SAGA Investor Update
Underwriting also in line with expectations
•
.
Performance in line with expectations.
2018/19
2019/20
£204.8m
2018/19
£196.2m
YOY movement in reserve margin (unaudited)
£19.8m
£23.5m
(£40.0m)
Underlying revenue
2019/20
£32.7m
£86.7m
£40.6m
Underlying PBT
£36.0m
Jan-19
Basis change
Favourable Reserve releases
experience
Jan-20
Net earned premiums decreased 4% in line with lower broking policy volumes underwritten by AICL
Reserve releases of £40.0m (2019: £77.9m) in line with expectations
Movement in reserve margin driven by:
Recognition of improved development patterns within actuarial 'best estimate' reserving
methodology
Continued favourable experience on large bodily injury claims
Reserve releases for 2020/21 are expected to be in the range of £15-£25m
From 2021/22, COR is expected to be 97% in line with indications from April 2019
•
AICL continues to focus on investing in underwriting and pricing capability
SAGA
Investor update 2 April 2020
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