Saga triggers £10.5m contingent consideration payment from Ageas

Saga has triggered a contingent consideration payment of over £10m from Ageas following the outperformance of certain policy volume targets.

The two firms launched their 20‑year affinity partnership in December 2025, with the deal bringing motor and home insurance propositions to over‑50s customers.

Under the agreement, Saga leads marketing and proposition development for its customer base, while Ageas manages price comparison website distribution, pricing and underwriting, claims handling and customer service.

Saga said that the start of the long-term relationship with Ageas is progressing well, adding that as a result of the ”strong performance under the motor and home partnership to date, we have triggered a contingent consideration payment of £10.5m from Ageas, which we expect to receive in the coming days”.

Saga chief executive Mike Hazell added: ”At this early stage of our partnership with Ageas, we are already seeing encouraging signs to support our long-term growth ambitions and the performance in our wider insurance business continued to benefit from the more simplified and customer focused operating model we now have.”

Trading update

Saga announced the move in a trading update ahead of its annual general meeting on 30 June 2026.

The firm said it traded in line with expectations for the first four months of the year and remains on track to deliver its full year guidance.

It added that travel continues to trade strongly, with cruise performing ahead of expectations and a “resilient customer base underpinning bookings in holidays”.

Meanwhile, trading in insurance broking remains in line with Saga’s expectations.

Hazell said: “Saga has made a strong start to the year, building on the significant growth we achieved last year.

“Our momentum in travel has continued, demonstrating the resilience of our customers and our diverse offering, despite the current geopolitical uncertainty.

“Looking ahead, we are focused on continuing to grow our travel businesses and completing the transition to our new insurance model. We remain on track to deliver our full year guidance and continue to make clear progress towards our medium-term targets of at least £100m underlying profit before tax and a leverage ratio of below 2.0x by January 2030.”