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Broker tips: Sabre Insurance, Close Brothers, Elementis
(Sharecast News) - RBC Capital Markets has lifted its target price for Sabre Insurance from 200p to 220p and reiterated an 'outperform' rating after the company's well-received annual results, hailing the company's ability to continue winning volumes profitably. The motor insurance underwriter on Tuesday reported that gross written premiums totalled £225.1m in 2023, up from £171.3m the year before, while the net loss ratio fell sharply to 56.3% from 66% - in line with the firm's historical target level in the low-to-mid 50% range. As a result, pre-tax profit swelled to £23.6m from £14m in 2022.
RBC said it was increasing its estimates by around 7% on average, driven by stronger-than-expected growth and better loss ratios, saying that "growth momentum might drive further upside from here".
"The hard market in UK motor insurance may persist for a bit longer as claims inflation has not let up. This should allow SBRE to continue capitalising on this opportunity by winning volumes while underwriting at target profitability," the broker said.
"Consumer Duty remains a wildcard for now but SBRE's low reliance on ancillary income at
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