Saga Discusses Partnership with Ageas on Insurance

Saga PLC, a UK company focused on services for the over-50s, is in discussions with Belgian insurer Ageas regarding a potential partnership for its struggling insurance division. The proposed agreement could involve an upfront payment from Ageas, along with subsequent commission payments for managing parts of Saga's insurance operations, aimed at alleviating Saga's substantial debt, which was reported at £637.2 million as of January. Despite the positive developments, Saga has indicated that no final agreement has been reached, and the company is exploring various partnership opportunities. Additionally, Saga has postponed its half-year results originally scheduled for release, although its first-half performance aligns with expectations. This move follows previous unsuccessful attempts to sell its insurance underwriting division. The market will be updated as discussions progress.