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Highlights
- Saga and Ageas have entered a 20-year Affinity Partnership, combining Saga’s customer base and marketing expertise with Ageas’s UK insurance operations.
- Ageas will acquire Saga’s Insurance Underwriting business, Acromas Insurance Company Limited (AICL), in a separate transaction.
- The Affinity Partnership is set to drive growth in Saga’s motor and home insurance offerings, starting in Q4 2025, with a focus on delivering value and customer satisfaction.
Saga plc (LSE:SAGA), a leading provider of products and services for people over 50, has entered into a landmark 20-year partnership with Ageas SA/NV’s UK subsidiaries to enhance its motor and home insurance offerings. The agreement, which was confirmed following an initial announcement on 11 October 2024, will combine the strengths of both companies to provide differentiated, value-driven products and superior customer service to Saga’s loyal customer base.
This collaboration marks a strategic move to optimize Saga's insurance business. It will leverage Saga’s strong brand, marketing capabilities, and its established customer relationships alongside Ageas’s extensive and growing insurance operations in the UK. The partnership is set to further enhance the service and product offerings in Saga’s motor and home insurance business, which is already a key component of the company’s portfolio.
Expanding on a Successful Relationship
The Affinity Partnership builds on an existing successful collaboration between Saga and Ageas UK, which has been part of Saga’s panel of insurers. Ageas will take over key operational elements such as price-comparison website distribution, pricing, underwriting, claims management, and customer servicing. Saga will retain responsibility for the brand and direct marketing activities, ensuring the continued alignment with its customer-first ethos.
The new partnership is designed to deliver best-in-class insurance services, providing customers with competitive pricing, a wide range of products, and high-quality customer support. By combining Ageas’s operational expertise and Saga’s strong brand recognition, the companies aim to drive growth and increase market share in the UK motor and home insurance sectors.
Transaction Details and Future Plans
In addition to the Affinity Partnership, Ageas will acquire Saga’s Insurance Underwriting business, Acromas Insurance Company Limited (AICL), in a separate transaction. The sale of AICL will help Saga crystallize value and reduce debt, while allowing the company to focus on optimizing its insurance strategy with the support of a trusted partner.
The Affinity Partnership is expected to begin operations in Q4 2025, with the goal of driving new policy sales and ensuring the renewal of existing policies. The 20-year term of the partnership is structured to deliver long-term growth, and Saga will continue to earn commission based on a percentage of the Gross Written Premiums (GWP) generated over the course of the agreement.
As part of the deal, Saga Services Limited (SSL), Saga’s Insurance Broking business, will transfer certain business assets and grant Ageas certain rights relating to its motor and home insurance offerings. Ageas will provide upfront consideration of £80 million, with additional contingent payments of up to £60 million due in 2026 and 2032, subject to meeting specific performance and policy volume targets.
Maintaining Other Strategic Partnerships
The transaction will not affect Saga's other insurance partnerships, such as those with Collinson for travel insurance and Bupa for private medical insurance. These agreements will continue as part of Saga’s broader strategy to provide comprehensive services to its customers over 50.
