Economy

Insurer Saga reports 5.5 percent rise in profits

Insurer Saga reports 5.5 percent rise in profits”

The over-50s insurer and holiday firm saw pre-tax profits fall 6.3% to £103 million for the six months ending in July, as it took a hit from a "successful refinancing and net fair value losses on derivatives". Thanks to this strong demand, the desire of Saga members to keep doing the things they love and the forecast growth in the cruise industry, I am absolutely delighted that we are today confirming that we have now agreed to build a second new ship, "Spirit of Adventure" for delivery in Summer 2020.

Saga reported strong travel profit growth of 63% to £11.9m, compared to £7.3m in the first half of past year.

Its insurance business remains its biggest contributor, with retail broking growing 5% to £70.9 million, helped by a strong performance in the motor sector.

Robin Shaw, chief executive, Saga Cruises, said: "Our loyal customers have played a key role in the design process for our first new build ship "Spirit of Discovery".

The group said it was enjoying bumper pre-sales for its cruise ship Spirit of Discovery, with travel profit growing 63% to £11.9 million.

The company, a United Kingdom specialist in products and services over-50s, increased interim dividend by 11.1% to 3.0p thanks to "continued confidence in the business's operational performance", group CEO Lance Batchelor said in a statement.

Stripping out those costs, underlying profits were up 5.5pc.

It said it would bring forward the arrival of a second new ship to August 2020.

"Our retail broking and travel divisions are performing well".

Batchelor also revealed the launch of Saga Possibilities, a new membership programme available to all Saga customers.



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