Saga raises annual profit outlook after insurance broking gains
First-half insurance broking gross written premiums fell 4.8% to £266.4 million, but underlying profit before tax rose to £15.9 million. Full-year underlying pretax profit forecast rises to £65 million-£70 million.
03 million), while higher margins helped lift underlying profit before tax by 75%. 3 million. 1 million a year earlier, helped by stronger home insurance renewal margins and higher travel policy volumes. 3 million.
6 million. Saga raised its full-year underlying pretax profit forecast to between £65 million and £70 million, saying it expected the result to be materially above the previous year's level. The company said its motor and home insurance partnership with Ageas was progressing as planned. New business has fully moved to Ageas, while the transfer of renewals is expected around the end of Saga's financial year.
The 20-year deal shifts the underwriting and market risk previously borne by Saga, leaving it focused on designing, marketing and servicing insurance products, the company said. Chief executive Mike Hazell said the group's simpler business model and customer focus had driven growth across its core businesses. 3 million, led by Ocean Cruise, where revenue rose 14% and profit increased 38%. Saga said it was now likely to reach its medium-term targets of £100 million pounds in underlying pretax profit and leverage below 2 times before its January 2030 target date.
“While conscious of potential economic headwinds and volatile global conditions, our performance this year further demonstrates the resilience of our business model and target customer group, increasing our confidence in achieving our medium-term targets ahead of plan," Hazell said. 7546 pounds)