Sabre Insurance Group
Website:
Sabre Insurance Group
Index:
FTSE Small Cap
EPIC: SBRE
Supersector:
Insurance
Sector:
Nonlife Insurance
Subsector:
Property and Casualty Insurance
Market Cap:
£369.41M
Payout Frequency: Semi-Annual
Sabre Insurance Group Dividend Analysis and Summary
Headline dividend details and timetable
- Total dividend for FY2025: 13.5p per share (up 3.8% YoY).
- Breakdown:
- Interim (already paid): 3.4p.
- Final ordinary (proposed): 8.9p.
- Special (proposed): 1.2p.
- Dividend to be paid under this timetable (final + special): 10.1p per share, total cash c. £24.9m.
- Ex-dividend date: 23/04/2026
- Record date: 24/04/2026
- Payment date: 05/06/2026
Dividend policy and payout
- Policy: ordinary dividend of 70%–80% of profit after tax, with excess capital returned via specials and/or buybacks.
- For 2025: ordinary DPS 12.3p equals 80% of PAT; plus 1.2p special.
- Capital buffer targets: post-dividend Solvency II coverage in the 140%–160% range.
Context from results (capacity to fund dividends)
- IFRS PBT up 4.9% to £51.0m; PAT £37.9m.
- Net insurance margin improved to 19.2% (target 18%–22%); combined ratio 82.3%.
- Solvency II coverage: 161.5% post final/special; 154.0% post final/special and proposed buyback (within target range).
- No external debt; strong RoTE 37.2%.
Capital allocation and structural items
- Proposed share buyback of £5m (subject to regulatory approval), following a £5.1m buyback executed in 2025; shares in issue reduced to 246.6m.
- No M&A, demergers or share consolidations disclosed.
- Board reiterates intent to grow ordinary dividends in line with earnings while keeping solvency within the stated range.
Analysis: sustainability and growth outlook
- Coverage and affordability: The ordinary payout at 80% of PAT is supported by strong underwriting (NIM 19.2%, COR 82.3%) and a robust 161.5% post-dividend SCR. Even after the planned £5m buyback, SCR at 154.0% remains comfortably within the 140%–160% target, indicating room to fund current dividends.
- Growth trajectory: FY2025 DPS rose 3.8%. Management guides to profit slightly ahead of 2025 in 2026 with margins within the 18%–22% target, suggesting scope to at least maintain or modestly grow the ordinary dividend, with specials dependent on excess capital generation.
- Capital generation: Strong RoTE and low-risk investment portfolio underpin ongoing organic capital creation. Share buybacks modestly enhance per-share metrics, supporting DPS sustainability.
Risks and flags for dividend stability
- Market pricing vs. claims inflation: Management notes 2025 market pricing lagged costs; while claims inflation moderated to mid-single digits, sector profitability could compress in 2026 if pricing remains soft. Sabre’s disciplined underwriting mitigates but does not eliminate the macro headwind.
- Expense ratio drift: Expense ratio rose to 28.2% (from 25.5%), partly due to investment for growth and wage inflation—worth monitoring if top-line growth lags.
- Reserve releases: 2025 benefited from a 5.5% favourable prior-year reserve movement; sustainability of similar releases is uncertain.
- Segment volatility: Smaller Motorcycle and Taxi books remain inherently volatile despite H2 improvement; limited but a potential earnings swing factor.
- Capital headroom: Post-dividend SCR fell YoY (to 161.5% from 171.1%); still solid, but ongoing buybacks and specials rely on continued capital generation and underwriting outperformance.
Read more
Sabre Insurance Group Annual Dividend Yield - 11.62%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 17/04/2025 |
04/06/2025 |
Special |
2.90p |
GBX |
| 17/04/2025 |
04/06/2025 |
Final |
11.30p |
GBX |
| 21/08/2025 |
24/09/2025 |
Interim |
3.40p |
GBX |
Total (Annual Dividends Per Share):
17.60p
Dividend Yield =
Annual Dividends Per Share (17.60p)
÷ Share Price (151.4p)
= 11.62%
Sabre Insurance Group Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 23/04/2026 |
05/06/2026 |
Final |
10.1000p |
GBX |
| 21/08/2025 |
24/09/2025 |
Interim |
3.40p |
GBX |
| 17/04/2025 |
04/06/2025 |
Special |
2.90p |
GBX |
| 17/04/2025 |
04/06/2025 |
Final |
11.30p |
GBX |
| 22/08/2024 |
25/09/2024 |
Interim |
1.70p |
GBX |
| 25/04/2024 |
05/06/2024 |
Special |
3.90p |
GBX |
| 25/04/2024 |
05/06/2024 |
Final |
4.20p |
GBX |
| 17/08/2023 |
20/09/2023 |
Interim |
0.90p |
GBX |
| 20/04/2023 |
01/06/2023 |
Final |
1.70p |
GBX |
| 18/08/2022 |
22/09/2022 |
Interim |
2.80p |
GBX |
| 28/04/2022 |
01/06/2022 |
Special |
4.60p |
GBX |
| 28/04/2022 |
01/06/2022 |
Final |
4.70p |
GBX |
| 19/08/2021 |
16/09/2021 |
Interim |
3.70p |
GBX |
| 22/04/2021 |
20/05/2021 |
Special |
4.90p |
GBX |
| 22/04/2021 |
20/05/2021 |
Final |
6.80p |
GBX |
| 06/08/2020 |
28/08/2020 |
Interim |
4.30p |
GBX |
| 06/08/2020 |
28/08/2020 |
Special |
5.20p |
GBX |
| 23/04/2020 |
28/05/2020 |
Final |
8.10p |
GBX |
| 22/08/2019 |
19/09/2019 |
Interim |
4.70p |
GBX |
| 25/04/2019 |
30/05/2019 |
Special |
6.00p |
GBX |
| 25/04/2019 |
30/05/2019 |
Final |
6.80p |
GBX |
| 23/08/2018 |
20/09/2018 |
Interim |
7.20p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
1.700 |
4.200 |
3.900 |
GBX |
9.800 |
276.920 |
| 2023 |
0.900 |
1.700 |
|
GBX |
2.600 |
-78.510 |
| 2022 |
2.800 |
4.700 |
4.600 |
GBX |
12.100 |
-21.420 |
| 2021 |
3.700 |
6.800 |
4.900 |
GBX |
15.400 |
-12.500 |
| 2020 |
4.300 |
8.100 |
5.200 |
GBX |
17.600 |
0.570 |
| 2019 |
4.700 |
6.800 |
6.000 |
GBX |
17.500 |
143.050 |
| 2018 |
7.200 |
|
|
GBX |
7.200 |
|
Sabre Insurance Group Dividend Calculator
Sabre Insurance Group Dividend Growth
| Dividend Growth (1Y) |
3.85%
|
| Dividend CAGR (5Y) |
-8.63%
|
| Years of Growth |
2
|
| Payout Ratio |
88.47%
|
| Buyback Yield |
0.75%
|
| Shareholder Yield |
9.61%
|
| P/E Ratio (TTM) | 9.82 |
|---|
| Forward P/E | 9.41 |
|---|
| P/FCF | 9.99 |
|---|
| Earnings Yield | 10.36% |
|---|
| FCF Yield | 10.01% |
|---|
| ROE | 14.69% |
|---|
| ROCE | 19.24% |
|---|
| Profit Margin | 18.95% |
|---|
| Operating Margin | 25.15% |
|---|
| Gross Margin | 37.67% |
|---|