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The Business Magazine July 2024
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Kent-based Saga in talks with Belgian insurer Ageas

The Business Magazine article image for: Kent-based Saga in talks with Belgian insurer Ageas
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4 October 2024
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Kent-based over-50s focused service provider Saga responded to media coverage this week, saying it was in discussions with Belgian insurer Ageas over a potential partnership for its insurance business.

In a stock market statement, Saga noted, however, that there could be "no certainty" that any partnership agreement will occur.

"A further announcement will be made in due course, as appropriate," it added.

READ MORE: Dogtooth Technologies shows off fruit picking robots at Kent event

It came following news that Saga was reportedly in exclusive negotiations with Ageas about a long-term partnership arrangement for its insurance arm.

A deal would reportedly provide Saga with the means to pay down its significant debt and shift to a new operational model, easing balance sheet pressure.

It is not the first time Saga has explored a deal involving its insurance division.

Last year, the London-listed company held talks with Australian firm Open regarding a potential sale, but the negotiations were unsuccessful.

On October 1, Saga told investors it was delaying the release of its half-year results, originally scheduled for October 2 this year.

The firm said it was continuing to "explore partnership opportunities to support the group's capital-light growth ambitions, crystallise value and enhance long-term returns for shareholders".

It added that its performance for the first half was "in line with expectations and the group remains on track for the full year".


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Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.

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