Article ID: d80bd540e9b3765795b769d9e82081bb2a1427fddb08e3fee82cf291073d6a52
Source ID: secondary:insurancetimes.co.uk
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URL: https://www.insurancetimes.co.uk/news/saga-boosts-profit-in-2025-after-ageas-deal/1458286.article
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‘The restructuring of our insurance business, and the partnership with Ageas, derisks and simplifies our operating model, creating a more stable platform for growth,’ says group chief executive Saga has announced improved revenue and profit levels in its latest full year preliminary financial results, released today (15 April 2026). Saga said its results – covering the full year to 31 January 2026 – were underpinned by strong performances in both its travel and insurance businesses. The firm specialises in providing products and services to the over 50s, including car, home and travel insurance, as well as non-insurance products such as travel and holidays and financial services. Revenue grew by 12% between years – up from £588m in 2024 to £660m in 2025 – while profit before tax rose to £2.1m for the year, up from a loss of £160m in 2024. The results come after the sale of the firm’s insurance underwriting business to Ageas, which Saga said removed “all underwriting risk from the group” and reduced “complexity and volatility”. The firm also launched a motor and home insurance partnership with Ageas as part of a plan to simplify its insurance broking operations. Stable platform Mike Hazell, group chief executive at Saga, said: “This has been a transformational year for Saga. The restructuring of our insurance business, and the partnership with Ageas, derisks and simplifies our operating model, creating a more stable platform for growth. Read: HDI Global sees insurance revenue climb 5% in latest results Read: Hiscox plans raft of new product launches for 2025’s H2 Explore more financial results content here, or discover other news stories here “The result was an excellent trading performance that drove growth across all our core businesses and a strong financial performance, with underlying profit before tax and the leverage ratio significantly ahead of our original guidance.” He continued: “As we look ahead, our performance this year has further strengthened the confidence we have in our medium-term targets of delivering underlying profits of at least £100m by January 2030 and leverage below 2.0x. “We will deliver this by focussing on Saga’s core strengths and the 75 years of experience we have in designing, marketing and delivering products and services for people over 50.” He graduated in 2017 from the University of Manchester with a degree in Geology. He spent the first part of his career working in consulting and tech, spending time at Citibank as a data analyst, before working as an analytics engineer with clients in the retail, technology, manufacturing and financial services sectors.View full Profile No comments yet
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