May 24, 2018 / 6:14 AM / a month ago

BRIEF-British insurer Sabre says competitive pricing has resulted in modest reduction in premium income

May 24 (Reuters) - Sabre Insurance Group PLC:

* WE EXPERIENCED COMPETITIVE PRICING IN LAST FEW WEEKS OF 2017 WHICH CONTINUED INTO FIRST TWO MONTHS OF 2018 RESULTING IN A MODEST REDUCTION IN PREMIUM INCOME RELATIVE TO SAME PERIOD IN 2017

* GROSS WRITTEN PREMIUM (“GWP”) RETURNING TO APPROXIMATELY 2017 LEVELS ON A WEEKLY RUN-RATE BASIS WITH NO DETERIORATION IN OUR EXPECTED UNDERWRITING MARGINS

* GIVEN THIS GWP FOR YEAR TO 30 APRIL 2018 IS DOWN YEAR ON YEAR BY AROUND 5% AT £69.8M

* GROUP CONTINUES TO DELIVER LEADING UNDERWRITING PERFORMANCE SUPPORTED BY POSITIVE CLAIMS EXPERIENCE IN EARLY MONTHS OF 2018

* REITERATES FULL YEAR GUIDANCE FOR 2018 UNDERWRITING PERFORMANCE REFLECTING A COMBINED RATIO SLIGHTLY BETTER THAN OUR LONG-TERM TARGET OF MID- 70%’S

* A SOLVENCY RATIO OF OVER 188% (1) AT END OF MARCH EXCEEDS OUR 140% - 160% TARGET CORRIDOR, WITH ORGANIC CAPITAL BEING GENERATED ON A MONTHLY BASIS Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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