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: £375.33M
Payout Frequency: Semi-Annual

Next Sabre Insurance Group Dividend

Sabre Insurance Group next goes ex-dividend on 23/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 10.1000p (GBP) and the payment date is 05/06/2026.

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.

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 (156.6p) = 11.24%

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

Number of Shares:

Payment	Paid	Amount
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