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On Thursday, Berenberg analysts adjusted their outlook on Sabre (NASDAQ:SABR) Insurance Group (SBRE:LN), reducing the price target to £2.02 from £2.04, while reaffirming a Buy rating on the company’s shares. The adjustment follows Sabre’s trading update for the first four months of 2025, which showed a decrease in total gross written premiums (GWP) year-over-year, but an increase compared to the historical five-year average.
Sabre reported GWP of £66.1 million, marking a 23% decline from the same period last year, yet it was 8% higher than the average over the past five years. The company’s management indicated that insurance prices had stabilized during this period and expressed caution regarding claims cost inflation, which is expected to be in the high single digits.
Despite the drop in GWP, Sabre anticipates that the inflation in claims costs will lead to higher market premiums later in the year. For the full year of 2025, the company expects its top-line revenue to be flat or slightly down but has maintained its guidance on profit margins.
In their commentary, Berenberg analysts cited the company’s stable pricing and forecasted market premium increases as reasons to maintain the Buy rating. However, they noted that the slight reduction in the price target to £2.02 is reflective of a modest downward revision to their full-year top-line projections for Sabre.
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