Broking profits fall at Saga
Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.
The number of policies in force was also down – by 9% at 1.5m – as it flagged a challenging environment and the impact of inflation. Around half the policies were in motor and around 40% in home.
The over-50s specialist’s broking division also took a hit of £104.9m to goodwill impairment during the year.
Broking gross written premium was up year-on-year by 7.6% to £606m, driven by more than £390m in motor and £162.4m in home.
AcromasAcromas, the group’s in-house insurer, had an underlying loss
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Q&A: Close Brothers Premium Finance leaders Wallace and Hayes
Close Brothers Premium Finance commercial director, Colin Wallace, and sales director Elliott Hayes, stress the firm’s ‘pro-broker’ message as they tackle the changes over the past 18 months, shrinking after the partial exit from personal lines and the developments they believe will deliver growth for all parties as the business focuses in on commercial with the run-off almost complete.
Broker trio help Compare The Market push into new market
A trio of brokers has been signed up by aggregator Compare The Market for its full launch into temporary car insurance.
Investec Premium Finance makes first software house move with Acturis
Investec Premium Finance has signed up with Acturis, bringing its offering onto a software house platform for the first time since launching in 2022.
Sheila Cameron to step down as LMA CEO in 2027
Sheila Cameron will step down from being CEO of the Lloyd’s Market Association next year, having led the organisation since 2019.
Ex-La Playa boss Boon’s co-founded broker shifts to DA model
Broker Aguila, built to support high-growth technology, science and creative businesses, has moved to the directly authorised model.
Biba and Intact partner on Start-Up Hub to back next generation of brokers
The British Insurance Brokers’ Association has teamed up with Intact Insurance to launch a ‘Start-Up Hub’ designed to help aspiring brokers navigate the journey of establishing and growing their own firm.
Accuro launches digital care insurance scheme
Accuro Underwriting has released its Aviva-backed care combined insurance product via the Recorder platform, in a digital move it claimed would bring a more streamlined experience to brokers placing business across a broad range of care settings.
HNW specialist broker joins Coversure Network
London-based personal and commercial lines broker AF Insurance has joined the Coversure Network.