<3 years
3/6
(50%)
2024 | 3/5 (60%)
Directors’ skills and experience matrix
Skill and
experience
Number of
Directors
% of the
Board
Boardroom (outside of Sabre) 6/8 75%
Communications (internal/external) 7/8 87.5%
Compliance & regulatory 5/8 62.5%
Customer 7/8 87.5%
Cyber-security/IT/data 2/8 25%
ESG incl. sustainability 3/8 37.5%
Financial 5/8 62.5%
HR incl. remuneration 5/8 62.5%
Insurance (outside of Sabre) 6/8 75%
Legal 2/8 25%
Marketing 4/8 50%
Operations 2/8 25%
Risk management 4/8 50%
Contents Generation – Sub Page
Contents Generation - Section
Board of Directors
70 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
A
N
N
R
RI
S
I
I
E
Board of Directors continued
Committee key:
Chair of Committee
Audit Committee
Nomination & Governance Committee
Remuneration Committee
Risk Committee
Senior Independent Director
Independent Director
Non-executive Director responsible
for Employee Engagement
Rebecca Shelley
Group Chair
Geoff Carter
Chief Executive Officer
Appointment
Rebecca Shelley was appointed a Non-executive Director of Sabre
Insurance Group plc in October 2017 and became Chair in April
2024, following her appointment as acting Chair in November 2023.
Skills and experience
Rebecca brings extensive commercial and financial services
experience to the Board, as well as her background of market-
facing roles at listed companies. Having been Investor Relations
and Corporate Communications Director at Norwich Union plc
from 1998 to 2000, Rebecca moved to Prudential plc in 2000,
starting as Investor Relations Director, and then became Group
Communications Director with a seat on their Group Executive
Committee. From 2012 to 2016, Rebecca was the Group
Communications Director of Tesco plc and a member of their
Executive Committee. During this time, she held positions on the
board of the British Retail Consortium and was a trustee of the
Institute of Grocery Distribution. Most recently, Rebecca spent three
years at TP ICAP plc as Group Corporate Affairs Director and was a
member of the Global Executive Committee.
She holds a BA (Hons) in Philosophy and Literature from the
University of Warwick and has an MBA in International Business
and Marketing from Cass Business School. Rebecca is also a Non-
executive Director at Conduit Holdings Limited, Hilton Food Group
and Liontrust Asset Management.
* On appointment as Group Chair
*
Appointment
Geoff Carter was appointed Director and Chief Executive Officer
of Sabre Insurance Group plc in September 2017 (when the
Company was incorporated) and has been a Director of Sabre
Insurance Company Limited since 2015, when he joined as Chief
Operating Officer, and became Chief Executive Officer in May 2017.
Skills and experience
Prior to joining the Group, Geoff was Chief Executive Officer of
Tesco Underwriting Limited and has over 25 years’ experience in
managing insurance operations. Prior to that, Geoff was employed
by Ageas Insurance UK as Managing Director of Ageas Insurance
Solutions Limited and spent seven years at Churchill Insurance/
Direct Line Group. He is a Chartered Insurer and holds an MBA from
Sheffield Business School and a Postgraduate Diploma in Marketing
from the Chartered Institute of Marketing. Geoff is also a Director of
the Motor Insurance Bureau and active in ABI committees.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
71 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
IA N RI
I
N
R E
RIR
Board of Directors continued
Ian Chapple
Non-executive Director
Karen Geary
Non-executive Director
Appointment
Ian was appointed as Independent Non-executive Director in
September 2024.
Skills and experience
Ian brings more than 30 years of industry expertise to Sabre’s
Board and has a strong track record in digital, technology, and
data. He has successfully delivered IT strategy, transformation, and
cybersecurity programmes for several large businesses within and
outside of the insurance sector and currently holds the position
of Group Chief Information Officer at Odeon Cinemas Group.
Prior to this, he served as a Director in Deloitte’s Financial Services
division. Ian has extensive experience across the financial services
industry, including general insurance, life assurance, pensions, and
investment management. During his career, he has acted as Chief
Information Officer at Swinton Insurance, Head of Digital at Tesco
Bank, and IT Director for the UK life division of Aviva.
Appointment
Karen Geary was appointed as Non-executive Director of
Sabre Insurance Group plc in December 2020 and is the Non-
executive Director responsible for employee engagement,
the Board’s Consumer Duty Champion and Chair of the
RemunerationCommittee.
Skills and experience
Karen brings over 20 years of executive leadership experience
across start-up and listed blue-chip organisations, as well as
international HR and business transformation experience across
a variety of industries, particularly in Europe and the US. Karen is
a former FTSE 100 HR director with an extensive track record in
the technology industry. Between 1998 and 2013, Karen was with
The Sage Group plc, where she built and led the HR function as
Group HR Director and from 2004 was a member of the Executive
Committee. Subsequent to this, Karen held senior positions with
a US-based software business, followed by a FTSE 100 software
company which she originally joined as Non-executive Director and
Chair of the Remuneration Committee.
In addition to her role at Sabre, Karen holds external appointments
as Senior Independent and Non-executive Director of Mobico
Group plc and as a Non-executive Director and Chair of the
Remuneration Committee of PageGroup plc. Her previous non-
executive roles include MicroFocus plc and ASOS plc.
Adam Westwood
Chief Financial Officer
Appointment
Adam Westwood was appointed Director and Chief Financial
Officer of Sabre Insurance Group plc in September 2017 (when
the Company was incorporated), has been a Director and Chief
Financial Officer of Sabre Insurance Company Limited since
September 2016, and joined as Financial Controller in 2014.
Skills and experience
Adam is a qualified chartered accountant, having joined Ernst
& Young LLP’s insurance audit team in 2006 and qualified as a
chartered accountant in 2009. Adam has over 18 years’ experience
of the insurance sector and holds a BSc (Hons) degree in Physics
and Business Studies from the University of Warwick.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
72 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
IA N RRI
S
A AI IRI RN N
Board of Directors continued
Bryan Joseph
Non-executive Director
Alison Morris
Non-executive Director
David Neave
Non-executive Director
Appointment
Bryan Joseph was appointed a Non-executive Director of Sabre
Insurance Group plc in June 2023, and is Chair of the Risk
Committee. Bryan was appointed as Sabre’s Senior Independent
Director in May 2024.
Skills and experience
Bryan brings more than 40 years of industry experience to Sabre’s
Board and has worked in a number of senior actuarial roles
throughout his career, spanning the insurance and reinsurance
industry internationally. Bryan is currently a partner with Vario
Partners LLP, where he is one of the founding partners of that
business. Prior to this, Bryan led the PwC actuarial practice globally
and was a member of the firm’s insurance leadership team.
Bryan was Chair of the Board of XL Insurance Company SE and
was an Independent Non-executive Director of XL Re Europe
SE and of AXA XL Insurance Company UK Limited and AXA
Underwriting Agencies Limited, chairing the audit committees of
the UK entities. Bryan is on the Board of Lancashire Holdings Limited
and Lancashire Syndicates Limited, where he is Chair of the Risk
Committee. Bryan is also on the Board of CFC Underwriting Limited,
where he is Chair of the Risk Committee.
Appointment
Alison Morris was appointed as Non-executive Director of
Sabre Insurance Group plc in May 2022, and is Chair of the
AuditCommittee.
Skills and experience
Alison is a chartered accountant and brings extensive recent and
relevant experience of the financial services sector as well as a
detailed and specialist knowledge of accounting and auditing
practice and the audit market. Alison was a partner in PwC’s
financial services audit practice from 1994 until the end of 2019.
She has led external audits and internal audit projects across the
financial services sector in the FTSE 100 and FTSE 250 and held
a number of leadership roles within PwC, including sitting on the
executive management team which led their audit practice.
She is a Non-executive Director and Audit Committee Chair of
Paragon Banking Group plc where she is the SID. She is a Non-
executive Director and Audit Committee Chair of Quilter plc. Until
recently she was a Non-executive Director and Audit Committee
Chair of M&G Group Limited, part of the M&G plc group and of
Vanquis Bank Limited, part of Vanquis Banking plc. Alison holds a
MA in Economics with International Studies from the University of
StAndrews.
Appointment
David Neave was appointed as Non-executive Director of Sabre
Insurance Group plc in August 2025.
Skills and experience
David is a Chartered Insurer with over 45 years’ experience in the
sector. At Royal Insurance plc and then RSA plc, David managed
product, pricing and claims functions before moving to Co-
operative Insurance where he became Chief Executive of the
General Insurance company. In addition to this, he was a board
member of the MIB, Thatcham, chair of the Insurance Fraud Bureau
and a member of the ABI General Insurance Committee.
In his non-executive career David has held chairmanships,
directorships and advisory roles in a number of insurance,
InsurTech, consultancy and legal businesses, including Direct Line
Group plc, Slater and Gordon UK Limited, the Solicitors Indemnity
Fund, Liverpool Victoria Financial Services Limited, LV General
Insurance Limited and Accenture UK Limited.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
73 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Governance Report
Chief Executive Officer
Responsible for the day-to-day running of the Group’s business and performance, and the development and implementation of strategy.
Executive Team
Supporting the Chief Executive in developing the Group’s strategy and its implementation.
Board Committees
The terms of reference of each Committee are documented and agreed by the Board. The Committees’ terms of reference are reviewed annually
and are available in the Governance section of Sabre’s corporate website at www.sabreplc.co.uk.
The key responsibilities of each Committee are set out below.
Audit Committee
To monitor the integrity of the
Group’s financial reporting and
the adequacy and effectiveness
of the systems of internal control.
To monitor the effectiveness and
independence of the internal
and external auditors.
Risk Committee
To monitor and review the
effectiveness of the risk
management framework,
compliance framework and
internal controls.
Nomination &
Governance Committee
To keep under review the
composition, structure and size
of, and succession to, the Board
and its Committees. To provide
succession planning for the
Executive Team and the Board,
leading the process for all Board
appointments. To evaluate the
balance of skills, knowledge,
experience and diversity on
theBoard.
Remuneration Committee
To set remuneration for all
Executive Directors and the Chair,
including pension rights and
any compensation payments.
To oversee remuneration and
workforce policies and practices
and take these into account when
setting the policy for Directors’
remuneration. Oversight of wider
employee reward policies.
Governance
Framework
For the Audit Committee Report
go to pages 82 to 85
For the Risk Committee Report
go to pages 86 to 88
For the Nomination &
Governance Committee Report
go to pages 89 to 91
For the Remuneration
Committee Report go
to pages 92 to 106
Shareholders
Chair
The Chair is responsible for the leadership of the Sabre Insurance Group plc Board and for ensuring
that it operates effectively through productive debate and challenge.
The Board
The Board is responsible for providing leadership to the Group. It does this by setting strategic priorities and overseeing their delivery in a way that is
aligned with Sabre’s culture and enables sustainable long-term growth, while maintaining a balanced approach to risk within a framework of effective
controls and taking into account the interests of a diverse range of stakeholders. There are certain matters which are reserved for the Board’s decision.
Contents Generation – Sub Page
Contents Generation - Section
Governance Report
74 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Board and leadership
The Group Directors and details of their experience and the
date of their appointment are set out on pages 70 to 73.
As at 31 December 2025, the Board consisted of eight
Directors: the Chair, two Executive Directors and five Non-
executive Directors. The independence of the Non-executive
Directors is reviewed annually in accordance with the criteria
set out within Provision 10 of the Code, and it is confirmed
that all the Group’s Non-executive Directors remained
independent as at 31 December 2025.
The Board of Directors recognises the need for and the
importance of acting with integrity and do so in their roles
as Directors of the Group. All the Directors bring strong
judgement to the Board’s deliberations. During the year, the
Board was of sufficient size and diversity that the balance of
skills and experience was considered to be appropriate for
the requirements of the business.
Board meetings
The Board meets at least six times a year with supplementary
adhoc meetings as required. There is a planned cycle of
activities, managed through the Schedule of Matters and
Matters Reserved for the Board, and a formal agenda is
prepared for each Board and Committee meeting. Minutes
and a follow-up list of matters arising from each Board and
Committee meeting are maintained and reviewed at every
meeting. In addition to this, verbal updates are provided by
each Committee Chair at the following Board meeting.
Company Secretary
The Company Secretary acts as Secretary to the Board and
to its Committees, apart from the Risk Committee which is
minuted by another member of the Company Secretariat
Team. The appointment or removal of the Company
Secretary is a matter for the Board as a whole. The Company
Secretary assists the Chair in ensuring that the Board and the
Group have the appropriate policies, processes, information,
time and resources they need to fulfil their duties and to
function effectively and efficiently. Anneka Kingan has been
the Group’s Company Secretary since 2018.
Governance Report continued
The Board is collectively responsible for setting
Sabre Insurance Group and its subsidiaries’
(the “Group”) strategic aims and requiring the
Leadership Team to put those into effect through
the management of the Group’s business within
a governance framework.
It does this by setting the Group’s strategy and
ensuring that appropriate standards, controls
and resources are in place for the Group to meet
its obligations, and by reviewing management’s
performance. This includes ensuring that the
Group has a Code of Conduct, which sets out
the Group’s policy of conducting its business
affairs in a fair and transparent manner and
maintaining high ethical standards in dealings
with all relevant parties. The Code of Conduct
is available at www.sabreplc.co.uk/about-us/
corporate-governance/code-of-conduct/
In order to ensure there is a clear division of
responsibilities between the Board and the
running of the business, the Board has a formal
Schedule of Matters and Matters Reserved
for the Board, which confirms which decisions
are reserved for the Board. These documents
are reviewed on an annual basis and include:
the Group’s strategic aims; objectives and
commercial strategy; governance and regulatory
compliance; structure and capital; financial
reporting and controls; internal controls and
risk management; major capital commitments;
major contracts and agreements; shareholder
engagement; remuneration of senior executives;
material corporate transactions; and any
changes to the Schedule of Matters and Matters
Reserved for the Board.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
75 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Non-executive Directors
Along with the Chair and Executive Directors, the Non-
executive Directors are responsible for ensuring the Board
and its Committees fulfil their responsibilities. It is the Non-
executive Directors’ role to provide constructive challenge,
strategic guidance, offer their respective specialist advice
and hold management to account. The Non-executive
Directors combine broad business and commercial
experience, in particular in the financial services and
insurance sectors, with independent and objective
judgement and they provide independent challenge to
the Executive Directors. The balance between Non-executive
and Executive Directors enables the Board to provide clear
and effective leadership across the Group’s business.
Division of responsibilities
The Chair is responsible for leading the Board, setting its
agenda, promoting a culture of openness and debate and
monitoring its effectiveness. The Chair is supported by the
Senior Independent Director, who acts as a sounding board
and serves as an intermediary for the other Directors. Neither
the Chair nor the Senior Independent Director are involved
in the day-to-day management of the Group. Save for the
Schedule of Matters and Matters Reserved for the Board, the
Chief Executive Officer (with the support of management) is
responsible for proposing the strategy to be adopted by the
Group, running the business in accordance with the strategy
agreed by the Board and implementing Board decisions.
The Board has approved the clear division of responsibilities
between the Chair, Chief Executive Officer and Senior
Independent Director, as shown in the table below. The
division of responsibilities is reviewedannually.
Governance Report continued
Group Chair Senior Independent Director Chief Executive Officer
– Sets the Board agenda primarily focusing on strategy,
performance, value creation, culture and stakeholders
– Ensures the Board has an effective decision-making
process, demonstrating objective judgements and
constructive challenge
– Ensures the Board has an appropriate balance of skills,
knowledge, experience and diversity
– Leads the induction and development plans for new and
existing Board members
– Communicates with major shareholders and ensures the
Board understands their views
– Ensures the Board receives accurate, timely and
clearinformation
– Leads the annual Board evaluation
– Supports the Chair in the delivery of their objectives
– Acts as a sounding board for the Chair and serves as
an intermediary for the other Directors
– Is available to shareholders if they have concerns
that cannot be resolved through the normal channels
– Works with the Chair and other Directors and shareholders
to resolve significant issues where necessary
– Leads the annual performance evaluation of the Chair
– Runs the Group’s business and delivers its
commercialobjectives
– Proposes and develops the Group’s strategy, in close
consultation with the Executive Team, the Chair and
the Board
– Implements the decisions of the Board and its Committees
– Ensures operational policies and practices drive
appropriate behaviour, in line with the Group’s culture
– Leads the communication programme with key
stakeholders, including employees and customers
– Ensures management provides the Board with
appropriateinformation and necessary resources
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
76 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Board and Committee meetings
During the year, the Board reviewed the membership of its
Committees. As a consequence of this review, no changes
to the Committees’ membership were made. However,
following his appointment, David Neave joined the Audit
Committee, the Nomination & Governance Committee and
the Remuneration Committee.
Details of the membership of each Committee as at
31December 2025 can be found in each relevant
CommitteeReport.
The activities of the Board during the year are set out below
and the reports from each of the Committees are set out on
pages 82 to 95 of this Annual Report.
During the financial year ended 31 December 2025, the
Board scheduled and formally met six times, during which
itreviewed, discussed and approved:
– the financial performance of the Group;
– the 2024 Annual Report and Accounts, including
the Committee reports, Viability and Going Concern
Statements and the RNS of the results for the financial
year which ended on 31 December 2024;
– the Notice of Meeting and Proxy Form for the 2025
Annual General Meeting;
– the 2025 Half Year Results, AGM Trading Statement
and Q3 Trading statement;
– the Group’s strategy;
– the payment of dividends, including the final dividend for
the financial year which ended on 31 December 2024,
and an interim dividend for the financial year which
ended on 31 December 2025;
– the launch of the Group’s £5m share buyback
programme;
– the results of the Group’s 2024 Board Effectiveness
Review;and
– the 2026 budget.
In addition, the Board and the Committees regularly received updates, reports and presentations from other senior
employees, including the Chief Actuary, the Claims Director, the Chief Risk Officer, the Company Secretary, the Head of IT,
the Head of Compliance, the Data Protection Officer and the Head of HR.
During the financial year ended 31 December 2025, the Board met an additional four times as a Committee to discuss the
Full Year Results, Half Year Results and to sign off the Q3 2025 Trading Statement. The attendance of the Directors at Board and
Committee meetings held in the financial year ended 31 December 2025 is illustrated in the table below.
Board Committees
In order to provide effective oversight and leadership, the Board has delegated certain aspects of its responsibilities to the
following committees of the Board (“Committees”):
– The Audit Committee
– The Risk Committee
– The Nomination & Governance Committee
– The Remuneration Committee
The terms of reference of these Committees are reviewed and approved by the Board annually and are available on the
Group’s website at www.sabreplc.co.uk/about-us/corporate-governance/
The Committee Reports are set out on pages 82 to 95 of this Annual Report.
Attendance by Directors at scheduled Board and Committee meetings
(number attended/number required to attend)
Director
Board
(scheduled
meetings)
Board
Committee
meetings &
unscheduled
meetings Audit Committee Risk Committee
Nomination &
Governance
Committee
Remuneration
Committee
Geoff Carter 6/6 4/4 – – – –
Ian Chapple 6/6 1/1 5/5 5/5 2/2 5/5
Karen Geary 6/6 3/3 – 4/5
** 2/2 5/5
Bryan Joseph 6/6 2/2 5/5 5/5 2/2 4/5
**
Alison Morris 6/6 4/4 5/5 5/5 2/2 –
David Neave* 2/2 1/1 1/1 – 2/2 2/2
Rebecca Shelley 6/6 1/1 – – 2/2 –
Adam Westwood 6/6 4/4 – – – –
* Joined the Board with effect from August 2025, the Remuneration and Nomination & Governance Committees with effect from
September 2025, and the Audit Committee with effect from November 2025.
** Due to pre-existing commitments prior to 2025, 100% attendance was not achieved.
Governance Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
77 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Diversity
The Board recognises the importance of being diverse in
its make-up to ensure creative and innovative thinking,
improved decision making and thus better outcomes for
the Group. Diversity is a key factor in reviewing the Board’s
composition and in recommending appointments. When
recruiting, the Board requires that executive search agencies
provide diverse shortlists and ensures that all Board
appointments are based on merit. As at 31 December 2025,
the Board had three female Directors out of eight, which is
equivalent to 38% of the Board being female, thus failing to
meet the 40% female representation target set by the FCA.
However, the Board does have at least one senior Board
position that is held by a female. The Board also met the
Parker Review target that at least one member of the Board is
from an ethnic minority background. Further information on
Sabre’s approach to diversity and inclusion can be found on
pages 47 to 48 of this report.
Effectiveness
The Board is structured to provide the Group with an
appropriate balance of skills, experience, knowledge and
independence to enable it to discharge its duties and
responsibilities effectively. Given the nature of the Group’s
business, insurance, actuarial and accounting experience
as well as experience of the financial services sector is
clearly of benefit, and this is reflected in the composition of
the Board and its Committees. Decisions at Board meetings
are taken by a majority vote of the Directors and in the case
of an equality of votes the Group’s Articles of Association
(“Articles”) provide that the Chair has a second or casting
vote. The Board considers that no single Director can
dominate or unduly influence decision making. During the
year, the Chair and the Non-executive Directors met without
the Executive Directors, and the Non-executive Directors met
without the Chair present.
Induction and ongoing
professionaldevelopment
The Board has a thorough induction programme for Directors
to participate in upon joining the Board. This programme
is monitored by the Chair and is the responsibility of the
Company Secretary. Depending upon their qualifications
and experience, the programme includes presentations and
briefings, meetings with Directors, senior management, external
advisers, and visits to the Group’s office in Dorking,Surrey.
The ongoing professional development of the Directors has
been reviewed by the Board and its Committees. The Chair
reviews and agrees the training and development needs
with each of the Directors during each year. Directors have
the opportunity to highlight specific areas where they feel
their skills or knowledge would benefit from development as
part of the Board evaluation process, and are encouraged
to continue their own professional development through
attendance at seminars and conferences. Directors confirm
annually that they have received sufficient training to fulfil
their duties.
Information and advice
Directors are provided with appropriate documentation,
usually a week in advance of each Board and Committee
meeting. The Group uses an online platform to distribute
its Board and Committee papers securely and efficiently,
which maximises information security and has minimal
environmental impact. All Directors have access to
the advice and services of the Company Secretary for
information and guidance, and she is responsible for
ensuring that all Board procedures have been complied
with. Directors may also obtain independent professional
advice at the Group’s expense if they believe it is required in
the furtherance of their duties. No such advice was sought
by any Director during the year.
Time commitment
As part of the appointment process and their annual review,
the Non-executive Directors each confirm that they are able
to allocate sufficient time to the Group to discharge their
responsibilities effectively and Directors are expected to
attend all scheduled Board meetings, relevant Committee
meetings, the Annual General Meeting and any general
meeting of the Group.
The other public company commitments of the Chair and
the other Directors are as indicated in their biographies on
pages 70 to 73. Each Director is required to seek permission
from the Chair and the Board before accepting additional
commitments. This is to ensure that additional appointments
do not present a conflict of interest and that the Director will
have sufficient time to devote to their continued role at Sabre.
The Board is satisfied that the Chair and each Non-executive
Director can allocate sufficient time to enable them to
discharge their duties and responsibilities effectively.
Performance evaluation
The Board recognises the importance of evaluating
annually the performance and effectiveness of the Board,
its Committees, the Chair and individual Directors. During
the year, a formal annual review of the performance of the
Board, its Committees, the Chair and individual Directors was
completed. This year the process consisted of an externally-
facilitated exercise sponsored by the Chair and assisted by the
Company Secretary. The review concluded that the Board
was effective. As a consequence of the evaluation there will
be an increase in informal meetings of the Board and the
continuation of external guests and employee presenters at
the Company’s Strategy days.
Appointment of Directors
The Articles provide that Directors may be appointed by
the Board or by the Group by ordinary resolution. ADirector
appointed by the Board may only hold office until the
next Annual General Meeting of the Group following their
appointment and is then eligible for election by theshareholders.
Governance Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
78 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Board, through the Nomination & Governance
Committee, reviewed and adopted the Code
recommendation that all Directors should be subject to
annual re-election (in compliance with Code Provision
18). During 2025, all eligible Directors stood for election
or re-election at the Annual General Meeting and were
successfulin their appointment or re-appointment.
Further details regarding the terms of appointment and
remuneration for the Executive Directors and Non-executive
Directors are set out in the Annual Report on Directors’
Remuneration on pages 107 to 120 and their service
contracts and terms of appointment are available for
inspection in accordance with the Code at the Group’s
office and at the Group’s Annual General Meeting.
Conflicts of interest
All Directors have a duty to avoid conflicts of interest and
must declare any conflict of interest that could interfere with
their ability to act in the best interests of Sabre. The Board
has established a procedure to deal with Directors’ conflicts
of interest which complies with the Group’s Articles and the
provisions in section 175 of the Companies Act 2006. Schedules
of a Director’s actual or potential conflicts are compiled based
on disclosures made by the Director. These are updated and
reviewed on an annual basis in addition to conflicts or potential
conflicts being considered at the beginning of Board meetings.
Accountability
The Board, through the Audit Committee, reviews the Group’s
internal controls, financial and business reporting and
maintains the Group’s relationship with its auditors, the details
of which are set out in the Audit Committee Report on pages
82 to 85. Through the Risk Committee, the Board receives reports
regarding the Group’s risk management andcompliance
oversight and the effectiveness of these. Further details are set
out in the Risk Committee Report on pages 86 to 88.
Anti-bribery and corruption
As part of Sabre’s commitment to preventing bribery and
corruption, the Group has an Anti-Bribery and Corruption
Policy, which is reviewed and approved annually by the Risk
Committee. Further details are set out in the Risk Committee
Report on pages 86 to 88.
Modern slavery
Sabre annually considers the 2015 Modern Slavery Act. Sabre
has a zero-tolerance approach to any form of slavery and
human trafficking and confirms to the best of its knowledge
that there is no slavery or human trafficking within its supply
chain. The Group’s Modern Slavery Statement is reviewed
and approved by the Board on an annual basis and can be
found on the Group’s website: www.sabreplc.co.uk/about-
us/corporate-governance/
Whistleblowing arrangements
The Group has a Whistleblowing Policy, which enables and
encourages employees to report in confidence any possible
improprieties in either financial reporting or other matters using
an external hotline. The Group’s Whistleblowing Policy is reviewed
and approved by the Audit Committee on an annual basis.
Remuneration
Details of Directors’ remuneration and the work of the
Remuneration Committee as required by the Large and
Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008 (as amended) can be found
in the Annual Report on Directors’ Remuneration on pages
107 to 120 Although the Group does not formally engage
directly with its employees on executive remuneration, the
Board engages with employees via the designated Non-
executive Director responsible for Employee Engagement
– Karen Geary – who is appointed to represent employee
opinions at the Board. Karen leads on ensuring effective
engagement with employees and regularly feeds back to
the Remuneration Committee and the Board following her
meetings with employees. This process does not currently
include an active two-way dialogue with the employees on
executive pay but this approach is being kept under review.
Relations with shareholders
Through this Annual Report and, as required, through
other periodic announcements, the Board is committed
to providing shareholders with a clear assessment of
theGroup’s position and prospects.
The Board recognises the importance of engaging
constructively with shareholders and, during the year, the Chief
Executive Officer and the Chief Financial Officer continued
to engage with shareholders through investor presentations,
conferences and roadshows, ensuring they are up to date with
their views. These views are regularly shared with the Board,
and the Chair and the Senior Independent Director remain
available to meet shareholders separately to discuss issues or
concerns they may have. In addition to this, during the year, as
Chair Rebecca Shelley also met with a number of the Group’s
shareholders. Further to these meetings, the Group keeps
shareholders informed primarily by way of the Annual Report,
Half Year Results, Trading Statements and the Annual General
Meeting. This information and other significant announcements
of the Group will be released to the London Stock Exchange
and will be available on the Group’s website: www.sabreplc.
co.uk/investors/regulatory-news/
Major shareholders
The holdings of our major shareholders can be found on
page 123 of this Annual Report.
Share register
The share register is managed on the Group’s behalf by
Equiniti, who can be contacted at Aspect House, Spencer
Road, Lancing, West Sussex BN99 6DA or by telephone on
0371 384 2030 or, if dialling internationally, on +44 121 415 7047.
Annual General Meeting (”AGM”)
Notice of the Group’s AGM for the 2025 financial year
will be sent to shareholders at least 21 clear days
before the meeting. The AGM will provide shareholders
with the opportunity to vote on the resolutions put to
shareholders and, for those shareholders who attend,
to ask questions of the Board of Directors, including the
Chairs of the Committees. The result of the voting on all
resolutions proposed at the AGM will be published on
the Group’s website, post the conclusion of the meeting.
Further information on the Group’s AGM can be found on
page124.
Governance Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
79 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Statement of Corporate Governance
Compliance with Code provisions
The Board is committed to high standards of corporate governance across the Group and supports the principles laid down in the UK Corporate Governance Code (the ”Code”), as issued
by the Financial Reporting Council. The Board considers that the Group was compliant with most of the principles and provisions of the Code during the financial year ended 31 December
2025. The Board notes that it did not engage with employees regarding executive remuneration pay levels and therefore is not compliant with Provision 41 of the Code, but notes that the
Board does regularly engage with employees through the appointment of a Non-executive Director responsible for employee engagement, who meets regularly with employees and provides
feedback to the Board on employee views. It would be this mechanism that the Group would use to seek engagement with employees regarding executive remuneration pay levels.
To ensure the Group remains compliant with the principles of the Code, the Board reviews and addresses its training and development needs by attending various seminars and teach-ins from
advisers at Board meetings, and in 2025 completed an external Board Effectiveness Review, which evaluated the performance of the Board and its Committees. In addition to this the performance
of the Chair and the Non-executive Directors was reviewed. Further information on the Board Effectiveness Report for the financial year ended 31 December 2025 can be found on page 78.
Principles of the Code
Board leadership and company purpose Section of the Annual Report
A. A successful company is led by an effective and entrepreneurial board, whose role is to promote the long-term sustainable success
of the Company, generating value for shareholders and contributing to wider society. The Board should ensure that the necessary
resources, policies and practices are in place for the Company to meet its objectives and measure performance against them.
Governance Report (pages 68 to 125)
B. The Board should establish the Company’s purpose, values and strategy, and satisfy itself that these and its culture are aligned.
All Directors must act with integrity, lead by example and promote the desired culture.
Strategic Report (pages 01 to 67)
C. Governance reporting should focus on Board decisions and their outcomes in the context of the Company’s strategy and objectives.
Where the Board reports on departures from the Code’s provisions, it should provide a clear explanation.
Directors’ Remuneration Policy (pages 96 to 106)
Principal Risks and Uncertainties
(pages 22 to 30)
D. In order for the Company to meet its responsibilities to shareholders and stakeholders, the Board should ensure effective engagement
with, and encourage participation from, these parties.
Governance Report (pages 68 to 125)
E. The Board should ensure that workforce policies and practices are consistent with the Company’s values and support its long-term
sustainable success. The workforce should be able to raise any matters of concern.
Responsibility and Sustainability
(pages 41 to 66)
Division of responsibilities Section of the Annual Report
F. The Chair leads the Board and is responsible for its overall effectiveness in directing the Company. They should demonstrate objective
judgement throughout their tenure and promote a culture of openness and debate. In addition, the Chair facilitates constructive
Board relations and the effective contribution of all Non-executive Directors, and ensures that Directors receive accurate, timely and
clear information.
Governance Report (pages 68 to 125)
G. The Board should include an appropriate combination of Executive and Non-executive (and, in particular, independent Non-
executive) Directors, such that no one individual or small group of individuals dominates the Board’s decision making. There should be
a clear division of responsibilities between the leadership of the Board and the executive leadership of the Company’s business.
Governance Report (pages 68 to 125)
H. Non-executive Directors should have sufficient time to meet their Board responsibilities. They should provide constructive challenge,
strategic guidance, offer specialist advice and hold management to account.
Governance Report (pages 68 to 125)
I. The Board, supported by the Company Secretary, should ensure that it has the policies, processes, information, time and resources it
needs in order to function effectively and efficiently.
Governance Report (pages 68 to 125)
Governance Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
80 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Composition, succession and evaluation Section of the Annual Report
J. Appointments to the Board should be subject to a formal, rigorous and transparent procedure, and an effective succession plan for
the Board and senior management should be maintained. Both appointments and succession plans should be based on merit and
objective criteria. They should promote diversity, inclusion and equal opportunity.
Governance Report (pages 68 to 125)
Nomination & Governance Committee Report
(pages 89 to 91)
K. The Board and its Committees should have a combination of skills, experience and knowledge. Consideration should be given to the
length of service of the Board as a whole and membership regularly refreshed.
Governance Report (pages 68 to 125)
L. Annual evaluation of the Board should consider its performance, composition, diversity and how effectively members work together
to achieve objectives. Individual evaluation should demonstrate whether each Director continues to contribute effectively.
Governance Report (pages 68 to 125)
Audit, risk and internal control Section of the Annual Report
M. The Board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of
internal and external audit functions and satisfy itself on the integrity of financial and narrative statements.
Audit Committee Report (pages 82 to 85)
N. The Board should present a fair, balanced and understandable assessment of the Company’s position and prospects. Audit Committee Report (pages 82 to 85)
O. The Board should establish and maintain an effective risk management and internal control framework, and determine the nature
and extent of the principal risks the Company is willing to take in order to achieve its long-term strategic objectives.
Principal Risks and Uncertainties (pages 22 to 30)
Risk Committee Report (pages 86 to 88)
Remuneration Section of the Annual Report
P. Remuneration policies and practices should be designed to support strategy and promote long-term sustainable success. Executive
remuneration should be aligned to Company purpose and values, and be clearly linked to the successful delivery of the Company’s
long-term strategy.
Remuneration Committee Report (pages 92 to 95)
Q. A formal and transparent procedure for developing policy on Executive remuneration and determining Director and senior
management remuneration should be established. No Director should be involved in deciding their own remuneration outcome.
Remuneration Committee Report (pages 92 to 95)
R. Directors should exercise independent judgement and discretion when authorising remuneration outcomes, taking account of
Company and individual performance, and wider circumstances.
Remuneration Committee Report (pages 92 to 95)
Governance Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
81 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Committee meetings in 2025
Committee members
The Committee membership, members’
appointment dates and attendance record for
the year ended 31 December 2025 are set out
below:
Committee
members
Date appointed
to Committee Attendance
Alison Morris
(Chair)
May 2022 5/5
Ian Chapple September 2024 5/5
Bryan Joseph June 2023 5/5
David Neave November 2025 1/1
JAN FEB MAR APR M AY JUN
X X X
JUL AUG SEP OCT NOV DEC
X X
The Audit Committee (the “Committee”)
The Committee comprises at least two Non-executive Directors of
the Group, who are considered to be free of any relationship that
would affect their impartiality in carrying out their responsibilities
and are independent as required under Provision 24 of the UK
Corporate Governance Code (the “Code”). Members of the
Committee are appointed by the Board, on the recommendation
of the Nomination & Governance Committee and the Chair of
the Committee. The Committee is to be chaired by an individual
who has significant, recent and relevant financial experience.
The Chair, Chief Executive Officer, Chief Financial Officer and
Chief Actuary are invited to attend meetings, unless they have
a conflict of interest. In addition, the External Audit Partner, the
Internal Audit Partner and the Company Secretary are invited
to attend part or all of the Committee meetings, providing there
is no conflict of interest. Other relevant people from the Group
may also be invited to attend all or part of a meeting to provide
deeper insight into the Group and its issues. The Board considers
that membership of the Committee is appropriate and that it has
the skills and competencies relevant to the role of the Committee
and the insurance sector.
The Committee regularly meets privately with the External Audit
Partner and the Internal Audit Partner. These private discussions
alternate at each meeting and give the external parties access
to the Committee members. The Committee Chair also meets
regularly with both Internal and External Audit Partners outside
of the Committee meetings and is available to shareholders at
the Group’s Annual General Meeting. The Committee is kept up
to date with relevant developments in Accounting Standards
and regulatory requirements through updates from the Chief
Financial Officer, Chief Actuary, Company Secretary, Internal Audit
and External Audit, as and when it is appropriate. Additionally, it
is expected that Committee members keep their knowledge up
to date by attending relevant external or internal training sessions
orevents.
The Chair of the Committee updates subsequent meetings of
the Board and the Company Secretary acts as Secretary to the
Committee. Annually, the Committee reviews its effectiveness.
Audit Committee Report
Committee
meetings in 2025
5
Alison Morris
Chair of the Audit Committee
Contents Generation – Sub Page
Contents Generation - Section
Audit Committee Report
82 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Roles and responsibilities
The Committee, in line with its terms of reference, meets at
least three times a year, and as and when required. The
terms of reference of the Committee can be found on the
Group’s website www.sabreplc.co.uk/about-us/corporate-
governance and are reviewed by the Committee on an
annual basis.
In accordance with its terms of reference the Board has
delegated to the Committee responsibility for overseeing
keyareas including:
– External Audit – this includes considering and making
recommendations to the Board on the appointment
of the external auditor (including approving the
remuneration and terms of appointment) as well as
reviewing the external auditor’s annual audit plan
and the results therefrom, reviewing the quality and
effectiveness of the audit, approving the policy on
non-audit services carried out by the external auditor
and reviewing auditor independence. The Committee
is responsible for managing the relationship with the
Group’s external auditor, PwC, on behalf of the Board. The
effectiveness of the external audit process is dependent
upon communication between the Group and the
auditor, which allows each party to raise potential
accounting and financial reporting issues as and when
they arise, rather than limiting this exchange to only
during regularly scheduled meetings.
– Financial and narrative reporting – this area of
responsibility includes monitoring the integrity and
compliance of the Group’s financial statements and for
providing effective governance over the Group’s financial
reporting, as well as reviewing significant financial
reporting issues and judgements made in connection
with them.
– Internal Audit – the Committee outsources the Internal
Audit function to Deloitte LLP. The Committee reviews and
approves the Internal Audit Strategy and Annual Plan and
receives updates on the Internal Audit activity. Internal
Audit reports are made available to the Board, the
Committee, the Chief Risk Officer, the Company Secretary,
and relevant members of Management.
The primary objective of the function is to systematically
and objectively assess:
i. The effectiveness of the business controls over the
Group’s operations, financial reporting, risk and
compliance areas.
ii. The adequacy of these systems of control to manage
business risk and safeguard the Group’s assets
andresources.
– Internal controls – this includes reviewing the
effectiveness of the Group’s system of internal controls
and ensuring timely action is taken by Management to
address matters arising from the Internal Audit reports.
– Reserves review – the establishment of insurance
liabilities in respect of reported and unreported claims
is the most significant area of judgement within the
financial statements. The Committee maintains oversight
of the reserving process and assumptions used in setting
the level of insurance liabilities, which are assessed by the
Group’s actuaries on a quarterly basis.
– Whistleblowing – reviewing arrangements by which
employees may in confidence raise concerns about
possible improprieties regarding financial reporting
and other matters. The Committee receives an annual
whistleblowing report and reports matters to the Board
asappropriate.
2025 and the Committee
The Committee was in place throughout the financial year
ended 31 December 2025 and met five times during the
period. The Audit Committee was chaired by Alison Morris.
In November 2025 David Neave joined the Committee and
there were no further changes to the composition of the
Committee during the year. The Board is comfortable that
the make-up of the Committee ensures that it is fully able to
fulfil its duties. The Board considers that the Committee Chair
has the appropriate financial expertise, as she is a qualified
accountant with recent and relevant financial services
audit experience, and therefore meets Provision 24 of the UK
Corporate Governance Code. All members of the Committee
attended all of the meetings they were eligible to attend.
The Chief Executive Officer, Chief Financial Officer and
the Chief Actuary attended all the Committee meetings,
as did the External Audit and Internal Audit Partners. All
meetings were minuted by the Company Secretary. The
Committee Chair also held regular individual meetings with
members of Management, the Group’s External and Internal
Audit Partners, and the Company Secretary and Head of
InternalAudit.
Audit Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
83 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Committee reviewed the Group’s policy to hold sufficient
reserves to meet insurance liabilities as they fall due, plus
a risk adjustment reflective of the uncertainty within such
calculation. The Committee specifically considered the
impact of recent high levels of inflation on the level of
insurance liabilities held.
2. Implementation of accounting standards
The Committee noted that no material new or amended
accounting standards had been introduced during the year,
and that there should be no change to the implementation
of the existing standards within the financial statements.
The Committee considered the implementation of IFRS 18
(Presentation and Disclosure of Financial Statements), which
is effective 1 January 2027 and agreed with Management’s
view that the new standard is unlikely to have a material
impact on the Group’s Financial Statements.
3. Internal controls
During the year, the Committee reviewed the adequacy
and effectiveness of the controls that underpin the Group’s
financial reporting control framework, which is part of the
wider internal controls system and addresses financial
reporting risks. The key procedures which the Directors
have established include: an annual budgeting process
with periodic forecasting; reporting financial and solvency
capital information to the Board monthly; reporting on
specific matters, including updated key risks, investments and
taxation; and liquidity monitoring. The Committee considered
the second line of defence review of controls and reports
from Internal Audit. Any control weaknesses that these
procedures identify are monitored and addressed in the
normal course of business. During the year, the Committee
reviewed the preparations of the work required to be
compliant with the enhancements to Provision 29 of the
UK Corporate Governance Code.
During the financial year ended 31 December 2025, the
Committee reviewed:
– The accounting issues and significant judgements
related to the financial statements, including the
adequacy of insurance liabilities;
– The appropriateness of the Group’s accounting policies;
– The process and stress testing undertaken to support the
Group’s viability and going concern statements;
– The external audit plan, which included key areas
of scope, significant risks in the financial statements,
confirmation of the external auditor’s independence and
the proposed audit fee;
– The effectiveness of the external auditor;
– The Group’s system of controls and its effectiveness using
information drawn from a number of different sources,
including Management, and independent assurance
provided by Internal Audit and the external auditor;
– Reports from the Group’s outsourced Internal Audit
function including reviewing and approving their fees; and
– The Committee’s annual effectiveness report responses,
and concluded that the Committee was effective.
Furthermore, the Committee approved:
– The external audit fees and the policy on non-audit
services conducted by the Group’s external auditor;
– For recommendation to the Board, the Group’s
Annual Report and Accounts including the Going
ConcernStatement;
– For recommendation to the Board, which agreed to
recommend to shareholders, the re-appointment of
PwC as the Group’s external auditor. It is noted that the
shareholders of the Group approved the re-appointment
of PwC at the Annual General Meeting held in May 2025;
– The Committee’s terms of reference and confirmed that
the Committee had sufficient resources to enable it to
complete its responsibilities; and
– Confirmed to the Board that the Annual Report and
Accounts, taken as a whole, are fair, balanced and
understandable and provide the necessary information
for the shareholders to assess the Group’s position and
performance and its business model and strategy.
Key matters considered by the Committee
during the year:
The Committee pays particular attention to matters it
considers to be important by virtue of their impact on the
Group’s results, the internal control environment or the level of
complexity, and matters of judgement or estimation involved
in their application to the Consolidated Financial Statements.
The main areas of focus in relation to the Group’s financial
statements for the year ended 31 December 2025 were:
1. Valuation of insurance liabilities
The Committee reviewed the Chief Actuary’s annual
and quarterly reserving reports and challenged the
appropriateness of the process, key judgements and
assumptions supporting the projection of the best estimate
claims and loss adjustment expenses. The Committee
reviewed management’s rationale for the level of risk
adjustment recorded within the claims reserves. The
Committee also discussed such matters with the Group’s
external auditor. The Committee Chair met with the Chief
Actuary without other members of management present. The
Committee noted the inherent uncertainty associated with
the estimation of claims costs, in particular with reference
to the impact of claims inflation. The Committee concluded
that the insurance liabilities presented in the financial
statements were fairly stated. This includes all key judgements
in respect of IFRS 17, including disclosure within the financial
statements, application of discounting to reserves and the
calculation of the risk adjustment.
The Committee agreed with management’s assessment that
the most significant area of estimation within the financial
statements continues to be the estimation of insurance
liabilities. This comprises an estimate of the ultimate cost of
claims incurred at the date of the Statement of Financial
Position, both reported and not yet reported, along with an
estimate of the associated reinsurance recoveries.
Audit Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
84 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Non-audit work conducted by external auditor
The Committee reviewed and approved a policy regarding
non-audit work and fees which requires all non-audit work
proposed to be carried out by the external auditor to be pre-
authorised by the Committee or, if required urgently between
Committee meetings, the Chair of the Committee, in order
to ensure that the provision of non-audit services does not
impair the external auditor’s independence or objectivity.
The non-audit fee cap for the year ended 31 December 2025
was £363k (2024: £358k), being 70% of the average audit
fees billed to the Group by the external auditor in the past
three years, or fewer if appointed within the past three years.
During the financial year ended on 31 December 2025, PwC
charged the Group £461k (2024: £458k) for audit services
and £89k (2024: £89k) for audit-related non-audit assurance
services. A summary of fees paid to the external auditor is set
out in Note 8.4 to the Consolidated Financial Statements.
Committee effectiveness
Annually, the Committee reviews its effectiveness. For the
year ended 31 December 2025, in addition to relevant
questions being asked in the external Board Effectiveness
Review, the Committee completed a self-assessment
questionnaire which was co-ordinated by the Company
Secretary. The results of the questionnaire were discussed
by the Committee, and the Committee concluded that it
had performed effectively during the year and has sufficient
resources to enable it to complete its responsibilities.
On behalf of the Audit Committee
Alison Morris
Chair of the Audit Committee
9 March 2026
4. Going concern and viability
The Committee considered the going concern assumptions
and viability statement in the 2025 Annual Report and
Accounts. In assessing the viability of the Group, the
Committee considered the liquidity and capital position
of the Group over the period to 31 December 2028 under
a range of scenarios which had been selected to reflect
the key risks faced by the Group. Further information on
this can be found in the Viability Statement on pages 31
and 32. In assessing the going concern of the Group, the
Committee considered the financial forecasts and liquidity
for a period of one year from the date of the approval of
thisAnnualReport.
5. Fair, balanced and understandable
The Committee reviewed and concluded that the Annual
Report and Accounts taken as a whole, were fair, balanced
and understandable and provided sufficient information
to enable the reader to assess the Group’s position,
performance, business model and strategy.
6. Task Force for Climate-related Financial
Disclosures (“TCFD”)
The Committee reviewed the disclosures made in accordance
with the TCFD recommendations as part of its review of the
Annual Report and Accounts.
7. Valuation of investment in subsidiaries
The Committee reviewed management’s valuation of
the investment in subsidiaries held by the Group’s Parent
Company. The Committee considered the assumptions
made in the discounted cash flow model used to support
the valuation within the accounts, as well as the disclosures
made on page 208 of the financial statements.
External auditor’s appointment
PwC were appointed as external auditor, following a
competitive tender process, with effect from the year ended
31 December 2022. The financial year ended 31 December
2025 is the fourth year reported on by PwC and there is
therefore no requirement to undertake an audit tender
process. Philip Watson is the PwC Audit Partner, and this is his
fourth year as engagement partner. Resolutions regarding
the re-appointment of PwC and their remuneration were
contained in the Notice of Meeting for the 2025 Annual
General Meeting and both resolutions were approved by
99.9% and 99.9% of shareholders respectively. Resolutions to
re-appoint PwC and to approve their remuneration will also
be contained in the Notice of Meeting for the 2026 Annual
General Meeting.
External audit effectiveness
The Committee has considered the effectiveness of the
external auditor and conducted a formal review by use
of a questionnaire sent to senior management and Audit
Committee members. The results of this questionnaire were
discussed at the Audit Committee without the external
auditor present. The evaluation was also discussed with the
external auditor as appropriate. As a result of this review, it
was concluded that the external audit was independent
and objective, and that the process was effective. The
Audit Committee noted that the external auditor continued
to demonstrate appropriate professional scepticism with
respect to key risk areas, for example by providing challenge
on the estimates and judgements applied in calculating the
Group’s insurance liabilities.
Audit Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
85 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Committee Report
Committee meetings in 2025
Committee members
The Committee membership, members’
appointment dates and attendance record for
the year ended 31 December 2025 are set out
below:
Committee
members
Date appointed
to Committee Attendance
Bryan Joseph
(Chair)
June 2023 5/5
Karen Geary January 2022 4/5
Ian Chapple January 2025 5/5
Alison Morris May 2022 5/5
JAN FEB MAR APR M AY JUN
X X
JUL AUG SEP OCT NOV DEC
X X X
The Risk Committee (the “Committee”)
The Committee comprises at least two Non-executive Directors of
the Group, who are considered to be free of any relationship that
would affect their impartiality in carrying out their responsibilities
and are considered independent, or in the case of the Group’s
Chair, considered independent on appointment. Members of the
Committee are appointed by the Board, on the recommendation
of the Nomination & Governance Committee and the Chair of
the Committee.
The Chief Executive Officer and the Chief Risk Officer are invited
to attend meetings, unless they have a conflict of interest. In
addition, the Chief Financial Officer, the Head of Compliance,
the Head of IT and the Data Protection Officer are invited to
attend part or all of the meeting, providing there are no conflicts
of interest. Other employees of the Group may also be invited to
attend all or part of a meeting to provide deeper insights into the
Group and the issues within the Committee’s scope.
The Committee has regular private meetings with the Chief Risk
Officer and the Head of Compliance. These private meetings
alternate at each meeting and give the Chief Risk Officer and
the Head of Compliance access to Committee members. The
Committee Chair also meets regularly with these individuals,
the Chief Actuary and the Data Protection Officer outside of the
Committee meetings and is available to shareholders at the
Group’s Annual General Meeting.
The Chair of the Committee provides an update on the
Committee’s activities at subsequent meetings of the Board. A
member of the Company Secretariat Team acts as Secretary to
the Committee, as the Company Secretary is also the Chief Risk
Officer. Annually, the Committee reviews its effectiveness.
Committee
meetings in 2025
5
Bryan Joseph
Chair of the Risk Committee
Contents Generation – Sub Page
Contents Generation - Section
Risk Committee Report
86 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Risk Committee Report continued
Roles and responsibilities
The Committee has a planned cycle of activities, managed
through a schedule of matters, to ensure that it addresses
its responsibilities in the current financial year. The terms of
reference of the Committee can be found on the Group’s
website at www.sabreplc.co.uk/about-us/corporate-
governance and are reviewed by the Committee and the
Board on an annual basis. The Committee meets at least
three times a year, in line with its terms of reference, and
asand when required.
The Board has delegated to the Committee responsibility
for ensuring that the Group has robust processes and
procedures in place for the identification and management
of risk. This includes monitoring and reviewing the Group’s
risk management and compliance framework and ensuring
that there are adequate processes for the identification,
evaluation and mitigation of the risks faced by the Group.
The Committee reviews the effectiveness of the Group’s
risk management, compliance management and internal
control systems, and reports to the Board on these areas. In
conducting its reviews, the Committee focuses on material
risks, including the determination of the nature and extent
of the principal risks, and controls in the context of reports it
receives regarding risk management. These include reports
from the Chief Risk Officer, the Head of Compliance, the Data
Protection Officer and the Head of IT.
The Committee leads the process for:
– Risk management – this includes reviewing and monitoring
the effectiveness of the procedures for the identification,
assessment and reporting of risk as well as setting, and
monitoring adherence to, a risk appetite that defines the
nature and extent of the risks that the Group is facing
and should be willing to accept in achieving its strategic
objectives. It also includes oversight of the processes by
which risk-based capital requirements, and the Group’s
solvency position, are determined and monitored.
The Committee further advises the Board on the Group’s
overall risk appetite, tolerance and strategy, and oversees
and advises the Board on its risk strategy and current risk
exposures. In addition to this, the Committee is responsible
for the appointment and removal of the Group’s Chief Risk
Officer and reviewing their reports and management’s
responses to the findings and recommendations.
– Risk controls – these are in place and are designed to
mitigate the risks that the Group faces, rather than to
eliminate the risk of failure to achieve business objectives.
The Risk Committee ensures timely action is taken by
management to address matters arising from the risk
andcompliance assessments.
– Principal risks and uncertainties – details of the Group’s
principal risks and uncertainties are set out on pages 22
to 30 together with information about the management
and mitigation of such risks.
– Compliance – reviewing the Group’s compliance policies
and procedures to ensure that the Group complies with
relevant regulatory and legal requirements.
– Data protection – the appointment and removal of
the Group’s Data Protection Officer, reviewing how the
Group meets its obligations under the Data Protection
Act, reviewing all reports from the Data Protection
Officer and management’s responses to the findings
andrecommendations.
– Risk and remuneration alignment – the Committee
provides input to the Remuneration Committee regarding
the weightings to be applied to performance objectives
relating to the Executive Team’s management of risk
throughout the year.
2025 and the Committee
The Committee was in place throughout the financial year
ended 31 December 2025, and met five times through the
period. All Committee meetings were minuted. The Chief
Executive Officer and the Chief Risk Officer attended, partially
or fully, all the Committee’s meetings. The Chief Financial
Officer, the Head of Compliance, Data Protection Officer and
the Head of IT attended certain meetings during the year.
The Committee Chair also held regular individual meetings
with the Chief Risk Officer, the Data Protection Officer and
the Head of Compliance. The Board is comfortable that the
make-up of the Committee ensures that it is fully able to fulfil
its duties.
During the year, the Committee addressed its
responsibilitiesby:
– Confirming that management had fulfilled their
obligations regarding the management of the
Group’srisks;
– Reviewing reports from the Chief Risk Officer regarding
risk management, including the procedures and plan
relating to the management of risk across the Group;
– Reviewing and approving the risk management
framework and risk appetite framework, the corporate risk
registers and the Group’s principal risks anduncertainties;
– Reviewing reports from the Head of Compliance
regarding compliance across the Group, including
progress against the Compliance Monitoring Plan;
– Reviewing reports from the Group’s Data
ProtectionOfficer;
– Confirming that the Chief Risk Officer, Head of
Compliance and Data Protection Officer had fulfilled their
obligations regarding their roles;
– Reviewing regulatory correspondence;
– Reviewing and recommending to the Board the
Group’sORSA;
– Considering if any Internal Audit report identified any risks
that were not being managed effectively;
– Reviewing the Committee’s terms of reference;
– Reviewing the annual Committee’s evaluation responses
and concluding that the Committee was effective; and
– Confirming that the Committee had sufficient resources
to enable it to complete its responsibilities.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
87 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
In addition, the Group has in place Board-approved policies
on the Anti-facilitation of Tax Evasion (Criminal Finances
Act 2017) and on the Prevention of Fraud (the Economic
Crime and Corporate Transparency Act 2003). The Group is
committed to operating a control environment that prevents
the facilitation of tax evasion, and the perpetration of fraud,
by the business and by all associated persons.
Committee effectiveness
Annually, the Committee reviews its effectiveness. For the year
ended 31 December 2025, in addition to relevant questions
being asked in the external Board Effectiveness Review, the
Committee completed a self-assessment questionnaire
which was co-ordinated by the Company Secretary. The
results of the questionnaire were discussed by the Committee
and reported to the Board, and the Committee concluded
that it had performed effectively during the year and has
sufficient resources to enable it to complete its responsibilities.
On behalf of the Risk Committee
Bryan Joseph
Chair of the Risk Committee
9 March 2026
Specific discussions were had by the Committee on:
– Monitoring and reviewing the Group’s top risks across its
risk universe, emerging risks, issues and breaches;
– Cyber-security;
– Economic outlook;
– Operational resilience;
– PRA and FCA Discussion papers, consultation papers and
policy statements;
– FCA Consumer Duty;
– Complaints; and
– Climate change and its impact on Sabre’s business
andoperations.
Sabre’s approach to data protection
Sabre is committed to handling data responsibly and
complying with data protection laws. The appointed Data
Protection Officer reports to the Board via the Risk Committee,
ensuring oversight and accountability. Data Protection
policies and procedures are regularly reviewed to safeguard
personal data and maintain transparency with customers
and employees. All new starters receive a 15-minute
induction with the Data Protection Team with annual
mandatory training and face-to-face sessions with the Data
Protection Officer to reinforce awareness and responsibilities.
Financial crime and anti-bribery
The Committee reviews the Group’s Anti-Bribery and Corruption
Policy annually. The policy covers: the main areas of liability
under the Bribery Act 2010; the responsibilities of the Directors,
employees and associated persons acting for, or on behalf
of, the Group; and the consequences of any breaches of the
policy. The Policy is designed to prevent and prohibit bribery, in
line with the Bribery Act 2010. The Group will not tolerate any
form of bribery by, or of, its Directors, Officers, employees, agents
or consultants or any person orbody acting on its behalf, and
no such incidents occurredin the 2025 financial year.
Risk Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
88 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Nomination & Governance Committee
(the “Committee”)
The Committee comprises at least three Non-executive Directors
of the Company, all of whom are to be considered to be free of
any relationship that would affect their impartiality in carrying out
their responsibilities and were independent as required under
Provision 17 of the UK Corporate Governance Code (the “Code”).
The Committee is chaired by the Group Chair, unless there is a
conflict of interest.
The Chief Executive Officer, Company Secretary and Head of HR
may also be invited to attend meetings, unless this presents a
conflict of interest. The Committee Chair meets regularly with the
Chief Executive Officer outside of the Committee meetings and
is available to answer shareholder questions at the Company’s
Annual General Meeting.
The Chair of the Committee provides updates on Committee
proceedings to subsequent meetings of the Board and the
Company Secretary acts as the Secretary to the Committee.
Annually, the Committee reviews its effectiveness.
Roles and responsibilities
The Committee has a planned cycle of activities, managed
through a schedule of matters, to ensure that it addresses its
responsibilities in the current financial year. The terms of reference
of the Committee can be found on the Company’s website at
www.sabreplc.co.uk/about-us/corporate-governance and are
reviewed by the Committee on an annual basis. The Committee
meets at least twice a year, in line with its terms of reference, and
meets on an adhoc basis when required.
Rebecca Shelley
Chair of the Nomination &
GovernanceCommittee
Committee meetings in 2025
Committee members
The Committee membership, members’
appointment dates and attendance record for
the year ended 31 December 2025 are set out
below:
Committee
members
Date appointed
to Committee Attendance
Rebecca Shelley
(Chair)
October 2017 2/2
Ian Chapple September 2024 2/2
Karen Geary December 2020 2/2
Bryan Joseph September 2023 2/2
Alison Morris October 2022 2/2
David Neave September 2025 1/1
JAN FEB MAR APR M AY JUN
X
JUL AUG SEP OCT NOV DEC
X
Committee
meetings in 2025
2
Nomination & Governance Committee Report
Contents Generation – Sub Page
Contents Generation – Section
Nomination & Governance
Committee Report
89 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Nomination & Governance Committee Report continued
Sabre believes that membership of its Boards and
Committees should reflect diversity relating to age, gender,
ethnicity and professional qualifications. Appointment of
individuals to the Board is based on merit, and consideration
is given to a combination of these diversity factors, but
also the needs and requirements of the Group, to ensure a
sufficient skillset and knowledge base. The Board believes
that a range of views, experience, and background supports
good decision making, which is of benefit to the Group’s
shareholders, customers and other stakeholders. In support
of this, when the Board seeks to appoint a new position to
the Board or the Leadership Team, it expects to be provided
with a diverse range of candidates, notably long lists which
are gender and ethnically diverse.
2025 and the Committee
The Committee was in place throughout the financial year
ended 31 December 2025 and met twice. For the financial
year ended 31 December 2025, all the Non-executive
Directors of the Group sat on the Committee. All Committee
members attended all the meetings they were eligible to
attend. The Chief Executive Officer attended, partially or
fully, all the Committee’s meetings, the Company Secretary
attended and minuted each meeting, and the Head of HR
presented at the March 2025 meeting.
During the year, David Neave joined the Committee. There were
no further changes to the make-up of the Committee during
the year, and the Board is comfortable that the make-up of the
Committee ensures that it is fully able to fulfil itsduties.
The Committee leads the processes for:
– Reviewing the size, structure and composition of
theBoard;
– Overseeing succession planning for the Chair, Directors
and other senior executives, considering the challenges
and opportunities facing the Group, and the skills and
expertise needed on the Board in the future;
– Reviewing the leadership needs of the organisation, both
Executive and Non-executive, with a view to ensuring
the continued ability of the organisation to compete
effectively in the marketplace;
– Reviewing strategic issues and commercial changes
affecting the resource needs of the Group and the
market in which it operates;
– Reviewing the Group’s policy on diversity and ensuring
compliance with relevant regulations;
– Identifying, evaluating and recommending candidates to
join the Board;
– Making recommendations to the Board regarding
the make-up of the Company’s Committees and the
appointment of the Senior Independent Director; and
– Making recommendations regarding the election and
re-election of the Directors by shareholders.
Diversity and inclusion
The Committee recognises the benefits of, and values the
importance of, an inclusive and diverse Board and maintains
an Inclusivity and Diversity Policy to support this. This Policy
is reviewed at least annually by the Committee, and further
information on the Policy can be found on page 47. Sabre
believes that this is not only fair, but that it ensures optimal
decision making and successful execution of the Group’s
strategy. Therefore, inclusivity and diversity of its Board and its
employees is a priority of the Group. In addition to this, the
Group is fully committed to the elimination of unlawful and
unfair discrimination.
During the financial year which ended on 31 December
2025, the Committee:
– Approved the Nomination & Governance Committee
Report in the Annual Report;
– Reviewed and recommended to the Board the election
and re-election of Directors at the Company’s 2025
Annual General Meeting;
– Discussed the balance of skills and experience on
the Board and its Committees, their structure, and
considered if any changes were necessary, and made
recommendations to the Board for their implementation;
– Reviewed the talent development and succession
and training plans for the Executive Team and
seniormanagers;
– Reviewed and approved the Committee’s terms of
reference and schedule of matters, and the Group’s
Diversity and Inclusion Policy;
– Reviewed the annual Committee’s evaluation responses
and concluded that the Committee was effective;
– Confirmed that the Committee had sufficient resources to
enable it to complete its responsibilities.
Further information on topics the Nomination & Governance
Committee have discussed are:
Succession planning
The Committee reviews the succession and development
plans of the Executive Team and senior managers
throughout the year. The Committee reviews the skills matrix
of the Non-executive Directors, showing where certain skills
will be lost from the Board and in what time-frame, to enable
them to be replaced as appropriate.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
90 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Composition of Committees
The Nomination & Governance Committee continually
reviews the composition of the Board Committees. As at
the year ended 31 December 2025 the Board comprised
eight Directors: the Chair, two Executive Directors and five
independent Non-executive Directors. The Committee reviews
the Board Committee memberships to ensure that the
balance of skills and knowledge is appropriately spread.
Electing and re-electing Directors
The Nomination & Governance Committee has reviewed
and adopted the Code recommendation that all
Directors should be subject to annual re-election (in
Compliance with Code Provision 18) and, as set out in
the Articles of Association, all Directors will be submitting
themselves for election or re-election by shareholders at the
forthcomingAGM.
Committee effectiveness
Annually, the Committee reviews its effectiveness. For the
year ended 31 December 2025, in addition to relevant
questions being asked in the external Board Effectiveness
Review, the Committee completed a self-assessment
questionnaire which was co-ordinated by the Company
Secretary. The results of the questionnaire were discussed
by the Committee, and the Committee concluded that it
had performed effectively during the year and has sufficient
resources to enable it to complete its responsibilities.
On behalf of the Nomination & Governance Committee
Rebecca Shelley
Chair of the Nomination & Governance Committee
9 March 2026
Appointment of an additional
Non-executive Director
During the year, it was agreed to appoint an additional
Non-executive Director to the Board. The Committee reviewed
the experience and skills of the existing Board Directors
and considered what additional skills would be beneficial
for the Board to enable it to drive the business forward,
provide good corporate governance and strengthen
knowledge on the Board. From this a list of skills criteria for
the role was completed. The Chair led the search process
for the new Non-executive Director and appointed Teneo,
an independent external search agency, to source suitable
candidates. It was felt Teneo’s experience of the industry
and knowledge of the Company was strong and therefore
they were the most appropriate agency to use for the
appointment. After a short list was completed, the preferred
candidate – David Neave – met with all members of the
Board, and it was agreed that David be appointed as a
Non-executive Director with effect from 1 August 2025. It was
felt that David’s skills and experience, particularly his strong
insurance industry experience, was the most appropriate to
meet the needs of the Board. It was agreed that David would
join the Audit, Remuneration and Nomination & Governance
Committees with effect from the first meeting held following
his appointment. David will stand for election to the Board
atthe Annual General Meeting in 2026.
Upon appointment, Non-executive Directors take part in
a thorough induction process which is co-ordinated by
the Company Secretary. The induction includes individual
meetings with the other Non-executive Directors, Executive
Directors, members of the Leadership Team, as well as
both Internal and External Audit Partners and visits to the
Company’s office in Dorking, Surrey. These meetings follow
an agenda to cover key areas of the business to assist the
new Non-executive Director with the necessary information
to carry out their role effectively. In addition, the newly
appointed Non-executive Director is provided with a directory
of documents, including Committee Schedule of Matters
and Terms of Reference, Code, Regulatory and Listing Rules
and Group policies and procedures.
Nomination & Governance Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
91 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Remuneration Committee Report
Committee meetings in 2025
Committee members
The Committee membership, members’
appointment dates and attendance record
forthe year ended 31 December 2025 are
setout below:
Committee
members
Date appointed
to Committee Attendance
Karen Geary
(Chair)
December 2020 5/5
Ian Chapple September 2024 5/5
Bryan Joseph March 2024 4/5
David Neave September 2025 2/2
JAN FEB MAR APR M AY JUN
X X X
JUL AUG SEP OCT NOV DEC
X X
On behalf of the Board, I am pleased
to present to you the Remuneration
Committee’s Report for the year ended
31 December 2025.
The results for 2025 continue to demonstrate the effectiveness of
the Sabre Executive Team’s rigorous application of its “profitability is
the target, volume is the output” approach. In unattractive market
conditions volumes were allowed to reduce, and focus remained
on writing business at attractive and sustainable margins.
This has resulted in a strong financial performance for the year,
alongside tangible progress in delivering the Group’s medium-
term growth plans outlined in its Ambition 2030 strategy.
The Remuneration Committee therefore considers that 2025 was
a highly successful year for the business.
This report has been prepared in accordance with the Directors’
Remuneration Reporting Regulations for UK incorporated
companies set out in Schedule 8 of the Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations
2008 (as amended) and the principles of the UK Corporate
Governance Code.
The report is presented in the following sections:
– Remuneration Committee Report
– Group’s Directors’ Remuneration Policy (the “Policy”)
– Annual Report on Remuneration
Committee
meetings in 2025
5
Karen Geary
Chair of the Remuneration Committee
Contents Generation – Sub Page
Contents Generation - Section
Remuneration Committee Report
92 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Remuneration Committee
(the “Committee”)
The Committee comprises at least two Non-executive
Directors of the Group, all of whom are considered
to be free of any relationship that would affect their
impartiality in carrying out their responsibilities and are
independent as required under Provision 32 of the UK
Corporate Governance Code (the ”Code”). Members
of the Committee are appointed by the Board, on the
recommendation of the Nomination & Governance
Committee and the Chair of the Committee. Members of
the Committee do not have any personal interests in the
topics discussed at the Committee, except where they are
also shareholders in the Group. No Director is involved in
the decisions setting their ownremuneration.
The Chair and the Chief Executive Officer are invited to
attend meetings, unless they have a conflict of interest,
for example the discussion of their own remuneration. All
meetings are minuted by the Company Secretary, unless
there is a conflict of interest. Other relevant people from the
Group may also be invited to attend all or part of a meeting
to provide deeper insight into the Group and its issues.
The Committee Chair meets regularly with the Chief
Executive Officer and the Company Secretary outside of
the Committee meetings and is available to shareholders
to answer their questions at the Group’s Annual General
Meeting. The Chair of the Committee updates subsequent
meetings of the Board, and the Company Secretary acts as
Secretary to the Committee. Annually, the Committee reviews
its effectiveness.
Roles and responsibilities
The Committee, in line with its terms of reference, meets
at least twice a year, and as and when required. The
terms of reference of the Committee can be found on the
Group’s website www.sabreplc.co.uk/about-us/corporate-
governance and are reviewed by the Committee on an
annual basis. The Committee has a planned cycle of
activities, managed through a schedule of matters, to ensure
that it addresses its responsibilities in each financial year.
The Board has delegated to the Committee responsibility
for ensuring that the Executive Team is appropriately
incentivised to deliver sustainable growth to shareholders
over the long term. The Committee supports this objective
by structuring and deploying remuneration in a cost-
effective manner, embedding a clear link between pay
and performance in the Group’s remuneration framework.
The Committee is responsible for setting the Remuneration
Policy for the Executive Directors, the Executive Team
and the Group’s Chair, including pension rights and any
compensation payments. It is also responsible for reviewing
all share incentive plans and setting and approving the
achievement of their performance conditions, as well as
reviewing all employee pay arrangements periodically.
Thefees of the Non-executive Directors are approved by
theChair and the Executive Directors.
Committee advisers
For the financial year ended on 31 December 2025, the
Committee appointed Deloitte LLP (“Deloitte”) to provide
advice regarding remuneration. Advisers from Deloitte
may attend the Committee meetings as appropriate,
and provide advice on executive remuneration, best
practice and market updates. Annually, the Committee
evaluates the support provided by its advisers. During
the year, the Committee reviewed the performance of
Deloitte, who were subsequently re-appointed to advise
the Committee for a further year. Deloitte is a founding
member of the Remuneration Consultants Group and
voluntarily operates under their Code of Conduct in relation
to executive remuneration consulting in the UK. As such, the
Committee issatisfied that the advice provided by Deloitte
isindependent and objective.
The total fees paid to Deloitte in relation to the remuneration
advice provided to the Committee during the year were
£4.9k excluding VAT (2024: £7.6k). Fees were charged on a
time and materials basis. During the year, the wider Deloitte
firm also provided internal audit services to the Group. The
fees paid for this work are not included in these totals.
Remuneration Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
93 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
In addition to the financial performance conditions linked
to the bonus, 30% of the awards were subject to additional
Group-wide objectives and individual performance targets.
Strong performance was delivered against these objectives
and the Committee’s full assessment is outlined on pages
109 to 111. Following this assessment, resulting bonuses were
£479k (90.6% of salary) for the Chief Executive Officer and
£251k (77.9% of salary) for the Chief Financial Officer. Full
details of the bonus outturn are on page 108.
Awards made under the Long Term Incentive Plan (”LTIP”) in
2023 were made in the form of restricted shares. These LTIP
awards were subject to the following underpins:
– Maintaining a solvency ratio in excess of 140%
– Achieving a return on tangible equity in excess of 10%
– No material regulatory censure (relating to the Executive
Director’s time in office)
– Overall Committee discretion
As these underpins were met, the Committee approved
the vesting of the 2023 LTIP awards at 100% and therefore
the Chief Executive Officer and the Chief Financial Officer
received the full number of shares granted to them in
2023, which was the equivalent of 75% and 60% of salary,
respectively. These awards vest post the release of the 2025
Financial Results, when the Executive Directors will be able to
sell shares to cover the tax liability, and the remaining shares
are subject to a further two-year holding period. Further
information on the 2023 LTIP can be found on page 113.
Overall, the Committee considered that the outcomes
under the 2025 STIP and the 2023 LTIP are a fair reflection
of the overall performance of the Group and the Executive
Directors and are considered appropriate in the context of
the broader stakeholder experience. As such, the Committee
is satisfied that the Policy operated as intended during the
financial year and did not exercise discretion in respect of
the Policy or its operation during the year. To comply with the
2024 UK Corporate Governance Code, we also confirm no
application of malus and clawback provisions in respect of
the Executive Directors during the year.
Committee effectiveness
Annually, the Committee reviews its effectiveness. For the
year ended 31 December 2025, in addition to relevant
questions being asked in the external Board Effectiveness
Review, the Committee completed a self-assessment
questionnaire which was co-ordinated by the Company
Secretary. The results of the questionnaire were discussed
by the Committee, and the Committee concluded that it
had performed effectively during the year and has sufficient
resources to enable it to complete its responsibilities.
Executive remuneration in 2025
The Group has a well-defined strategy, whereby the
profitability of business written is prioritised under all market
conditions. In 2025 the success of this strategy has been
clearly demonstrated, following an extended period where
market-wide premium increases continued to lag claims
costs inflation, and when many competitors re-priced
their portfolio or left the market completely. Maintaining
absolute profit at a similar level to 2024 despite weak
marketconditions showed the strength in Sabre’s model
anddemonstrated the positive impact of pricing discipline
held by the Management Team.
The Remuneration Committee discussed and approved the
remuneration outcomes in respect of 2025 shortly after the
year end and made no amendments to the predetermined
performance conditions for the annual bonus award
or the outstanding LTIP awards. The annual bonus for
2025 under the Group’s STIP was based on a bonus pool
funding approach, calculated as 1.5% of PBT, subject to the
achievement of a minimum level of 10% ROTE. The PBT for the
year ended 31 December 2025 was £51.0m and a ROTE of
37.2% was achieved, and therefore the aggregate profit pool
potentially available for distribution to the Chief Executive
Officer and Chief Financial Officer for the year was£765k.
2025 and the Committee
The Committee was in place throughout the financial year
ended 31 December 2025 and met five times through the
period. The Committee was chaired by Karen Geary. During
the year, David Neave joined the Committee. There were no
further changes to the make-up of the Committee during the
year and the Board is comfortable that the make-up of the
Committee ensures that it is fully able to fulfil its duties.
Each meeting was minuted by the Company Secretary.
The Chief Executive Officer, the Company Secretary and
the Head of HR either partially or fully attended all of the
Committee meetings. The Committee Chair also held regular
individual meetings with the Chief Executive Officer and
theCompany Secretary.
During the year, the Committee addressed its responsibilities by:
– Approving the Directors’ Remuneration Report;
– Reviewing and approving the payment of bonuses
under the Short Term Incentive Plan (“STIP”), including
approving 50% of the vested award being deferred to the
Group’s Deferred Bonus Plan;
– Setting the award levels and the financial, non-financial
and individual performance conditions for the awards
made under the 2025 STIP;
– Setting the grant levels and underpins for the awards
under the 2025 LTIP;
– Reviewing and approving changes to the salaries of
theExecutive Team;
– Reviewing remuneration across the Group to ensure that
arrangements continue to align with our strategy, and
our key principles around remuneration and culture;
– Reviewing and approving the fees of the Chair;
– Reviewing the Group’s SAYE and SIP employee
contribution levels;
– Approving the Group’s SAYE 2025 grant;
– Reviewing and approving the Committee’s terms of
reference and schedule of matters;
– Reviewing the Committee’s effectiveness; and
– Reviewing and publishing the Group’s Gender Pay
GapReport.
Remuneration Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
94 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Shareholder engagement
Sabre and the Remuneration Committee are committed
to maintaining an ongoing dialogue with shareholders on
issues of remuneration to ensure an open and transparent
dialogue. We continue to welcome any feedback you may
have, via the Company Secretary, who can be contacted at
anneka.kingan@sabre.co.uk
I look forward to your support on the resolutions relating to
remuneration at the Group’s Annual General Meeting in
May2026.
On behalf of the Remuneration Committee
Karen Geary
Chair of the Remuneration Committee
9 March 2026
Statement of shareholder voting
The following table shows the results of shareholder voting
relating to the approval of the Remuneration Policy at the
2024 Annual General Meeting and the approval of the
Remuneration Report at the 2025 Annual General Meeting.
2024 Annual General Meeting resolution to
approve the Directors’ Remuneration Policy
Total number
of votes % of votes cast
For (including discretionary) 199,640,582 91.3
Against 18,992,339 8.7
Total votes cast
(excluding withheld votes) 218,632,921 100
Votes withheld 4,424 n/a
Total votes cast
(includingwithheld votes) 218,637,345 n/a
2025 Annual General Meeting resolution to
approve the Directors’ Remuneration Report
Total number
of votes % of votes cast
For (including discretionary) 204,614,685 98.8
Against 2,518,537 1.2
Total votes cast
(excluding withheld votes) 207,133,222 100
Votes withheld 21,653 n/a
Total votes cast
(includingwithheld votes) 207,15 4 ,875 n/a
Wider considerations regarding reward
When considering the remuneration arrangements for the
Executive Directors, the Committee continues to consider
remuneration throughout the Group and regularly examines
the average employee salary, pension and share plan
contributions. The Committee is aware of the importance
ofhaving an engaged, motivated and fairly paid workforce.
To support this, the Committee receives regular updates on
remuneration of the Group’s employees.
During the year, the Group reviewed and increased the
starting salaries for trainees, and the Group confirms that
a minimum of the Real Living Wage is paid to all full-time
employees. As in prior years, the Group gave employees
pay rises during the year, at an average of 3.6% excluding
individual one off salary increases, paid an employee
performance bonus to all employees, and a Christmas
bonus. In addition, the Group continues to provide free
private health insurance to its employees, which also
provides discounted gym memberships, dietary advice, and
free workshops promoting a healthier lifestyle and good
mental health, and during 2025 introduced an additional
day’s holiday foremployees’ birthdays, with effectfrom
1January2026.
The Group continues to operate a Save As You Earn (“SAYE”)
Plan where employees can make a monthly contribution
of up to £500, and a Share Incentive Plan (“SIP”) where,
for every three shares an employee purchases the Group
matches with one free share. It is the Committee’s intention
that both the SAYE Plan and SIP will remain in place for the
financial year ending 31 December 2026.
Whilst the Group currently has fewer than 250 employees
and so is not required to submit a formal statement on its
gender pay gap, the Board’s intention is to be transparent.
Assuch, in 2019 the Committee made a commitment to
publish the Group’s Gender Pay Gap Report. The Committee
ensures that the report is updated annually, and it is
available on the Group’s website www.sabreplc.co.uk/
about-us/corporate-governance/
Remuneration Committee Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
95 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Directors’ Remuneration Policy
(the “Policy”)
Sabre Insurance Group’s Directors’ Remuneration Policy
as set out in this report (the “2024 Directors’ Remuneration
Policy”) was approved by shareholders at the Group’s
Annual General Meeting (“AGM”) on 23 May 2024, with a
vote of 91.31% in favour. The Committee intended that the
Policy is simple and clear, links the Group’s strategy and
performance with the Directors’ remuneration, reflecting
the insurance industry’s cyclical nature, and is compliant
with corporate governance best practice. In line with the
requirement to seek approval of the Policy every three years,
it is our intention to seek shareholder approval of a new
Policy at the 2027 AGM.
The Remuneration Policy was developed taking into account
the Committee’s requirements that it:
– Is simple and transparent;
– Rewards performance against a balanced mix of
financial and non-financial performance metrics, which
reflect the interests of all stakeholders;
– Reflects that, although the business is cyclical in
nature, the focus of the Executive Team is to protect
the profitability of business underwritten and to deliver
attractive returns to shareholders. Accordingly, a Policy
that offers, relative to the broader market, a narrower, but
more predictable, range of performance and reward
outcomes is better aligned to Sabre’s positioning as an
‘income stock’;
– Closely aligns the remuneration of the Executive Team
with the business’s profit generation at different parts of
the insurance cycle, rather than achievement against the
annual budget;
– Encourages long-term share ownership and aligns with
the creation of shareholder value;
– Mitigates risk by ensuring the Committee has the ability
to apply discretion to ensure that award levels are
appropriate, and that the Committee has the ability to
apply malus and/or clawback if required; and
– Complies with remuneration regulations under Solvency II
and corporate governance best practice.
In designing the Group’s Remuneration Policy, the Committee
has been guided by the three following principles:
1. Cost-effectiveness
Sabre intends to pay no more than is necessary to attract,
retain and incentivise high-calibre management, while
also aligning the interests of employees with those of
shareholders and, where appropriate, other key stakeholders.
2. Pay for performance
Performance-related pay will, potentially, make up a
significant proportion of the Executive Directors’ remuneration
packages and will be assessed based on stretching targets.
3. Long-term alignment
There will be an appropriate balance of remuneration to the
delivery of longer-term performance targets. In determining
the Group’s Remuneration Policy, the Committeehas
taken into account the relevant regulatoryand
governanceprinciples.
Directors’ Remuneration Policy
Contents Generation – Sub Page
Contents Generation - Section
Directors’ Remuneration Policy
96 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The following table summarises how, in designing the Group’s Remuneration Policy and its implementation, the Committee has addressed the principles set out in Provision 40 of the 2018 UK
Corporate Governance Code.
Principle How the Committee has addressed this
Clarity
Remuneration arrangements should be transparent and
promote effective engagement with shareholders and
the workforce.
The Committee is committed to providing clear and transparent disclosure of Sabre’s executive remuneration arrangements.
As part of the Remuneration Policy review, we consulted with shareholders in order to ensure their feedback was
fullyconsidered.
Further information – Karen Geary was appointed as the designated Non-executive Director for employee engagement
during 2022. Karen actively engages with employees and feeds back to the Committee and the Board on her meetings in
order to provide insight on employees’ views.
Simplicity
Remuneration structures should avoid complexity and their
rationale and operation should be easy to understand.
In designing the remuneration framework, the Committee sought to avoid complexity by ensuring compensation
arrangements are straightforward and easily understood.
Sabre’s remuneration framework comprises fixed pay, an annual bonus and a LTIP and is well understood by both
participants and our key stakeholders.
Risk
Remuneration arrangements should ensure reputational and
other risks from excessive rewards, and behavioural risks that
can arise from target-based incentive plans, are identified
and mitigated.
The Committee is satisfied that the remuneration structure does not encourage excessive risk taking and incorporates a
number of features that align remuneration outcomes with risk. These include deferral under the bonus plan, the two-year
post-vesting holding periods under the LTIP and personal shareholding guidelines that apply both in employment and post-
employment. Furthermore, the Committee has the discretion to reduce variable pay outcomes where appropriate, and malus
and clawback provisions apply to both the annual bonus and LTIP awards.
Further information – the Risk Committee reviews the Executive Team’s management of risk during the year and advises the
Remuneration Committee as appropriate, prior to the Committee approving any awards of payment of bonuses.
Predictability
The range of possible values of rewards to individual Directors
and any other limits or discretions should be identified and
explained at the time of approving the policy.
The Remuneration Policy outlines the threshold, target and maximum levels of pay that Executive Directors can earn in any
given year over the three-year life of the approved Remuneration Policy.
Actual incentive outcomes will vary depending upon the level of achievement against specific performance measures
andunderpins.
Proportionality
The link between individual awards, the delivery of strategy
and the long-term performance of the Group should be clear.
Outcomes should not reward poor performance.
The Committee is comfortable that the Remuneration Policy does not reward poor performance and that the range of
potential payouts are appropriate and reasonable.
The Committee has discretion to adjust incentive outcomes where they are not considered to appropriately reflect underlying
performance. Furthermore, payments made under the incentive plans are subject to the achievement of performance
measures and underpins which are directly linked to the Group’s strategy and KPIs.
Alignment of culture
Incentive schemes should drive behaviours that are
consistent with Group purpose, values and strategy.
The performance measures for the annual bonus and the award of RSAs are directly linked to the Group’s strategy, objectives
and values.
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
97 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Remuneration Policy Table
The Executive Directors’ remuneration consists of five main components: a base salary, benefits, employer pension contributions, a performance-related annual bonus (“STIP”) and Restricted
Share Awards made under the Group’s Long Term Incentive Plan (“LTIP”). Executive Directors are also entitled to participate in both the all-employee share plans on the same basis as other
Groupemployees.
Salary
To attract, incentivise and retain Executive Directors of a high calibre, and to reflect their responsibilities and experience.
Operation Maximum opportunity Performance measures
Base salaries will be reviewed at least annually, taking
into account the scope and requirements of the role, the
performance and experience of the Executive Director and
theindividual’s total remuneration package.
Account will also be taken of remuneration arrangements
at Sabre’s peer companies (and other companies of an
equivalent size and complexity), for other Group employees,
and the impact of any base salary increases on the total
remuneration package.
Any salary increases are normally effective from 1 April each
year, in line with the broader workforce.
The Committee has decided not to set an overall maximum
monetary opportunity or increase. However, the Committee
intends that Executive Directors’ salary increases will normally
be no greater than salary increases offered to the wider
employee population.
There are specific circumstances in which the Committee
could award increases outside this range which may include:
– A change in the Executive Director’s role and/
orresponsibilities
– Performance and/or development in role of the
ExecutiveDirector
– A significant change in the Group’s size, composition and/
or complexity
– A significant change in market practice. Where an
Executive Director has been appointed to the Board at
a below-market starting salary, larger increases may be
awarded as their experience develops, if the Committee
considers such increases to be appropriate
n/a
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
98 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Benefits
To provide a benefits package to recruit and retain Executive Directors of a high calibre and to promote the wellbeing and health of the Directors, enabling them to focus on the
Group’sperformance.
Operation Maximum opportunity Performance measures
The Committee’s policy is to provide Executive Directors
with competitive levels of benefits, taking into consideration
the benefits provided to Sabre’s employees and the
externalmarket.
Benefits currently include (but are not limited to) life insurance
and private medical insurance.
If an Executive Director is required to relocate as a result
of his/her duties, the Group may provide the Executive
Director with additional benefits such as assistance with
relocation, travel, accommodation or education allowances
or professional tax advice, along with any associated
taxliabilities.
As the costs of benefits are dependent on the Executive
Director’s individual circumstances, the Committee has not
set a maximum monetary value.
However, in approving the benefits paid, the Committee
will ensure that they do not exceed a level which is, in the
Committee’s opinion, appropriate given the Executive
Director’s particular circumstances.
n/a
Pension
To provide a pension package for the Executive Directors.
Operation Maximum opportunity Performance measures
The Group may make employer pension contributions to
a registered pension plan (or such other arrangement the
Committee considers has the same economic effect) set up
for the benefit of each of the Executive Directors.
Alternatively, an Executive Director may be awarded some/all
of the contribution as an equivalent cash allowance in lieu of
pension contributions.
The maximum pension contribution for Executive Directors is
aligned with the most prevalent rate available to employees.
n/a
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
99 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Directors’ Remuneration Policy continued
Long Term Incentive Plan (“LTIP”) – Restricted Share Awards (“RSA”)
To incentivise and reward delivery of the Group’s longer-term strategic objectives for the business and ensure alignment with shareholders.
Operation Maximum opportunity Performance measures
Awards are structured as conditional rights or nil-cost awards or nil-cost
options, to receive free shares on vesting.
Shares will normally vest after three years, subject to continued
employment and the Remuneration Committee’s assessment, with an
additional two-year holding period, meaning that shares are not normally
released until five years from awardgrant.
If the Group does not meet one or more of the underpins at the date
of vesting, then the Committee would review whether or not it was
appropriate to reduce the number of shares that vest under the award.
The Committee’s general discretion to adjust vesting levels, depending on
performance and unforeseen circumstances, and any other appropriate
reason will also apply.
Malus and clawback provisions will apply (see page 103).
The maximum awards are 75% of base salary
for the Chief Executive Officer and 60% of base
salary for the Chief Financial Officer.
RSAs are subject to one or more underpins, normally over a
period of three financial years commencing with the year in
which the awards are granted. These underpins are designed
to ensure that an acceptable threshold level of performance
is achieved and that vesting is therefore warranted. The
underpins applying to each award will be determined by
the Committee each year and the Committee may use
different performance underpins for each award, if deemed
appropriate. Underpins will be set taking into account the
business strategy and to ensure that failure is not rewarded.
Underpins may include financial measures such as the
maintaining of a minimal solvency ratio or a capital return
measure. Non-financial measures may also be used,
includingthose related to risk or regulatory matters.
Vesting of awards will also be subject to overarching
Committee discretion.
Short Term Incentive Plan (“STIP”) including Deferred Bonus Plan (“DBP”)
To incentivise and reward the delivery of short-term corporate and/or individual financial and non-financial targets, and to align the interests of Executive Directors with shareholders through
the deferral of a portion of the bonus into shares.
Operation Maximum opportunity Performance measures
STIP outcomes will be determined by the Committee after the end of
each financial year.
The Committee may use its discretion to adjust the formulaic outcome of
the performance targets to reflect corporate and individual performance
during the year.
The Committee may defer a proportion of any bonus award into a
share award under the DBP. Usually this will be 50% of the bonus award,
reducing to 25% of the bonus award in the event that an individual’s
minimum shareholding requirement has been met under the shareholding
guidelines. DBP awards will normally vest on the second anniversary of
grant (or such other date as the Committee determines on grant).
Malus and clawback provisions will apply (see page 103).
The maximum bonus opportunity for Executive
Directors is 150% of base salary.
Usually operated via a bonus pool funding approach with
the bonus pool capped at 2% of PBT (in addition to the
maximum individual opportunity), subject to achievement of
anappropriate financial hurdle which may include PBT or ROTE.
Usually 70% of the bonus will be based on financial
objectives, with 30% based on non-financial objectives.
Performance assessment will usually be in respect of the full
financial year although the Committee retains discretion, in
exceptional circumstances, to assess performance over an
alternativeperiod.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
100 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
All-employee share plans
To align the Executive Directors with the wider workforce.
Operation Maximum opportunity Performance measures
Executive Directors are eligible to participate in any all-employee share
plans in place, which are operated in line
with HMRC requirements.
These are currently a share acquisition and free share plan, known as the
UK Share Incentive Plan (“SIP”), and a savings-related share option plan,
known as the Save As You Earn (“SAYE”) Plan.
Participation in the Group’s all-employee
share plans will be subject to any applicable
maximum limits as set by HMRC.
n/a
Shareholding guidelines
To align the interests of the Executive Directors and shareholders to the success of the Group.
Operation Maximum opportunity Performance measures
The Executive Directors are expected to build and maintain a
shareholding equivalent to at least 200% of their base salary.
This should be achieved within a reasonable timeframe from
theirappointment.
Shares which may be used to satisfy this requirement include all
beneficially owned shares and vested share awards subject to a
holdingperiod.
To support the implementation of this measure, Executive Directors are
required to retain at least 50% of any share awards vesting (after settling
any tax liability) until the 200% requirement is met. The Remuneration
Committee will review progress towards the guidelines on an annual
basis and has the discretion to adjust the guidelines in what it feels are
appropriate circumstances.
Post-cessation of employment, the Executive Directors are expected to
maintain a minimum shareholding of 200% (or their actual shareholding
if lower) for a period of two years. This arrangement will be administered
through a nominee account. The post-employment guideline applies to
vested shares from incentive awards that were granted from the date of
the 2021 AGM. The Committee retains discretion to waive or amend this
guideline if it is not considered appropriate in the specific circumstances.
n/a n/a
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
101 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Non-executive Directors’ fees
To attract Non-executive Directors of an appropriate calibre and with sufficient experience to ensure the effective management of the Group.
Operation Maximum opportunity Performance measures
Fee levels will be reviewed (though not necessarily increased)
annually. Fees will be set with reference to the time commitment
and responsibilities of the position, and anyincreases will usually be
reflectiveof any increases givento the wider employee population.
Additional fees may be paid for additional responsibilities (such
as chairing a Board Committee, membership of a Committee, or
acting asthe Senior Independent Director), orfor an increased
timecommitment during the year.
The fee for the Chair will be determined by the Committee.
Fees for Non-executive Directors will be determined by the Chair and
theExecutive Directors.
There is no prescribed maximum fee or
annualincrease.
Total fees will not exceed the limit set out in the
Group’s Articles of Association.
n/a
Prior arrangements
The Board reserves the right to make any remuneration payments and/or payments for loss of office (including exercising any discretions available to it in connection with such payments)
notwithstanding that they are not in line with the Policy set out on the prior pages where the terms of the payment were agreed (i) before the Policy set out above came into effect, provided
thatthe terms of payment were consistent with the shareholder-approved Policy in force at the time they were agreed; or (ii) at a time when the relevant individual was not a Director of
the Group and, in the opinion of the Committee, the payment was not in consideration for the individual becoming a Director of the Group. For these purposes ‘payments’ includes the
Committee satisfying awards of variable remuneration and, in relation to an award over shares, the terms of the payment are ‘agreed’ at the time the award is granted.
Selection of performance conditions
For the STIP, the Committee believes that a mix of financial and non-financial targets is most appropriate. Strategic and personal objectives may be included where appropriate to ensure
delivery of key business milestones. Targets are set by the Committee taking into account internal and external forecasts.
For the LTIP, awards of restricted shares will be subject to performance underpins. The underpins selected by the Committee will be based on measures considered to be most reflective of the
overall financial stability and performance of the Group and therefore aligned with shareholder value creation.
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
102 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Terms common to the DBP and LTIP
Awards under the DBP and LTIP may:
– Be granted as conditional share awards or nil-cost options or in such other form that the
Committee determines has the same economic effect;
– Be settled in shares or, exceptionally, in cash;
– Have any performance conditions applicable to them amended or substituted by the
Committee if an event occurs which causes the Committee to determine that, in respect
of the relevant event, an amended or substituted performance condition would be more
appropriate and not materially less difficult to satisfy; and
– Incorporate the right to receive an amount (in cash or additional shares) equal to the
value of dividends which would have been paid on the shares under an award that
vests up to the time of vesting (or, where the award is subject to a holding period, the
end of that holding period). This amount may be calculated assuming that the dividends
have been reinvested in the Group’s shares on a cumulative basis and may be settled in
cash at the Committee’s discretion and be adjusted in the event of any variation of the
Group’s share capital or any demerger, delisting, special dividend or other event that may
materially affect the current or future value of the Group’s shares.
Malus and clawback
Malus and clawback provisions apply to all awards granted under the STIP and LTIP. These
provisions may be invoked at the Committee’s discretion at any time prior to the third
anniversary of the grant of a cash bonus or DBP award, or to the fifth anniversary of the grant
of an LTIP award. In these circumstances, the Committee may reduce or impose additional
conditions on an award or require that the participant returns some or all of the value
acquired under the award.
The Committee has the discretion to invoke these provisions where there has been:
– A material misstatement of any Group or its subsidiaries’ audited accounts;
– A corporate failure;
– Material intervention from a regulator;
– An error in assessing the relevant performance conditions or the information or
assumptions on which the award was granted or vested;
– Misconduct on the part of the Executive Director; and
– Serious reputational damage to, or a material failure of risk management by,
amemberorbusiness unit of the Group.
Directors’ Remuneration Policy continued
Within the period beginning on:
– In the case of LTIP awards, from the grant of the award and ending on the fifth anniversary
of the date of grant; and
– In the case of STIP (cash bonus and DBP awards), the start of the financial year in respect
of which the award is granted and ending on the third anniversary of the date of grant.
The Board will retain the discretion to calculate the amount to be recovered, including
whether or not to claw back such amount gross or net of any tax or social security
contributions applicable to the award.
Remuneration scenario charts
The following charts illustrate the potential remuneration for each of the Executive Directors,
using a range of assumptions, for the forthcoming year. The charts show the potential value
of the current Executive Directors’ remuneration under four scenarios: minimum, on-target,
maximum and maximum plus share price growth (which assumes a 50% increase in share
price over the LTIP vesting period).
The following assumptions have been made in creating the charts below:
Pay scenario Basis of calculation
Minimum Fixed pay only, consisting of salary, benefits and pension
On-target Fixed pay, plus the relevant mid-performance payout from the
bonus pool and Restricted Share Award
Maximum Fixed pay, plus the maximum performance payout from the
bonus pool (capped at 150%) and Restricted Share Award
Maximum plus share
price growth
Fixed pay, plus the maximum performance payout from the bonus
pool (capped at 150%) and restricted share awards plus share
price growth of 50% over the Restricted Share Award vesting period
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
103 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Directors’ Remuneration Policy continued
Remuneration Policy for new Executive Directors
The Committee intends to set any new Executive Director’s remuneration package in line
with the Policy outlined earlier in this section. In an individual’s first year, the Committee may
set different performance measures and targets for incentive awards to those of the other
Executive Directors, depending on the timing and scope of any appointment.
When determining the design of the total package in a recruitment scenario, the Committee
will consider the size and scope of the role, the candidate’s skills and experience and the
market rate for such a candidate, in addition to the importance of securing the preferred
candidate. In some circumstances, the Board may be required to take into account common
remuneration practices in another country and, if applicable, may consider awarding
payments in respect of relocation costs. Flexibility is also retained for the Group to pay for
legal fees and other costs incurred by the individual in relation to their appointment. In line
with the Policy, in relation to annual bonus and LTIP awards, maximum variable remuneration
will not exceed 225% for the Chief Executive Officer and 210% for the Chief Financial Officer
as a percentage of salary. In the event that another Executive Director role is created by
the Group, the maximum variable opportunities (expressed as a percentage of salary for
the new position) under the STIP and LTIP would not exceed the percentages shown for
theChiefExecutive Officer in the Policy.
In the event that Sabre wishes to hire a candidate with unvested incentives accrued at a
previous employer or other compensation arrangements, which would be forfeited on the
candidate leaving that company, the Committee retains the discretion to make a one-off
buyout award. In doing so, the Committee will take account of all relevant factors, including
any performance conditions attached to incentive awards, the likelihood of those conditions
being met, the proportion of the vesting/performance period remaining and the form of the
award (e.g., cash or shares). The overriding principle will be that any buyout award should be
of comparable commercial value to the compensation which has been forfeited. The LTIP Rules
have been drafted to permit the grant of recruitment awards on this basis to an individual (which
will not be counted towards the annual LTIP limit and which will be subject to such vesting
schedules and performance conditions (if any) as the Committee may determine). Ifitis not
possible or practical to grant recruitment awards under the LTIP, the Committee may rely on
theprovisions of Listing Rule 9.3.2 (formerly rule 9.4.2) to grant the awards.
For internal candidates, incentives granted in respect of the prior role would be allowed
to vest according to their original terms, or adjusted if appropriate to take into account
theappointment.
For the appointment of a new Chair or Non-executive Director, the fee would be set in
accordance with the Policy. The length of service and notice periods would be set at the
discretion of the Committee, taking into account market practice, corporate governance
considerations and the skills and experience of the particular candidate at that time. In the
event that the Chair or a Non-executive Director is required to temporarily take on the role of
an Executive Director, their remuneration may include any of the elements listed in the Policy
Table for Executive Directors.
2025
2025
2026
2026
569
337
346
795
1,040
1,140
770
998
1,094
573
1,458
1,791
1,994
1,730
1,928
Minimum
Minimum Minimum
MinimumOn-target
On-target On-target
On-targetMaximum
Maximum Maximum
MaximumMaximum
+ SP
Maximum
+ SP
Maximum
+ SP
Maximum
+ SP
Fixed (inc pension)
Short-term incentive plans
Long-term incentive plans
2,000
1,200 1,200
2,000
1,500
1,000 1,000
1,500
1,000
800 800
1,000
500
600 600
400 400
200 200
500
0
0 0
0
Chief Executive Officer’s remuneration package:
Chief Financial Officer’s remuneration package:
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
104 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Service agreements and exit payment policy
In line with the 2018 UK Corporate Governance Code Provision 18, all Directors are subject to
re-election annually at the Group’s Annual General Meeting.
Director
Date of
appointment Notice period
Geoff Carter 21/11/2017 12 months
Adam Westwood 21/11/2 017 12 months
Ian Chapple 01/0 9/2 0 24 3 months
Karen Geary 07/12/2020 3 months
Bryan Joseph 01/0 6/2 023 3 months
Alison Morris 01/0 5/2 022 3 months
David Neave 01/0 8/2025 3 months
Rebecca Shelley 04/10/2017 3 months
Shareholders may inspect the Executive Directors’ contracts or the Non-executive Directors’
letters of appointment at the Group’s registered office, and these contracts and letters of
appointment are also available for shareholders to review at the Group’s Annual General
Meeting. Both Geoff Carter and Adam Westwood have written service contracts with the
Group with no fixed end date, but which are capable of being terminated by either the
Groupor the Executive Director on not less than 12 months’ notice.
In the event notice is given to terminate an Executive Director’s contract, the Group may make
a payment in lieu of notice equal to the value of the Executive Director’s salary for the notice
period. Any such payments may be made, at the Committee’s discretion, as a lump sum or in
instalments, subject to mitigation by the Executive Director. It is the Committee’s intention that
the service contracts for any new Executive Directors will contain equivalent provisions. In the
event that an Executive Director leaves the Group, entitlement they have to any variable pay
will be determined in accordance with the relevant incentive plan rules.
The Chair and each of the independent Non-executive Directors have a notice period of three
months and may receive fees in respect of any notice period.
Short Term Incentive Plan (“STIP”) including Deferred Bonus Plan (“DBP”)
Executive Directors will not have any automatic entitlement to a bonus for the financial year
in which they leave the Group. Where an Executive Director leaves the Group, as a result of
their ill-health, injury, disability or redundancy, or their employing company or business is sold
out of the Group (known as ‘Good Leaver Reasons’) or in such other circumstances as the
Committee determines (but excluding gross misconduct), the Executive Director will typically
remain eligible for their annual bonus award, which will normally be time prorated to reflect
the proportion of the financial year served.
In determining the level of bonus to be paid, the Committee may, at its discretion, take
intoaccount performance up to the date of cessation or over the financial year as a
wholebased on appropriate performance measures as determined by the Committee.
Any such bonus may be paid out in such proportions of cashand share awards as the
Committee considers appropriate. For other leavers, rights to awards under the annual
bonus will be forfeited.
Unvested DBP awards will normally lapse when an Executive Director leaves the Group.
However, if an Executive Director’s departure is a Good Leaver Reason, as set out above,
their award will normally vest on the original vesting date, although the Committee has
thediscretion to allow awards to vest earlier if the Committee considers it appropriate.
Long Term Incentive Plan (“LTIP”) – Restricted Share Awards (“RSA”)
Unvested LTIP awards will normally lapse when an Executive Director leaves the Group.
However, if the Executive Director’s departure is as a result of a Good Leaver Reason, their LTIP
awards will normally vest (and be released from any applicable holding period) on the original
timetable set, although the Committee has the discretion to accelerate the vesting and
release of awards.
The extent to which unvested LTIP awards vest in these circumstances will be determined by
the Committee, taking into account the extent to which the relevant performance conditions
or underpins have, in its opinion, been satisfied (over the original performance period, where
the vesting of the award is not being accelerated) and, unless the Committee determines
otherwise, the proportion of the performance period that has elapsed at the time the
Executive Directorleaves.
If an Executive Director leaves the Group holding vested LTIP awards which are subject to
a holding period, these awards will normally be released at the end of the original holding
period, unless the Committee allows the holding period to be shortened. However, if the
Executive Director is dismissed for gross misconduct, all his or her LTIP awards will lapse.
If an Executive Director dies, their DBP and LTIP awards will normally vest (and be released
from any holding periods) as soon as reasonably practicable after their death. The extent to
which unvested LTIP awards vest in these circumstances will be determined by the Committee
in the same way as for other Good Leaver Reasons described above.
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
105 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
In setting the Policy, the Committee was led by the same principles which determined all
employee remuneration: cost-effectiveness, pay for performance and long-term alignment.
Theseprinciples evidence themselves in all employee remuneration as follows:
Cost-effectiveness – As with the Directors, in setting compensation across the Group, Sabre
intends to pay no more than is necessary to attract, retain and incentivise high-calibre
individuals,setting remuneration competitively but not excessively.
Pay for performance – Many full-time and part-time Group employees are eligible to
participate in some form of share-based incentive. Key individuals below Board level have
been invited to participate in the LTIP, in order for there to be alignment between senior
management and the Executive Directors’ objectives.
Long-term alignment – In line with our philosophy of encouraging our workforce to be
investors in the Group, all eligible employees were offered an award of free shares under the
SIP. The Group operates both a SAYE Plan and a SIP to further facilitate employee investment in
the Group and their long-term alignment.
Although the Committee did not formally engage with the workforce on the alignment of
executive remuneration with the wider Company pay policy, the Board engages with the
Group’s employees via the designated Non-executive Director responsible for employee
engagement. Karen Geary was appointed to this position by the Board during 2022 and
leads on ensuring effective engagement with the workforce, and regularly feeds back to
the Committee and the Board following her meetings with employees. This process does not
currently include an active two-way dialogue with the workforce on executive pay but this
approach is being kept underreview.
The Committee appreciates the importance of an appropriate relationship between the
remuneration levels of the Executive Directors, the Executive Team, managers and other
employees within the Group. As such, when reviewing and determining pay for Executive
Directors, the Committee takes into account the level and structure of remuneration, as
well as salary budgets, for other employees in the Group. Moreover, as a result of the
implementation of the all-employee share plans referred to above, many of the Group’s
employees are Sabre shareholders and therefore have the opportunity to express their views
through the same meansas any other shareholder.
The Committee reserves the right to make any other payments in connection with a Director’s
cessation of office or employment where the payments are made in good faith in discharge
of an existing legal obligation (or by way of damages for breach of such an obligation) or
by way of settlement of any claim arising in connection with the cessation of a Director’s
office or employment. Any such payments may include, but are not limited to, paying any
fees for outplacement assistance and/or the Director’s legal and/or professional advice fees
in connection with his cessation of office or employment. In some cases, they may receive a
modest leaving gift.
Change of control
In the event of a change of control of the Group, LTIP and DBP awards will normally vest
and be released early. The proportion of any unvested LTIP awards which vest will be
determined by the Committee, taking into account the extent to which it determines that
any performance conditions and underpins have been satisfied at the time, and, unless
the Committee determines otherwise, the proportion of the performance period that has
elapsed. DBP awards will normally vest in full.
Alternatively, the Board may permit an Executive Director to exchange their awards for equivalent
awards of shares in a different company (including the acquiring company). If the change of
control is an internal reorganisation of the Group or in other circumstances where the Committee
considers it appropriate, Executive Directors may be required to exchange their awards.
If other corporate events occur such as a winding-up of the Group, demerger, delisting,
special dividend or other event which, in the opinion of the Committee, may materially affect
the current or future value of the Group’s shares, the Committee may determine that awards
will vest and be released on the same basis as for a change of control.
Consideration of shareholder views and employment conditions
The Committee will consult with major shareholders prior to any significant changes to the
Policy and will continue to value their views when deciding on future executive remuneration
strategy. In developing and reviewing the Remuneration Policy, the Committee was mindful
of the views of the Group’s shareholders and remuneration arrangements for employees.
The Committee proactively sought feedback from shareholders when developing the
Policy and seeks feedback from shareholders when considering any significant changes
toremuneration fortheExecutiveDirectors.
Directors’ Remuneration Policy continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
106 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Annual Report on Directors’ Remuneration
Single figure of remuneration (audited)
The table below sets out the total remuneration received by Executive Directors and Non-executive Directors in respect of the financial year
ended 31 December 2025.
£’000s
Salary/fees
1
Taxable
benefits
2
Pension
3
Total fixed pay
Short-term
incentive
plan
4
Long-term
incentive
plan
5,6
Other
7
Total variable
8
Total
remuneration
9
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Executive Directors                  
Geoff Carter 534 513 9 5 34 33 577 551 479 480 444 213 1 1 924 694 1,501 1,245
Adam Westwood 320 308 4 3 22 21 346 332 251 252 217 103 – – 468 355 814 687
Executive
Director total 854 821 13 8 56 54 923 883 730 732 661 316 1 1 1,392 1,049 2,315 1,932
Non-executive
Directors                  
Ian Chapple
10
71 23 – – – – 71 23 – – – – – – – – 71 23
Karen Geary
11
86 83 – – – – 86 83 – – – – – – – – 86 83
Bryan Joseph
12
95 88 – – – – 95 88 – – – – – – – – 95 88
Alison Morris 83 80 – – – – 83 80 – – – – – – – – 83 80
David Neave
13
30 – – – – – 30 - – – – – – – – – 30 –
Rebecca Shelley 178 171 – – – – 178 171 – – – – – – – – 178 171
Non-executive
Director total 543 445 – – – – 543 445 – – – – – – – – 543 445
Total 1,397 1,266 13 8 56 54 1,466 1,328 730 732 661 316 1 1 1,392 1,049 2,858 2,377
1. Salary/fees includes any payment in lieu of holiday.
2. Taxable benefits include private medical insurance.
3. As an element of pension is received as cash in lieu, the amount
awarded is reduced below the allowed percentage to reflect the
additional National Insurance cost borne by the Group.
4. Awards made under the Short Term Incentive Plan (“STIP”) are paid
for performance over the relevant financial year. Details of the
performance targets and performance against the targets for the
2025 STIP awards are detailed on pages 108 to 111. Details of the
performance targets and performance against the targets for the
2024 STIP awards are detailed in the Annual Report and Accounts for
the year ended 31 December 2024. Consistent with the terms of the
2024 Remuneration Policy, 50% of the bonus earned in relation to the
financial year ended 31 December 2025 is deferred into the Group’s
shares for two years, with the balance payable in cash. These shares
will be held in the Sabre Group Employees’ Share Trust and are not
subject to any further performance conditions.
5. Awards made under the Long Term Incentive Plan (“LTIP”) are
restricted share awards subject to underpin performance conditions
assessed over the period 1 January 2023 to 31 December 2025.
The underpins were satisfied as detailed on page 112 and the
awards fully vested. Awards are valued in the single figure table at
£1.2987 per share, being the average share price in the final quarter
of 2025. Dividend equivalents were paid in relation to deferred
shares equal to £35,721 for Geoff Carter, and £17,448 for Adam
Westwood.
6. The LTIP values for the financial year ended 31 December 2024
have been restated using the share price on the vesting date of 7
April 2025 at £1.22797. A total of 145,802 vested for Geoff Cater and
71,216 for Adam Westwood. The total remuneration for the financial
year ended 31 December 2024 has been updated accordingly. This
value also includes dividend equivalents paid in 2024.
7. The Group operates a Share Incentive Plan (“SIP”), which is open
to all employees. ‘Other’ is the value of matching SIP shares
attributable to the year. The Group offers a 1:3 match for Partnership
Shares purchased by employees. In 2025, Geoff Carter participated
in the SIP up to the maximum extent permitted by HMRC.
The calculation for value is based on the shares bought by the
Group on behalf of the individual and the share price as at 31
December 2025 of £1.30.
In 2024, Geoff Carter participated in the SIP up to the maximum
extent permitted by HMRC. The calculation for value is based on
the shares bought by the Group on behalf of the individual and the
share price as at 31 December 2024 of £1.380.
8. Comprising STIP, LTIP and any other relevant variable remuneration.
9. Comprising total fixed pay and total variable pay and other
remuneration as set out in footnote 7.
10. Ian Chapple joined the Board with effect from 1 September 2024. His
fee was prorated in line with the time served in the position during
the 2024 financial year.
11. Karen Geary was appointed as Remuneration Committee Chair
in 2023. An amount of £1,276 was underpaid in relation to this role,
which was corrected in 2026.
12. Bryan Joseph became Senior Independent Director with effect from
May 2024. His fee was prorated in line with the time served in the
position during the 2024 financial year.
13. David Neave joined the Board with effect from 1 August 2025. His fee
was prorated in line with the time served in the position during the
2025 financial year.
This section of the Directors’ Remuneration
Report sets out the remuneration paid
to Sabre’s Directors in respect of the year
which ended on 31 December 2025 (the
“2025 financial year”). In line with the
Large and Medium-sized Companies
and Groups (Accounts and Reports)
Regulations 2008 (as amended in 2013),
the following parts of the Annual Report
on Directors’ Remuneration are audited:
– The single total figure of remuneration
for each Director, including pension
entitlements, STIP and LTIP outcomes
for the financial year ended
31 December 2025
– Share plan awards granted
during the financial year ended
31December 2025
– Payments to past Directors and
payments for loss of office
– Directors’ shareholdings and
shareinterests
All other parts of the Annual Report on
Directors’ Remuneration are unaudited.
Contents Generation – Sub Page
Contents Generation – Section
Annual Report on Directors’
Remuneration
107 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Annual Report on Directors’ Remuneration continued
ROTE performance for the 2025 financial year was 37.2%,
meaning that the hurdle was satisfied. PBT performance was
£51.0m and therefore the profit pool available for distribution
to the Executive Directors was £765k (being 1.5% of PBT).
Based on the allocation formula, the Chief Executive Officer
is entitled to a maximum of 65.58% of the pool (£502k), and
the Chief Financial Officer is entitled to a maximum of 34.43%
of the pool (£264k). Each Director’s share of the bonus
pool is agreed provisionally at the start of the performance
year, based primarily on that individual’s base salary and
maximum bonuspotential.
As noted above, 30% of each individual’s share of the bonus
pool is subject to an additional adjustment for personal
and Group performance. The non-financial targets set for
the Group, the non-financial individual personal targets for
Geoff Carter and Adam Westwood and the Committee’s
assessment of their performance against them are detailed
on pages 109 to 111, with as much clarity as possible while
protecting Group competitive advantages and respecting
contractual confidentiality. The non-financial targets for
the Group were determined by the Committee to have
been achieved at 85%, and the non-financial individual
performance objectives detailed below for both Geoff Carter
and Adam Westwood were determined by the Committee to
have been achieved at85% and 85% respectively.
Following this assessment, resulting bonuses were £478,691
(90.6% of salary) for the Chief Executive Officer and £251,311
(77.9% of salary) for the Chief Financial Officer.
Short Term Incentive Plan (“STIP”)Framework
and outcomes for the financial year ended
31December 2025
For the financial year ended 31 December 2025, the
Executive Directors were eligible to participate in the Group’s
STIP, which was based on a bonus pool funding approach,
calculated as 1.5% of PBT, subject to a minimum hurdle of
10% ROTE being achieved. For 2025, the maximum annual
bonus opportunity within this structure was capped at 150%
of salary for Geoff Carter and Adam Westwood. The STIP
was based 70% on achievement against financial targets
(PBT) and 30% achievement against non-financial targets,
split equally between non-financial Group-wide objectives
(including strategy, customer, ESG, people, development
ofthe business and risk and compliance) and individual
non-financial objectives.
Performance measure Weighting
Profit before tax 70%
Non-financial Group-wide objectives,
including strategy, customer and partners,
ESG, people, development of business and
riskandcompliance 15%
Non-financial objectives relating to the individual 15%
Base salary
The annual salary paid to the Executive Directors with effect
from 1 April 2025, is shown in the table below.
In late 2024, the Committee reviewed Executive Director
salaries for the 2025 financial year, taking into account the
individual’s role and experience and pay for the broader
employee population. The Committee decided to increase
Geoff Carter’s and Adam Westwood’s 2025 salaries by 3.5%,
which was below the average increase of 3.6% given to
employees across the Group. Details of the salaries that
willapply in 2026 are provided on page 119.
Base salary Annual salary (£) with effect 1 April 2025
Geoff Carter £528,178
Adam Westwood £322,554
Pension
During the 2025 financial year, Geoff Carter and Adam
Westwood received cash in lieu of pension contributions of
7.5% of their base salaries respectively, which is below the
average employee rate. Details of the pension contributions
that will apply in 2026 are provided on page 109.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
108 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Non-financial Group-wide objectives
The Committee believes that responsibility for the wider business objectives is shared equally among the Executive Team, and a consistent score will be given unless specific examples of over/
underperformance by any one individual are identified. Taken holistically, the Committee considered a score of 85% against these objectives to be appropriate.
Non-financial measure
Weighting as a
% of total bonus
opportunity Performance Commentary on performance
Actual bonus
payable as a %
of total bonus
opportunity
Strategic focus
Optimise volume and profitability in emerging market conditions.
15% 85%
This was effectively managed during the year. Whilst premiums were slightly down compared to
the prior year, profit was ahead. This is in line with the company long-term approach of focusing
on profitability over volume.
12.75%
Customers and partners
Maintain a high-quality service in direct and outsourced processes,
ensuring customers are dealt with fairly and in line with the
Consumer Duty regulations.
Continue to evolve Direct Car portfolio and Motorcycle servicing,
including transition to increased online transactions.
Extensive effort was expended on delivering a suite of MI to ensure the company delivered on
both the letter and spirit of the Consumer Duty requirements. RAG status thresholds we set at a
deliberately testing level to ensure business strived to continually improve the customer experience.
The Board were provided with full details of service levels and were satisfied with the results and
plans to further enhance. On Direct Bike, the company launched customer service by its in house
teams for the first time. This is predominantly via a webchat approach that is working well for the
company and customers.
Environmental, Social and Governance
Continue to enhance our approach to ESG requirements, with
an increased focus on environmental impacts and stakeholder
expectations. Progress the business towards the goals outlined in
the Group’s net-zero roadmap.
Against a backdrop of waning interest globally on climate-related issues, we have continued to
work towards our net Zero ambitions, with the Roadmap having been updated during 2025 and
management’s plans remaining on track. In 2025, we have supported the Sustainability Forum in
their efforts to engage our people in environmental-related matters. Practically, having picked all of
the ‘low hanging fruit’ in enhancing our ESG credentials, and invested significantly in our building,
it becomes incrementally more difficult to find gains. In the past year we have moved our full office
estate to half-hourly energy reporting, which allows us to identify further savings (for example
optimizing light timings). Relatedly, we have continued to engage with Forvis Mazars in both
verifying our progress towards our net-zero roadmap and enhancing our climate risk assessment,
building on the exercise carried out two years ago.
People
Maintain Sabre’s position as a great place to work, ensuring
colleagues have an appropriate work/life balance, whilst ensuring
focus on Company objectives.
Sabre continues to enjoy a stable workforce and has been able to attract high quality new
colleagues. A range of bonuses were paid during the year including a full year performance
award as well as a Christmas bonus. Additional benefits were introduced during the year
including an additional day’s holiday for colleagues’ birthdays. A full annual staff survey
was carried out, as well as regular “pulse” surveys. The Board regularly reviewed, and were
comfortable with, the results.
Development of the business
Progress the testing and roll-out of Ambition 2030 initiatives to deliver
financial benefits from 2026 onwards.
Both the new direct bike and enhanced competitive footprint initiatives progressed in line
with targets and have delivered good early results. More tangible financial impacts will start to
emerge in later 2026 and 2027.
Risk and compliance
Comply with existing and emerging regulatory requirements,
successfully manage risk and compliance across the Group,
and ensure the business is compliant with the changes in the UK
Corporate Governance Code in relation to Internal Controls, and
the Operational Resilience requirements.
Strong progress was evident across the risk and compliance areas, with further improvements
being made to the already well controlled position. This was supported by 3rd line audits with
management responding effectively where appropriate.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
109 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Non-financial objectives relating to the individual
Geoff Carter
Weighting as a
% of personal/
strategic bonus
opportunity Commentary on performance
Actual
performance
Objectives
Ensure margin requirements are achieved and that all product lines
contribute in line with plans. Ensure GWP is optimised whilst achieving
the primary profit objectives.
33.3%
Financial year target profit margins were met, and slightly exceeded, across the portfolio as a whole. Within the
underwriting year underlying performance was strong overall and acceptable for all product classes.
Current rating looks to be profitable across all product classes.
85%
Ensure the launch of Direct Motorcycle in Q1 and subsequent
roll-out to initial external partners. Realise tangible benefits from the
initial Insurer Hosted Pricing test roll-out and maintain a fully effective
internal operation throughout thesechanges.
33.3%
Direct motorcycle launched on target in Q1 with quotability being gradually increased throughout the year.
This will continue into 2026 as rates are further enhanced. Roll-out to external brokers has been re-prioritised to
ensure rates are delivering target profitability on the direct book.
The initial IHP test delivered encouraging results in later 2025.
Ensure relevant internal and external stakeholders have a
comprehensive understanding of medium-term growth ambitions
and that internal priorities and external services evolve to support
delivery ofplans.
33.3%
Feedback obtained from the company corporate brokers/financial PR advisor, as well as direct shareholder
conversations, confirms that larger shareholders seem to have a good understanding of the growth plans to
2030. Additional communications being put in place as part of results process to give further clarity on the
investment story for non-holders. Additional external opportunities were deprioritised during the year to ensure
full focus on the 2030 workstreams.
Total % of personal/strategic objectives 100% 85%
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
110 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Long Term Incentive Plan
(“LTIP”) – Vesting of awards
under the LTIP in the financial
year ended 31 December 2025
Geoff Carter and Adam Westwood
were granted awards (75% and 60% of
salary respectively) under the Group’s
LTIP during the financial year ended
31December2023. The awards were
granted in the form of restricted share
awards (as conditional awards) and,
in line with the Remuneration Policy,
the awards vested three years after the
date of grant and are subject to an
additional holding period of two years
fromthe date of vesting.
The awards were subject to the
followingunderpins:
– Maintaining a solvency ratio in
excess of140%
– Achieving a return on tangible
equityin excess of 10%
– No material regulatory censure –
relating to the Executive Director’s
time in office
– Overall Committee discretion
The Committee reviewed the application
of the underpins and agreed that they
had been met (including average return
on tangible equity of 33% and solvency
ratio in excess of 140% throughout
the period), discussed the underlying
performance of the Group and the
broader stakeholder experience, and
agreed that the LTIP awards vesting in
relation to the financial year ended 31
December 2025 should vest at 100% of
the maximum opportunity. It is noted
that the vested awards are subject to an
additional holding period of two years
from the date of vesting.
Adam Westwood
Weighting as a
% of personal/
strategic bonus
opportunity Commentary on performance
Actual
performance
Objectives
Ensure margin requirements are achieved
and that all product lines contribute in line
with plans. Ensure GWP is optimised whilst
achieving the primary profit objectives.
33.3%
Financial year target profit margins were met, and slightly exceeded, across the
portfolio as a whole. Within the underwriting year underlying performance was
strong overall and acceptable for all product classes.
Current rating looks to be profitable across all product classes.
85%
Ensure the launch of Direct Motorcycle in
Q1 and subsequent roll-out to initial external
partners. Realise tangible benefits from the initial
Insurer Hosted Pricing test roll-out and maintain
a fully effective internal operation throughout
these changes.
33.3%
Direct motorcycle launched on target in Q1 with quotability being gradually
increased throughout the year. This will continue into 2026 as rates are further
enhanced. Roll-out to external brokers has been re-prioritised to ensure rates are
delivering target profitability on the direct book.
The initial IHP test delivered encouraging results in later 2025.
Ensure relevant internal and external
stakeholders have a comprehensive
understanding of medium-term growth
ambitions and that internal priorities
and external services evolve to support
deliveryofplans.
33.3%
Feedback obtained from the company corporate brokers/financial PR advisor,
as well as direct shareholder conversations, confirms that larger shareholders
seem to have a good understanding of the growth plans to 2030. Additional
communications being put in place as part of results process to give further clarity
on the investment story for non-holders.
Additional external opportunities were deprioritised during the year to ensure full
focus on the 2030 workstreams.
Total % of personal/strategic objectives 100% 85%
Committee Chair’s commentary on Executive Directors’ personal performance
The Remuneration Committee focused on whether delivering short-term financial performance was balanced by building capability to ensure
longer-term success. As noted in this report the financial results were pleasing for 2025 with growth in profits and dividend, and a deliberate policy
of allowing volumes to reduce for much of 2025 in an unattractive pricing environment. This demonstrates the Executive Directors’ commitment
and effective execution of Sabre’s long-term successful strategy. The business successfully delivered an increased profit and dividend alongside
announcing a further share buyback. At the same time the Committee considered whether the Directors were balancing a short-term focus on
delivering in year performance with building the foundation for the longer term growth of the business outlined in the Ambition 2030 strategy,
details of which are contained in this report. Tangible progress was evident here with the launch of Sabre Direct bike, and the initial differentiated
pricing tests.
Finally the Committee reviewed whether business performance was being delivered within an appropriate employee, customer, investor and
other stakeholder focused culture.
The Committee concluded that the Executive Directors had delivered well across all key areas and that the annual bonuses are therefore
reflective of performance, and has therefore not exercised its discretion to amend the awards.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
111 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Details of the LTIP awards granted on 8 April 2025:
Executive Director Basis of award
Face value
(£)
Number of shares
over which
conditional
awards were
granted
1
Performance underpin Period over which underpin assessed
Geoff Carter 75% of salary 396,134 306,131 Subject to the underpins detailed above 1 January 2025 to 31 December 2027
Adam Westwood 60% of salary 193,533 149,561 Subject to the underpins detailed above 1 January 2025 to 31 December 2027
1 The number of shares granted was calculated on the average share price of the five working days immediately preceding the date of grant of £1.294 as
conditionalawards
External appointments
Neither of the Executive Directors currently holds a paid external appointment. All appointments must first be agreed by the Board and
must not represent a conflict with their current role.
Payments to past Directors and payments for loss of office (audited)
No payments were made to past Directors or in respect of loss of office during the year.
Sourcing of shares and dilution limits
The terms of the Group’s share plans set limits on the number of newly issued shares that may be issued to satisfy awards. In accordance
with guidance from the Investment Association, these limits restrict overall dilution under all plans (the LTIP, the DBP, the SAYE Plan, the SIP
and any other employee share scheme adopted by the Group) to under 10% of the Group’s issued share capital over a ten-year period.
Furthermore, the LTIP and DBP set a further limitation that not more than 5% of the Group’s issued share capital may be issued in any ten-
year period on discretionary plans. As at 31 December 2025, Sabre was operating within these limits.
Granting of awards under the LTIP
in the financial year ended
31December 2025 (audited)
Geoff Carter and Adam Westwood were
granted awards (75% and 60% of salary
respectively) under the Group’s LTIP during
the financial year ended 31 December
2025. The awards were granted in the form
of restricted share awards (as conditional
awards) and, in line with the Remuneration
Policy, the awards will vest three years after
the date of grant, followed by an additional
holding period of two years from the date
ofvesting.
Awards were made subject to the
followingunderpins:
– Maintaining a solvency ratio in excess
of140%
– Achieving a return on tangible equity
inexcess of 10%
– No material regulatory censure – relating
to the Executive Director’s time in office
– Overall Committee discretion
If the Group does not meet one or more of
the underpins at the date of vesting, the
Committee will review whether or not it would
be appropriate to reduce the number of
shares, including to zero, that vest under the
award. Vesting of awards will also be subject
to the Committee’s overarching discretion
in order to ensure that outcomes reflect the
underlying performance of the Group and
the broader stakeholder experience.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
112 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Vested share awards and outstanding share awards granted during the 2025 financial year (audited)
Details of awards granted during the year are detailed below.
Long Term Incentive Plan (“LTIP”)
Director
Holding on
1 January
2025
Granted
during the
year
Option
price
(£)
Exercised
during the
year Lapsed
Market price
at exercise
date
(£)
Holding on
31 December
2025 Date of grant
Share price on
date of grant
(£) Vesting date
(Loss)/gain
on vesting
(£)
Geoff
Carter
2022 145,802 0 n/a 145,802 0 1.228 0 7 April 2022 2.359 (164,907)
2023 314,371 0 n/a n/a 0 n/a 314,371 6 April 2023 1.154 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2025 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
2024 224,558 0 n/a n/a 0 n/a 224,558 30 May 2024 1.704 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2026 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
2025 0 30 6,131 n/a n/a 0 n/a 306,131 8 April 2025 1.294 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2027 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
Total 684,731 306,131 n/a 145,802 0 n/a 845,060
Adam
Westwood
2022 71,216 0 n/a 71,216 0 1.228 0 7 April 2022 2.359 (80,548)
2023 153,587 0 n/a n/a 0 n/a 153,587 6 April 2023 1.154 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2025 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
2024 109,709 0 n/a n/a 0 n/a 109,709 30 May 2024 1.704 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2026 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
2025 0 149,561 n/a n/a 0 n/a 149,561 8 April 2025 1.294 At a date agreed by the Committee, which is after the
release of the results for the year ended 31 December
2027 and the third anniversary of grant. An additional
two-year holding period applies to these awards,
once vested. These are conditional share awards.
n/a
Total 334,512 149,561 n/a 71,216 0 n/a 412,857
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
113 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Deferred Bonus Plan (“DBP”)
Director
Holding on
1 January 2025
Granted
during the
year
Option price
(£)
Exercised
during the
year Lapsed
Market price
at exercise
date (£)
Holding as at
31 December
2025 Date of grant
Share price on
date of grant
(£) Vesting date
Gain on
exercise
(£)
2023 0 0 n/a 0 0 n/a 0 n/a n/a n/a n/a
Geoff Carter 2024 64,919 0 n/a 0 0 n/a 64,919 11 April 2024 1.762 11 April 2026 n/a
2025 0 182,629 n/a 0 0 n/a 182,629 8 April 2025 1.294 8 April 2027 n/a
Total 64,919 182,629 0 0 247,5 48
2023 0 0 n/a 0 0 n/a 0 n/a n/a n/a n/a
Adam Westwood 2024 34,082 0 n/a 0 0 n/a 34,082 11 April 2024 1.762 11 April 2026 n/a
2025 0 95,879 n/a 0 0 n/a 95,879 8 April 2025 1.294 8 April 2027 n/a
Total 34,082 95,879 0 0 129,961
Save As You Earn (“SAYE”) Plan
Director
Holding on
1 January 2025
Granted
during the
year
Option price
(£)
Exercised
during the
year Lapsed
Market price
at exercise
date (£)
Holding as at
31 December
2025 Date of grant
Share price on
date of grant
(£) Exercisable period
Gain on
exercise
(£)
Geoff Carter 2023 21,151 0 0.851 0 0 n/a 21,151 18 April 2023 1.242
1 July 2026 to
31 December 2026 n/a
Total 21,151 0 0 0 21,151
Adam Westwood 2023 21,151 0 0.851 0 0 n/a 21,151 18 April 2023 1.242
1 July 2026 to
31 December 2026 n/a
Total 21,151 0 0 0 21,151
Share Incentive Plan (“SIP”)
Director
Purchased
during the
year
Granted during the
year in the form
of matching and
dividend shares
Total gained
during the
year
Exercised
during the
year Lapsed
Granted in
prior years
Holding as at
31 December
2025 Vesting date
Gain on
exercise
(£’000)
Geoff Carter 1,340 1,482 2,822 n/a n/a 8,501 11,323 Shares can be exercised with effect from the third anniversary of their grant n/a
Adam Westwood 0 262 262 n/a n/a 2,335 2,597 Shares can be exercised with effect from the third anniversary of their grant n/a
During the period between 31 December 2025 and 9 March 2026, being the latest practicable date prior to publication of this Annual Report, the following changes to the above
tableoccurred:
– Geoff Carter purchased an additional 228 shares under the Share Incentive Plan (“SIP”) and was awarded an additional 76 shares in the form of matching shares, taking the number of
unvested shares not subject to performance as at 9 March 2026 to 11,627.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
114 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Directors’ shareholdings and share interests (audited)
To further align Executive Directors with shareholders, Executive Directors are required to build up substantial interests in the Group. Executive Directors are expected to build and hold a
shareholding with a value of at least 200% of their base salary. To support the implementation of this measure, Executive Directors are required to retain 50% of any share awards vesting (after
settling any tax liability) until the 200% requirement is met. The Executive Directors have both met their respective shareholding requirements. Post-cessation of employment, Executive Directors
are expected to maintain a minimum shareholding of 200% of their base salary (or their actual shareholding, if lower) for a period of two years. To enforce this requirement, vested shares are
held in a nominee account.
Shareholding requirements and the number of shares held by Directors during the year and as at 31 December 2025 are set out in the table below:
Director
Number of unvested
shares subject
to performance/
underpins as at
31 December 2025
Number of unvested
shares not subject to
performance as at
31 December 2025
1
Number of shares held
under the Deferred
Bonus Plan as at
31 December 2025
Number of
shares held as at
31 December 2025
Number of shares
held as at
31 December 2024
Shareholding
requirement
as a % of salary
Shareholding as a % of
salary achieved at
31 December 2025
2
Current Directors
Geoff Carter 845,060 32,474 247,5 48 1,800,552 1,719,714 200% 443%
Adam Westwood 412,857 23,748 129,961 771,146 725,562 200% 311%
Ian Chapple n/a n/a n/a 16,899 0 n/a n/a
Karen Geary n/a n/a n/a 0 0 n/a n/a
Bryan Joseph n/a n/a n/a 57,561 57, 5 61 n/a n/a
Alison Morris n/a n/a n/a 9,282 9,282 n/a n/a
David Neave n/a n/a n/a 11,625 n/a n/a n/a
Rebecca Shelley n/a n/a n/a 33,657 29,628 n/a n/a
1 These awards relate to share options and share awards under the Group’s SIP and SAYE Plans
2 Calculated using a share price of £1.30 (as at 31 December 2025)
During the period between 31 December 2025 and 9 March 2026, being the latest practicable date prior to publication of this Annual Report, the following changes to the above
tableoccurred:
– Geoff Carter purchased an additional 228 shares under the Share Incentive Plan (“SIP”) and was awarded an additional 76 shares in the form of matching shares, taking the number of
unvested shares not subject to performance as at 9 March 2026 to 11,627.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
115 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Group performance – relative total shareholder return (“TSR”)
The graph below shows Sabre’s relative TSR performance from Admission to 31 December 2025 against the TSR performance of the FTSE 250 Index (excluding investment trusts). This is a broad
equity market index which the Committee considers to be the most appropriate comparator.
Annual Report on Directors’ Remuneration continued
150
Sabre Insurance FTSE 250 (Excluding investment trusts)
December
2017
December
2018
December
2019
December
2020
December
2021
December
2022
December
2023
December
2024
December
2025
June
2019
June
2020
June
2021
June
2022
June
2023
June
2024
June
2025
June
2018
60
120
30
90
0
Percentage change in remuneration of Directors and employees
The table below shows the percentage change in salary, taxable benefits and annual bonus for the Directors who served on the Board compared to an average employee of the Group
against the prior year for the financial years 2024 and 2025.
2024 to 2025 2023 to 2024 2022 to 2023 2021 to 2022 2020 to 2021
Salary/
fees
Taxable
benefits
Annual
bonus
Salary/
fees
Taxable
benefits
Annual
bonus
Salary/
fees
Taxable
benefits
Annual
bonus
Salary/
fees
Taxable
benefits
Annual
bonus
Salary/
fees
Taxable
benefits
Annual
bonus
Geoff Carter 4.3% 80.8% 1.3% 5.2% 32.8% 106.6% 5.1% 41.9% n/a 3.3% 11.8% (100.0%) 1.6% 34.2% (63.2%)
Adam Westwood 4.3% 51.6% 1.3% 5.2% 29.7% 106.6% 6.1% 38.2% n/a 6.4% 25.1% (100.0%) 1.6% 59.9% (71.0%)
Ian Chapple
1
2.9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Karen Geary
2
4.3% n/a n/a 19.1% n/a n/a 8.1% n/a n/a 6.7% n/a n/a 1371.7% n/a n/a
Bryan Joseph
3
8.7% n/a n/a 21.9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Alison Morris
4
4.3% n/a n/a 5.2% n/a n/a 12.9% n/a n/a n/a n/a n/a n/a n/a n/a
David Neave
5
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Rebecca Shelley
6
4.3% n/a n/a 80.4% n/a n/a 14.9% n/a n/a 2.5% n/a n/a 9.1% n/a n/a
Average of all employees
7
0.3% 35.7% 30.8% 6.3% 15.2% 30.8% 6.9% 2.5% 126.3% 0.3% 102.4% 0.3% 2.1% 8.1% (27.6%)
1. Ian Chapple was appointed to the Board during the 2024 financial year, and therefore no figures 2023 to 2024, 2022 to 2023, 2021 to 2022 and 2020 to 2021 are included.
2. Karen Geary’s fees in 2023 to 2024 reflect her becoming Remuneration Committee Chair in 2023. The change in Karen Geary’s fees reflect her being appointed as the Non-executive Director responsible for employee
engagement in April 2022. Karen Geary was appointed to the Board during the year which ended on 31 December 2020, and the annualised basis of her salary change from 2020 to 2021, was 0%.
3. Bryan Joseph’s fees in 2023 to 2024 reflects his appointment as Senior Independent Director in May 2024. Bryan was appointed to the Board during the 2023 financial year, and therefore no figures for 2021 to 2022 and 2020
to 2021 are included.
4. Alison Morris was appointed to the Board during the 2022 financial year, and therefore no figures for 2020 to 2021 are included. On an annualised basis, Alison Morris’ fees changed by 0% between 2022 and 2023.
5. David Neave was appointed to the Board during the 2025 financial year, and therefore no figures are included.
6. Rebecca Shelley’s fee in 2023 to 2024 reflects her appointment as Chair. The change in salary for Rebecca Shelley from 2020 to 2021 is due to her completing a whole financial year in the position as Senior Independent
Director, which she was appointed to in 2020.
7. An increase of the number of staff in entry-level roles during 2025 has reduced the mean average salary per employee.
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
116 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Arrangements for the wider workforce
The Committee seeks to align the remuneration of the Executive Directors and senior management with consistency in reward practices throughout the Group. During 2025, all employees
received a salary at or above the Real Living Wage and were eligible to receive a performance-related bonus. In addition to this, the Group paid a Christmas bonus to all employees (apart
from the Executive Directors).
Chief Executive Officer’s single figure of remuneration
The following table shows the Chief Executive Officer’s remuneration for current and prior years:
2025 2024 2023 2022 2021 2020 2019 2018 2017
Single figure of remuneration £1,501k £1,245k £947k £496k £733k £1,109k £821k £760k £251k
Annual bonus payout (as a % of maximum opportunity) 60.4% 61.7% 31.5% 0.0% 33.9% 62.2% 63.1% 73.0% n/a
LTIP vesting – performance share awards (as a % of maximum opportunity) n/a n/a n/a 0.0% 0.0% 50.0% n/a n/a n/a
LTIP vesting – RSA awards (as a % of maximum opportunity) 100.0% 100.0% 100.0% n/a n/a n/a n/a n/a n/a
Chief Executive Officer’s ratio
The ratio compares the total remuneration of Geoff Carter, the Chief Executive Officer, as set out in the Directors’ Remuneration Report, against the remuneration of the median full-time equivalent
(“FTE”) employee, as well as FTE employees in the lower and upper quartiles. We will build up our reporting of these figures over time to cover a ten-year rolling basis. The ratios are calculated using
the Option A methodology, which uses the pay and benefits of all UK FTE employees. This method is consistent with the historical approach taken by the Group since 2019. The Group has chosen
Option A as it uses the full-time equivalent pay and benefits for all UK employees during the year and is therefore a more accurate representation of employee pay. The employee pay data used
was based on the total remuneration of all of Sabre’s full-time employees as of 31 December 2025. The Chief Executive Officer’s pay is as per the single total figure of remuneration for 2025, as
disclosed earlier in this report. Employee full-time equivalent salaries have been calculated by grossing-up the salary and bonus payments received by employees by the number of hours worked
with reference to a 35-hour week.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
117 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Total pay
Chief Executive
Officer’s total pay
£’k 25th percentile 50th percentile 75th percentile
2025
Pay ratio
1,501
51.3:1 32.9:1 21.6:1
Remuneration values 29,236 45,565 69,531
2024
Pay ratio
1,245
43.5:1 26.7:1 18.6:1
Remuneration values 28,638 46,593 66,999
2023
Pay ratio
947
36.0:1 23.7:1 15.7:1
Remuneration values 26,309 39,896 60,459
2022

  
Pay ratio
496
16.3:1 11.3:1 7.9:1
Remuneration values 27,905 40,306 57,552
2021

  
Pay ratio
733
23.9:1 16:1 10.6:1
Remuneration values 30,635 45,927 68,868
2020

  
Pay ratio
1,109
42.3:1 25.6:1 16.2:1
Remuneration values 26,196 43,273 68,283
2019

  
Pay ratio
821
33.3:1 19.2:1 12.3:1
Remuneration values 24,653 42,651 66,846
Salary
Chief Executive
Officer’s salary
£’k 25th percentile 50th percentile 75th percentile
2025
Pay ratio
577
22. 2:1 14.4:1 9.6:1
Remuneration values 25,948 39,998 59,879
The Committee has considered the pay data and believes that the median pay ratio is
consistent with the pay, reward and progression policies for the Group’s UK employees.
The year-on-year movement in the total remuneration ratio reflects the varying level of
payout under the incentive plans as the value of the Chief Executive Officer’s remuneration
arrangements is significantly determined by the Group’s performance.
Relative importance of spend on pay
The following table illustrates total remuneration for all employees compared to distributions
to shareholders in respect of the last two financial years.
2025
(£m)
2024
(£m)
Change
(£m)
Total employee remuneration
1
18.2 15.4 2.8
Shareholder distributions
2
36.3 24.3 12.0
1 Total employee cost
2 Includes dividends paid during the financial years which ended on 31 December 2024 and
31 December 2025
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
118 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Implementation of the Policy in 2026
The below sets out how the Committee intends to operate the Remuneration Policy for the
year ending 31 December 2026.
Salaries
The Executive Directors’ salaries were reviewed during the year. The Committee decided to
increase Geoff Carter’s and Adam Westwood’s 2026 salaries by 3.5%, which was less than the
average employee increase (which was approximately 3.6%, excluding individual one-off salary
increases). The revised salaries, with effect from 1 April 2026, are £546,665 for Geoff Carter, and
£333,845 for Adam Westwood. The Committee was comfortable setting base salaries at these
levels given the size of the roles and the experience and calibre of the individuals, taking into
account the experience of employees across the Group. As per the Policy, the Committee will
continue to review salaries on an annual basis and may make further increases in future years,
in line with the Policy.
Salary as at
1 April 2026
Salary as at
31 December
2025 Increase
Geoff Carter £546,665 £ 528,178 3.5%
Adam Westwood £333,845 £322,554 3.5%
Benefits
The Executive Directors will continue to receive life insurance and private medical care.
Pension
As of 1 January 2026, the Executive Directors’ pension contributions will be 7.5%, which is
below the average employee rate of 8.4%.
Short Term Incentive Plan (“STIP”)
As in prior years, the Committee will use a bonus pool funding and allocation approach for
awards in 2026 for the STIP.
The pool will continue to be calculated as a percentage of PBT, subject to a minimum level of
ROTE being achieved. For 2026, if 10% return on tangible equity (“ROTE”) is achieved, a pool
of 1.5% of PBT will be available for the Executive Directors subject to a cap of 150% of salary. There will
bea second pool for senior managers separate to the pool available to Executive Directors.
Awards will be subject to the following performance measures, which will provide alignment
with key strategic goals:
Performance measure Weighting
Profit before tax 70%
Non-financial Group-wide objectives, including strategy, customers and
partners, ESG, People, development of business, risk and compliance 15%
Non-financial objectives relating specifically to the individual 15%
Specific performance targets will not be disclosed at this time due to the commercially
sensitive nature of the objectives. Full retrospective disclosure of the targets and performance
against them, will be included in next year’s Annual Report on Directors’ Remuneration.
Long Term Incentive Plan (”LTIP”)
LTIP awards in 2026 will be made under the Group’s LTIP in the form of restricted shares.
When considering grant levels each year, the Committee will take into account share price
performance over the preceding year. The Committee currently intends to award the Chief
Executive Officer an award equivalent to 75% of salary and the Chief Financial Officer will
receive an award equivalent to 60% of salary. In line with the Policy awards, these will vest
after three years, with an additional holding period of two years.
Awards granted in 2026 will be subject to the following strategically relevant underpins:
– Maintaining a solvency ratio in excess of 140%
– Achieving a return on tangible equity in excess of 10%
– No material regulatory censure – relating to the Executive Director’s time in office
– Overall Committee discretion
If the Group does not meet one or more of the underpins at the date of vesting, the
Committee will review whether or not it was appropriate to reduce the number of shares,
including to zero, that vest under the award. Vesting of awards will also be subject to the
Committee’s overarching discretion in order to ensure that outcomes reflect the underlying
performance of the Group and the broader stakeholder experience.
Malus and clawback
STIP and LTIP awards will be subject to malus and clawback provisions as set out in the
Remuneration Policy. The potential time periods within which these provisions can be applied
have been set by the Committee so as to be consistent with the risk profile of the business
and in line with UK market practice.
Annual Report on Directors’ Remuneration continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
119 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Chair and Non-executive Director fees
The Committee reviewed the Chair’s fee in light of the time commitment required of the role
and agreed to increase the fees by 3.5%, which was less than the average employee increase
(which was approximately 3.6%, excluding individual one-off salary increases), with effect
1April 2026. The Chair, Chief Executive Officer and Chief Financial Officer reviewed the Non-
executive Directors’, Committee Chairs’ and Senior Independent Director’s fees in light of the
time commitment required of the role and agreed to increase the Non-executive Directors’
fees by 3.5%, which was less than the average employee increase, with effect 1 April 2026.
The fees which will apply in 2026 are as follows:
Role
Fee (£)
2026
Fee (£)
2025
Chair fee (all-inclusive fee) 186,000 179,710
Non-executive Director base fee 74,400 71,884
Senior Independent Director fee 12,400 11,9 81
Committee Chair fee 12,400 11,981
Designated employee representative Non-executive Director 3,720 3,594
Annual Report on Directors’ Remuneration continued
The Chair and Non-executive Directors’ fees for the financial year ended 31 December 2026
aretherefore:
Director Reason for fee
Total
annual fee
(£)
Rebecca Shelley Group Chair 186,000
Ian Chapple Non-executive Director 74,400
Karen Geary Non-executive Director
90,520Remuneration Committee Chair
Designated Non-executive Director for employee engagement
Bryan Joseph Non-executive Director
99,200Senior Independent Director
Risk Committee Chair
Alison Morris Non-executive Director
86,800
Audit Committee Chair
David Neave Non-executive Director 74,400
Karen Geary
Chair of the Remuneration Committee on behalf of the Board
9 March 2026
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
120 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Corporate structure and principal activity
Sabre Insurance Group plc is a public company limited
by shares and was incorporated in England and Wales on
21 September 2017 with registered number 10974661. Its
registered office and principal place of business is at Sabre
House, 150 South Street, Dorking, Surrey RH4 2YY. The Group
has no branches.
Sabre Insurance Group plc is the holding company of the
Sabre Group of Companies (the “Group”). Details of the
Group’s subsidiaries are set out in Note 3.1 of the Parent
Company Financial Statements contained in this Annual
Report. The Group’s principal and only trading subsidiary
isamotor insurance underwriter – Sabre Insurance
Company Limited.
Directors
The Directors who served throughout the year are as follows:
Executive Directors
Geoff Carter – Chief Executive Officer
Adam Westwood – Chief Financial Officer
Non-executive Directors
Rebecca Shelley – Chair
Ian Chapple
Karen Geary
Bryan Joseph
Alison Morris
David Neave – appointed 1 August 2025
The members of the Board of Directors, their biographical
details and the dates of their appointment are set out on
pages 71 to 73 of this Annual Report.
Directors’ interests in shares
The Directors who held office during the 2025 financial year
had the following interests (including family interests) in the
Ordinary Shares of the Group:
Name of Director
31 December
2025
31 December
2024
Geoff Carter 1,800,552 1,719,714
Ian Chapple 16,899 0
Karen Geary 0 0
Bryan Joseph 57,561 57,5 61
Alison Morris 9,282 9,282
David Neave 11,62 5 n/a
Rebecca Shelley 33,657 29,628
Adam Westwood 771,146 725,562
The Executive Directors, as employees and potential
beneficiaries, have an interest in 1,908,666 shares held by
the Sabre Insurance Group Employee Benefit Trust (“EBT”)
(offshore) and the Group’s SIP Trust (onshore) as at 31
December 2025. As at 31 December 2025, the EBT held
2,293,102 Ordinary Shares and the Group’s SIP Trust held
407,912 Ordinary Shares. It is anticipated that these shares,
which have not already been allocated, will be used to
satisfy awards made under the Group’s employee incentive
plans. Further details regarding the Group’s employee
incentive plans can be found in the Annual Report on
Directors’ Remuneration on pages 107 to 120. There were no
changes in the interests of Directors between 31 December
2025 and 9 March 2026 (the latest practical date, prior to the
release of this Annual Report).
The Directors’ Report for the period ended 31 December
2025 (the “2025 financial year”) comprises the report set
out on pages 121 to 124 and the Directors’ and Officers’
Responsibility Statement on page 125 together with the
following sections of this Annual Report:
The Strategic Report
Pages 01 to 67 which comprise:
− The Chief Executive Officer’s Review on pages16 to 19
− The Principal Risks and Uncertainties on pages22to30
− The Viability Statement on pages 31 to 32
− The Chief Financial Officer’s Review on pages37 to 40
− The Responsibility and Sustainability Report on
pages41 to 66
The Governance Report
Pages 68 to 125 which comprise:
− The Chair’s Governance Letter on page 69
− The Governance Report on pages 74 to 81
− The Committee Reports on pages 82 to 95
− The Directors’ Report on pages 121 to 124
The Board takes the view that some of the matters
required to be disclosed in the Directors’ Report are of
strategic importance and that these are included in the
Strategic Report. These matters, and the matters listed
below, are incorporated into the Directors’ Report.
Subject Page
Business developments 17
Greenhouse gas emissions, energy
consumption and energy efficiency action 64
Engagement with employees 45
Engagement with stakeholders 33
Directors’ Report
Contents Generation – Sub Page
Contents Generation – Section
Directors’ Report
121 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Appointment and replacement of Directors
The appointment and replacement of Directors is governed
by the Group’s Articles, the Companies Act 2006 (the
“Companies Act”) and related legislation. The Articles
provide that Directors may be appointed by ordinary
resolution of the shareholders or by the Board. The Board
has decided to comply with best corporate governance
practice, and all Directors will seek election or re-election at
each Annual General Meeting. Further information on this
can be found on page 124. In addition to any powers of
removal conferred by the Companies Act, the Group may by
special resolution remove any Director before the expiration
of their period of office.
The Nomination & Governance Committee is responsible for
overseeing the recruitment of Directors and recommending
appointments for approval by the Board of Directors. Further
details regarding the appointment and replacement of
Directors are set out in the Governance Report on pages 74
to 81 and the Nomination & Governance Committee Report
on pages 89 to 91.
Executive Directors’ service contracts
Executive Directors are employed under the terms of their
service contracts. Details of the effective dates of the service
contracts for the current Executive Directors as well as their
compensation are set out in the Annual Report on Directors’
Remuneration on pages 107 to 120 and the contracts are
available for inspection by shareholders at the Group’s
registered office and at the Group’s Annual General Meeting.
Non-executive Director appointments
Non-executive Directors are appointed pursuant to a letter
of appointment. Such appointments are for an initial period
of three years, which is renewable. A Non-executive Director’s
appointment is terminable by the Non-executive Director or
the Group by giving written notice. Details of the effective
dates of the letters of appointment for the current Non-
executive Directors as well as their fees are set out in the
Annual Report on Directors’ Remuneration on pages 107
to 120 of the Annual Report and the terms of appointment
are available for inspection by shareholders at the Group’s
registered office and at the Group’s Annual General Meeting.
Powers of the Directors
Subject to the provisions of the Articles, the Companies Act
and related legislation, and any directions given by special
resolution of the shareholders, the business of the Group
shall be managed by the Board, which may exercise all the
powers of the Group, including the Group’s powers to borrow
money and to issue new shares.
Directors’ and Officers’ liability insurance and
Directors’ indemnities
Directors’ and Officers’ liability insurance is provided for all
Directors of the Group.
Each of the Group’s Directors has been granted a qualifying
third-party indemnity pursuant to which the Group agrees
to indemnify the Directors against any liabilities that they
may incur as a result of their office as Director, to the extent
permitted by the Companies Act.
Compensation for loss of office
The Group does not have arrangements with any Director
that would provide compensation for loss of office or
employment resulting from a takeover, except that provisions
of the Group’s share plans may cause options and awards
granted under such plans to vest on a takeover. Further
information is provided in the Annual Report on Directors’
Remuneration on pages 107 to 120 of this Annual Report. No
such payments were made during the financial year ended
31 December 2025.
Articles of Association
The Group may alter its Articles by special resolution of the
shareholders at a general meeting. The Articles are available
on the Group’s website at www.sabreplc.co.uk.
Shares
Share capital
The Group has one class of ordinary voting shares in issue.
As at 31 December 2025, the issued share capital of the
Group comprised 246,600,000 Ordinary Shares of £0.001
each, all of which are fully paid (“Ordinary Shares”).
Rights and obligations attaching to shares
The rights and obligations attached to the Group’s shares
are governed by the Articles and prevailing legislation.
Each Ordinary Share ranks equally and carries the same
rights to receive all shareholder documentation (including
notices of general meetings), attend, speak and vote at
general meetings, and participate in any distribution of
income or capital. All shareholders entitled to attend and
vote at a general meeting may appoint a proxy or proxies to
attend, speak and vote in their place. None of the Ordinary
Shares carry any special rights with regard to control of the
Group and there are no specific restrictions on voting rights,
save where the Group is legally entitled to impose such
restrictions (for example, where the shareholder is in default
of an obligation to the Group). Major shareholders have the
samevoting rights per share as all other shareholders.
Restrictions on transfer
There are no restrictions on the transfer or holding of shares
in the Group other than (i) as set out in the Articles and (ii)
certain restrictions which may from time to time be imposed
by laws and regulations and pursuant to the Listing Rules
of the Financial Conduct Authority (the “Listing Rules”)
whereby Directors and certain officers and employees of
the Group require approval to deal in the Ordinary Shares in
accordance with the Group’s share dealing policies and the
Market Abuse Regulation.
Directors’ Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
122 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Power to allot and purchase shares
By a resolution passed at the Annual General Meeting (the
“Meeting”) of the Group on 22 May 2025, the Group was
granted a general authority to allot Ordinary Shares up to
the lower of (i) an aggregate nominal amount of £83,333
and (ii) 33.33% of the Group’s Ordinary Share capital. At
the Meeting, the Group was also granted authority to allot
shares up to the lower of (i) an aggregate nominal amount
of £166,666 and (ii) 66.67% of the Group’s Ordinary Share
capital by way of a rights issue to ordinary shareholders in
proportion to their existing shareholdings (with such amount
to be reduced to the extent that the general authority is
utilised (if any).
The Group also received authority to allot shares for cash on
a non-pre-emptive basis up to the lower of (i) an aggregate
nominal amount of £25,500 and (ii) 10% of the Group’s
Ordinary Share capital. As at the date of this report, no shares
have been issued under these authorities. These authorities
will expire at the conclusion of the 2026 Annual General
Meeting and, accordingly, the Board is proposing to renew
these authorities at that Annual General Meeting.
The Group was granted authority by its shareholders at
the Meeting to purchase up to the lower of (i) 25,000,000
Ordinary Shares and (ii) 10% of the Group’s maximum
Ordinary Share capital immediately following the listing. This
authority will expire at the conclusion of the 2026 Annual
General Meeting. During 2025, the Group purchased and
subsequently cancelled 3,400,000 Ordinary Shares with a
nominal value of £3,400,000.
Major interests in shares
Information on major interests in shares notified to the
Group under the Disclosure Guidance and Transparency
Rules (“DTRs”) of the UK Listing Authority is published via a
Regulatory Information Service and on the Group’s website
https://www.sabreplc.co.uk/investors/regulatory-news/.
At 31 December 2025, the Group had been notified, in
accordance with Chapter 5 of the DTRs, of the following
voting rights in respect of 3% or more of the issued share
capital of the Group.
Company name
Current
shareholdings %
Aberforth Partners LLP 12,915,737 5.17
Artisan Partners Limited Partnership 12,370,831 5.01
Aviva plc and its subsidiaries 11,547,445 4.62
Axa Investment Managers 12,291,762 4.92
Companies owned by Old
Mutual plc 12,870,464 5.14
Fidelity Management Research LLC 24,635,251 9.99
Gresham House Asset
Management Limited 12,704,600 5.08
M&G plc 11,867,810 4.74
Mawer Investment Management
Limited 12,793,280 5.11
Ninety One UK Limited 12,493,014 5.00
Unicorn Asset Management Limited 12,050,000 4.82
Wellington Management Group 11,98 3,3 5 0 4.79
During the period between 31 December 2025 and 9 March
2026, being the latest practicable date prior to publication
of this Annual Report, there have been no changes to the
above table.
Results and dividends
The audited accounts for the year ended 31 December 2025
are set out on pages 126 to 221. The Group profit after tax for
the year was £37.9m (2024: £36.0m).
The Directors recommend a final ordinary dividend of
8.9pence (2024: 8.4pence) and a special dividend
of1.2pence (2024: 2.9pence).
The total dividend for the 2025 financial year, including the
proposed special dividend and interim dividend paid in
2025, is 13.5pence (2024: 13.0pence). Further information
on the Group’s dividend policy can be found onpage 36.
Significant agreements and change of control
The Group is not a party to any material agreements that
would take effect, alter or terminate upon a change of
control of the Group.
Employees and communities
Fewer than 250 individuals were employed by the Group
in each week during the financial year to which this
Annual Report relates (further details regarding the
Group’s employees are set out in the Responsibility and
Sustainability section of this report on pages 44 to 50 of
thisAnnualReport).
Environment and emissions
Information on the Group’s greenhouse gas emissions is
set out in the Responsibility and Sustainability section on
pages 54 to 66 of this Annual Report. Adam Westwood is
the Executive Director responsible for environmental, social
andgovernance issues.
Research and development
The Group has carried out some activities in the field of
Research & Development (“R&D”) during the year. This R&D
has included innovative developments in insurance risk
analysis and insurer-hosted pricing, as discussed in the
CEOReview on pages 16 to 19.
Financial instruments and risk management
The Group’s financial risk management objective and
policies, including information about its use of financial
instruments, are contained in Notes 4.2 to 4.6 of the
Consolidated Financial Statements on pages 171 to 181
ofthis Annual Report.
Events after the balance sheet date
Refer to Note 20 of the Consolidated Financial Statements
onpage 203 for information on events after the balance
sheet date.
Directors’ Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation – Section
123 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Supplier payment policy
The Group’s policy is to agree payment terms with suppliers
when entering into each transaction to ensure that suppliers
are made aware of the terms of payment and abide by the
terms of payment. Trade creditors of the Group (consolidated)
at 31 December 2025 were 6 days (2024: 7 days) based
on the average daily amount invoiced by suppliers during
theyear.
Going concern
The Board has considered the business activities of the
Group and the factors likely to affect its future performance
as well as the Group’s principal risks and uncertainties,
including the Directors’ statement on the viability of the
Group over a three-year period which is set out in the
Strategic Report on page 31 of this Annual Report. On the
basis of these considerations, the Directors have a reasonable
expectation that the Group has adequate resources to
continue in operation for at least 12 months from the date
the Directors approved these financial statements and
that it is appropriate to adopt a going concern basis for
thepreparation of the financial statements.
By order of the Board
Anneka Kingan
Company Secretary
9 March 2026
Requirements of Listing Rule 9.8.4R
Information to be included in the Annual Report and
Accounts under Listing Rule 9.8.4R can be found as follows:
Listing Rule Description Page
9.8.4 (1) R Interest capitalised by the
Group
Not applicable
9.8.4 (2) R Unaudited financial
information previously
published
Not applicable
9.8.4 (4) R Details of long-term incentive
schemes
111
9.8.4 (5) R Directors’ waivers of
emoluments
Not applicable
9.8.4 (6) R Directors’ waivers of future
emoluments
Not applicable
9.8.4 (7) R Non pro rata allotments for
cash (issuer)
Not applicable
9.8.4 (8) R Non pro rata allotments for
cash (major subsidiaries)
Not applicable
9.8.4 (9) R Listed company is a
subsidiary of another
company
Not applicable
9.8.4 (10) R Contracts of significance
involving a Director
Not applicable
9.8.4 (11) R Contracts of significance
involving a controlling
shareholder
Not applicable
9.8.4 (12) R
9.8.4 (13) R
Details of shareholder
dividend waivers
Not applicable
9.8.4 (14) R Controlling shareholder
agreements
Not applicable
Charitable and political donations
The donations made by the Group to the charities referred
to on pages 52 to 53 of this Annual Report amounted,
in aggregate, to £26.6k (2024: £26.9k). The Group made
nopolitical donations during the year (2024: £0).
Annual General Meeting
The Annual General Meeting is the Group’s principal forum
for communication with shareholders and the Directors
will be available to answer shareholders’ questions at
themeeting.
The 2026 Annual General Meeting will be held at 9:30 am
on Thursday 21 May 2026. Full details about the 2026 Annual
General Meeting, including the venue and explanatory
notes, will be contained in the Notice of Annual General
Meeting which will be sent to shareholders in a separate
document. The Notice of Annual General Meeting will set
out the resolutions to be proposed at the Annual General
Meeting and an explanation of each resolution. All
documents relating to the Annual General Meeting will be
available on the Group’s website at www.sabreplc.co.uk/
investors/annual-general-meeting.
Independent auditor
The auditor of the Group, PwC, has indicated their willingness
to continue in office, and resolutions to re-appoint PwC and
to fix their remuneration will be proposed at the 2026 Annual
General Meeting.
Statement of disclosure of information
to the auditor
Each of the Directors who held office at the date of the
approval of this Annual Report confirms that, so far as they
are each aware, there is no relevant audit information of
which the Group’s auditors are unaware, and each Director
has taken all the steps that he or she ought to have taken
as a Director in order to make himself or herself aware of any
relevant audit information and to establish that the Group’s
auditors are aware of that information. This confirmation is
given and should be interpreted in accordance with the
provisions of section 418 of the Companies Act.
Directors’ Report continued
Contents Generation – Page Contents Generation – Sub Page
Contents Generation - Section
124 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
The Directors are responsible for preparing the Annual
Report and Accounts 2025 and the financial statements
inaccordance with applicable law and regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have prepared the Group and the Company
financial statements in accordance with UK-adopted
international accounting standards. Under company law,
Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the
state of affairs of the Group and Company and of the profit
or loss of the Group for that period. In preparing the financial
statements, the Directors are required to:
– Select suitable accounting policies and then apply
themconsistently;
– State whether applicable UK-adopted international
accounting standards have been followed, subject to
any material departures disclosed and explained in
thefinancial statements;
– Make judgements and accounting estimates that are
reasonable and prudent; and
– Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Group
and Company will continue in business.
The Directors are responsible for safeguarding the assets of
the Group and Company and hence for taking reasonable
steps for the prevention and detection of fraud and
otherirregularities.
The Directors are also responsible for keeping adequate
accounting records that are sufficient to show and explain
the Group’s and Company’s transactions and disclose with
reasonable accuracy at any time the financial position of
the Group and Company and enable them to ensure that
the financial statements and the Directors’ Remuneration
Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance and
integrity of the Group’s website. Legislation in the United
Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in
otherjurisdictions.
Directors’ confirmations
Each of the Directors, whose names and functions are listed
on pages 70 to 73 of this Annual Report confirm that, to the
best of their knowledge:
– The Group and Company financial statements, which
have been prepared in accordance with UK-adopted
international accounting standards, give a true and fair
view of the assets, liabilities and financial position of the
Group and Company, and of the profit of the Group; and
– The Strategic Report includes a fair review of the
development and performance of the business and
the position of the Group and Company, together with
a description of the principal risks and uncertainties
thatitfaces.
This Responsibility Statement was approved by the Board of
Directors on 9 March 2026 and is signed on its behalf by:
Geoff Carter
Chief Executive Officer
Adam Westwood
Chief Financial Officer
Statement of Directors’ Responsibilities
in respect of the financial statements
Contents Generation – Sub Page
Contents Generation – Section
Statement of Directors’ Responsibilities
125 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
126–221 | FINANCIAL STATEMENTS
127 | Independent Auditor’s Report
134 | Consolidated Profit or Loss Account
135 | Consolidated Statement of ComprehensiveIncome
136 | Consolidated Statement of Financial Position
137 | Consolidated Statement of Changes in Equity
138 | Consolidated Statement of Cash Flows
139 | Notes to the Consolidated Financial Statements
204 | Parent Company Statement of Financial Position
205 | Parent Company Statement of Changes in Equity
206 | Parent Company Statement of Cash Flows
207 | Notes to the Parent Company FinancialStatements
212 | Financial Reconciliations
217 | Glossary of Terms
219 | Shareholder Information
221 | Company Information
HOW TO NAVIGATE THE
ANNUAL FINANCIAL
STATEMENTS
PRIMARY STATEMENTS
The primary statements are included at
the beginning of the annual Financials
Statements and include note references
to underlying detailed notes.
NOTES TO THE FINANCIAL
STATEMENTS
The notes to the Financial Statements
consist of accounting policies, risk and
capital management, insurance-specific
and financial asset-specific notes first,
followed by less significant notes thereafter.
Financial Statements
ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of the
Consolidated and Company Financial Statements are included in the
specific notes to which they relate and are indicated by a blue border
and headings on a shaded blue background.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The areas involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are significant to the
Consolidated and Company Financial Statements, are included in the
specific notes to which they relate and are indicated by a red border
and headings on a shaded red background.
RISK MANAGEMENT
Risk management disclosures are indicated by a purple border
and headings, with a shaded purple background.
Contents Generation – Page Contents Generation – Sub Page126–221 | Financial Statements
126
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
In our opinion, Sabre Insurance Group plc’s group financial statements and company
financial statements (the “financial statements”):
− give a true and fair view of the state of the group’s and of the company’s affairs as at
31 December 2025 and of the group’s profit and the group’s and company’s cash flows
for the year then ended;
− have been properly prepared in accordance with UK-adopted international accounting
standards as applied in accordance with the provisions of the Companies Act 2006; and
− have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise:
− the Consolidated Statement of Financial Position as at 31 December 2025;
− the Consolidated Profit or Loss Account for the year then ended;
− the Consolidated Statement of Comprehensive Income for the year then ended;
− the Consolidated Statement of Changes in Equity for the year thenended;
− the Consolidated Statement of Cash Flows for the year then ended;
− the Parent Company Statement of Financial Position as at 31 December 2025;
− the Parent Company Statement of Changes in Equity for the year then ended;
− the Parent Company Statement of Cash Flows for the year then ended; and
− the notes to the financial statements, comprising material accounting policy information
and other explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK)
(“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described
in the Auditors’ responsibilities for the audit of the financial statements section of our report.
Webelieve that the audit evidence we have obtained is sufficient and appropriate to
provideabasis for our opinion.
INDEPENDENCE
We remained independent of the group in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical
Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the
FRC’s Ethical Standard were not provided.
Other than those disclosed in Note 8.4, we have provided no non-audit services to the
company or its controlled undertakings in the period under audit.
OUR AUDIT APPROACH
OVERVIEW
Audit scope
− Our audit scope has been determined to provide coverage of all material financial
statement line items; and
− In designing our audit, we have considered the impacts that climate change could have
on the Group, including the physical and transitional risks which could arise. In particular,
we have assessed the impacts on reporting of the commitments related to climate
change which the Group has made.
Key audit matters
− Valuation of insurance contract liabilities (group)
− Valuation of investment in Subsidiaries (parent)
Materiality
− Overall group materiality: £2.18m (2024: £2.48m) based on 1% of insurance revenue.
− Overall company materiality: £4.55m (2024: £4.52m) based on 1% of net assets.
− Performance materiality: £1.63m (2024: £1.86m) (group) and £3.41m
(2024:£3.39m)(company).
THE SCOPE OF OUR AUDIT
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in the auditors’ professional judgement, were of
most significance in the audit of the financial statements of the current period and include
the most significant assessed risks of material misstatement (whether or not due to fraud)
identified by the auditors, including those which had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and directing the efforts of the engagement
team. These matters, and any comments we make on the results of our procedures thereon,
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Independent auditor’s report
to the members of Sabre Insurance Group plc
Contents Generation – Sub PageContents Generation – Section Independent auditor’s report
127
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
The key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Valuation of insurance contract liabilities (Group)
Refer to Note 3 Insurance Liabilities and Reinsurance Assets of the financial statements,
specifically the Liability for incurred claims, within Significant Judgements and Estimates.
Thevaluation of insurance contract liabilities, specifically the liability for incurred claims,
involves a significant degree of judgement. These liabilities are based on the estimated
ultimate cost of all claims incurred but not settled at 31 December 2025, whether reported
or not, together with the related claims handling costs (together the ‘best estimate cashflows’),
along with a discounting credit and risk adjustment for non-financial risk. Arange of methods
may be used to determine these liabilities. Underlying these methods are a number of
explicit and implicit assumptions relating to the expected settlement amount and settlement
patterns of claims, including those relating to the settlement of personal injury lump sum
compensationamounts.
In performing our audit work over the valuation of insurance contract liabilities we have used
actuarial specialists to assist us in conducting elements of the testing. Our proceduresincluded:
− Understanding management’s process and controls related to insurance contractliabilities;
− Developing an independent estimate of the reserves for the personal injury classes and
performed review procedures for the other classes (First Party and Property Damage)
as at 30 September 2025, followed by roll-forward procedures to 31 December 2025 to
compare against management’s estimate;
− Reviewing the methodology and assumptions use in the determination of the Periodic
Payment Order (“PPO”) reserves and the risk adjustment;
− Performing methodology and key assumptions testing over the risk adjustment; and
− Comparing the underlying data to source documentation on a sample basis as at
30September 2025 and 31 December 2025.
Based on the work performed and evidence obtained, we consider the methodology and
assumptions used to calculate the insurance contract liabilities to be appropriate.
Valuation of investment in subsidiaries (Parent)
Refer to Note 3.1 Investment in subsidiary undertakings of the Parent Company financial
statements. In the Company’s statement of financial position, investment in subsidiary
undertakings is reported at cost less any impairment. The investment in subsidiary
undertakings is the largest asset on the parent company’s statement of financial position.
The impairment analysis involves the application of judgement.
In respect to the carrying value of investment in subsidiary undertakings our
proceduresincluded:
− Assessing investment in subsidiary undertakings for indication of impairment considering
our understanding of the business;
− Challenge and testing management’s valuation of the subsidiary undertakings including
reviewing the appropriateness of the assumptions, performing sensitivity analysis, and
testing the underlying source data used in management’s valuation; and
− Assessing the disclosures in the financial statements.
Based on the work performed and the evidence obtained, we consider the carrying value of
investment in subsidiary undertakings to be appropriate.
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
128
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
HOW WE TAILORED THE AUDIT SCOPE
We tailored the scope of our audit to ensure that we performed enough work to be able to
give an opinion on the financial statements as a whole, taking into account the structure
of the group and the company, the accounting processes and controls, and the industry in
which they operate.
Based on the output of our risk assessment, along with our understanding of the Sabre
Insurance Group structure, we performed a full scope audit over Sabre Insurance Company
Limited and Sabre Insurance Group plc.
THE IMPACT OF CLIMATE RISK ON OUR AUDIT
We have made enquiries of management in order to understand the extent of the impact
of climate change risks and commitments made by the Group in the Group’s financial
statements. As part of this, we have reviewed management’s assessment of climate risk.
We have also made enquiries to understand, and performed a risk assessment in respect of,
the commitments made by the Group and how these may affect the financial statements
and the audit procedures that we perform. We have assessed the risks of material
misstatement to the financial statements as a result of climate change and concluded that
for the year ended 31 December 2025, the main audit risks are related to consistency of
disclosure included within the Annual Report and ‘other information’ including the Task Force
on Climate-related Financial Disclosure (“TCFD”) disclosures. As a result of this assessment,
we concluded that there was no impact on our key audit matters.
MATERIALITY
The scope of our audit was influenced by our application of materiality. We set certain
quantitative thresholds for materiality. These, together with qualitative considerations, helped us
to determine the scope of our audit and the nature, timing and extent of our audit procedures
on the individual financial statement line items and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements
as a whole as follows:
Financial statements – Group Financial statements – Company
Overall
materiality
£2.18m (2024: £2.48m). £4.55m (2024: £4.52m).
How we
determined it
1% of insurance revenue 1% of net assets
Rationale for
benchmark
applied
In determining our materiality, we
considered financial metrics which
we believed to be relevant. We
concluded that insurance revenue
was the appropriate benchmark to
use to determine overall materiality
as it provides a stable measure of the
size and performance of the business.
In determining our materiality, we
considered financial metrics which
we believed to be relevant and
concluded that net assets was the
most appropriate benchmark.
For each component in the scope of our group audit, we allocated a materiality that is less
than our overall group materiality. The Group consists primarily of one component, Sabre
Insurance Company Limited, to which we allocated materiality of £2.1m.
We use performance materiality to reduce to an appropriately low level the probability that
the aggregate of uncorrected and undetected misstatements exceeds overall materiality.
Specifically, we use performance materiality in determining the scope of our audit and the
nature and extent of our testing of account balances, classes of transactions and disclosures,
for example in determining sample sizes. Our performance materiality was 75% (2024: 75%)
of overall materiality, amounting to £1.63m (2024: £1.86m) for the group financial statements
and £3.41m (2024: £3.39m) for the company financial statements.
In determining the performance materiality, we considered a number of factors – the history
of misstatements, risk assessment and aggregation risk and the effectiveness of controls –
and concluded that an amount at the upper end of our normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified
during our audit above £109,000 (group audit) (2024: £124,070) and £227,600 (company
audit) (2024: £226,000) as well as misstatements below those amounts that, in our view,
warranted reporting for qualitative reasons.
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
129
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
CONCLUSIONS RELATING TO GOING CONCERN
Our evaluation of the directors’ assessment of the group’s and the company’s ability to
continue to adopt the going concern basis of accounting included:
− Obtaining the Directors’ Going Concern assessment and challenged the rationale for
the downside scenarios adopted and material assumptions made using our knowledge
of Sabre’s business performance, review of regulatory correspondence and obtaining
furthercorroborating evidence;
− Considering management’s assessment of the regulatory Solvency coverage and
liquidityposition; and
− Considering information obtained during the course of the audit and publicly available
market information to identify any evidence that would contradict management’s
assessment of going concern.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the group’s and the company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not
a guarantee as to the group’s and the company’s ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the directors’
statement in the financial statements about whether the directors considered it appropriate
to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
REPORTING ON OTHER INFORMATION
The other information comprises all of the information in the Annual Report other than
the financial statements and our auditors’ report thereon. The directors are responsible for
the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except to the extent
otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. If we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material
misstatement of the financial statements or a material misstatement of the other information.
If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
With respect to the Strategic report and Directors’ Report, we also considered whether the
disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires
us also to report certain opinions and matters as described below.
Strategic Report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information
given in the Strategic report and Directors’ Report for the year ended 31 December 2025
is consistent with the financial statements and has been prepared in accordance with
applicablelegalrequirements.
In light of the knowledge and understanding of the group and company and their
environment obtained in the course of the audit, we did not identify any material
misstatements in the Strategic report and Directors’ Report.
Directors’ Remuneration
In our opinion, the part of the Annual Report on Directors’ Remuneration to be audited has
been properly prepared in accordance with the Companies Act 2006.
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
130
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
STATEMENT OF CORPORATE GOVERNANCE
The Listing Rules require us to review the directors’ statements in relation to going concern,
longer-term viability and that part of the corporate governance statement relating to the
company’s compliance with the provisions of the UK Corporate Governance Code specified for
our review. Our additional responsibilities with respect to the corporate governance statement
as other information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the
following elements of the corporate governance statement is materially consistent with the
financial statements and our knowledge obtained during the audit, and we have nothing
material to add or draw attention to in relation to:
− The directors’ confirmation that they have carried out a robust assessment of the
emerging and principal risks;
− The disclosures in the Annual Report that describe those principal risks, what procedures
are in place to identify emerging risks and an explanation of how these are being
managed or mitigated;
− The directors’ statement in the financial statements about whether they considered it
appropriate to adopt the going concern basis of accounting in preparing them, and
their identification of any material uncertainties to the group’s and company’s ability
to continue to do so over a period of at least twelve months from the date of approval
of the financial statements;
− The directors’ explanation as to their assessment of the group’s and company’s prospects,
the period this assessment covers and why the period is appropriate; and
− The directors’ statement as to whether they have a reasonable expectation that the
company will be able to continue in operation and meet its liabilities as they fall due
over the period of its assessment, including any related disclosures drawing attention
to any necessary qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the group and
company was substantially less in scope than an audit and only consisted of making
inquiries and considering the directors’ process supporting their statement; checking that the
statement is in alignment with the relevant provisions of the UK Corporate Governance Code;
and considering whether the statement is consistent with the financial statements and our
knowledge and understanding of the group and company and their environment obtained
in the course of theaudit.
In addition, based on the work undertaken as part of our audit, we have concluded
that each of the following elements of the corporate governance statement is materially
consistent with the financial statements and our knowledge obtained during the audit:
− The directors’ statement that they consider the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides the information necessary for the members
to assess the group’s and company’s position, performance, business model and strategy;
− The section of the Annual Report that describes the review of effectiveness of risk
management and internal control systems; and
− The section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement
relating to the company’s compliance with the Code does not properly disclose a departure
from a relevant provision of the Code specified under the Listing Rules for review by the auditors.
RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of directors’ responsibilities in respect of the financial
statements, the directors are responsible for the preparation of the financial statements in
accordance with the applicable framework and for being satisfied that they give a true
and fair view. The directors are also responsible for such internal control as they determine
is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s
and the company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the group or the company or to cease operations, or
haveno realistic alternative but to do so.
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
131
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks
of non-compliance with laws and regulations related to regulatory principles, such as those
governed by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority
(“FCA”), and we considered the extent to which non-compliance might have a material
effect on the financial statements. We also considered those laws and regulations that have
a direct impact on the financial statements such as Companies Act 2006. We evaluated
management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal
risks were related to management bias in accounting estimates and judgemental areas
ofthe financial statements as shown in the ‘Key Audit Matters’, and posting of inappropriate
journals. Audit procedures performed by the engagement team included:
− Discussions with the Board, management, and Internal Audit function including
consideration of known or suspected instances of non-compliance with laws and
regulation and fraud;
− Understanding management’s controls designed to prevent and detect irregularities;
− Reviewing relevant meeting minutes including those of the Board of Directors, Audit, Risk,
Nomination and Remuneration Committees;
− Identifying and testing journal entries based on risk criteria;
− Challenging assumptions and judgements made by management in their significant
accounting estimates, for example, in relation to the valuation of the liability for incurred
claims, and the investment in subsidiary;
− Designing audit procedures to incorporate unpredictability around the nature, timing or
extent of our testing; and
− Attendance at Audit Committee meetings.
There are inherent limitations in the audit procedures described above. We are less likely
to become aware of instances of non-compliance with laws and regulations that are not
closely related to events and transactions reflected in the financial statements. Also, the risk
of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and
balances, possibly using data auditing techniques. However, it typically involves selecting a
limited number of items for testing, rather than testing complete populations. We will often
seek to target particular items for testing based on their size or risk characteristics. In other
cases, we will use audit sampling to enable us to draw a conclusion about the population
from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located
on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of
our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s
members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006
and for no other purpose. We do not, in giving these opinions, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or into whose
hands it may come save where expressly agreed by our prior consent in writing.
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
132
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
OTHER REQUIRED REPORTING
COMPANIES ACT 2006 EXCEPTION REPORTING
Under the Companies Act 2006 we are required to report to you if, in our opinion:
− we have not obtained all the information and explanations we require for our audit; or
− adequate accounting records have not been kept by the company, or returns adequate
for our audit have not been received from branches not visited by us; or
− certain disclosures of directors’ remuneration specified by law are not made; or
− the company financial statements and the part of the Annual Report on Directors’
Remuneration to be audited are not in agreement with the accounting records
and returns.
We have no exceptions to report arising from this responsibility.
APPOINTMENT
We were first appointed by the company for the financial year ended 31 December 2022.
Our uninterrupted engagement covers four financial years.
OTHER MATTERS
The company is required by the Financial Conduct Authority Disclosure Guidance and
Transparency Rules to include these financial statements in an annual financial report
prepared under the structured digital format required by DTR 4.1.15R – 4.1.18R and filed on
the National Storage Mechanism of the Financial Conduct Authority. This auditors’ report
provides no assurance over whether the structured digital format annual financial report
has been prepared in accordance with those requirements.
Philip Watson (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
9 March 2026
Independent auditor’s report
to the members of Sabre Insurance Group plc continued
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
133
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Consolidated Profit or Loss Account
For the year ended 31 December 2025
2025
2024
Notes
£'k
£'k
Insurance revenue
217,990
248,131
Insurance service expense
(17 4 , 4 9 1)
(15 4 , 6 61)
Insurance service result before reinsurance contracts held
43,499
93,470
Reinsurance expense
(23 ,872)
(33,6 1 7)
Amounts recoverable from reinsurers for incurred claims54,55213 , 0 2 6
Net income/(expense) from reinsurance contracts held30,680(20,591)
Insurance service result
74 ,17 9
72 , 879
Interest income on financial assets using effective interest rate method
4.5
11 , 7 1 9
7, 9 2 6
Realised gains on derecognition of debt securities measured at FVOCI
4.6
7
–
Total investment income
11 , 7 2 6
7, 9 2 6
Insurance finance expense from insurance contracts issued
3.8
(9,9 6 8)
(8,392)
Reinsurance finance income from reinsurance contracts held
3.8
4 ,236
3 , 714
Net insurance financial result
(5 ,73 2)
(4 , 67 8)
Net insurance and investment result
8 0 ,17 3
76 ,1 2 7
Other income
7
6 37
74 0
Other operating expenses
8
(2 9, 8 5 0)
(28,3 0 5)
Profit before tax
5 0 ,9 6 0
48,562
Income tax expense
10
(13 , 0 4 5)
(1 2 , 6 0 1)
Profit for the year attributable to ordinary shareholders
3 7, 9 1 5
35,961
Basic earnings per share (pence per share)
19
15 . 37
14.48
Diluted earnings per share (pence per share)
19
15 . 2 6
1 4.3 7
The attached notes on pages 139 to 203 form an integral part of these financial statements.
Contents Generation – Sub PageContents Generation - Section Consolidated Profit or Loss Account
134
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
2025
2024
Notes
£'k
£'k
Profit for the year attributable to ordinary shareholders
3 7, 9 1 5
35,961
Items that are or may be reclassified subsequently to Profit or Loss
Unrealised fair value gains on debt securities
4.6
5,52 5
3 , 7 74
Realised gains on derecognition of debt securities reclassified to Profit or Loss
4.6
(7)
–
Tax charge
(1 , 3 81)
(94 4)
Debt securities at fair value through Other Comprehensive Income
4 ,1 3 7
2,8 30
Insurance finance (expense)/income from insurance contracts issued
3.8
(5, 808)
6 ,8 52
Reinsurance finance income/(expense) from reinsurance contracts held
3.8
2 ,8 56
(5 ,8 8 0)
Tax credit
73 8
395
Net insurance financial result
(2 , 214)
1, 3 67
Total other comprehensive income for the year, net of tax
1,9 2 3
4 ,1 9 7
Total comprehensive income for the year attributable to ordinary shareholders
3 9, 8 3 8
4 0 ,1 5 8
The attached notes on pages 139 to 203 form an integral part of these financial statements.
Contents Generation – Sub PageContents Generation – Section Consolidated Statement of Comprehensive
Income
135
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Consolidated Statement of Financial Position
As at 31 December 2025
2025
2024
Notes
£'k
£'k
Assets
Cash and cash equivalents
4.1
25,47531, 314
Debt securities at fair value through Other Comprehensive Income
4.2
3 2 5 ,75 2
3 11 ,1 8 4
Receivables
4.3
41
32
Current tax assets
20 9
9 97
Reinsurance contract assets
3.1
216 , 3 8 2
16 0 ,7 5 8
Property, plant and equipment
9
4 , 278
4 ,20 4
Deferred tax assets
11
82
265
Other assets
13
79 9
778
Goodwill
14
15 6 , 2 79
15 6 , 27 9
Total assets
729,297
665,811
Liabilities
Payables
5
7, 0 4 8
6 ,9 9 5
Insurance contract liabilities
3.1
460,682397,924
Other liabilities
3 ,70 5
2,5 46
Total liabilities
471, 4 3 5
4 0 7, 4 6 5
Equity
Issued share capital
15
2 47
250
Own shares
15, 17
(3 ,3 5 4)
(3 , 11 2)
Merger reserve
17
48,52548,525
FVOCI reserve
17
1,0 73
(3 ,0 6 4)
Insurance/Reinsurance finance reserve
17
1, 3 9 2
3 ,606
Share-based payments reserve
17
3,4 95
2 ,620
Retained earnings
206,484
209,521
Total equity
2 5 7, 8 6 2
258,346
Total liabilities and equity
729,297
665,811
The attached notes on pages 139
to 203 form an integral part of
thesefinancialstatements.
The financial statements on pages 134
to 203 were approved by the Board
of Directors and authorised for issue
on 9 March 2026.
Signed on behalf of the Board of
Directors by:
Adam Westwood
Chief Financial Officer
Contents Generation – Sub PageContents Generation - Section Consolidated Statement of Financial Position
136
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Insurance/
Reinsurance Share-based
Share Own Merger FVOCI finance payments Retained Total
capitalsharesreservereservereservereserveearningsequity
Notes
£'k
£'k
£'k
£'k
£'k
£'k
£'k
£'k
Balance as at 1 January 2024
250
(3 ,12 1)
48,525
(5 ,894)
2,239
2,686
197,727242,412
Profit for the year attributable to ordinary shareholders
–
–
–
–
–
–
35,96135,961
Total other comprehensive income for the year, net of tax:
–
–
–
2 ,83 0
1, 3 67
–
–
4 ,1 9 7
Items that are or may be reclassified subsequently to Profit or Loss
Total comprehensive income/(expense) for the year
–
–
–
2 ,83 0
1, 3 67
–
35,961
4 0 ,1 5 8
Share-based payment expense
–
–
–
–
–
(6 6)
18 2
11 6
Net movement in own shares
–
9
–
–
–
–
–
9
Dividends paid
–
–
–
–
–
–
(24,349)
(24,349)
Balance as at 31 December 2024
250
(3 , 11 2)
48,525
(3 ,0 6 4)
3 ,606
2 ,620
209,521
258,346
Profit for the year attributable to ordinary shareholders
–
–
–
–
–
–
3 7, 9 1 5
3 7, 9 1 5
Total other comprehensive income for the year, net of tax:
–
–
–
4 ,13 7
(2 , 214)
–
–
1,9 2 3
Items that are or may be reclassified subsequently to Profit or Loss
Total comprehensive income/(expense) for the year
–
–
–
4 ,1 3 7
(2 , 214)
–
3 7, 9 1 5
3 9, 8 3 8
Share-based payment expense
–
–
–
–
–
8 75
4 50
1, 3 2 5
Net movement in own shares
–
(24 2)
–
–
–
–
–
(2 42)
Share buyback
15
(3)
–
–
–
–
–
(5 ,0 6 4)
(5 , 0 67)
Dividends paid
–
–
–
–
–
–
(3 6, 338)
(3 6,33 8)
Balance as at 31 December 2025
2 47
(3 ,3 5 4)
48,525
1,0 7 3
1, 3 9 2
3, 495
206,484
2 5 7, 8 6 2
The attached notes on pages 139 to 203 form an integral part of these financial statements.
Contents Generation – Sub PageContents Generation – Section Consolidated Statement of Changes in Equity
137
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
2025
2024
Notes
£'k
£'k
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax for the year
5 0 ,9 6 0
48,562
Adjustments for:
Depreciation of property, plant and equipment
9
17 9
18 4
Share-based payment – equity-settled schemes
16
2 ,14 2
1, 6 0 7
Investment return
(1 0,589)
(6,458)
Expected credit loss
4.4
3
5
Operating cash flows before movements in working capital
42,695
4 3 ,9 0 0
Movements in working capital:
Change in receivables
(9)
5 5
Change in reinsurance contract assets
(5 2 , 76 8)
88
Change in other assets
(2 1)
(4)
Change in payables
53
(2 ,70 5)
Change in insurance contract liabilities
5 6 ,9 5 0
29,937
Change in other liabilities
1 ,1 5 9
(6 41)
Cash generated from operating activities before investment of insurance assets
48,059
70,630
Taxes paid
(1 2 , 7 17)
(12 , 2 8 6)
Net cash generated from operating activities before investment of insurance assets
35,342
58,344
Interest and investment income received
8, 48 4
5,248
Proceeds from the sale and maturity of invested assets
93,465
98,656
Purchases of invested assets
(10 0 , 4 12)
(1 4 0 ,1 8 0)
Net cash generated from operating activities36,87922,068
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment
9
(2 5 3)
–
Net cash used by investing activities
(2 53)
–
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash used in acquiring and disposing of own shares
(1, 0 6 9)
(1, 4 8 4)
Options exercised under share option schemes
9
–
Share buyback
15
(5 , 0 67)
–
Dividends paid
12
(36 ,338)
(24,349)
Net cash used by financing activities
(4 2 , 4 6 5)
(25 ,8 33)
Net decrease in cash and cash equivalents
(5 ,8 39)
(3 ,76 5)
Cash and cash equivalents at the beginning of the year
31, 314
35,079
Cash and cash equivalents at the end of the year
2 5 , 475
31, 314
The attached notes on pages
139to203 form an integral part
ofthesefinancialstatements.
Contents Generation – Sub PageContents Generation - Section Consolidated Statement of Cash Flows
138
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
CORPORATE INFORMATION
Sabre Insurance Group plc is a company incorporated in the United Kingdom and registered in England and Wales. The address of the
registered office is Sabre House, 150 South Street, Dorking, Surrey, RH4 2YY, England. The nature of the Group’s operations is the writing of
general insurance for motor vehicles, including taxis and motorcycles. The Company’s principal activity is that of a holding company.
1. ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these Consolidated and Company Financial Statements are included in the
specific notes to which they relate. These policies have been consistently applied to all the years presented, unless otherwise indicated.
1.1. BASIS OF PREPARATION
The financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards, comprising
International Accounting Standards (“IAS”) and International Financial Reporting Standards (“IFRS”), and the requirements of the Companies
Act 2006. Endorsement of accounting standards is granted by the UK Endorsement Board (“UKEB”).
The financial statements are prepared in accordance with the going concern principle using the historical cost basis, except for those
financial assets and owner-occupied properties that have been measured at fair value. The preparation of the financial statements
necessitates the use of estimates, assumptions and judgements that affect the reported amounts in the Statement of Financial Position
and the Profit or Loss Account and Statement of Comprehensive Income. Where appropriate, details of estimates are presented in the
accompanying notes to the Consolidated Financial Statements.
As the full impact of climate change is currently unknown, it is not possible to consider all possible future outcomes when determining the
value of assets, liabilities and the timing of future cash flows. The Group’s view is that any reasonable impact of climate change would not
have a material impact on the valuation of assets and liabilities at the year-end date.
The financial statements values are presented in pounds sterling (£) rounded to the nearest thousand (£’k), unless otherwise indicated.
The Group presents its Statement of Financial Position broadly in order of liquidity. An analysis regarding recovery or settlement within 12 months
after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in the respective notes.
Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial Position only when there is
a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and
settle the liability simultaneously.
1.2. GOING CONCERN
The Consolidated Financial Statements have been prepared on a going concern basis. The Directors have a reasonable expectation that
the Group has adequate resources to continue in operation for at least 12 months from the date the Directors approved these Financial
Statements and that therefore it is appropriate to adopt a going concern basis for the preparation of the Financial Statements. In making
their assessment, the Directors took into account the potential impact of the principal risks that could prevent the Group from achieving its
strategic objectives.
The assessment was based on the Group’s Own Risk and Solvency Assessment (“ORSA”), which brings together management’s view of current
and emerging risks, with scenario-based analysis and reverse stress testing to form a conclusion as to the financial stability of the Group.
Contents Generation – Sub PageContents Generation – Section Notes to the Consolidated Financial
Statements
139
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
1. ACCOUNTING POLICIES CONTINUED
Consideration was also given to what the Group considers its principal risks which are set out in the Principal Risks and Uncertainties section
on pages 22 to 30 of the Strategic Report. The assessment also included consideration of any scenarios which might cause the Group to
breach its solvency requirements which are not otherwise covered in the risk-based scenario testing.
We have assessed the short-, medium- and long-term risks associated with climate change. Given the geographical diversity of the Group’s
policyholders within the UK, and the Group’s reinsurance programme, it is highly unlikely that a climate event will materially impact Sabre’s
ability to continue trading. More likely is that the costs associated with the transition to a low-carbon economy will impact the Group’s indemnity
spend, as electric vehicles are currently relatively expensive to fix. We expect that this is somewhat, or perhaps completely, offset by advances in
technology reducing the frequency of claims, in particular bodily injury claims which are generally far more expensive than damage to vehicles.
These changes in the costs of claims are gradual and as such reflected in our claims experience and fed into the pricing of our policies.
1.3. NEW AND AMENDED STANDARDS AND INTERPRETATIONS ADOPTED BY THE GROUP
Amendments to IFRS
The following amended IFRS standards became effective for the year ended 31 December 2025:
− Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”: “Lack of Exchangeability”
None of the amendments have had a material impact on the Group.
1.4. NEW AND AMENDED STANDARDS AND INTERPRETATIONS NOT YET EFFECTIVE IN 2025
A number of new standards and interpretations adopted by the UK which are not mandatorily effective, as well as standards’ interpretations
issued by the IASB but not yet adopted by the UK, have not been applied in preparing these financial statements. The Group does not plan
to adopt these standards early; instead, it expects to apply them from their effective dates as determined by their dates of UK endorsement.
These standards are not expected to have a significant impact on the results within the financial statements.
− Annual improvements to IFRS – Volume 11 (effective 1 January 2026). Annual improvements are limited to changes that either clarify
the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the
requirements in the Accounting Standards. This includes minor clarifications to IFRS 7 “Financial Instruments: Disclosures”, IFRS 9
“Financial Instruments”, IFRS 10 “Consolidated Financial Statements”, and IAS 7 “Statement of Cash Flows”.
− IFRS 18 “Presentation and Disclosure in Financial Statements” – Effective 1 January 2027, with retrospective application – IFRS 18, which
replaces IAS 1 “Presentation of Financial Statements”, introduces new requirements for presentation and disclosure in the financial
statements, with a focus on the Profit or Loss Account. Items in the Profit or Loss Account will be classified into one of five categories:
operating, investing, financing, income taxes and discontinued operations, of which the first three are new. It also requires the disclosure
of newly defined management-derived performance measures, how these are calculated and why these provide useful information,
reconciled to the IFRS reporting. As a presentation and disclosure standard, the implementation of IFRS 18 will not affect the Group’s
results. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to
the financial statements.
− Amendment to IFRS 9 and IFRS 7 (effective 1 January 2026). These amendments clarify the requirements for the timing of recognition
and derecognition of some financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset
meets the solely payments of principal and interest (“SPPI”) criterion, add new disclosures for certain instruments with contractual
terms that can change cash flows and make updates to the disclosures for equity instruments designated at Fair Value through Other
Comprehensive Income (“FVOCI”).
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025140
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
1. ACCOUNTING POLICIES CONTINUED
− IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective 1 January 2027). This new standard reduces the disclosure
requirements for subsidiaries while maintaining the usefulness of the information for users of their financial statements. Subsidiaries are
eligible to apply IFRS 19 if they do not have public accountability and their parent company applies IFRS in their consolidated financial
statements. As the principal subsidiary of the Group is a public interest entity, the Group does not expect any significant impact from IFRS 19.
2. RISK AND CAPITAL MANAGEMENT
2.1. RISK MANAGEMENT FRAMEWORK
The Sabre Insurance Group plc Board is responsible for prudent oversight of the Group’s business and financial operations, ensuring that they
are conducted in accordance with sound business principles and with applicable laws and regulations, and ensure fair customer outcomes.
This includes responsibility to articulate and monitor adherence to the Board’s appetite for exposure to all risk types. The Board also ensures
that measures are in place to provide independent and objective assurance on the effective identification and management of risk and
on the effectiveness of the internal controls in place to mitigate those risks.
The Board has set a robust risk management strategy and framework as an integral element in its pursuit of business objectives and in the
fulfilment of its obligations to shareholders, regulators, customers and employees.
The Group’s risk management framework is proportionate to the risks that we face. Our assessment of risk is not static; we continually reassess
the risk environment in which the Group operates and ensure that we maintain appropriate mitigation in order to remain within our risk
appetite. The Group’s Management Risk and Compliance Forum gives management the regular opportunity to review and discuss the risks
which the Group faces, including but not limited to any breaches, issues or emerging risks. The Forum also works to ensure that adequate
mitigation for the risks the Group is exposed to are in place.
2.2. UNDERWRITING RISK
The principal risk the Group faces under insurance contracts is that the actual claims and benefit payments, or the timing thereof, differ from
expectations. This is influenced by the frequency of claims, severity of claims, actual benefits paid and subsequent development of long-term
claims. Therefore, the objective of the Group is to ensure that sufficient reserves are available to cover these liabilities.
The Group issues only motor insurance contracts, which usually cover a 12-month duration. For these contracts, the most significant risks arise
from under-estimation of the expected costs attached to a policy or a claim, for example through unexpected inflation of costs or single
catastrophic events.
Refer to Note 3.6 for detail on these risks and the way the Group manages them. Note 3.6 also includes the considerations of climate change.
Further discussion on climate change can be found in the Principal Risks and Uncertainties section on pages 22 to 30 of the Strategic Report
and the Responsibility and Sustainability section on pages 41 to 67.
2.3. CREDIT RISK
Credit risk reflects the financial impact of the default of one or more of the Group’s counterparties. The Group is exposed to financial risks
caused by a loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. Key areas where the
Group is exposed to credit default risk are:
− Failure of an asset counterparty to meet their financial obligations (Note 4.4)
− Reinsurers default on their share of the Group’s insurance liabilities (Note 3.7)
− Default on amounts due from insurance contract intermediaries or policyholders (Note 3.7)
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025141
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
2. RISK AND CAPITAL MANAGEMENT CONTINUED
2.3. CREDIT RISK
Credit risk reflects the financial impact of the default of one or more of the Group’s counterparties. The Group is exposed to financial risks
caused by a loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. Key areas where the
Group is exposed to credit default risk are:
− Failure of an asset counterparty to meet their financial obligations (Note 4.4)
− Reinsurers default on their share of the Group’s insurance liabilities (Note 3.7)
− Default on amounts due from insurance contract intermediaries or policyholders (Note 3.7)
The following policies and procedures are in place to mitigate the Group’s exposure to credit risk:
− A Group credit risk policy which sets out the assessment and determination of what constitutes credit risk for the Group. Compliance with
the policy is monitored and exposures and breaches are reported to the Group’s Risk Committee
− Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by following policy
guidelines in respect of counterparties’ limits that are set each year by the Board of Directors and are subject to regular reviews. At each
reporting date, management performs an assessment of creditworthiness of reinsurers and updates the reinsurance purchase strategy,
ascertaining a suitable allowance for impairment
− The Group sets the maximum amounts and limits that may be advanced to corporate counterparties by reference to their long-term credit ratings
− The credit risk in respect of customer balances incurred on non-payment of premiums or contributions will only persist during the grace
period specified in the policy document or trust deed until expiry, when the policy is either paid up or terminated. Commission paid to
intermediaries is netted off against amounts receivable from them to reduce the risk of doubtful debts
Refer to Notes 3.7 and 4.4 as indicated above for further information on credit risk.
2.4. LIQUIDITY RISK
Liquidity risk is the potential that obligations cannot be met as they fall due as a consequence of having a timing mismatch or inability
to raise sufficient liquid assets without suffering a substantial loss on realisation. The Group manages its liquidity risk through both ensuring
that it holds sufficient cash and cash equivalent assets to meet all short-term liabilities, and matching the maturity profile of its financial
investments to the expected cash outflows.
Refer to Note 6 for further information on liquidity risk.
2.5. INVESTMENT CONCENTRATION RISK
Excessive exposure to particular industry sectors or groups can give rise to concentration risk. The Group has no significant investment in any
particular industrial sector and therefore is unlikely to suffer significant losses through its investment portfolio as a result of over-exposure to
sectors engaged in similar activities or which have similar economic features that would cause their ability to meet contractual obligations to
be similarly affected by changes in economic, political or other conditions.
A significant part of the Group’s investment portfolio consists primarily of UK government bonds and government-backed bonds; therefore, the
risk of government default does exist, however, the likelihood is extremely remote. The remainder of the portfolio consists of investment grade
corporate bonds. The Group continues to monitor the strength and security of all bonds.
The Group’s portfolio has a significant concentration of UK debt securities and therefore is exposed to movements in UK interest rates.
Refer to Note 4.2.1 for further information on investment concentration risk.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
142
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
2. RISK AND CAPITAL MANAGEMENT CONTINUED
2.6. OPERATIONAL RISK
Operational risk is the risk of loss arising from system failure, cyber attack, human error, fraud or external events. When controls fail to perform,
operational risks can cause damage to reputation, have legal or regulatory implications or can lead to financial loss. The Group cannot
expect to eliminate all operational risks, but by operating a rigorous control framework and by monitoring and responding to potential risks,
the Group is able to manage the risks. Controls include effective segregation of duties, access controls, authorisation and reconciliation
procedures, staff education and assessment processes, including the use of internal audit. Business risks such as changes in environment,
technology and the industry are monitored through the Group’s strategic planning and budgeting process.
2.7. CAPITAL MANAGEMENT
The Board of Directors has ultimate responsibility for ensuring that the Group has sufficient funds to meet its liabilities as they fall due. The
Group carries out detailed modelling of its assets and liabilities, and the key risks to which these are exposed. This modelling includes the
Group’s own assessment of its capital requirements for solvency purposes.
The Group has continued to manage its solvency with reference to the solvency capital requirement (“SCR”) calculated using the standard
formula. The Group has developed sufficient processes to ensure that the capital requirements under Solvency II are not breached, including
the maintenance of capital at a level higher than that required through the standard formula. The Group considers its capital position to be its
net assets on a Solvency II basis and monitors this in the context of the Solvency II SCR.
The Group aims to retain sufficient capital such that in all reasonably foreseeable scenarios, it will hold regulatory capital in excess of its SCR.
The Directors currently consider that this is achieved through maintaining a regulatory capital surplus of 140% to 160%. As at 31 December
2025, the Group holds significant excess Solvency II capital.
The Group’s IFRS capital comprised:
As at 31 December
2025
2024
£'k
£'k
Share capital
247
250
Own shares
(3,354)
(3,112)
Merger reserve
48
,525
48,525
FVOCI reserve
1,073
(3,064)
Insurance/Reinsurance finance reserve
1,392
3,606
Share-based payments reserve
3,495
2,620
Retained earnings
2
206,484
09,521
Total
258,34
257,862
6
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
143
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
2. RISK AND CAPITAL MANAGEMENT CONTINUED
The Solvency II position of the Group both before and after proposed final dividend is given below:
As at 31 December
2025
2024
£'k
£'k
Total tier 1 capital – pre-dividend
133,
080
1
34,695
SCR
66,
986
62,199
Solvency coverage ratio (%) – pre-dividend
198.7%
216.6%
As at 31 December
2025
2024
£'k
£'k
Total tier 1 capital – pre-dividend
133,
080
1
34,695
Less: Final dividend declared
(24,907)
(28,250)
Total tier 1 capital – post-dividend
10 8,173
106,445
SCR
66,
986
62,199
Solvency coverage ratio (%)
161.5%
171.1%
The following table sets out a reconciliation between IFRS net assets and Solvency II net assets before proposed final dividend:
As at 31 December
2025
2024
£'k
£'k
IFRS net assets
257,862
258,34
6
Less: Goodwill
(156,279)
(156,279)
Adjusted IFRS net assets
1
01,583
102,067
Remove IFRS liability: Liability for remaining coverage (unearned premium element)
105,596
117
,245
Remove IFRS asset: Insurance acquisition cash flow asset
(7,789)
(8,472)
Remove IFRS liability: Risk adjustment
15,773
14,304
Add Solvency II liability: Risk margin
(7,440)
(6,975)
Add Solvency II liability: Premium provision
(63,276)
(74,613)
Changes in valuation differences of technical reserves between IFRS and Solvency II
(867)
2,015
Change in deferred tax liability due to difference in net asset position
(10,500)
(10,876)
Solvency II net assets
,080
133
13
4,695
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
144
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
2. RISK AND CAPITAL MANAGEMENT CONTINUED
The adjustments set out in the above table have been made for the following reasons:
− Adjusted IFRS net assets: Equals Group net assets on an IFRS basis, less Goodwill.
− Removal of liability for remaining coverage and insurance acquisition cash flow asset: Liability for remaining coverage is not treated as
a liability under Solvency II.
− Removal of insurance acquisition cash flow asset: Insurance acquisition cash flow asset is not deferred under Solvency II.
− Removal of IFRS risk adjustment: Solvency II risk margin replaces IFRS risk adjustment.
− Addition of Solvency II risk margin: The Solvency II risk margin represents the premium that would be required were the Group to transfer
its technical provisions to a third party, and essentially reflects the SCR required to cover run-off of claims on existing business. This amount
is calculated by the Group through modelling the discounted SCR on a projected future balance sheet for each year of claims run-off.
− Addition of Solvency II premium provision: A premium reserve reflecting the future cash flows in respect of insurance contracts is
calculated and this must be discounted under Solvency II.
− Changes in valuation differences: Valuation differences of technical differences between IFRS 17 and Solvency II, including discounting.
− Change in deferred tax: As the move to a Solvency II basis balance sheet increases the net asset position of the Group, a deferred tax
liability is generated to offset the increase.
Sabre Insurance Group plc’s SCR, expressed on a risk module basis, is set out in the following table:
As at 31 December
2025
2024
£'k
£'k
Interest rate risk
4,149
5,289
Equity risk
–
–
Property risk
900
900
Spread risk
4,691
3,109
Currency risk
888
584
Concentration risk
–
–
Correlation impact
(3,602)
(3,226)
Market risk
7,0 26
6,656
Counterparty risk
4,333
3,325
Underwriting risk
70,
928
68,01
1
Correlation impact
(7,311)
(6,678)
Basic SCR
74,976
71,314
Operating risk
10,754
8,714
Loss-absorbing effect of deferred taxes
(18,744)
(17,829)
Total SCR
66,
986
62,199
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
145
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
2. RISK AND CAPITAL MANAGEMENT CONTINUED
The total SCR is primarily driven by the underwriting risk element, which is a function of the Group’s net earned premium (or projected net
earned premium) and the level of reserves held. Therefore, the SCR is broadly driven by the size of the business.
The Group’s capital management objectives are:
− To ensure that the Group will be able to continue as a going concern
− To maximise the income and capital return to its equity
The Board monitors and reviews the broad structure of the Group’s capital on an ongoing basis. This review includes consideration of the
extent to which revenue in excess of that which is required to be distributed should be retained.
The Group’s objectives, policies and processes for managing capital have not changed during the year.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS
ACCOUNTING POLICY
For the purpose of this accounting policy, the term ‘motor insurance’ covers all the Group’s products, which includes Motor Vehicle,
Motorcycle and Taxi insurance.
A. INSURANCE AND REINSURANCE CONTRACTS CLASSIFICATION
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk from a policyholder
by agreeing to compensate the policyholder if a specified uncertain future insured event adversely affects the policyholder.
As a general guideline, the Group determines whether it has significant insurance risk, by comparing benefits payable after an insured
event with benefits payable if the insured event did not occur.
The Group issues only non-life insurance to individuals and businesses. Non-life insurance products offered by the Group are Motor Vehicle,
Motorcycle and Taxi insurance. These products offer protection of a policyholder’s assets and indemnification of other parties that have
suffered damage as a result of a policyholder’s accident.
In the normal course of business, the Group uses reinsurance to mitigate its risk exposures. A reinsurance contract transfers significant risks
if it transfers substantially all of the insurance risk resulting from the insured portion of the underlying insurance contracts, even if it does not
expose the reinsurer to the possibility of a significant loss.
B. INSURANCE AND REINSURANCE CONTRACTS ACCOUNTING TREATMENT
(i) Separating components from insurance and reinsurance contracts
The Group assesses its non-life insurance and reinsurance products to determine whether they contain distinct components which must
be accounted for under another IFRS instead of under IFRS 17. After separating any distinct components, the Group applies IFRS 17 to all
remaining components of the (host) insurance contract. Currently, the Group’s products do not include any distinct components that
require separation.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
146
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
(ii) Aggregation and recognition of insurance and reinsurance contracts
Insurance contracts
Insurance contracts are aggregated into groups for measurement purposes. Groups of insurance contracts are determined by identifying
portfolios of insurance contracts, each comprising contracts subject to similar risks and managed together, and dividing each portfolio
into annual cohorts (i.e. by year of issue) and each annual cohort into three groups based on the expected profitability of contracts:
− Any contracts that are onerous on initial recognition
− Any contracts that, on initial recognition, have no significant possibility of becoming onerous subsequently
− Any remaining contracts in the annual cohort
The Group recognises groups of insurance contracts it issues from the earliest of:
− The beginning of the coverage period of the group of contracts
− When the first payment from a policyholder in the group becomes due or when the first payment is received if there is no due date
− When facts and circumstances indicate that the contract is onerous
The Group adds new contracts to the group in the reporting period in which that contract meets one of the criteria set out above.
The profitability of groups of contracts is assessed by actuarial valuation models that take into consideration existing and new business.
The Group assumes that no contracts in the portfolio are onerous at initial recognition unless facts and circumstances indicate
otherwise. For contracts that are not onerous, the Group assesses, at initial recognition, that there is no significant possibility of becoming
onerous subsequently by assessing the likelihood of changes in applicable facts and circumstances. The Group considers facts and
circumstances to identify whether a group of contracts are onerous based on:
− Pricing information
− Results of similar contracts it has recognised
− Environmental factors, e.g. a change in market experience or regulations
Reinsurance contracts
Some reinsurance contracts provide cover for underlying contracts that are included in different groups. However, the Group concludes
that the reinsurance contract’s legal form of a single contract reflects the substance of the Group’s contractual rights and obligations,
considering that the different covers lapse together and are not sold separately. As a result, the reinsurance contract is not separated into
multiple insurance components that relate to different underlying groups.
The Group recognises a group of reinsurance contracts held at the earlier of the following:
− The beginning of the coverage period of the group of reinsurance contracts held
− The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related reinsurance
contract held in the group of reinsurance contracts held at or before that date
The Group adds new contracts to the group in the reporting period in which that contract meets one of the criteria set out above.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
147
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
ACCOUNTING POLICY CONTINUED
(iii) Measurement
Summary of measurement approaches
The Group uses the following measurement approaches to its insurance and reinsurance contracts.
Product classification
Measurement model
Insurance contracts issued
Motor insurance
Insurance contracts issued
Premium Allocation Approach (“PAA”)
Reinsurance contracts held
Motor insurance – excess of loss reinsurance
Reinsurance contracts held
Premium Allocation Approach (“PAA”)
The Group applies the premium allocation approach to all the insurance contracts that it issues and reinsurance contracts that it holds, as
the coverage period of each contract in the group is one year or less, including insurance contract services arising from all premiums within
the contract boundary. The Group does not expect significant variability in the fulfilment cash flows that would affect the measurement of
the liability for remaining coverage during the period before a claim is incurred.
All the Group’s insurance contracts have a coverage period of one year or less. The Group’s reinsurance contracts held are excess of loss
contracts and are loss occurring. The Group does not issue any reinsurance contracts.
Insurance contracts issued
On initial recognition of each group of contracts, the carrying amount of the liability for remaining coverage (“LRC”) is measured at:
− The premiums received on initial recognition
− Minus any insurance acquisition cash flows allocated to the group at that date
− Adjusted for any amount arising from the derecognition of any assets or liabilities previously recognised for cash flows related to the
group (including assets for insurance acquisition cash flows)
The Group has chosen not to expense insurance acquisition cash flows when they are incurred.
Subsequently, the Group measures the carrying amount of the LRC at the end of each reporting period as the LRC at the beginning of
the period:
− Plus premiums received in the period
− Minus insurance acquisition cash flows
− Plus any amounts relating to the amortisation of insurance acquisition cash flows recognised as an expense in the reporting period
− Minus the amount recognised as insurance revenue for the services provided in the period
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
148
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
On initial recognition of each group of contracts, the Group expects that the time between providing each part of the services and the
related premium due date is no more than a year. Accordingly, the Group has chosen not to adjust the liability for remaining coverage to
reflect the time value of money and the effect of financial risk.
If at any time during the coverage period, facts and circumstances indicate that a group of contracts is onerous, then the Group
recognises a loss in Profit or Loss and increases the liability for remaining coverage to the extent that the current estimates of the fulfilment
cash flows that relate to remaining coverage exceed the carrying amount of the liability for remaining coverage. The fulfilment cash flows
are discounted (at current rates) if the liability for incurred claims is also discounted.
The Group recognises the liability for incurred claims (“LIC”) of a group of insurance contracts at the amount of the fulfilment cash flows
(“FCF”) relating to incurred claims. The fulfilment cash flows are discounted (at current rates) unless they are expected to be paid in one
year or less from the date the claims are incurred.
The carrying amount of a group of insurance contracts issued at the end of each reporting period is the sum of:
− The LRC
− The LIC
Risk adjustment for non-financial risk
An explicit risk adjustment for non-financial risk is estimated separate from the other estimates. Unless contracts are onerous, the explicit risk
adjustment for non-financial risk is only estimated for the measurement of the LIC.
This risk adjustment represents the compensation that the Group requires for bearing the uncertainty about the amount and timing of
cash flows that arise from non-financial risk. Non-financial risk is risk arising from insurance contracts other than financial risk, which is
included in the estimates of future cash flows or the discount rate used to adjust the cash flows. The risks covered by the risk adjustment for
non-financial risk are insurance risk and other non-financial risks such as lapse risk and expense risk.
The risk adjustment for non-financial risk for insurance contracts measures the compensation that the Group would require to make it
indifferent between:
− Fulfilling a liability that has a range of possible outcomes arising from non-financial risk
− Fulfilling a liability that will generate fixed cash flows with the same expected present value as the insurance contracts
Reinsurance contracts held
The excess of loss reinsurance contracts held provide coverage on the motor insurance contracts originated for claims incurred during
an accident year and are accounted for under the PAA. The Group measures its reinsurance assets for a group of reinsurance contracts
that it holds on the same basis as insurance contracts that it issues. For reinsurance contracts held, on initial recognition, the Group
measures the remaining coverage at the amount of ceding premiums paid. For reinsurance contracts held, at each of the subsequent
reporting dates, the remaining coverage is:
− Increased for ceding premiums paid in the period
− Decreased for the amounts of ceding premiums recognised as reinsurance expenses for the services received in the period
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
149
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
ACCOUNTING POLICY CONTINUED
Assets for reinsurance contracts consist of the asset for remaining coverage (“ARC”) and the asset for incurred claims (“AIC”) being the
reinsurers’ share of claims that have already been incurred.
For reinsurance contracts held, the risk adjustment for non-financial risk presents the amount of risk being transferred by the Group to
the reinsurer.
Asset for insurance acquisition cash flows
The Group includes the following acquisition cash flows within the insurance contract boundary that arise from selling, underwriting and
starting a group of insurance contracts and that are:
a. Costs directly attributable to individual contracts and groups of contracts
b. Costs directly attributable to the portfolio of insurance contracts to which the group belongs, which are allocated on a reasonable and
consistent basis to measure the group of insurance contracts
Insurance acquisition cash flows arising before the recognition of the related group of contracts are recognised as an asset. Insurance
acquisition cash flows arise when they are paid or when a liability is required to be recognised under a standard other than IFRS 17. Such
an asset is recognised for each group of contracts to which the insurance acquisition cash flows are allocated. The asset is derecognised,
fully or partially, when the insurance acquisition cash flows are included in the measurement of the group of contracts.
Recoverability assessment
At each reporting date, if facts and circumstances indicate that an asset for insurance acquisition cash flows may be impaired, then
the Group:
a. Recognises an impairment loss in Profit or Loss so that the carrying amount of the asset does not exceed the expected net cash inflow
for the related group
b. If the asset relates to future renewals, recognises an impairment loss in Profit or Loss to the extent that it expects those insurance
acquisition cash flows to exceed the net cash inflow for the expected renewals and this excess has not already been recognised as an
impairment loss under (a)
The Group reverses any impairment losses in Profit or Loss and increases the carrying amount of the asset to the extent that the impairment
conditions have improved.
Modification and derecognition
The Group derecognises insurance contracts when:
− The contract is extinguished (i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled)
− The contract is modified and certain additional criteria are met
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
150
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
When an insurance contract is modified by the Group as a result of an agreement with the counterparties or due to a change in
regulations, the Group treats changes in cash flows caused by the modification as changes in estimates of the FCF, unless the conditions
for the derecognition of the original contract are met. The Group derecognises the original contract and recognises the modified contract
as a new contract if any of the following conditions are present:
a. If the modified terms had been included at contract inception and the Group would have concluded that the modified contract:
i. Is not in scope of IFRS 17
ii. Results in different separable components
iii. Results in a different contract boundary
iv. Belongs to a different group of contracts
b. The original contract was accounted for under the PAA, but the modification means that the contract no longer meets the eligibility
criteria for that approach
When an insurance contract accounted for under the PAA is derecognised, adjustments to the FCF to remove relating rights and
obligations, and account for the effect of the derecognition result in the following amounts being charged immediately to Profit or Loss:
a. If the contract is extinguished, any net difference between the derecognised part of the LRC of the original contract and any other cash
flows arising from extinguishment
b. If the contract is transferred to the third party, any net difference between the derecognised part of the LRC of the original contract and
the premium charged by the third party
c. If the original contract is modified resulting in its derecognition, any net difference between the derecognised part of the LRC and the
hypothetical premium the entity would have charged had it entered into a contract with equivalent terms as the new contract at the
date of the contract modification, less any additional premium charged for the modification
(iv) Presentation
The Group has presented separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance contracts issued
and portfolios of reinsurance contracts held.
The Group has elected to disaggregate part of the movement in LIC resulting from the changes in discount rates and present this in
the Statement of Comprehensive Income. The Group disaggregates the total amount recognised in the Profit or Loss Account and the
Statement of Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service expense, and
insurance finance income or expenses.
The Group does not disaggregate the change in risk adjustment for non-financial risk between a financial and non-financial portion and
includes the entire change as part of the insurance service result.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from insurance
contracts issued.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
151
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
AMOUNTS RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS
INSURANCE SERVICE RESULT FROM INSURANCE CONTRACTS ISSUED
Insurance revenue
As the Group provides insurance contract services under the group of insurance contracts, it reduces the LRC and recognises insurance
revenue. The amount of insurance revenue recognised in the reporting period depicts the transfer of promised services at an amount that
reflects the portion of consideration that the Group expects to be entitled to in exchange for those services.
The Group measures all insurance contracts under the PAA and recognises insurance revenue based on the passage of time over the
coverage period of a group of contracts.
Insurance service expenses
Insurance service expenses include the following:
− Incurred claims and benefits
− Other incurred directly attributable expenses
− Amortisation of insurance acquisition cash flows
− Changes that relate to past service – changes in the FCF relating to the LIC
− Changes that relate to future service – changes in the FCF that result in onerous contract losses or reversals of those losses
Amortisation of insurance acquisition cash flows is based on the passage of time.
Other expenses not meeting the above categories are included in other operating expenses in the Profit or Loss Account.
INSURANCE SERVICE RESULT FROM REINSURANCE CONTRACTS HELD
Net income/(expense) from reinsurance contracts held
The Group presents separately on the face of the Profit or Loss Account and the Statement of Comprehensive Income, the amounts
expected to be recovered from reinsurers, and an allocation of the reinsurance premiums paid. The net income/(expense) from
reinsurance contracts held comprise:
− Reinsurance expenses
− For groups of reinsurance contracts measured under the PAA, broker fees are included within reinsurance expenses
− Incurred claims recovery
− Other incurred directly attributable expenses
− Changes that relate to past service – changes in the FCF relating to incurred claims recovery
− Effect of changes in the risk of reinsurers’ non-performance
− Amounts relating to accounting for onerous groups of underlying insurance contracts issued
Reinsurance expenses are recognised similarly to insurance revenue. The amount of reinsurance expenses recognised in the reporting
period depicts the transfer of received insurance contract services at an amount that reflects the portion of ceding premiums that the
Group expects to pay in exchange for those services. Broker fees are included in reinsurance expenses.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
152
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
All groups of reinsurance contracts held are measured under the PAA and reinsurance expenses are recognised based on the passage of
time over the coverage period of a group of contracts.
AMOUNTS RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
INSURANCE FINANCE INCOME OR EXPENSES
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts arising from:
− The effect of the time value of money and changes in the time value of money
− The effect of financial risk and changes in financial risk
For contracts measured under the PAA, the main amounts within insurance finance income or expenses are:
a. Interest accreted on the LIC
b. The effect of changes in interest rates and other financial assumptions
The Group disaggregates insurance finance income or expenses on motor insurance contracts issued between Profit or Loss and OCI. The
Group has made an accounting policy choice to disaggregate insurance finance income or expenses for the period to include within OCI
an amount which reflects the difference between the carrying amount of a group of contracts and the amount that the group would have
been measured at using the discount rates in effect on initial recognition, effectively reflecting the impact of discount rate changes on the
opening liability for incurred claims through Other Comprehensive Income. The amount recognised in Other Comprehensive Income over
the duration of a group of contracts will always total zero.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in OCI in order to minimise
accounting mismatches between the accounting for financial assets and insurance assets and liabilities. The Group’s financial assets
backing the motor insurance portfolios are predominantly measured at fair value through Other Comprehensive Income (“FVOCI”).
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
153
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
RISK MANAGEMENT
Refer to Notes 3.6 and 3.7 for detail on risks relating to insurance liabilities and reinsurance assets, and the management thereof.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of these Consolidated Financial Statements requires the Group to select accounting policies and make estimates,
assumptions and judgements. The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are discussed below. The Group based its assumptions and estimates on information and facts available when the
financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions
when they occur. The Group disaggregates information to disclose major product lines, namely Motor Vehicle, Motorcycle and Taxi.
ACCOUNTING JUDGEMENTS
A. Level of aggregation and measurement model for insurance contracts
For measurement purposes, insurance contracts are aggregated into groups based on an assessment of risks and dividing each portfolio
into annual cohorts by year of issue. Judgement is required in assessing if the contracts have similar risks that are managed together.
Each annual cohort is then divided into three groups based on the expected profitability of contracts, being contracts that are onerous
on initial recognition, have no significant possibility of becoming onerous, or any other contracts which do not fall into those categories.
Judgement is applied to determine the profitability of contracts at initial recognition. The Group applies the default assumption that no
groups of contracts are onerous unless facts and circumstances indicate otherwise. Further judgement is applied to determine how
contracts will be measured. The Group applies the PAA to simplify the measurement of all insurance contracts issued and reinsurance
contracts held. The judgement around the PAA has been disclosed in section B(iii) of the Group’s accounting policies for insurance
liabilities and reinsurance assets.
B. Insurance acquisition cash flows
IFRS 17 requires an entity to include a portion of its overhead costs that are directly attributable in fulfilling the obligations under an
insurance contract, in the fulfilment cash flows of the related liability.
The Group applies judgement in determining the inputs used in the methodology to systematically and rationally allocate insurance
acquisition cash flows to groups of insurance contracts. This includes judgements about the amounts allocated to insurance contracts
expected to arise from renewals of existing insurance contracts in a group and the volume of expected renewals from new contracts
issued in the period.
At the end of each reporting period, the Group revisits the assumptions made to allocate insurance acquisition cash flows to groups, and
where necessary, revises the amounts of assets for insurance acquisition cash flows accordingly.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
154
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
C. Discount rates
As there are no referenced asset portfolios backing the LIC, because of the volatility and uncertainty of claims on short-term insurance
contracts, the Group deemed it more appropriate to use the bottom-up approach under IFRS 17 for discounting. This reflects a risk-free
yield curve and an illiquidity premium. The standard does not specify how to calculate the illiquidity premium.
The Group uses the risk-free curves published by the Bank of England. The Solvency II GBP risk-free yield curve is based on six-month
SONIA swap rates, corrected using an adjustment defined by the PRA for credit risk. SONIA-based yield curves are considered to contain
negligible credit risk, according to the Bank of England, as the contracts that make it up settle overnight.
The Group has performed a number of analyses in determining the choice of the illiquidity risk component, including using the Solvency
II volatility adjustment (“VA”). The analyses did not identify any material differences in reserves. Given the nature of the liabilities and
that there is no penalty or surrender value to exit the insurance contracts, the Group applied judgement in setting the illiquidity risk
component and has selected the VA to be an appropriate proxy for the illiquidity adjustment.
Discount rates applied for discounting of future cash flows are listed below:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
Motor insurance
3.78%
3.77%
3.91%
4.29%
4.70%
4.39%
4.28%
4.31%
See Note 3.6 for the impact of a 1% increase or decrease in the discount rates used.
D. Risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation that the Group requires for bearing the uncertainty about the amount and
timing of the cash flows of groups of insurance contracts. The risk adjustment reflects an amount that an insurer would rationally pay to
remove the uncertainty that future cash flows could exceed the expected value amount.
The Group has estimated the risk adjustment using a methodology which targets a confidence level (probability of sufficiency) approach
between the 80th and 90th percentile. At 31 December 2025, the net risk adjustment applied equates to an approximate confidence
interval of 81.4% (31 December 2024: 80.6%). That is, the Group has assessed its indifference to uncertainty for all product lines (as
an indication of the compensation that it requires for bearing non-financial risk) as being equivalent to the 80th to 90th percentile
confidence level less the mean of an estimated probability distribution of the future cash flows. The Group has estimated the probability
distribution of the future cash flows, and the additional amount above the expected present value of future cash flows required to meet
the target percentiles.
Sabre uses a ‘bootstrapping’ method to create a distribution of outcomes for the outstanding claim amounts. This distribution is assessed
to calculate the risk adjustment at a chosen confidence level. Bootstrapping involves taking random samples of the data for analysis,
rather than using the full dataset. Multiple random samples are selected, with each random sample selected from the full dataset.
See Note 3.6 for the impact of moving the confidence interval of the booked risk adjustment up or down by 5ppts.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
155
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS CONTINUED
CRITICAL ACCOUNTING ESTIMATES
E. Liability for incurred claims (“LIC”)
The ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques, such as
Chain Ladder and Bornheutter-Ferguson methods.
The main assumption underlying these techniques is that a Group’s past claims development experience can be used to project
future claims development and hence ultimate claims costs. These methods extrapolate the development of paid and incurred losses,
average costs per claim (including claims handling costs), and claim numbers based on the observed development of earlier years
and expected loss ratios. Historical claims development is mainly analysed by accident years, but can also be further analysed by
geographical area, as well as by significant business lines and claim types. Large claims are usually separately addressed, either by being
reserved at the face value of loss adjuster estimates or separately projected in order to reflect their future development. In most cases, no
explicit assumptions are made regarding future rates of claims inflation or loss ratios. Instead, the assumptions used are those implicit in
the historical claims development data on which the projections are based. Additional qualitative judgement is used to assess the extent
to which past trends may not apply in future (e.g. to reflect one-off occurrences, changes in external or market factors such as public
attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as
portfolio mix, policy features and claims handling procedures) in order to arrive at the estimated ultimate cost of claims that present the
probability weighted expected value outcome from the range of possible outcomes, taking account of all the uncertainties involved.
The Group has the right to pursue third parties for payment of some or all costs. Estimates of salvage recoveries and subrogation
reimbursements are considered as an allowance in the measurement of ultimate claims costs. Other key circumstances affecting the
reliability of assumptions include variation in interest rates and delays in settlement.
The key estimates in calculating the LIC are the amount and timing of future claims payments in relation to claims already incurred. This
is primarily assessed with reference to past performance, including past settlement patterns, as per the actuarial methodology outlined
above. This includes estimating the likely changes in inflation as relates to claims already incurred, as well as the expected frequency of
claims which have occurred but which have not yet been reported. The ongoing cost of handling claims already incurred is estimated
with reference to the historical cost-per-claim calculated over the past 12 months.
See Note 3.6 for the impact of a 5ppts increase in loss ratio and the impact of a 5% increase in outstanding claims.
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
156
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3.1. COMPOSITION OF THE STATEMENT OF FINANCIAL POSITION
An analysis of the amounts presented in the Statement of Financial Position for insurance contracts is included in the table below.
As at December
2025
2024
Notes
£'k
£'k
Insurance contract liabilities
Insurance contract liabilities
Motor Vehicle insurance
362,019
334,767
Motorcycle insurance
41,200
34,321
Taxi insurance
,252
65
37,308
Asset for insurance acquisition cash flows
Motor Vehicle insurance
3.3
(6,184)
(6,488)
Motorcycle insurance
3.3
(906)
(880)
Taxi insurance
3.3
(699)
(1,104)
Total insurance contract liabilities
46
0,682
397,
924
Reinsurance contracts assets
Motor Vehicle insurance
157,55 4
133,974
Motorcycle insurance
,469
20
15,01
8
Taxi insurance
38,359
11,766
Total reinsurance contract assets
216,382
160,758
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
157
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.2. MOVEMENTS IN INSURANCE AND REINSURANCE CONTRACT BALANCES
3.2.1. Insurance contracts issued
Reconciliation of liability for remaining coverage and the liability for incurred claims
2025 2024
Liabilities for
Remaining
Coverage
(“LRC”)
Liabilities for Incurred Claims
(“LIC”) Total
Liabilities for
Remaining
Coverage
(“LRC”)
Liabilities for Incurred Claims
(“LIC”) Total
In £’k
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Opening insurance contract liabilities 69,527 270,440 57,957 397,9 24 63,008 258,358 53,473 374,839
Insurance revenue (217,990) – – (217,990) (248,131) – – (248,131)
Insurance service expenses 16,753 145,094 12,644 174, 491 18,166 132,011 4,484 154,661
Incurred claims and other directly attributable expenses – 143,363 19,157 162,520 – 127,787 14,988 142,775
Changes that relate to past service – changes in the FCF relating to the LIC – 1,731 (6,513) (4,782) – 4,224 (10,504) (6,280)
Amortisation of insurance acquisition cash flows 16,753 – – 16,753 18,166 – – 18,166
Insurance service result (201,237) 145,094 12,644 (43,499) (229,965) 132,011 4,484 (93,470)
Insurance finance expense recognised in Profit or Loss Account – 9,968 – 9,968 – 8,392 – 8,392
Insurance finance expense/(income) recognised in Other Comprehensive Income – 5,808 – 5,808 – (6,852) – (6,852)
Total changes in Comprehensive Income (201,237) 160,870 12,644 (27,723) (229,965) 133,551 4,484 (91,930)
Cash flows
Premiums received 205,082 – – 205,082 254,389 – – 254,389
Claims and other insurance services expenses paid – (98,531) – (98,531) – (121,469) – (121,469)
Insurance acquisition cash flows (16,070) – – (16,070) (17,90 5) – – (17,9 0 5)
Total cash flows 189,012 (98,531) – 90,481 236,484 (121,469) – 115,015
Closing insurance contract liabilities 57,30 2 332,779 70,601 460,682 69,527 270,440 57,957 397,924
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
158
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.2.2. Reinsurance contracts held
Reconciliation of assets for remaining coverage and the assets for incurred claims
2025
2024
Assets for Assets for
remaining remaining
coverage
Assets for incurred claims
Total
coverage
Assets for incurred claims
Total
Estimates of Risk Estimates of Risk
present value adjustment for present value adjustment for
of future cash non-financial of future cash non-financial
In £’k flows risk flows risk
Opening reinsurance contract assets
3,450
113 ,6 5 5
4
3,653
160,758
2,075
123,433
41,218
166,726
Net income/(expense) from reinsurance contracts held
(23,872)
43,377
11,175
30,68
0
(33,617)
10,59
1
2,435
(20,591)
Reinsurance expense
(23,872)
–
–
(23,872)
(33,617)
–
–
(33,617)
Incurred claims recovery
–
33,626
13,785
47,411
–
10,233
9,205
19,438
Changes that relate to past service
–
9,751
(2,610)
7,141
–
358
(6,770)
(6,412)
Reinsurance finance income recognised in Profit or Loss Account
–
4,236
–
4,236
–
3,714
–
3,714
Reinsurance finance income/(expense) recognised in Other Comprehensive Income
–
2,856
–
2,856
–
(5,880)
–
(5,880)
Total changes in Comprehensive Income
(23,872)
50,
469
11,175
37,772
(33,617)
8,425
2,435
(22,757)
Cash flows
Premiums paid
23,924
–
–
2
3,924
34,992
–
–
34,992
Recoveries received
–
(6,072)
–
(6,072)
–
(18,203)
–
(18,203)
Total cash flows
23,924
(6,072)
–
17,852
34,992
(18,203)
–
16,789
Closing reinsurance contract assets
3,502
15
8,052
5
4,828
216,382
3,450
113,6 5 5
43,6
53
160,758
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
159
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.3. ASSETS FOR INSURANCE ACQUISITION CASH FLOWS
£’k
Balance as at 1 January 2024
8,733
Amounts incurred during the year
17,905
Amounts derecognised and included in measurement of insurance contracts
(18,166)
Balance as at 31 December 2024
8,472
Amounts incurred during the period
16,070
Amounts derecognised and included in measurement of insurance contracts
(16,753)
Balance as at 31 December 2025
7,789
The following table sets out when the Group expects to derecognise assets for insurance acquisition cash flows after the reporting date:
£’k
31 December 2025
Less than one year
7,733
More than one year
56
7,789
31 December 2024
Less than one year
8,410
More than one year
62
8,472
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
160
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.4. CLAIMS DEVELOPMENT
The presentation of the claims development tables for the Group is based on the actual date of the event that caused the claim (accident year basis). These triangles present estimated
costs including any risk adjustment and associated liability related to the future cost of handling claims.
Gross of reinsurance
Accident year 2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Estimates of undiscounted gross cumulative claims
At the end of the accident year
111,518
16
5,707
120,077
126,981
101,965
89,233
13 6,811
1
33,334
146,677
170,46 3
–
One year later
10
0,935
131,803
108,0
89
122,663
97,95 3
93,3
09
131,433
134,785
135,7
59
– Two years later
94,294
123,651
107,988
127,225
93,39
0
90,941
121,909
149,927
– Three years later
91,336
122,674
11
3,257
131,254
88,1
92
95,294
126,639
–
Four years later
90,789
124,128
118,60
0
13
5,173
89,57
4
96,2
08
–
Five years later
9
2,629
137,472
125,03
8
138
,777
88,094
–
Six years later
101,655
137,660
132,657
138,21
6
–
Seven years later
101,1
24
135,67
4
127,86 6
–
Eight years later
102,797
1
32,393
–
Nine years later
102,979
Current estimate of cumulative claims
102,979
1
32,393
127,8 6 6
138,21
6
88,094
96,20
8
126,639
149,927
13
5,759
170,46 3
Cumulative gross claims paid
(94,134)
(90,579)
(115,385) (112,599)
(74,888)
(72,990)
(86,255)
(74,182)
(65,303)
(43,432)
Undiscounted gross liabilities – accident years from 2016 to 2025
8,845
41,814
12,481
25,617
13,206
23,218
40,384
75,745
70,456
127,031
43
8,797
Undiscounted gross liabilities – accident years from 2015 and before
35,049
Effect of discounting
(70,466)
Total gross liabilities for incurred claims (“LIC”)
4
03,380
Liabilities for remaining coverage (“LRC”)
57,3 02
Total gross liabilities included in the Statement of Financial Position
4
60,682
The unshaded numbers are undiscounted, but otherwise presented on an IFRS 17 basis. The shaded numbers have not been restated under IFRS 17 and reflect the numbers as previously
reported under IFRS 4. The primary difference between the IFRS 17 and IFRS 4 numbers presented here relates to the risk adjustment.
The gross liabilities for incurred claims and gross liabilities for remaining coverage per product is given below:
LIC
LRC
Total
Motor Vehicle
306,910
48,
925
3
55,835
Motorcycle
37,0 0 4
3,290
40,294
Taxi
59,46
6
5,087
64
,553
Total
403,380
57,302
4
60,682
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
161
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Net of reinsurance
Accident year 2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Estimates of undiscounted gross cumulative claims
At the end of the accident year
104,808
106,478
111,433
115,011
85,723
81,161
106,049
102,185
122,858
114,395
–
One year later
93,66
4
96,44
6
99,649
111,5 5 0
81,882
82,487
102,066
99,913
109,912
– Two years later
87
,824
91,806
98,64
1
111,3 47
80,
990
80,146
100,202
10
5,495
– Three years later
85,243
91,179
99,071
111,3 42
78,353
8
0,579
101,099
–
Four years later
84,995
45
88,5
10
0,893
112 ,156
78,1
93
81
,590
–
Five years later
84,891
,002
92
103,25
4
114,15 3
77,9 0 3
–
Six years later
8
6,784
92,375
103,873
114,361
–
Seven years later
86,5
36
93,89
7
103,134
–
Eight years later
85,46
4
89,983
–
Nine years later
85,23
7
Current estimate of cumulative claims
85,23
7
89,983
103,134
114,361
77,903
81,59
0
101,099
10
5,495
109,912
114,395
Cumulative gross claims paid
(84,330)
(85,835)
(99,105) (106,529)
(72,525)
(70,934)
(80,808)
(71,351)
(65,303)
(43,432)
Undiscounted gross liabilities – accident years from 2016 to 2025
907
4,148
4,029
7,832
5,378
10,656
20,291
34,144
44,609
70,963
202,957
Undiscounted gross liabilities – accident years from 2015 and before
7,612
Effect of discounting
(20,069)
Total gross liabilities for incurred claims (“LIC”)
190,500
Liabilities for remaining coverage (“LRC”)
53,80
0
Total gross liabilities included in the Statement of Financial Position
244,300
The unshaded numbers are undiscounted, but otherwise presented on an IFRS 17 basis. The shaded numbers have not been restated under IFRS 17 and reflect the numbers as previously
reported under IFRS 4. The primary difference between the IFRS 17 and IFRS 4 numbers presented here relates to the risk adjustment.
The net liabilities for incurred claims and net liabilities for remaining coverage per product is given below:
LIC
LRC
Total
Motor Vehicle
152,449
4
5,837
1
98,286
Motorcycle
16,707
3,116
19
,823
Taxi
21,3
44
4,847
26,191
Total
190,500
53,800
244,300
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
162
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.5. INSURANCE REVENUE AND EXPENSES – SEGMENTAL DISCLOSURE
An analysis of insurance revenue, insurance service expenses and net expenses from reinsurance contracts held is included in the tables below. Additional information on amounts
recognised in Profit or Loss and OCI is included in the movements in insurance and reinsurance contract balances in Note 3.2.
The Group provides short-term motor insurance to clients, which comprises three lines of business, Motor Vehicle insurance, Motorcycle insurance and Taxi insurance, which are written solely in
the UK. The Group has no other lines of business, nor does it operate outside of the UK. Other income relates to auxiliary products and services, including brokerage and administration fees, all
relating to the motor insurance business. The Group does not have a single client which accounts for more than 10% of revenue.
2025
2024
Motor Motor
Vehicles
Motorcycle
Taxi
Total
Vehicles
Motorcycle
Taxi
Total
£’k
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Insurance revenue
Insurance revenue from contracts measured under the PAA
193,312
9,454
15,224
217,
990
222,63
5
10,199
1
5,297
248,13
1
Total insurance revenue
193,312
9,454
15,224
217,
990
222,63
5
10,199
1
5,297
248,13
1
Insurance service expense
Incurred claims and other directly attributable expenses
(112 ,2 4 4)
(12,319)
(37,957)
(162,520)
(117,752)
(6,873)
(18,150)
(142,775)
Changes that relate to past service – changes in the FCF relating to the LIC
3,800
(93)
1,075
4,782
1,769
188
4,323
6,280
Amortisation of insurance acquisition cash flows
(12,679)
(2,189)
(1,885)
(16,753)
(14,234)
(1,993)
(1,939)
(18,166)
Total insurance service expense
(121,123)
(14,601)
(38,767)
(174,491)
(130,217)
(8,678)
(15,766)
(154,661)
Net income/(expense) from reinsurance contracts held
Reinsurance expenses – contracts measured under the PAA
(21,133)
(1,039)
(1,700)
(23,872)
(30,119)
(1,405)
(2,093)
(33,617)
Incurred claims recovery
15,988
4,185
27,238
47, 411
13,223
944
5,271
19,438
Changes that relate to past service – changes in the FCF relating to incurred claims
recovery
6,767
1,829
(1,455)
7,141
(3,803)
262
(2,871)
(6,412)
Total net income/(expense) from reinsurance contracts held
1,622
4,975
4,083
2
80
30,6
(20,699)
(199)
307
(20,591)
Total insurance service result
73,811
(172)
540
74,179
71,719
1,322
(162)
72,879
Other than reinsurance assets and insurance liabilities (see Note 3.1), the Group does not allocate, monitor or report assets and liabilities per business line and does not consider the
information useful in the day-to-day running of the Group’s operations. The Group also does not allocate, monitor or report other income and expenses per business line.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
163
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.6. UNDERWRITING RISK
The principal risk the Group faces under insurance contracts is that the actual claims and benefit payments, or the timing thereof, differ from
expectations. This is influenced by the frequency of claims, severity of claims, actual benefits paid and subsequent development of long-term
claims. Therefore, the objective of the Group is to ensure that sufficient reserves are available to cover these liabilities.
The Group issues only motor insurance contracts within the UK, which usually cover a 12-month duration. For these contracts, the most
significant risks arise from severe weather conditions or single catastrophic events. For longer-tail claims that take some years to settle, there is
also inflation risk.
The above risk exposure is mitigated by diversification across a large portfolio of policyholders and geographical areas within the UK.
The variability of risks is improved by careful selection and implementation of underwriting strategies, which are designed to ensure that
risks are diversified in terms of type of risk and level of insured benefits. This is largely achieved through diversification across policyholders.
Furthermore, strict claim review policies to assess all new and ongoing claims, regular detailed review of claims handling procedures and
frequent investigation of possible fraudulent claims are all policies and procedures put in place to reduce the risk exposure of the Group. The
Group further enforces a policy of actively managing and promptly pursuing claims, in order to reduce its exposure to unpredictable future
developments that can negatively impact the business. Inflation risk is mitigated by taking expected inflation into account when estimating
insurance contract liabilities.
The Group purchases reinsurance as part of its risk mitigation programme. Reinsurance ceded is placed on a non-proportional basis. This
non-proportional reinsurance is excess-of-loss, designed to mitigate the Group’s net exposure to single large claims or catastrophe losses.
The current reinsurance programme has a retention limit of £1m, with no upper limit. Under this programme, the Group pays the first £1m of
any claim and, from 1 July 2025, 50% of the next £1m (prior to 1 July 2025: 40%). Any amount above £2m, is covered in full by the panel of
reinsurers. All retention levels are subject to monthly indexation subsequent to the accident date. Amounts recoverable from reinsurers are
estimated in a manner consistent with the outstanding claims provision and are in accordance with the reinsurance contracts. Although
the Group has reinsurance arrangements, it is not relieved of its direct obligations to its policyholders and thus a credit exposure exists with
respect to ceded reinsurance, to the extent that any reinsurer is unable to meet its obligations assumed under such reinsurance agreements.
The Group’s placement of reinsurance is diversified such that it is not dependent on a single reinsurer. There is no single counterparty exposure
that exceeds 25% of total reinsurance assets at the reporting date.
Key assumptions
The principal assumption underlying the liability estimates is that the Group’s future claims development will follow a similar pattern to past
claims development experience. This includes assumptions in respect of average claim costs, claim handling costs, claim inflation factors and
claim numbers for each accident year. Additional qualitative judgements are used to assess the extent to which past trends may not apply in
the future, for example: one-off occurrence; changes in market factors such as public attitude to claiming: economic conditions; and internal
factors such as portfolio mix, policy conditions and claims handling procedures. Judgement is further used to assess the extent to which
external factors such as judicial decisions and government legislation affect the estimates.
Other key circumstances affecting the reliability of assumptions include variation in interest rates and delays in settlement.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
164
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Sensitivities
The motor claim liabilities are primarily sensitive to the reserving assumptions noted above. It has not been possible to quantify the sensitivity of individual, specific assumptions such as
legislative changes.
The following analysis is performed for reasonably possible movements in key assumptions with all other assumptions held constant, showing the impact on profit after tax and equity. The
correlation of assumptions will have a significant effect in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be
changed on an individual basis. It should be noted that movements in these assumptions are non-linear. This sensitivity analysis reflects one-off impacts at the balance sheet date and should
not be interpreted as a forecast.
Gross of reinsurance Net of reinsurance
2025 2025
Increase/
(decrease) in
profit, after tax
Increase/(decrease) in
other comprehensive
income, after tax
Increase/decrease
in equity
Increase/
(decrease) in profit,
after tax
Increase/(decrease) in
other comprehensive
income, after tax
Increase/decrease
in equity
£’k £’k £’k £’k £’k £’k
Liability for incurred claims
(1) (2) (3)
Impact of 5% increase in insurance contract liabilities (16,959) – (16,959) (9,500) – (9,500)
Impact of an increase in ultimate loss ratio of 5ppts (25,326) – (25,326) (14,800) – (14,800)
Discount rates
Impact of 1% increase in the discount rates used in calculating
present value of future expected cash outflows 1,008 5,564 6,572 178 2,070 2,248
Impact of 1% decrease in the discount rates used in calculating
present value of future expected cash outflows (1,114) (5,907) (7,021) (189) (2,189) (2,378)
Risk adjustment for non-financial risk
Impact of moving the confidence interval of the booked risk
adjustment up by 5ppts (11,555) – (11,555) (2,626) – (2,626)
Impact of moving the confidence interval of the booked risk
adjustment down by 5ppts 8,988 – 8,988 2,233 – 2,233
(1) The impact of decreases will have a similar but opposite impact
(2) Excludes the impact of discounting
(3) A substantial increase in individually large claims which are over our reinsurance retention limit, generally will have no impact on profit after tax
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
165
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Gross of reinsurance Net of reinsurance
2024 2024
Increase/(decrease)
in profit, after tax
Increase/(decrease) in
other comprehensive
income, after tax
Increase/decrease in
equity
Increase/(decrease)
in profit, after tax
Increase/(decrease) in
other comprehensive
income, after tax
Increase/decrease in
equity
£’k £’k £’k £’k £’k £’k
Liability for incurred claims
(1) (2) (3)
Impact of 5% increase in insurance contract liabilities (13,921) – (13,921) (7,902) – (7,902)
Impact of an increase in ultimate loss ratio of 5ppts (22,033) – (22,033) (13,256) – (13,256)
Discount rates
Impact of 1% increase in the discount rates used in calculating
present value of future expected cash outflows 783 5,499 6,282 151 2,116 2,267
Impact of 1% decrease in the discount rates used in calculating
present value of future expected cash outflows
(882) (6,497) (7,379) (159) (2,445) (2,604)
Risk adjustment for non-financial risk
Impact of moving the confidence interval of the booked risk
adjustment up by 5ppts (9,018) – (9,018) (2,358) – (2,358)
Impact of moving the confidence interval of the booked risk
adjustment down by 5ppts 7,339 – 7,3 39 2,004 – 2,004
(1) The impact of decreases will have a similar but opposite impact
(2) Excludes the impact of discounting
(3) A substantial increase in individually large claims which are over our reinsurance retention limit, generally will have no impact on profit after tax
The 2024 risk adjustment sensitivity impact has been recalculated to reflect the impact of discounting in line with the impact calculated for 2025.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
166
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Climate change
Management has assessed the short-, medium- and long-term risks that result from climate change. The short-term risk is low. Given the
geographical diversity of the Group’s policyholders within the UK and the Group’s reinsurance programme, it is highly unlikely that a climate
event will materially impact the Group’s financial position, including its assessment of the liability for incurred claims. More likely is that the
costs associated with the transition to a low-carbon economy will impact the Group’s indemnity spend in the medium term, as electronic
vehicles are currently relatively expensive to fix. This is somewhat, or perhaps completely, offset by advances in technology reducing the
frequency of claims, in particular bodily injury claims which are generally far more expensive than damage to vehicles. These changes in
the costs of claims are gradual and, as such, reflected in the Group’s claims experience and fed into the pricing of policies. However, if the
propensity to travel by car decreases overall, this could impact the Group’s income in the long term.
3.7. INSURANCE-RELATED CREDIT RISK
Key insurance-related areas where the Group is exposed to credit default risk are:
− Reinsurers default on their share of the Group’s insurance liabilities
− Default on amounts due from insurance contract intermediaries or policyholders
Sabre uses a large panel of secure reinsurance companies. The credit risk of reinsurers included in the reinsurance programme is considered
annually by reviewing their credit worthiness. Sabre’s largest reinsurance counterparty is Munich Re. The credit risk exposure is further
monitored throughout the year to ensure that changes in credit risk positions are adequately addressed.
The following tables demonstrate the Group’s exposure to credit risk in respect of overdue insurance debt and counterparty creditworthiness.
Overdue insurance-related debt
Neither past Carrying value
due nor Past due Past due more Assets that have in the balance
impaired 1–90 days than 90 days been impaired sheet
At 31 December 2025
£’k
£’k
£’k
£’k
£’k
Reinsurance contracts assets
(1)
266,781
–
–
–
266,781
Insurance receivables
(2)
42,70
8
81
68
–
4
2,857
Total
309,489
81
68
–
309,638
Neither past Carrying value
due nor Past due Past due more Assets that have in the balance
impaired 1–90 days than 90 days been impaired sheet
At 31 December 2024
£’k
£’k
£’k
£’k
£’k
Reinsurance contracts assets
(1)
202,231
–
–
–
202,231
Insurance receivables
(2)
41,755
22
–
–
41
,777
Total
243,
986
22
–
–
244,00
8
(1) Undiscounted
(2) Included within ‘Insurance contract liabilities’
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
167
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
Exposure by credit rating
AAA
AA+ to AA-
A+ to A-
BBB+ to BBB-
BB+ and below
Not rated
Total
At 31 December 2025
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Reinsurance contracts assets
(1)
–
130,186
136,595
–
–
–
266,781
Insurance receivables
(2)
–
–
–
–
–
4
2,857
4
2,857
Total
–
130,186
136,595
–
–
4
2,857
309,638
AAA
AA+ to AA-
A+ to A-
BBB+ to BBB-
BB+ and below
Not rated
Total
At 31 December 2024
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Reinsurance contracts assets
(1)
–
102,138
100
,093
–
–
–
202,231
Insurance receivables
(2)
–
–
–
–
–
41,777
41
,777
Total
–
102,138
10
0,093
–
–
41,777
244
,008
(1) Undiscounted
(2) Included within ‘Insurance contract liabilities’
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
168
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
3. INSURANCE LIABILITIES AND REINSURANCE ASSETS CONTINUED
3.8. NET FINANCIAL RESULT
2025
2024
Insurance Non-insurance Insurance Non-insurance
related
related
Total
related
related
Total
Notes
£’k
£’k
£’k
£’k
£’k
£’k
Investment income
Interest income on financial assets using
effective interest rate method
4.5
10,816
903
11,719
7,501
425
7,926
Realised gains on derecognition of debt
securities measured at FVOCI
4.6
7
–
7
–
–
–
Amounts recognised in OCI
4.6
5,518
–
5,518
3,774
–
3,774
Total investment income
16,341
903
17,244
11,275
425
11,70 0
Insurance finance expense from
insurance contracts held
Interest accreted
(9,968)
–
(9,968)
(8,392)
–
(8,392)
Effect of changes in interest rates and
other financial assumptions
(5,808)
–
(5,808)
6,852
–
6,852
(15,776)
–
(15,776)
(1,540)
–
(1,540)
Reinsurance finance income/(expense) from
reinsurance contracts held
Interest accreted
4,236
–
4,236
3,714
–
3,714
Effect of changes in interest rates and
other financial assumptions
2,856
–
2,856
(5,880)
–
(5,880)
7,0 92
–
7,09 2
(2,166)
–
(2,16 6)
Net insurance finance expense
(8,684)
–
(8,684)
(3,706)
–
(3,706)
Net financial results
7,657
903
8,560
7,569
425
7,9 94
Represented by:
Amounts recognised in Profit or Loss
5,091
903
5,994
2,823
425
3,248
Amounts recognised in OCI
2,566
–
2,566
4,746
–
4,746
Total
7,657
903
8,560
7,569
425
7,9 94
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
169
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS
RISK MANAGEMENT
Refer to the following notes for detail on risks relating to financial assets:
Investment concentration risk – Note 4.2.1
Interest rate risk – Note 4.2.2
Credit risk – Note 4.4
Liquidity risk – Note 6
The Group’s financial assets are summarised below:
2025
2024
Notes
£’k
£’k
Cash and cash equivalents
4.1
25,475
31,314
Debt securities held at fair value through Other Comprehensive Income
4.2
325,752
311,184
Receivables
4.3
41
32
Total
351,268
342,530
4.1. CASH AND CASH EQUIVALENTS
ACCOUNTING POLICY – CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, deposits held on call with banks and money market funds. Cash and cash equivalents
are carried at amortised cost.
2025
2024
£’k
£’k
Cash at bank and on hand
14,823
18,17
4
Money market funds
10,652
13,140
Total
2
5,475
31,314
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
170
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
Cash held in money market funds has no notice period for withdrawal.
The carrying value of cash and cash equivalents approximates fair value. The full value is expected to be realised within 12 months.
4.2. DEBT SECURITIES HELD AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
ACCOUNTING POLICY – FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
CLASSIFICATION
The Group classifies the following financial assets at fair value through Other Comprehensive Income (“FVOCI”):
− Debt securities
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated at fair value through the
Profit or Loss Account (“FVTPL”):
− The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets
− The contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the
principal amount outstanding on specified dates
RECOGNITION AND MEASUREMENT
At initial recognition, the Group measures debt securities through Other Comprehensive Income at fair value, plus the transaction costs that
are directly attributable to the acquisition of the financial asset. Debt securities at FVOCI are subsequently measured at fair value.
IMPAIRMENT
At each reporting date, the Group assesses debt securities at FVOCI for impairment. Under IFRS 9, a ‘three-stage’ model for calculating the
expected credit losses (“ECL”) is used, and is based on changes in credit quality since initial recognition. Refer to Note 4.4.
The Group’s debt securities held at fair value through Other Comprehensive Income are summarised below:
2025
2024
£’k
% holdings
£’k
% holdings
Government bonds
124,798
38.3%
112,793
36.2%
Government-backed securities
100,717
30.9%
103,267
33.2%
Corporate bonds
100,237
30.8%
95,124
30.6%
Total
325,752
100.0%
311,18 4
100.0%
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
171
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
4.2.1. Investment concentration risk
Excessive exposure to particular industry sectors or groups can give rise to concentration risk. The Group has no significant investment
concentration in any particular industrial sector and therefore is unlikely to suffer significant losses through its investment portfolio as a result
of over-exposure to sectors engaged in similar activities or which have similar economic features that would cause their ability to meet
contractual obligations to be similarly affected by changes in economic, political or other conditions.
A significant part of the Group’s investment portfolio consists primarily of UK government bonds and government-backed bonds; therefore,
the risk of government default does exist, however, the likelihood is extremely remote. The remainder of the portfolio consists of investment
grade corporate bonds. The Group continues to monitor the strength and security of all bonds. The Group does not have direct exposure to
Ukrainian and Russian assets.
The Group’s exposure by geographical area is outlined below:
Government-
Government backed Corporate
bonds securities
bonds
Total
At 31 December 2025
£’k
£’k
£’k
£’k
% holdings
United Kingdom
124,798
3,102
2 5 ,611
15 3,511
47.1%
Europe
–
61,744
44,371
10 6 ,115
32.6%
Northern America
–
25
,265
23 ,112
4
8,377
14.9%
Oceania
–
–
5,018
5,018
1.5%
Asia
–
10,60
6
2,125
12,731
3.9%
Total
124,798
100,717
100,237
325,752
100.0%
Government-
Government backed Corporate
bonds securities
bonds
Total
At 31 December 2024
£’k
£’k
£’k
£’k
% holdings
United Kingdom
112,7
93
3,038
31,187
147,018
47. 2 %
Europe
–
59,277
37,0 0 2
9
6,279
30.9%
Northern America
–
25,76
1
19,863
45,624
14.7%
Oceania
–
–
4,973
4,973
1.6%
Asia
–
15,19
1
2,099
17,29 0
5.6%
Total
11
2,793
10
3,267
95,1
24
311,184
100.0%
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
172
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
The Group’s exposure by investment type for government-backed securities and corporate bonds is outlined below:
Agency
Supranational
Total
At 31 December 2025
£’k
£’k
£’k
Government-backed securities
38
,044
62,673
10
0,717
% of holdings
37.8%
62.2%
100.0%
Financial
Industrial
Utilities
Total
At 31 December 2025
£’k
£’k
£’k
£’k
Corporate bonds
5
5,765
34
,235
10,2
37
100,237
% of holdings
55.6%
34.2%
10.2%
100.0%
Agency
Supranational
Total
At 31 December 2024
£’k
£’k
£’k
Government-backed securities
43,921
59,3
46
103,267
% of holdings
42.5%
57.5 %
100.0%
Financial
Industrial
Utilities
Total
At 31 December 2024
£’k
£’k
£’k
£’k
Corporate bonds
51,698
38,87
3
4,553
95,1
24
% of holdings
54.3%
40.9%
4.8%
100.0%
4.2.2. Interest rate risk
Interest rate risk is the risk that the value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Floating rate instruments expose the Group to cash flow interest risk, whereas fixed interest rate instruments expose the Group to fair value
interest risk.
The Group’s interest risk policy requires it to manage the maturities of interest-bearing financial assets and interest-bearing financial liabilities.
Interest on fixed interest rate instruments is priced at inception of the financial instrument and is fixed until maturity.
The Group has a concentration of interest rate risk in UK government bonds and other fixed-income securities.
The analysis that follows is performed for reasonably possible movements in key variables with all other variables held constant, showing the
impact on profit before tax and equity. The correlation of variables will have a significant effect in determining the ultimate impact on interest
rate risk, but to demonstrate the impact due to changes in variables, variables had to be changed on an individual basis. It should be noted
that movements in these variables are non-linear.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
173
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
The impact of any movement in market values, such as those caused by changes in interest rates, is taken through Other Comprehensive
Income and has no impact on profit after tax.
Decrease in profit after tax
Decrease in total equity
2025
2024
2025
2024
At 31 December
£’k
£’k
£’k
£’k
Interest rate
Impact of a 100-basis point increase in interest rates on debt securities at FVOCI
–
–
(3,378)
(3,250)
Impact of a 200-basis point increase in interest rates on debt securities at FVOCI
–
–
(6,755)
(6,499)
4.2.3. Fair value
ACCOUNTING POLICY
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, or in its absence, the most advantageous market to which the Group has access at that date.
The Group measures the fair value of an instrument using the quoted bid price in an active market for that instrument. A market is regarded
as active if transactions for the asset take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
The fair value of financial instruments traded in active markets is based on quoted market prices at the Statement of Financial Position date.
A market is regarded as active if quoted prices are readily and regularly available from the stock exchange or pricing service, and those
prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial
assets held by the Group is the closing bid price.
Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent
sources, while unobservable inputs reflect the Group’s view of market assumptions in the absence of observable market information.
IFRS 13 requires certain disclosures which require the classification of financial assets and financial liabilities measured at fair value using a fair
value hierarchy that reflects the significance of the inputs used in making the fair value measurement.
Disclosure of fair value measurements by level is according to the following fair value measurement hierarchy:
− Level 1: fair value is based on quoted market prices (unadjusted) in active markets for identical instruments as measured on reporting date
− Level 2: fair value is determined through inputs, other than quoted prices included in Level 1 that are observable for the assets and
liabilities, either directly (prices) or indirectly (derived from prices)
− Level 3: fair value is determined through valuation techniques which use significant unobservable inputs
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
174
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
Level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at the Statement of Financial Position date.
A market is regarded as active if quoted prices are readily and regularly available from the stock exchange or pricing service, and those
prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial
assets held by the Group is the closing bid price. These instruments are included in Level 1 and comprise only debt securities classified as fair
value through Other Comprehensive Income.
Level 2
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation
techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates.
If all significant input required to fair value an instrument is observable, the instrument is included in Level 2. The Group has no Level 2
financial instruments.
Level 3
If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. The Group has no Level
3 financial instruments.
The following table summarises the classification of financial instruments:
Level 1
Level 2
Level 3
Total
At 31 December 2025
£’k
£’k
£’k
£’k
Assets held at fair value
Debt securities held at FVOCI
3
25,752
–
–
325,752
Total
3
25,752
–
–
325,752
Level 1
Level 2
Level 3
Total
At 31 December 2024
£’k
£’k
£’k
£’k
Assets held at fair value
Debt securities held at FVOCI
311,18 4
–
–
311,18 4
Total
311,18 4
–
–
311,18 4
Transfers between levels
There have been no transfers between levels during the year (2024: no transfers).
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
175
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
4.3. RECEIVABLES
ACCOUNTING POLICY
CLASSIFICATION
The Group classifies its receivables as at amortised cost only if both of the following criteria are met:
− The asset is held within a business model whose objective is to collect the contractual cash flows
− The contractual terms give rise to cash flows that are solely payments of principal and interest
RECOGNITION AND MEASUREMENT
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less
provision for expected credit losses.
IMPAIRMENT
The Group measures loss allowances at an amount equal to lifetime ECL. To measure the expected credit losses, receivables have been
grouped based on shared credit risk characteristics and the days past due to create the categories, namely, performing, underperforming
and not performing. The expected loss rates are based on the payment profiles of receivables over a period of 36 months before year end.
The loss rates are adjusted to reflect current and forward-looking information on macro-economic factors, such as the socio-economic
environment affecting the ability of the debtors to settle the receivables. Receivables that are 30 days or more past due are considered to
be ‘not performing’ and the default rebuttable presumption of 90 days prescribed by IFRS 9 is not applied.
PERFORMING
Customers have a low risk of default and a strong capacity to meet contractual cash flows.
UNDERPERFORMING
Receivables for which there is a significant increase in credit risk. A significant increase in credit risk is presumed if interest and/or principal
repayments are past due.
NOT PERFORMING
Interest and/or principal repayments are 30 days past due.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
176
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
The Group’s receivables comprise:
2025
2024
£’k
£’k
Other debtors
41
32
Total
41
32
The estimated fair values of receivables are the discounted amounts of the estimated future cash flows expected to be received.
The carrying value of receivables approximates fair value. The provision for expected credit losses is based on the recoverability of the
individual receivables.
The Group calculated ECL on receivables and has concluded that it is wholly immaterial and such further disclosure has not been included.
4.4. CREDIT RISK
ACCOUNTING POLICY
IMPAIRMENT OF FINANCIAL ASSETS
At each reporting date, the Group assesses financial assets measured at amortised cost and debt securities at FVOCI for impairment.
Under IFRS 9, a ‘three-stage’ model for calculating expected credit losses (“ECL”) is used, and is based on changes in credit quality since
initial recognition as summarised below:
PERFORMING FINANCIAL ASSETS
− Stage 1: From initial recognition of a financial asset to the date on which an asset has experienced a significant increase in credit
risk relative to its initial recognition, a stage 1 loss allowance is recognised equal to the credit losses expected to result from its default
occurring over the earlier of the next 12 months or its maturity date (“12-month ECL”).
− Stage 2: Following a significant increase in credit risk relative to the initial recognition of the financial asset, a stage 2 loss allowance is
recognised equal to the credit losses expected from all possible default events over the remaining lifetime of the asset (“Lifetime ECL”).
The assessment of whether there has been a significant increase in credit risk, such as an actual or significant change in instruments’
external credit rating; significant widening of credit spread; changes in rates or terms of instrument; existing or forecast adverse change
in business, financial or economic conditions that are expected to cause a significant change in the counterparty’s ability to meet its
debt obligations; requires considerable judgement, based on the lifetime probability of default (“PD”). Stage 1 and 2 allowances are
held against performing loans; the main difference between stage 1 and stage 2 allowances is the time horizon. Stage 1 allowances
are estimated using the PD with a maximum period of 12 months, while stage 2 allowances are estimated using the PD over the
remaining lifetime of the asset.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
177
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
IMPAIRED FINANCIAL ASSETS
− Stage 3: When a financial asset is considered to be credit-impaired, the allowance for credit losses (“ACL”) continues to represent
lifetime expected credit losses; however, interest income is calculated based on the amortised cost of the asset, net of the loss
allowance, rather than its gross carrying amount.
APPLICATION OF THE IMPAIRMENT MODEL
The Group applies IFRS 9’s ECL model to two main types of financial assets that are measured at amortised cost or FVOCI:
− Other receivables, to which the simplified approach prescribed by IFRS 9 is applied. This approach requires the recognition of a lifetime
ECL allowance on day one.
− Debt securities, to which the general three-stage model (described above) is applied, whereby a 12-month ECL is recognised initially
and the balance is monitored for significant increases in credit risk which triggers the recognition of a lifetime ECL allowance.
ECLs are a probability-weighted estimate of credit losses. The probability is determined by the estimated risk of default which is applied to
the cash flow estimates. On a significant increase in credit risk, from investment grade to non-investment grade, allowances are recognised
without a change in the expected cash flows (although typically expected cash flows do also change) and expected credit losses are
rebased from 12-month to lifetime expectations.
The measurement of ECLs considers information about past events and current conditions, as well as supportable information about future
events and economic conditions.
PRESENTATION OF IMPAIRMENT
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt
securities at FVOCI, the loss allowance is recognised in the Profit or Loss Account and accounted for as a transfer from OCI to Profit or Loss,
instead of reducing the carrying amount of the asset.
WRITE-OFFS
Loans and debt securities are written off (either partially or in full) when there is no realistic prospect of the amount being recovered. This is
generally the case when the Group concludes that the borrower does not have assets or sources of income that could generate sufficient
cash flows to repay the amounts subject to the write-off.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
178
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
Exposure by credit rating
AAA
AA+ to AA-
A+ to A-
BBB+ to BBB-
BB+ and below
Not rated
Total
At 31 December 2025
£’k
£’k
£’k
£’k
£’k
£’k
£’k
UK government bonds
–
124,798
–
–
–
–
124,798
Government-backed securities
100,717
–
–
–
–
–
100,717
Corporate bonds
1,125
21,008
53,754
24,35
0
–
–
100,237
Receivables
–
–
–
–
–
41
41
Cash and cash equivalents
10
,652
51
14,772
–
–
–
25,475
Total
112 , 494
145,857
6
8,526
24
,350
–
41
351,268
AAA
AA+ to AA-
A+ to A-
BBB+ to BBB-
BB+ and below
Not rated
Total
At 31 December 2024
£’k
£’k
£’k
£’k
£’k
£’k
£’k
UK government bonds
–
112,7
93
–
–
–
–
112,7
93
Government-backed securities
98,96
3
4,304
–
–
–
–
103,267
Corporate bonds
1,127
2
0,050
57,270
16,677
–
–
95,1
24
Receivables
–
–
–
–
–
32
32
Cash and cash equivalents
13,140
51
18,1
23
–
–
–
31,314
Total
113,23 0
137,198
75,393
16,677
–
32
3
42,530
With the exception of receivables, all the Group’s financial assets are investment grade (AAA to BBB).
Analysis of credit risk and allowance for ECL
The following table provides an overview of the allowance for ECL provided for on the types of financial assets held by the Group where credit
risk is prevalent.
Gross carrying
amount
Allowance
for ECL Net amount
At 31 December 2025 £’k £’k £’k
Government bonds 124,798 (3) 124,795
Government-backed securities 100,717 (4) 100,713
Corporate bonds 100,237 (38) 100,199
Receivables 41 – 41
Cash and cash equivalents 25,475 – 25,475
Total 351,268 (45) 351,223
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
179
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
Gross carrying Allowance
amount
for ECL
Net amount
At 31 December 2024
£’k
£’k
£’k
Government bonds
11
2,793
(3)
112,79 0
Government-backed securities
103,267
(4)
103,263
Corporate bonds
95,1
24
(35)
95,0
89
Receivables
32
–
32
Cash and cash equivalents
31,314
–
31,314
Total
342,53
0
(42)
3
42,488
4.5. INVESTMENT INCOME
ACCOUNTING POLICY
Investment income from debt instruments classified as FVOCI are measured using the effective interest rate which allocates the interest
income or interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to
equal the instrument’s initial carrying amount. Calculation of the effective interest rate takes into account fees payable or receivable that
are an integral part of the instrument’s yield, premiums or discounts on acquisition or issue, early redemption fees and transaction costs. All
contractual terms of a financial instrument are considered when estimating future cash flows.
2025 2024
£’k £’k
Interest income on financial assets using effective interest rate method
Interest income from debt securities 10,582 6,458
Interest income from cash and cash equivalents 1,137 1,468
Total 11,719 7,926
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
180
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
4. FINANCIAL ASSETS CONTINUED
4.6. NET GAINS/(LOSSES) FROM FAIR VALUE ADJUSTMENTS ON FINANCIAL ASSETS
ACCOUNTING POLICY
Movements in the fair value of debt instruments classified as FVOCI are taken through OCI. When the instruments are derecognised, the
cumulative gain or losses previously recognised in OCI is reclassified to Profit or Loss.
2025 2024
£’k £’k
Profit or Loss
Realised gains on derecognition of debt securities measured at FVOCI 7 –
Realised fair value gains on debt securities reclassified to Profit or Loss 7 –
Other Comprehensive Income
Unrealised fair value gains on debt securities 5,522 3,769
Realised gains on derecognition of debt securities reclassified to Profit or Loss (7) –
Expected credit loss 3 5
Unrealised fair value gains on debt securities through Other Comprehensive Income 5,518 3,774
Net gains from fair value adjustments on financial assets 5,525 3,774
5. PAYABLES
ACCOUNTING POLICY
Payables are recognised when the Group has a contractual obligation to deliver cash or another financial asset to another entity, or
a contractual obligation to exchange financial assets or financial liabilities with another entity under conditions that are potentially
unfavourable to the entity. Payables are carried at amortised cost.
2025
2024
£’k
£’k
Trade and other creditors
894
951
Other taxes
6,154
6,044
Total
7,0 48
6,995
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
181
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
6. LIQUIDITY RISK
Liquidity risk is the potential that obligations cannot be met as they fall due as a consequence of having a timing mismatch or inability to
raise sufficient liquid assets without suffering a substantial loss on realisation. The Group manages its liquidity risk through both ensuring that
it holds sufficient cash and cash equivalent assets to meet all short-term liabilities and matching, as far as possible, the maturity profile of its
financial investments to the expected cash outflows.
The following table analyses the carrying value of cash and cash equivalents and financial assets, by contractual maturity, which can fund
the repayment of liabilities as they crystallise. It also analyses the undiscounted cash flows of reinsurance contract assets held, based on the
future expected cash flows to be received in the periods presented.
Up to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total
At 31 December 2025
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Cash and cash equivalents
(1)
2
5,475
–
–
–
–
–
2
5,475
UK government bonds
38,613
23
,451
34,780
19,864
–
8,090
124,798
Government-backed securities
47,10 0
13,271
14,471
13,464
8,629
3,782
100,717
Corporate bonds
18,931
13,
660
3
0,699
20,175
9,509
7,263
100,237
Receivables
41
–
–
–
–
–
41
Reinsurance contract assets
6
5,594
4
4,008
36,876
27,018
21,115
72 ,170
266,781
Total
195,754
94,390
116 ,8 26
80,521
39,2
53
91,305
618,049
Up to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total
At 31 December 2024
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Cash and cash equivalents
(1)
31,314
–
–
–
–
–
31,314
UK government bonds
11,810
32,790
19,855
30
,628
17,710
–
11
2,793
Government-backed securities
39,740
38,86
1
7,92 9
6,034
10,703
–
103,267
Corporate bonds
37,54
6
20
,366
11,3 47
19,091
6,230
544
95,1
24
Receivables
32
–
–
–
–
–
32
Reinsurance contract assets
56
,652
31,084
18,5
58
19,662
15,6
31
6
0,644
202,231
Total
177,0
94
123,101
57,68 9
75,4
15
50,274
61,188
544,761
(1) Includes money market funds with no notice period for withdrawal
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
182
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
6. LIQUIDITY RISK CONTINUED
The following table analyses the undiscounted cash flows of insurance liabilities based on the future cash flows expected to be paid out in the
periods presented, and payables by maturity dates.
Up to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total
At 31 December 2025
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Payables
7,0 48
–
–
–
–
–
7,04 8
Insurance contract liabilities
(2)
101,733
90,478
66,812
46,492
3
0,264
89,773
4
25,552
Total
108,781
9
0,478
66,812
46,492
3
0,264
89,773
4
32,600
Up to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total
At 31 December 2024
£’k
£’k
£’k
£’k
£’k
£’k
£’k
Payables
6,995
–
–
–
–
–
6,995
Insurance contract liabilities
(2)
88,9
92
74,407
42,761
34,
427
25,26
1
77,787
343,6
35
Total
95,98
7
74,407
42,761
34,
427
25,26
1
77,787
350,
630
(2) Excludes the liability for remaining coverage (unearned premium element) and effect of discounting
Management has considered the liquidity and cash generation of the Group and is satisfied that the Group will be able to meet all liabilities
as they fall due.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
183
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
7. OTHER INCOME
ACCOUNTING POLICY
Other income consists of brokerage fees resulting from the sale of ancillary products connected to the Group’s direct business, and other
non-insurance income such as administrative fees charged on direct business. Such income is recognised once the related service has
been performed. Typically, this will be at the point of sale of the product.
2025
2024
£’k
£’k
Administration fees
314
182
Brokerage and other fee income
323
558
Total
637
740
Brokerage and other fee income relates to auxiliary products and services.
8. OTHER OPERATING EXPENSES
2025
2024
Notes
£’k
£’k
Employee expenses
8.1
18,161
1
5,426
Property expenses
503
500
IT expense, including IT depreciation
6,934
6,756
Other depreciation
113
113
Industry levies
5,670
5,994
Policy servicing costs
2 ,132
3,153
Other operating expenses
3,505
3,399
Movement in expected credit loss on debt securities
3
5
Before adjustment for directly attributable claims expenses
37,021
35,34
6
Adjusted for:
Reclassification of directly attributable claims expenses
(7,171)
(7,041)
Total operating expenses
2
9,850
28,30
5
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
184
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
8. OTHER OPERATING EXPENSES CONTINUED
8.1. EMPLOYEE EXPENSES
ACCOUNTING POLICY
A. PENSIONS
For staff who were employees on 8 February 2002, the Group operates a non-contributory defined contribution Group personal pension
scheme. The contribution by the Group depends on the age of the employee.
For employees joining since 8 February 2002, the Group operates a matched contribution Group personal pension scheme where the
Group contributes an amount matching the contribution made by the employee.
Contributions to defined contribution schemes are recognised in the Profit or Loss Account in the period in which they become payable.
B. SHARE-BASED PAYMENTS
The fair value of equity instruments granted under share-based payment plans are recognised as an expense and spread over the vesting
period of the instrument. The total amount to be expensed is determined by reference to the fair value of the awards made at the grant
date, excluding the impact of any non-market vesting conditions. Depending on the plan, the fair value of equity instruments granted
is measured on grant date using an appropriate valuation model or the market price on grant date. At the date of each Statement of
Financial Position, the Group revises its estimate of the number of equity instruments that are expected to become exercisable. It recognises
the impact of the revision of original estimates, if any, in the Profit or Loss Account, and a corresponding adjustment is made to equity over
the remaining vesting period. The fair value of the awards and ultimate expense are not adjusted on a change in market vesting conditions
during the vesting period.
C. LEAVE PAY
Employee entitlement to annual leave is recognised when it accrues to employees. An accrual is made for the estimated liability for annual
leave as a result of services rendered by employees up to the Statement of Financial Position date.
The aggregate remuneration of those employed by the Group’s operations comprised:
2025 2024
£’k £’k
Wages and salaries 12,956 11,332
Social security expenses 1,937 1,464
Contributions to defined contribution plans 615 598
Equity-settled share-based payment 2,142 1,607
Other employee expenses 511 425
Before adjustment for directly attributable claims expenses 18,161 15,426
Adjusted for:
Reclassification of directly attributable claims expenses (5,199) (4,799)
Employee expenses 12,962 10,627
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
185
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
8. OTHER OPERATING EXPENSES CONTINUED
8.2. NUMBER OF EMPLOYEES
The table below analyses the average monthly number of persons employed by the Group’s operations.
2025
2024
Operations
139
134
Support
34
31
Total
173
165
8.3. DIRECTORS’ REMUNERATION
Amounts paid to Directors are disclosed within the Annual Report on Directors’ Remuneration on pages 107 to 120.
8.4. AUDITOR’S REMUNERATION
The table below analyses the Auditor’s remuneration in respect of the Group’s operations.
2025
2024
£’k
£’k
Audit of these financial statements
213
205
Audit of financial statements of subsidiaries of the Group
248
253
Total audit fees
461
458
Fees for non-audit services – Audit-related assurance services
89
89
Total non-audit fees
89
89
Total Auditor’s remuneration
550
547
The above fees exclude irrecoverable VAT of 20%.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
186
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
9. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consists of owned and leased assets that do not meet the definition of investment property.
2025
2024
£’k
£’k
Owner-occupied property
3,600
3,600
Office equipment
442
539
IT equipment
236
65
Total
4,278
4,204
ACCOUNTING POLICY
A. OWNER-OCCUPIED PROPERTY
Owner-occupied properties are held by the Group for use in the supply of services or, for its own administration purposes.
Owner-occupied property is held at fair value. Increases in the carrying amount of owner-occupied properties as a result of revaluations
are credited to Other Comprehensive Income and accumulated in a revaluation reserve in equity. To the extent that a revaluation increase
reverses a revaluation decrease that was previously recognised as an expense in Profit or Loss, such increase is credited to income in
Profit or Loss. Decreases in valuation are charged to Profit or Loss, except to the extent that a decrease reverses the existing accumulated
revaluation reserve and therefore such a decrease is recognised in Other Comprehensive Income.
A fair value assessment of the owner-occupied property is undertaken at each reporting date with any material changes in fair value
recognised. Valuation is at highest and best use. Owner-occupied property is also revalued by an external qualified surveyor, at least every
three years. UK properties do not have frequent and volatile fair value changes and, as such, more frequent revaluations are considered
unnecessary, as only insignificant changes in fair value is expected.
Owner-occupied land is not depreciated. As the depreciation of owner-occupied buildings is immaterial and properties are revalued every
three years by an external qualified surveyor, no depreciation is charged on owner-occupied buildings.
B. OFFICE AND IT EQUIPMENT
Office and IT equipment are stated at historical cost less accumulated depreciation and impairment charges. Historical cost includes
expenditure that is directly attributable to the acquisition of property and equipment.
Depreciation is calculated on the difference between the cost and residual value of the asset and is charged to the Profit or Loss Account
over the estimated useful life of each significant part of an item of fixtures, fittings and IT equipment, using the straight-line basis.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
187
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
9. PROPERTY, PLANT AND EQUIPMENT CONTINUED
Estimated useful lives are as follows:
Office equipment 3 to 10 years
IT equipment 3 to 5 years
The assets’ residual values and useful lives are reviewed at each Statement of Financial Position date and adjusted if appropriate. An asset’s
carrying amount is written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the assets and are included in Profit
or Loss before tax.
Repairs and maintenance costs are charged to the Profit or Loss Account during the financial year in which they are incurred. The cost of
major renovations is included in the carrying amount of the asset when it is probable that future economic benefits from the renovations
will flow to the Group.
Owner- Office
occupied
equipment
IT equipment
Total
£’k
£’k
£’k
£’k
Cost/Valuation
At 1 January 2025
4,358
720
487
5,565
Additions/Improvements
–
16
237
253
Disposals
–
–
–
–
Revaluation
–
–
–
–
At 31 December 2025
4,358
736
724
5,818
Accumulated depreciation and impairment
At 1 January 2025
758
181
422
1,361
Depreciation charge for the year
–
113
66
179
Disposals
–
–
–
–
Impairment losses on revaluation
–
–
–
–
At 31 December 2025
758
294
488
1,540
Carrying amount
At 31 December 2025
3,600
442
236
4,278
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
188
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
9. PROPERTY, PLANT AND EQUIPMENT CONTINUED
Owner- Office
occupied
equipment
IT equipment
Total
£’k
£’k
£’k
£’k
Cost/Valuation
At 1 January 2024
4,358
720
487
5,565
Additions/Improvements
–
–
–
–
Disposals
–
–
–
–
Revaluation
–
–
–
–
At 31 December 2024
4,358
720
487
5,565
Accumulated depreciation and impairment
At 1 January 2024
758
68
351
1,177
Depreciation charge for the year
–
113
71
184
Disposals
–
–
–
–
Impairment losses on revaluation
–
–
–
–
At 31 December 2024
758
181
422
1,361
Carrying amount
At 31 December 2024
3,600
539
65
4,204
The Group holds two owner-occupied properties, Sabre House and The Old House, which are both managed by the Group. In accordance
with the Group’s accounting policies, owner-occupied buildings are not depreciated. The properties are measured at fair value which is
arrived at on the basis of a valuation carried out on 16 October 2023 by Hurst Warne and Partners LLP. The valuation was carried out on an
open-market basis in accordance with the Royal Institution of Chartered Surveyors’ requirements, which is deemed to equate to fair value.
While transaction evidence underpins the valuation process, the definition of market value, including the commentary, in practice requires the
valuer to reflect the realities of the current market. In this context valuers must use their market knowledge and professional judgement and
not rely only upon historical market sentiment based on historical transactional comparables.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
189
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
9. PROPERTY, PLANT AND EQUIPMENT CONTINUED
The fair value of the owner-occupied properties was derived using the investment method supported by comparable evidence. The significant
non-observable inputs used in the valuations are the expected rental values per square foot and the capitalisation rates. The fair value of the
owner-occupied properties valuation would increase (decrease) if the expected rental values per square foot were to be higher (lower) and
the capitalisation rates were to be lower (higher).
The fair value measurement of owner-occupied properties of £3,600k (2024: £3,600k) has been categorised as a Level 3 fair value based on
the non-observable inputs to the valuation technique used.
The following table shows reconciliation to the closing fair value for the Level 3 owner-occupied property at valuation:
2025
2024
£’k
£’k
At 1 January
3,600
3,600
Additions/Improvements
–
–
Revaluation losses
–
–
Impairment losses
–
–
At 31 December
3,600
3,600
The fair value of owner-occupied properties includes a revaluation reserve of £NIL (2024: £NIL) (excluding tax impact) and is not distributable.
Revaluation losses are charged against the related revaluation reserve to the extent that the decrease does not exceed the amount held in
the revaluation surplus in respect of the same asset. Any additional losses are charged as an impairment loss in the Profit or Loss Account.
Reversal of such impairment losses in future periods will be credited to the Profit or Loss Account to the extent losses were previously charged
to the Profit or Loss Account.
The table below shows the impact a 15% decrease in property prices will have on the Group’s profit after tax and equity:
Decrease in profit after tax
Decrease In total equity
2025
2024
2025
2024
£'k
£'k
£'k
£'k
Owner-occupied property
Impact of a 15% decrease in property prices
(405)
(405)
(405)
(405)
HISTORICAL COST MODEL VALUES
If owner-occupied properties were carried under the cost model (historical costs, less accumulated depreciation and impairment losses), the
value of owner-occupied properties in the balance sheet would have been £3,174k (2024: £3,229k).
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
190
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
10. INCOME TAX EXPENSE
ACCOUNTING POLICY
The income tax expense in the Profit or Loss Account is based on the taxable profits for the year. It is Group policy to relieve profits where
possible by the surrender of losses from Group companies with payment for value.
2025
2024
£’k
£’k
Current taxation
Charge for the year
13,366
12,157
Charge relating to prior periods
139
570
13,505
12,727
Deferred taxation (Note 11)
Origination and reversal of temporary differences
(460)
(126)
(460)
(126)
Current taxation
13,505
12,727
Deferred taxation (Note 11)
(460)
(126)
Income tax expense
13,045
12,601
Tax recorded in Other Comprehensive Income is as follows:
2025
2024
£’k
£’k
Current taxation
–
–
Deferred taxation
643
549
643
549
Contents Generation – Page Contents Generation – Sub Page Contents Generation – Section
191
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
10. INCOME TAX EXPENSE CONTINUED
The actual income tax expense differs from the expected income tax expense computed by applying the standard rate of UK corporation tax
of 25.0% (2024: 25.0%) as follows:
2025
2024
£’k
£’k
Profit before tax
50,960
4
8,562
Expected income tax expense
12,740
12,141
Effect of:
Expenses not deductible for tax purposes
14
(86)
Adjustment in respect of prior periods
139
570
Other income tax adjustments
152
(24)
Income tax expense for the year
13,045
12,601
Effective income tax rate
25.6%
25.9%
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
192
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
11. DEFERRED TAX
ACCOUNTING POLICY
Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax,
with the following exception.
Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable
taxable profits from which the future reversal of the underlying timing differences can be deducted.
Fair value
Provisions and Depreciation in movements in Movement
other temporary excess of capital Share-based debt securities in insurance
differences allowances payments at FVOCI
finance reserve
Total
£’k
£’k
£’k
£’k
£’k
£’k
At 1 January 2024
–
(180)
468
1,996
(1,596)
688
(Debit)/Credit to the Profit or Loss
–
43
88
(5)
–
126
(Debit)/Credit to Other Comprehensive
Income
–
–
–
(944)
395
(549)
At 31 December 2024
–
(137)
556
1,047
(1,201)
265
(Debit)/Credit to the Profit or Loss
197
(21)
290
(6)
–
460
(Debit)/Credit to Other Comprehensive
Income
–
–
–
(1,381)
738
(643)
At 31 December 2025
197
(158)
846
(340)
(463)
82
2025
2024
£’k
£’k
Per Statement of Financial Position:
Deferred tax assets
1,043
1,603
Deferred tax liabilities
(961)
(1,338)
82
265
Contents Generation – Page Contents Generation – Sub Page Contents Generation – Sect ion
193
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
12. DIVIDENDS
ACCOUNTING POLICY
Dividend distribution to the Group’s shareholders is recognised as a liability in the Group’s financial statements in the period in which the
dividend is approved.
2025 2024
pence per
share £’k
pence per
share £’k
Amounts recognised as distributions to equity holders in the period
Interim dividend for the current year 3.4 8,347 1.7 4,227
Final dividend for the prior year 11. 3 27,991 8.1 20,122
14.7 36,338 9.8 24,349
Proposed dividends
Final dividend
(1)
10.1 24,907 11.3 28,250
(1) Subsequent to 31 December 2025, the Directors declared a final dividend for 2025 of 10.1p per Ordinary Share subject to approval at the Annual General Meeting.
This dividend will be accounted for as an appropriation of retained earnings in the year ended 31 December 2026 and is not included as a liability in the Statement
of Financial Position as at 31 December 2025.
The trustees of the employee share trusts waived their entitlement to dividends on shares held in the trusts to meet obligations arising on share
incentive schemes, which reduced the dividends paid for the year ended 31 December 2025 by £337k (2024: £151k).
13. OTHER ASSETS
2025
2024
£’k
£’k
Prepayments and accrued income
799
778
Total
799
778
The carrying value of other assets approximates to fair value. There are no amounts expected to be recovered more than 12 months after the
reporting date.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
194
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
14. GOODWILL
ACCOUNTING POLICY
Goodwill has been recognised in acquisitions of subsidiaries and represents the difference between the cost of the acquisition and the fair
value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses.
IMPAIRMENT OF GOODWILL
The Group performs an annual impairment review which involves comparing the carrying amount to the estimated recoverable amount
and recognising an impairment loss if the recoverable amount is lower than the carrying amount. Impairment losses are recognised
through the Profit or Loss Account and are not subsequently reversed.
The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use.
The value in use calculations use cash flow projections based on financial budgets approved by management.
On 3 January 2014, the Group acquired Binomial Group Limited, the parent of Sabre Insurance Company Limited, for a consideration of
£245,485k satisfied by cash. As from 1 January 2014, the date of transition to IFRS, goodwill was no longer amortised but is subject to annual
impairment testing. Impairment testing involves comparing the carrying value of the net assets and goodwill against the recoverable amount.
The goodwill recorded in respect of this transaction at the date of acquisition was £156,279k. There has been no impairment to goodwill since
this date, and no additional goodwill has been recognised by the Group.
The Group performed its annual impairment test as at 31 December 2025 and 31 December 2024. The Group considers the relationship
between the Group’s market capitalisation and the book value of its subsidiary undertakings, among other factors, when reviewing for
indicators of impairment.
KEY ASSUMPTIONS
The valuation uses fair value less cost to sell. The key assumption on which the Group has based this value is:
The market capitalisation of the Group as at 31 December 2025 of £320,580k (31 December 2024: £345,000k).
The Directors concluded that the recoverable amount of the business unit would remain in excess of its carrying value even after
reasonably possible changes in the key inputs and assumptions affecting its market value, such as a significant fall in demand for its
products or a significant adverse change in the volume of claims and increase in other expenses, before the recoverable amount of
the business unit would reduce to less than its carrying value. Therefore, the Directors are of the opinion that there are no indicators of
impairment as at 31 December 2025.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
195
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
15. SHARE CAPITAL
2025
2025
2024
2024
Authorised share capital
Number of shares
£
Number of shares
£
250,000,000
Ordinary Shares of £0.001 each
250,000,000
250,
000
250
,000,000
250,000
Number of shares
Share capital
Issued ordinary share capital (fully paid up)
£
As at 1 January 2025
250,000,000
250,
000
Cancellation of shares under share buyback programme
(3,400,000)
(3,400)
As at 31 December 2025
246,6
00,000
2
46,600
Number of shares
Share capital
Issued ordinary share capital (fully paid up)
£
As at 1 January 2024
250,
000,000
250,000
Cancellation of shares under share buyback programme
–
–
As at 31 December 2024
250,000,000
250,000
All shares are unrestricted and carry equal voting rights.
SHARE BUYBACK
During the year the Group executed a share buyback programme. A total of 3,400,000 Ordinary Shares (representing 1.36% of Sabre
Insurance Group plc’s issued share capital as at 31 December 2024) were purchased under this programme for cancellation at a total cost of
£5,067,110.46 including costs, at an average share price of 146.19p per share, excluding any costs.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
196
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
15. SHARE CAPITAL CONTINUED
OWN SHARES
Own shares are shares in Sabre Insurance Group plc that are held by the Sabre Insurance Group Employee Benefit Trust (“EBT”) for the
purpose of issuing shares under the Group’s equity-settled share-based schemes (refer to Note 16 for further information).
Shares bought/(sold) on open market
Number of shares
£
As at 1 January 2024
1,589,250
3,120,534
Shares purchased
986,377
1,483,654
Shares vested
(612,919)
(1,491,750)
As at 31 December 2024
1,962,708
3,112,438
Shares purchased
865,
000
1,068,920
Shares vested
(534,606)
(827,383)
As at 31 December 2025
2 ,293,102
3,353,975
In thousands
£’k
31 December 2024
3,112
31 December 2025
3,354
Shares issued to employees are recognised on a first-in-first-out basis.
As at 31 December 2025, The Sabre Insurance Group Employee Benefit Trust held 2,293,102 (2024:1,962,708) of the 246,600,000 issued
Ordinary Shares with a nominal value of £2,293.10 (2024: £1,962.71) in connection with the operation of the Group’s share plans. Refer to
Notes 16 and 17 for additional information on own shares held.
16. SHARE-BASED PAYMENTS
The Group operates equity-settled share-based schemes for all employees in the form of a Long Term Incentive Plan (“LTIP”), Deferred Bonus
Plan (“DBP”) and Share Incentive Plans (“SIP”), including Free Shares and Save As You Earn (“SAYE”). The shares are in the ultimate Parent
Company, Sabre Insurance Group plc.
The Group recognised a total expense in the Profit or Loss for the year ended 31 December 2025 of £2,142k (2024: £1,607k), relating to equity-
settled share-based plans.
LONG TERM INCENTIVE PLAN (“LTIP”)
The LTIP is a discretionary share plan, under which the Board may grant share-based awards (“LTIP Awards”) to incentivise and retain
eligible employees.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
197
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
16. SHARE-BASED PAYMENTS CONTINUED
LTIP AWARDS – RESTRICTED SHARE AWARDS (“RSAS”)
From 2021, the Group no longer issues awards under the LTIP Awards with performance conditions, but instead issues RSAs.
The RSAs are structured as nil-cost rewards, to receive free shares on vesting. Shares will normally vest three years after grant date, subject to
continued employment and the satisfaction of pre-determined underpins. Awards are also subject to an additional two-year holding period,
so that the total time prior to any potential share sale (except to meet any tax liabilities arising from the award) will generally be five years.
The total number of shares awarded under the scheme was 1,263,061 (2024: 935,780) with an estimated fair value at grant date of £1,554k
(2024: £1,581k). The fair value is based on the closing share price on the grant date.
Future dividends are accrued separately and are not reflected in the fair value of the grant.
The table below details the movement in the RSA:
Weighted
Number of Average
shares Exercise Price
Outstanding at 1 January 2024
2,227,222
NIL
Granted
935,78
0
NIL
Forfeited
(40,863)
NIL
Vested
(441,684)
NIL
Outstanding at 31 December 2024
2,680,455
NIL
Granted
1,263,061
NIL
Forfeited
(19,715)
NIL
Vested
(523,443)
NIL
Outstanding at 31 December 2025
3,400,358
NIL
The average unexpired life of RSAs is 1.3 years (2024: 1.3 years).
DEFERRED BONUS PLAN (“DBP”)
To encourage behaviour which does not benefit short-term profitability over longer-term value, Directors and some key staff were awarded
shares in lieu of a bonus, to be deferred for two years, using the market value at the grant date. The total number of shares awarded under
the scheme was 631,156 (2024: 218,033) with an estimated fair value of £776k (2024: £374k). Of this award, the number of shares awarded
to Directors and Persons Discharging Managerial Responsibilities (“PDMRs”) was 592,547 (2024: 204,392) with an estimated fair value of £729k
(2024: £351k). Fair values are based on the share price at grant date. All shares are subject to a two-year service period and are not subject
to performance conditions.
Future dividends are accrued separately and are not reflected in the fair value of the grant. The DBP is recognised in the Profit or Loss Account
on a straight-line basis over a period of two years from grant date.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
198
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
16. SHARE-BASED PAYMENTS CONTINUED
SHARE INCENTIVE PLANS (“SIPS”)
The Sabre SIPs provide for the award of free Sabre Insurance Group plc shares, Partnership Shares (shares bought by employees under the
matching scheme), Matching Shares (free shares given by the employer to match partnership shares) and Dividend Shares (shares bought
for employees with proceeds of dividends from partnership shares). The shares are owned by the Employee Benefit Trust to satisfy awards
under the plans. These shares are either purchased on the market and carried at fair value or issued by the Parent Company to the trust.
MATCHING SHARES
The Group has a Matching Shares scheme under which employees are entitled to invest between £10 and £150 each month through the
share trust from their pre-tax pay. The Group supplements the number of shares purchased by giving employees one free matching share
for every three shares purchased up to £1,800. Matching shares are subject to a three-year service period before the matching shares are
awarded. Dividends are paid on shares, including matching shares, held in the trust by means of dividends shares. The fair value of such
awards is estimated to be the market value of the awards on grant date.
In the year ended 31 December 2025, 12,342 (2024: 11,464) matching shares were granted to employees with an estimated fair value of £16k
(2024: £16k).
As at 31 December 2025, 57,990 (2024: 48,134) matching shares were held on behalf of employees with an estimated fair value of £75k
(2024: £66k). The average unexpired life of Matching Share awards is 1.4 years (2024: 1.5 years).
SAVE AS YOU EARN (“SAYE”)
The SAYE scheme allows employees to enter into a regular savings contract of between £5 and £500 per month over a three-year period,
coupled with a corresponding option over shares. The grant price is equal to 80% of the quoted market price of the shares on the invitation date.
The participants of the SAYE scheme are not entitled to dividends and therefore dividends are excluded from the valuation of the SAYE scheme.
Estimated fair value of options at grant date:
SAYE 2023: 49 pence
SAYE 2024: 33 pence
SAYE 2025: 26 pence
The following table lists the inputs to the Black-Scholes model used to value the awards granted in respect of the 2024 SAYE scheme.
2025
SAYE
Share price at grant date
128.0 pence
Expected term
3 years
Expected volatility
(1)
31.5%
Continuously compounded risk-free rate
3.8%
Continuously compounded dividend yield
8.0%
Strike price at grant date
101.2 pence
(1) Volatility has been estimated using the historical daily average volatility of the share price of the Group for the year immediately preceding the grant date.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
199
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
16. SHARE-BASED PAYMENTS CONTINUED
The table below details the movement in the SAYE scheme:
Weighted
Number of Average
shares Exercise Price
Outstanding at 1 January 2024
858,4
05
1.33
Granted
102,880
1.42
Forfeited
(49,001)
NIL
Vested
–
NIL
Outstanding at 31 December 2024
912,284
0.99
Granted
246,676
1.01
Forfeited
(139,200)
NIL
Vested
(11,16 3)
0.85
Outstanding at 31 December 2025
1,008,597
0.94
The average unexpired life of the SAYE scheme is 1.5 years (2024: 1.5 years).
17. RESERVES
OWN SHARES
Sabre Insurance Group plc established an Employee Benefit Trust (“EBT”) in 2017 in connection with the operation of its share plans. The
investment in own shares as at 31 December 2025 was £3,354k (2024: £3,112k). The market value of the shares in the EBT as at 31 December
2025 was £2,981k (2024: £2,709k).
MERGER RESERVE
Sabre Insurance Group plc was incorporated as a limited company on 21 September 2017. On 11 December 2017, immediately prior to the
Group’s listing on the London Stock Exchange, Sabre Insurance Group plc acquired the entire share capital of the former ultimate Parent
Company of the Group, Barbados TopCo Limited (“TopCo”). As a result, Sabre Insurance Group plc became the ultimate parent of the Sabre
Insurance Group. The merger reserve resulted from this corporate reorganisation.
FVOCI RESERVE
The FVOCI reserve records the unrealised gains and losses arising from changes in the fair value of debt securities at FVOCI. The movements in
this reserve are detailed in the Consolidated Statement of Comprehensive Income.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
200
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
17. RESERVES CONTINUED
REVALUATION RESERVE
The revaluation reserve records the fair value movements of the Group’s owner-occupied properties. Refer to Note 9 for more information on
the revaluation of owner-occupied properties.
INSURANCE/REINSURANCE FINANCE RESERVE
The insurance finance reserve comprises the cumulative insurance finance income and expenses recognised in Other Comprehensive Income.
SHARE-BASED PAYMENTS RESERVE
The Group’s share-based payments reserve records the value of equity-settled share-based payment benefits provided to the Group’s
employees as part of their remuneration that has been charged through the income statement. Refer to Note 16 for more information on
share-based payments.
18. RELATED PARTY TRANSACTIONS
Sabre Insurance Group plc is the ultimate parent and ultimate controlling party of the Group. The following entities included below form
the Group.
Name
Principal business
Registered address
Entities in which the Group holds
100% of the issued share capital
Binomial Group Limited
Intermediate holding company
Sabre House, 150 South Street, Dorking, Surrey, RH4 2YY, United Kingdom
Sabre Insurance Company Limited
Motor insurance underwriter
Sabre House, 150 South Street, Dorking, Surrey, RH4 2YY, United Kingdom
Other controlled entities
Sabre 2017 Share Incentive Plan
Employee Benefit Trust
Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United
Kingdom
The Sabre Insurance Group
Employee Benefit Trust
Employee Benefit Trust
Ocorian, 26 New Street, St Helier, JE2 3RA, Jersey
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
201
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
18. RELATED PARTY TRANSACTIONS CONTINUED
No single party holds a significant influence (>20%) over Sabre Insurance Group plc.
Both Employee Benefit Trusts (“EBTs”) were established to assist in the administration of the Group’s employee equity-based compensation
schemes. The UK registered EBT holds the all-employee SIP. The Jersey-registered EBT holds the Long Term Incentive Plan (“LTIP”) and Deferred
Bonus Plan (“DBP”).
While the Group does not have legal ownership of the EBTs and the ability of the Group to influence the actions of the EBTs is limited to a trust
deed, the EBT was set up by the Group with the sole purpose of assisting in the administration of these schemes, and is in essence controlled
by the Group and therefore consolidated.
During the period ended 31 December 2025, the Group donated no shares to the EBTs (2024: NIL).
KEY MANAGEMENT COMPENSATION
Key management includes Executive Directors, Non-executive Directors and Directors of subsidiaries which the Group considers to be senior
management personnel. Further details of Directors’ shareholdings and remuneration can be found in the Annual Report on Directors’
Remuneration on pages 107 to 120.
The aggregate amount paid to Directors during the year was as follows.
2025
2024
£’k
£’k
Remuneration
3,697
3,428
Contributions to defined contribution pension scheme
10
10
Shares granted under LTIP
1,030
954
Total
4,737
4,392
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
202
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
19. EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
2025
2024
After tax
Per share
After tax
Per share
£'k
pence
£'k
pence
Profit for the year attributable to ordinary shareholders
37,915
15.37
35,96
1
14.48
DILUTED EARNINGS PER SHARE
2025
Weighted
After tax
average number
Per share
£'k
of shares (000s)
pence
Profit for the year attributable to ordinary shareholders
37,915
24
6,668
15.37
Net share awards allocable for no further consideration
1,760
( 0.11)
Total diluted earnings
2
48,428
15.26
2024
Weighted
After tax
average number
Per share
£'k
of shares (000s)
pence
Profit for the year attributable to ordinary shareholders
35,96
1
248,41
9
14.48
Net share awards allocable for no further consideration
1,880
(0.11)
Total diluted earnings
250,299
14.37
20. EVENTS AFTER THE BALANCE SHEET DATE
Other than the declaration of a final dividend as disclosed in Note 12, there have been no material changes in the affairs or financial position
of the Group and its subsidiaries since the Statement of Financial Position date.
Notes to the Consolidated Financial Statements continued
For the year ended 31 December 2025
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
203
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Parent Company Statement of Financial Position
As at 31 December 2025
2025 2024
Notes £'k £'k
Assets  
Cash and cash equivalents 45 282
Receivables 2 3 27
Other assets 21 11
Investments 3 455,355 453,213
Total assets 455,424 453,533
Liabilities  
Payables 4 169 721
Other liabilities 104 109
Total liabilities 273 830
Equity  
Share capital 247 250
Own shares (3,354) (3,112)
Merger reserve 236,949 236,949
Share-based payments reserve 3,495 2,620
Retained earnings 217,814 215,996
Total equity 455,151 452,703
Total liabilities and equity 455,424 453,533
No income statement is presented for Sabre Insurance Group plc as permitted by section 408 of the Companies Act 2006. The profit after tax
of the Parent Company for the period was £42,772k (2024: £25,604k profit after tax).
The attached notes on pages 207 to 211 form an integral part of these financial statements.
The financial statements on pages 204
to 2011 were approved by the Board
of Directors and authorised for issue
on9March 2026.
Signed on behalf of the Board of
Directorsby:
ADAM WESTWOOD
Chief Financial Officer
Contents Generation – Sub PageContents Generation - Section Parent Company Statement of Financial
Position
204
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Parent Company Statement of Changes in Equity
For the year ended 31 December 2025
Share
capital
Own
shares
Merger
reserve
Share-based
payments
reserve
Retained
earnings
Total
equity
Notes £'k £'k £'k £'k £'k £'k
Balance as at 1 January 2024 250 (3,121) 236,949 2,686 214,558 451,322
Profit for the period attributable to the owners of the Company – – – – 25,604 25,604
Share-based payment expense – – – (66) 183 117
Net movement in own shares – 9 – – – 9
Share buyback – – – – – –
Dividends paid – – – – (24,349) (24,349)
Balance as at 31 December 2024 250 (3 ,112) 236,949 2,620 215,996 452,703
Profit for the period attributable to the owners of the Company – – – – 42,771 42,771
Share-based payment expense – – – 875 449 1,324
Net movement in own shares – (242) – – – (242)
Share buyback 5 (3) – – – (5,064) (5,067)
Dividends paid – – – – (36,338) (36,338)
Balance as at 31 December 2025 247 (3,354) 236,949 3,495 217,814 455,151
Contents Generation – Sub PageContents Generation – Section Parent Company Statement of Changes in
Equity
205
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Parent Company Statement of Cash Flows
For the year ended 31 December 2025
2025 2024
£'k £'k
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax for the year 42,771 25,604
Operating cash flows before movements in working capital 42,771 25,604
Movements in working capital:  
Change in receivables 24 14
Change in other assets (10) 22
Change in payables (552) 721
Change in other liabilities (5) (269)
Net cash generated from operating activities 42,228 26,092
 
CASH FLOWS FROM FINANCING ACTIVITIES  
Net cash used in acquiring and disposing of own shares (1,069) (1,484)
Options exercised under share option schemes 9 –
Share buyback (5,067) –
Dividends paid (36,338) (24,349)
Net cash used by financing activities (42,465) (25,833)
Net (decrease)/increase in cash and cash equivalents (237) 259
Cash and cash equivalents at the beginning of the year 282 23
Cash and cash equivalents at the end of the year 45 282
Contents Generation – Sub PageContents Generation - Section Parent Company Statement of Cash Flows
206
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes To The Parent Company Financial Statements
For the year ended 31 December 2025
1. ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these Consolidated and Company Financial Statements are included in the
specific notes to which they relate. These policies have been consistently applied to all the years presented, unless otherwise indicated.
1.1. BASIS OF PREPARATION
These financial statements present the Sabre Insurance Group plc Company Financial Statements for the period ended 31 December
2025, comprising the Parent Company Statement of Financial Position, Parent Company Statement of Changes in Equity, Parent Company
Statement of Cash Flows, and related notes.
The financial statements of the Company have been prepared in accordance with UK-adopted international accounting standards,
comprising International Accounting Standards (“IAS”) and International Financial Reporting Standards (“IFRS”), and the requirements of the
Companies Act 2006. Endorsement of accounting standards is granted by the UK Endorsement Board (“UKEB”).
In accordance with the exemption permitted under section 408 of the Companies Act 2006, the Company’s Profit or Loss Account and related
notes have not been presented in these separate financial statements.
The financial statements are prepared in accordance with the going concern principle using the historical cost basis, except for those
financial assets that have been measured at fair value.
The financial statements values are presented in pounds sterling (£) rounded to the nearest thousand (£’k), unless otherwise indicated.
The accounting policies that are used in the preparation of these separate financial statements are consistent with the accounting policies
used in the preparation of the Consolidated Financial Statements of Sabre Insurance Group plc as set out in those financial statements.
As permitted by section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the Parent Company is not presented.
The additional accounting policies that are specific to the separate financial statements of the Company are set out below.
2. RECEIVABLES
2025 2024
£'k £'k
Due within one year  
Other debtors 3 27
As at 31 December 3 27
Contents Generation – Sub PageContents Generation – Section Notes To The Parent Company Financial
Statements
207
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes To The Parent Company Financial Statements continued
For the year ended 31 December 2025
3. INVESTMENTS
The Company’s financial assets are summarised below:
2025 2024
£'k £'k
Investment in subsidiary undertakings 455,355 453,213
Total 455,355 453,213
3.1. INVESTMENT IN SUBSIDIARY UNDERTAKINGS
ACCOUNTING POLICY – INVESTMENT IN SUBSIDIARY UNDERTAKINGS
Investment in subsidiaries is stated at cost less any impairment.
2025 2024
£'k £'k
As at 1 January 453,213 451,606
Additions 2 ,142 1,607
As at 31 December 455,355 453,213
The only operating insurance subsidiary of the Company is Sabre Insurance Company Limited, from which the value of the Group is wholly
derived, as there are no other trading entities within the Group. The Company performed its annual impairment test as at 31 December
2025 and 31 December 2024. The Company considers the relationship between the Group’s market capitalisation and the book value of its
subsidiary undertakings, among other factors, when reviewing for indicators of impairment. As at 31 December 2025 and 31 December 2024,
the Company’s securities were traded on a liquid market; therefore, market capitalisation could be used as an indicator of value.
Having carried out this assessment, the Board concluded, on the basis of the cautious assumptions outlined below, that the value in use
ishigher than the current carrying value of the investment in subsidiary and no impairment is necessary.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
208
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes To The Parent Company Financial Statements continued
For the year ended 31 December 2025
3. INVESTMENTS CONTINUED
KEY ASSUMPTIONS
We have used a dividend discount model to estimate the value in use, wherein dividend payments are discounted to the present value.
Dividends have been estimated, based on forecasted financial information, over a four-year forecast period, with a terminal growth rate
applied. The key assumptions used in the preparation of future cash flows are: plan-period financial performance, dividend payout ratio,
long-term growth rates and discount rate.
The key assumptions used in the calculation for the value in use is set out below:
− Plan period financial performance set in line with the Group’s expectations
− Dividend payout ratio in line with the Group’s strategy
− Long-term growth rate beyond the plan period of 2%
− Discount rate of 8.4%, being a calculated cost of capital using market rate returns of Sabre and comparable insurers
These calculations use post-tax cash flow projections based on the Group’s capital models. As the value in use exceeds the carrying amount,
the recoverable amount remains supportable.
The Group has conducted sensitivity testing to the recoverable amount, in order to understand the relevance of these various factors in
arriving at the value in use.
− Dividend within the plan period – To assess the impact of reasonable changes in performance on our base case impairment analysis
and headroom, we flexed the dividend within the plan period by +10% and -10%. In doing so, the value in use varied by approximately 10%
around the central scenario.
− Long-term growth rate – To assess the impact of reasonable changes in the long-term growth rate on our base case impairment analysis
and headroom, we flexed the long-term growth rate by +1% and -1%. In doing so, the value in use varied by approximately 8%–11% around
the central scenario.
− Discount rate – To assess the impact of reasonable changes in the dividend payout ratio on our base case impairment analysis and
headroom, we flexed the average discount rate by +2% and -2%. In doing so, the value in use varied by approximately 24% (up) and 47%
(down) around the central scenario.
In all these scenarios there is material headroom over the carrying value of the investment in subsidiary.
Name of subsidiary Place of incorporation Principal activity
Directly held by the Company
Binomial Group Limited United Kingdom Intermediate holding company
Indirectly held by the Company
Sabre Insurance Company Limited United Kingdom Motor insurance underwriter
The registered office of each subsidiary is disclosed within Note 18 of the consolidated Group Financial Statement.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
209
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes To The Parent Company Financial Statements continued
For the year ended 31 December 2025
4. PAYABLES
2025 2024
£'k £'k
Due within one year
Amounts due to Group undertakings 169 721
As at 31 December 169 721
5. SHARE CAPITAL AND RESERVES
Full details of the share capital and the reserves of the Company are set out in Note 15 and Note 17 to the Consolidated Financial Statements.
6. DIVIDEND INCOME
ACCOUNTING POLICY – DIVIDEND INCOME
Dividend income from investment in subsidiaries is recognised when the right to receive payment is established.
7. RELATED PARTY TRANSACTIONS
Sabre Insurance Group plc, which is incorporated in the United Kingdom and registered in England and Wales, is the ultimate parent
undertaking of the Sabre Insurance Group of companies.
The following balances were outstanding with related parties at year end:
2025 2024
£'k £'k
Due to  
Sabre Insurance Company Limited 169 721
Total 169 721
The outstanding balance represents cash transactions effected by Sabre Insurance Company Limited on behalf of its Parent Company, and
will be settled within one year.
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
210
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Notes To The Parent Company Financial Statements continued
For the year ended 31 December 2025
8. SHARE-BASED PAYMENTS
Full details of share-based compensation plans are provided in Note 16 to the Consolidated Financial Statements.
9. RISK MANAGEMENT
The risks faced by the Company, arising from its investment in subsidiaries, are considered to be the same as those presented by the
operations of the Group. Details of the key risks and the steps taken to manage them are disclosed in Note 2 to the Consolidated
FinancialStatements.
10. DIRECTORS’ AND KEY MANAGEMENT REMUNERATION
The Directors and key management of the Group and the Company are the same. The aggregate emoluments of the Directors and the
remuneration and pension benefits payable in respect of the highest paid Director are included in the Directors’ Remuneration Report in
theGovernance section of the Annual Report and Accounts.
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
211
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial Reconciliations
GROSS WRITTEN PREMIUM
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Insurance revenue 217,990 248,131 188,246
Less: Instalment income (3,441) (4,493) (3,738)
Less: Movement in unearned premium (11,6 49) (7,203) 40,590
Gross written premium 202,900 236,435 225,098
NET LOSS RATIO
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Insurance service expense 174 ,491 154,661 139,497
Less: Amortisation of insurance acquisition cash flows (16,753) (18,166) (14,057)
Less: Amounts recoverable from reinsurers for incurred claims (54,552) (13,026) (31,532)
Less: Directly attributable claims expenses (7,171) (7,041) (6,085)
Add: Net impact of discounting 7,0 68 6,914 8,201
Undiscounted net claims incurred 103,083 123,342 96,024
Insurance revenue 217,990 248,131 188,246
Less: Instalment income (3,441) (4,493) (3,738)
Less: Reinsurance expense (23,872) (33,617) (28,506)
Net earned premium 190,677 210,021 156,002
Net loss ratio 54.1% 58.7% 61.6%
Contents Generation – Sub PageContents Generation - Section Financial Reconciliations
212
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial Reconciliations continued
EXPENSE RATIO
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Other operating expenses 29,850 28,305 26,587
Add: Amortisation of insurance acquisition cash flows 16,753 18,166 14,057
Add: Directly attributable claims expenses 7,171 7,0 41 6,085
Total operating expenses 53,774 53,512 46,729
Insurance revenue 217,990 248,131 188,246
Less: Instalment income (3,441) (4,493) (3,738)
Less: Reinsurance expense (23,872) (33,617) (28,506)
Net earned premium 190,677 210,021 156,002
Expense ratio 28.2% 25.5% 30.0%
COMBINED OPERATING RATIO
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Net loss ratio 54.1% 58.7% 61.6%
Expense ratio 28.2% 25.5% 30.0%
Combined operating ratio 82.3% 84.2% 91.6%
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
213
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial Reconciliations continued
DISCOUNTED NET LOSS RATIO
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Insurance service expense 174 ,491 154,661 139,497
Less: Amortisation of insurance acquisition cash flows (16,753) (18,166) (14,057)
Less: Amounts recoverable from reinsurers for incurred claims (54,552) (13,026) (31,532)
Less: Directly attributable claims expenses (7,171) (7,041) (6,085)
Net claims incurred 96,015 116, 428 87,823
  
Insurance revenue 217,990 248,131 188,246
Less: Instalment income (3,441) (4,493) (3,738)
Less: Reinsurance expense (23,872) (33,617) (28,506)
Net earned premium 190,677 210,021 156,002
  
Discounted net loss ratio 50.4% 55.4% 56.3%
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
214
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial Reconciliations continued
DISCOUNTED COMBINED OPERATING RATIO
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Net loss ratio 50.4% 55.4% 56.3%
Expense ratio 28.2% 25.5% 30.0%
Discounted combined operating ratio 78.6% 80.9% 86.3%
NET INSURANCE MARGIN
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
Net claims incurred 103,083 123,342 96,024
Total operating expenses 53,774 53,512 46,729
Total insurance expense 156,857 176,85 4 142,753
Insurance revenue 217,990 248,131 188,246
Less: Reinsurance expense (23,872) (33,617) (28,506)
Net insurance revenue 194 ,118 214,514 159,740
Net insurance margin 19.2% 17. 6% 10.6%
Contents Generation – Page Contents Generation – Sub PageContents Generation – Section
215
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Financial Reconciliations continued
RETURN ON TANGIBLE EQUITY
For the year ended 31 December
2025 2024 2023
£’k £’k £’k
IFRS net assets at year end 257,862 258,346 242,412
Less: Goodwill at year end (156,279) (156,279) (156,279)
Closing tangible assets 101,583 102,067 86,133
Opening tangible equity 102,067 86,133 72,709
Average tangible equity 101,825 94,100 79,421
Profit after tax 37,915 35,961 18,065
Return on tangible equity 37. 2% 38.2% 22.7%
SOLVENCY COVERAGE RATIO – PRE-DIVIDEND
As at 31 December
2025 2024 2023
£’k £’k £’k
Solvency II net assets 133,080 134,695 121,099
Solvency capital requirement 66,986 62,199 58,998
Solvency coverage ratio – pre-dividend 198.7% 216.6% 205.3%
SOLVENCY COVERAGE RATIO – POST-DIVIDEND
As at 31 December
2025 2024 2023
£’k £’k £’k
Solvency II net assets 133,080 134,695 121,099
Less: Interim/Final dividend (24,907) (28,250) (20,250)
Solvency II net assets – post-dividend 108 ,173 106,445 100,849
Solvency capital requirement 66,986 62,199 58,998
Solvency coverage ratio – post-dividend 161.5% 171.1% 170.9%
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
216
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Acquisition
cashflows
Cash flows arising from the costs of selling, underwriting and
starting a group of insurance contracts (issued or expected to be
issued) that are directly attributable to the portfolio of insurance
contracts to which the group belongs. Such cash flows include
cash flows that are not directly attributable to individual contracts
or groups of insurance contracts within the portfolio.
Adjusted IFRS
netassets
Equals the Group’s IFRS net assets, less Goodwill.
Asset for incurred
claims (“AIC”)
The reinsurers’ share of the liability for incurred claims (“LIC”).
Asset for remaining
coverage (“ARC”)
The reinsurers’ share of the liability for remaining coverage (“LRC”).
Combined operating
ratio (“COR”)
The combined operating ratio is the ratio of total expenses (which
comprises commission expenses and operating expenses), and
net insurance claims relative to net earned premium (“NEP”),
expressed as a percentage.
Contractual service
margin (“CSM”)
This represents the unearned profit the entity will recognise
as it provides insurance contract service under the insurance
contracts in the group. It is a component of the carrying amount
of the asset or liability for a group of insurance contracts.
Coverage period The period during which the entity provides insurance
contract services. The period includes the insurance contract
services that relate to all premiums within the boundary of the
insurancecontract.
Effective tax rate Effective tax rate is defined as the approximate tax rate
calculated by dividing the Group’s profit before tax by the tax
charge going through the Profit or Loss Account.
Expense ratio Expense ratio is a measure of total expenses (which comprises
commission expenses and operating expenses), and claims
handling expenses, relative to net earned premium (“NEP”),
expressed as a percentage.
Fair value through
OCI (“FVOCI”)
Unrealised gains and losses from the remeasurement of the fair
value financial assets are recognised in the Statement of Other
Comprehensive Income (“OCI”).
Financial Reporting
Council (“FRC”)
The UK’s regulator for the accounting, audit and actuarial
professions, promoting transparency and integrity in business.
Fulfilment cash flows
(“FCF”)
An explicit, unbiased and probability-weighted estimate (i.e.
expected value) of the present value of the future cash outflows
minus the present value of the future cash inflows that will arise as
the entity fulfils insurance contracts, including a risk adjustment
fornon-financial risk.
Greenhouse Gas
(“GHG”)
Gases in the atmosphere that absorb and re-emit infrared
radiation, trapping heat and contributing to the greenhouse effect.
Gross earned
premium (“GEP”)
The proportions of premium attributable to the periods of risk that
relate to the current accounting period. It represents gross written
premium (“GWP”) adjusted by the unearned premium provision
at the beginning and end of the accounting period, before
deduction of reinsurance expense.
Gross written
premium (“GWP”)
Gross written premium comprises all premiums in respect of
policies underwritten in a particular financial year, regardless
of whether such policies relate in whole or in part to a future
financial year, before deduction of reinsurance expense.
IFRS 17 “Insurance
Contracts”
An accounting standard that addresses the establishment
of principles for the recognition, measurement, presentation
and disclosure of insurance contracts within the scope of the
standard (effective 1 January 2023).
IFRS net assets The difference between the Group’s total assets and totalliabilities.
Insurance revenue Gross earned premium (“GEP”) plus instalment income.
International
Financial Reporting
Standards (“IFRS”)
Accounting standards issued by the IFRS Foundation and the
International Accounting Standards Board (“IASB”).
Liability for incurred
claims (“LIC”)
An entity’s obligation to:
a) Investigate and pay valid claims for insured events that have
already occurred, including events that have occurred but
for which claims have not been reported, and other incurred
insurance expenses; and
b) Pay amounts that are not included in (a) and that relate to:
i. insurance contract services that have already been provided;
or
ii. any investment components or other amounts that are not
related to the provision of insurance contract services and
that are not in the liability for remaining coverage.
Glossary of Terms
Contents Generation – Sub PageContents Generation – Section Glossary of Terms
217
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Liability for remaining
coverage (“LRC”)
An entity’s obligation to:
a) investigate and pay valid claims under existing insurance
contracts for insured events that have not yet occurred
(i.e.the obligation that relates to the unexpired portion of
theinsurance coverage); and
b) pay amounts under existing insurance contracts that are not
included in (a) and that relate to:
i. insurance contract services not yet provided (i.e. the
obligations that relate to future provision of insurance
contract services); or
ii. any investment components or other amounts that are
not related to the provision of insurance contract services
and that have not been transferred to the liability for
incurredclaims.
Net claims incurred Net claims incurred is equal to gross claims incurred less amounts
recovered from reinsurers.
Net earned premium
(“NEP”)
Gross earned premium (“GEP”) less reinsurance expense.
Net insurance margin
(“NIM”)
Net insurance margin measures how much net insurance profit is
generated as a percentage of net insurance revenue.
Net insurance
revenue
Insurance revenue less reinsurance expense.
Net loss ratio (“NLR”) Net loss ratio measures net insurance claims, less claims
handling expenses, relative to net earned premium expressed
asapercentage.
Network for Greening
the Financial System
(“NGFS”)
A global coalition of central banks and financial supervisors
working to develop climate- and nature-related risk management
frameworks and to mobilise finance for a sustainable economy.
Own Risk and
Solvency Assessment
(“ORSA”)
A prospective assessment of the Group’s risks and solvency
capitalrequirements.
Periodic Payment
Order (“PPO”)
A compensation award as part of a claims settlement that
involves making a series of annual payments to a claimant over
their remaining life to cover the costs of the care they will require.
Premium allocation
approach (“PAA”)
Method for measuring insurance contracts under IFRS 17
“Insurance Contracts”.
Representative
Concentration
Pathways (“RCPs”)
Climate-change scenarios used to model future greenhouse-gas
concentrations and their associated radiative forcing levels.
Return on
tangibleequity
Return on tangible equity is measured as the ratio of the Group’s
profit after tax to its average tangible equity over the financial
year, expressed as a percentage.
Risk adjustment for
non-financial risk
The compensation an entity requires for bearing the uncertainty
about the amount and timing of the cash flows that arises from
non-financial risk as the entity fulfils insurance contracts.
Shared
Socioeconomic
Pathways (“SSPs”)
Global scenarios describing possible future socioeconomic
developments up to 2100, used in climate research to assess
how demographic, economic, technological, and policy trends
influence greenhouse-gas emissions and climate risks.
Solvency capitalratio The ratio of Own Funds (Solvency II capital) to Solvency Capital
Requirement “SCR”.
Solvency Capital
Requirement (“SCR”)
The total amount of capital that the Group must hold to cover
the risks under the Solvency II regulatory framework. The Group is
required to maintain eligible own funds of at least 100% of the SCR.
The Group uses the Standard Formula to determine the SCR.
WBCSD/WRI Scopes The three categories of greenhouse gas (GHG) emissions defined
under the GHG Protocol, the globally recognized standard for
corporate carbon accounting. The protocol was jointly developed
by the World Resources Institute (WRI) and the World Business
Council for Sustainable Development (WBCSD).
Glossary of Terms continued
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
218
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
SHAREHOLDERS
Shareholder profile as at 31 December 2025
Balance ranges
Total number
of holdings
Percentage
of holders %
Total number
of shares
% issued
capital
1–100 14 4.58 558 0.00
101–1,000 31 10.13 15,400 0.01
1,001–10,000 57 18.63 272,857 0.11
10,001–100,000 75 24.51 3,0 07,9 01 1.22
100,001–1,000,000 77 25.16 27,601,591 11.19
1,000,001–999,999,999 52 16.99 215,701,693 87. 47
Total 306 100 246,600,000 100
Party type
No. of
holders
% of holders
within type Balance
% issued
capital
Male 36 11.77 333,619 0.14
Female 15 4.90 42,948 0.02
Nominee 187 61.11 203,516,553 82.53
Bank 3 0.98 11,094 0.00
Limited company 30 9.80 32,108,881 13.02
Other organisation 35 11.4 4 10,586,905 4.29
Total 306 100 246,600,000 100
Party type
No. of
holders
% of holders
within type Balance % issued capital
Private individuals 51 16.67 376,567 0.15
Nominee companies 187 61.11 203,516,553 82.53
Limited & public limited companies 30 9.80 32,108,881 13.20
Other organisations & banks 38 12.42 10,597,999 4.30
Total 306 100 246,600,000 100
SHARE PRICE
London Stock Exchange, pence per 0.01 pence share.
Highest 153.0 pence (31 July 2025)
Lowest 117.8 pence (9 April 2025)
Average 134.2 pence
2026 FINANCIAL CALENDAR
Full Year Results 10 March 2026
Trading Update 21 May 2026
Annual General Meeting 21 May 2026
Half Year Results 4 August 2026
Trading Update 20 October 2026
2026 DIVIDEND CALENDAR
2025 Final dividend payment dates*
Ex-dividend date 23 April 2026
Record date 24 April 2026
Payment date 5 June 2026
2026 INTERIM DIVIDEND PAYMENT DATES**
Ex-dividend date 20 August 2026
Record date 21 August 2026
Payment date 23 September 2026
* Subject to shareholder approval
** Dates and dividend not yet finalised
Shareholder Information
Contents Generation – Sub PageContents Generation – Section Shareholder Information
219
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
SHAREHOLDER QUERIES
GENERAL SHAREHOLDER QUERIES
Enquiries relating to shareholdings, such as the transfer of shares, change of name or
address, lost share certificates or dividend cheques, should be referred to the Company’s
Registrar at: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA.
Shareholder helpline is +44 (0)371 384 2030 and +44 (0)371 384 2255 (Mini Com). Lines are
open 8.30am to 5.30pm, Monday to Friday, excluding bank holidays in England and Wales.
REGISTRAR SHARE DEALING SERVICE
For telephone share dealing, call 0345 603 7037 between 8.00am and 4.30pm,
Monday to Friday.
For internet dealings, log on to www.shareview.co.uk/dealing
DIVIDEND MANDATES
Shareholders who wish dividends to be paid directly into a bank or building society should
contact the Company’s Registrar, Equiniti Limited, for a dividend mandate form. This method
of payment removes the risk of delay or loss of dividend cheques in the post and ensures
thatyour account is credited on the due date.
ELECTRONIC COMMUNICATIONS
Shareholders can elect to receive shareholder documents electronically by registering with
Shareview at www.shareview.co.uk. This will save on printing and distribution costs, creating
environmental benefits. When you register, you will be sent an email notification to say when
shareholder documents are available on our website and you will be provided with a link to
that information. When registering, you will need your shareholder reference number which
can be found on your share certificate or proxy form. Please contact Equiniti Limited if you
require any assistance or further information. Equiniti Limited’s shareholder helpline is +44
(0)371 384 2030 and +44 (0)371 384 2255 (Mini Com). Lines are open 8.30am to 5.30pm,
Monday to Friday, excluding bank holidays in England and Wales.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report includes statements that are forward-looking in nature. Forward-looking
statements involve known and unknown risks, assumptions, uncertainties and other factors
which may cause the actual results, performance or achievements of the Group to be
materially different from any future results, performance or achievements expressed or implied
by such forward-looking statements. Except as required by the Listing Rules, Disclosure and
Transparency Rules, and applicable law, the Company undertakes no obligation to update,
revise or change any forward-looking statements to reflect events or developments occurring
on or after the date of this Annual Report.
WEBSITE
The corporate website address is www.sabreplc.co.uk
The Investor section of the website includes:
− Regulatory news
− Share price information
− Financial results announcements
Shareholder Information continued
Contents Generation – Page Contents Generation – Sub PageContents Generation - Section
220
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
REGISTERED OFFICE
Sabre House
150 South Street
Dorking
Surrey
RH4 2YY
Registered in England and Wales. Registered number 10974661
DIRECTORS, ADVISERS AND OTHER INFORMATION
Directors
Rebecca Shelley – Chair
Geoff Carter
Ian Chapple
Karen Geary
Bryan Joseph
Alison Morris
David Neave
Adam Westwood
Company Secretary
Anneka Kingan
Auditor
PricewaterhouseCoopers LLP
7 More London Riverside, London, SE1 2RT
Company Brokers
Barclays Bank plc
1 Churchill Place, London, E14 5LB
Deutsche Numis
21 Moorfields, London, EC2Y 9DB
Panmure Liberum
25 Ropemaker Street, London, EC2Y 9LY
Principal Bankers
Lloyds Bank plc
25 Gresham Street, London, EC2V 7HN
National Westminster Bank plc
250 Bishopgate, London, EC2M 4AA
Public Relations
Teneo Strategy Limited
The Carter Building, 11 Pilgrim Street,
London, EC4V 6RN
Solicitors
Dickson Minto W.S.
16 Charlotte Square,
Edinburgh, EH2 4DF
Company Information
Printed by a Carbon Neutral Operation (certified:
CarbonQuota) under the PAS2060 standard.
Printed on material from well-managed, FSC™
certified forests and other controlled sources.
Printed on material from well-managed, FSC™
certified forests and other controlled sources.
Thispublication was printed by an FSC™ certified
printer that holds an ISO 14001 certification.
100% of the inks used are HP Indigo ElectroInk
which complies with RoHS legislation and
meets the chemical requirements of the Nordic
Ecolabel (Nordic Swan) for printing companies,
95% of press chemicals are recycled for
further use and, on average 99% of any waste
associated with this production will be recycled
and the remaining 1% used to generate energy.
CBP035252
Contents Generation – Sub Page
Contents Generation – Section
Company Information
221 Sabre Insurance Group plc Annual Report and Accounts 2025
Strategic
Report
Financial
Statements
Governance
Sabre Insurance Group plc Annual Report and Accounts 2025
Sabre Insurance Group plc.
150 South Street
Dorking
RH4 2YY
sabreplc.co.uk
Sabre Insurance Group plc Annual Report & Accounts 2025