Saga plc has announced that its insurance broking business achieved an underlying profit before tax of £16.9m for the year ended 31st January 2026. It said this was up by 17% on the previous year. Saga sold its underwriting business in July of last year to Ageas and in December went live with a 20-year affinity partnership with the insurer.

Motor insurance was the first part of the Ageas affinity deal to go live with the launch of home insurance scheduled for the end of this month. Under the deal, Saga looks after the marketing and development of its customer proposition. Ageas takes care of price comparison website distribution, pricing, underwriting, claims handling and customer service.

Sir Roger De Haan, non-executive chairman of Saga plc, said: “The sale of our insurance underwriting business in July 2025, together with the launch of our Ageas motor and home affinity partnership in December 2025, meant that we ended the year taking no underwriting risk and with our insurance operations significantly simplified.

“This new commission-based business model means that we now have greater certainty of earnings, lower volatility and a less capital-intensive path to growth, supported by one of the largest insurers in Europe.”