By Elena Vardon

Sabre Insurance aims to grow profit by around 10% per year in the period to 2030.

The motor-insurance provider expects to deliver at least 80 million pounds ($101.6 million) in pretax profit in 2030, it said Thursday ahead of its capital markets event.

"The delivery of our 'Ambition 2030' will be underpinned by our proven skills and data, supported by the rollout of significant technological enhancements to our pricing infrastructure," Chief Executive Geoff Carter said.

The London-listed group said it will balance income and margins and keep a resolute underwriting discipline to deliver profit growth.

The new strategy represents a credible shift from a purist focus on margins to actively trading volume and margin, Panmure Gordon said in a note to clients. "The growth will not be linear, but the group has all the necessary ingredients to make this work," it wrote.

Given current market conditions, the growth target seems ambitious enough, RBC Capital Markets analysts said.

Shares fell 1.8% to 129.4 pence in early trading, bringing their year to date losses to almost 11%.

The group also confirmed its guidance for 2024 and expects to report profit in line with market expectations and record gross written premiums.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

December 05, 2024 03:57 ET (08:57 GMT)

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