![]() #### 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 ofSabre 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 partnersFocused 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 distributionPricecomparison #### 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 theright 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 worsthappens 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 #### DistributionControlled #### 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 1234 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 feedbackloops 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 specialistunderwriting 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 andcommitment 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 disclosureBoard 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 1,421 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 claims | | 54,552 | 13 , 0 2 6 | | Net income/(expense) from reinsurance contracts held | | 30,680 | (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 | 25,475 | 31, 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 | 460,682 | 397,924 | | 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 | 48,525 | 48,525 | | 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 | | | | capital | shares | reserve | reserve | reserve | reserve | earnings | equity | | | 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 | 197,727 | 242,412 | | Profit for the year attributable to ordinary shareholders | | – | – | – | – | – | – | 35,961 | 35,961 | | 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 activities | | 36,879 | 22,068 | | 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 capitalratio 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