REG - SAGA Plc - Saga and Ageas Insurance partnership goes live

SagaAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251216:nRSP6508La&default-theme=true

RNS Number : 6508L  SAGA PLC  16 December 2025

16 December 2025

Saga plc

Saga and Ageas 20-year Insurance partnership goes live

Saga plc (Saga) is pleased to announce that its 20-year motor and home
insurance partnership (the Affinity Partnership) with Ageas UK, wholly-owned
subsidiary of Ageas SA/NV (Ageas) has now gone live.

This launch marks a major milestone in the execution of Saga's strategy and a
material step forward in simplifying our business. The partnership combines
the strength of the Saga brand, marketing skills and customer base with
Ageas's extensive and growing UK insurance operations. Together, Ageas and
Saga will deliver best-in-class insurance services to Saga customers, driving
growth in Saga's motor and home insurance business by offering differentiated
products, first rate customer service and value for money.

The sale of new motor policies commenced on 15 December 2025, with Ageas
taking on operational responsibility for price-comparison website
distribution, pricing and underwriting, claims and customer service. Saga
retains responsibility for brand and direct marketing and will earn commission
for these services based on a fixed percentage of gross written premium
generated over the term of the partnership. The customer ownership remains
with Saga.

Terms of the Affinity Partnership

With the sale of motor new business going live, Saga will receive £60m from
Ageas this week, less a £5m trade fund paid in advance, of the total £80m
cash consideration due under a Business Transfer Agreement. The phased
implementation of the partnership over the coming months means that Saga will
receive the outstanding £20m in Q2 2026 - once home new business and policy
renewals for both motor and home are taken over by Ageas and the partnership
is fully rolled out.

AICL

Separately, in relation to the sale of Acromas Insurance Company Limited
(AICL), that was completed in July, today's announcement has triggered a
further £2.5m payment by Ageas to Saga, to be received this week. This
represents the final payment under the AICL share purchase agreement and takes
the total base consideration for the sale of our AICL underwriting business to
£67.5m. The final net proceeds, adjustments and pre-completion dividends for
the transaction have resulted in cash inflows £21.4m higher than our original
guidance. Net proceeds, after costs and deductions, were £56.9m, £11.4m
higher than our original guidance. In addition to this a £10.0m
pre-completion dividend was paid to Saga earlier in the year.

 

Mike Hazell, Chief Executive of Saga plc, commented:

"The launch of our insurance partnership with Ageas marks a major milestone in
the execution of our strategy, simplifying and de-risking our insurance
operations. I want to thank all Saga and Ageas colleagues whose hard work has
led to delivering this project on time and within budget. The combination of
Ageas' market leading insurance capabilities and Saga's 75 year history of
delivering products and services designed for people over 50, creates a
winning partnership through which our customers will be offered quality home
and motor insurance cover, at competitive prices, with the level of service
they have come to expect from Saga."

For further information, please contact:

 Saga plc
 Sharnj Sandhu, Interim Director of Investor Relations and Treasury  Tel: 07522 985 207

                                                                     Email: sharnj.sandhu@saga.co.uk (mailto:sharnj.sandhu@saga.co.uk)

 Headland Consultancy
 Susanna Voyle                                                       Tel: 07980 894 557
 Will Smith                                                          Tel: 07872 350 428
                                                                     Tel: 020 3805 4822
                                                                     Email: saga@headlandconsultancy.com (mailto:saga@headlandconsultancy.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFFDFDLELIE



            Copyright 2019 Regulatory News Service, all rights reserved