Sabre Insurance has reported a 105.9 per cent surge in pre-tax profit for 2024, driven by record-high premium income and strict underwriting discipline.

The UK motor insurer, which has struggled to keep up with the market in recent years, reported gross written premium growth of per cent year-on-year to £236.4m. IFRS profit before tax jumped to £48.6m.

Overall, the company reported a net loss ratio of 58.7 per cent, 2.9 percentage points better than the 61.6 per cent recorded for 2023.

Sabre reported a combined ratio of 84.2 per cent, down from 91.6 per cent in 2023.

The company’s net insurance margin rose to 17.6 per cent, up seven percentage points from 2023.

Off the back of these numbers, Sabre Insurance hiked its dividend by 44.4 per cent to share to 13p. It also announced a £5m share buyback subject to regulatory approval.

The firm’s solvency coverage ratio remained robust at 171.2 per cent post-dividend and 163.1 per cent after the planned buyback.