Sabre Insurance said on Tuesday its annual pretax profit more than doubled, as its competitive pricing helped the British motor insurer navigate a challenging insurance market.

Sabre Insurance Group shares jumped after the company reported a higher pretax profit for last year, and said that it plans to launch its first share-buyback program of 5 million pounds ($6.5 million) over 2025. In early European morning trading, shares were up 11 pence, or 8.9%, at 135 pence. Year to date, shares have fallen 2.2%.

Sabre Insurance has hiked its dividend and proposed its first-ever share buyback after the motor specialist saw profits more than double last year.

Sabre Insurance announced its first ever share buyback on Tuesday after annual profit more than doubled, driving shares up more than 11%. Supply chain issues and high inflation following the pandemic and Ukraine war raised motor repair costs in recent years,