Saga in partnership talks with Ageas
The UK-based specialist insurer has confirmed that it is in talks with Belgian insurance firm Ageas about a potential partnership
According to a report by UK broadcaster Sky News, the aim of the negotiations for Saga is to pay down its debts and alter its business model to be leaner in terms of outgoings.
The deal would also see Ageas take control of parts of Saga’s insurance operations. In exchange, Ageas would make an initial upfront payment to the latter company, alongside a series of subsequent commission payments.
However, Saga – which specialises in insurance products and services for the over-50 demographic, including travel insurance – has clarified that no final agreement has yet been reached.
Saga was due to reveal its half-year results on 2 October, but has now announced that they have been delayed.
Ageas previously explored the possibility of buying UK insurance firm Direct Line, but abandoned the plans earlier this year.
Saga announced Bupa as its new health insurance partner in June 2023.