GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Ukrainian President Zelenskiy emphasizes land sovereignty against occupiers - Global Banking & Finance Review
The image captures President Zelenskiy during a press conference, asserting Ukraine's commitment to sovereignty and territorial integrity. This aligns with his statement that Ukrainians will not concede land to occupiers, emphasizing the nation's resolve amidst geopolitical tensions.
Finance

UK's Saga forecasts annual profit jump on strong cruise, insurance demand

Published by Global Banking & Finance Review

Posted on September 30, 2026

2 min read

· Last updated: September 30, 2026

Add as preferred source on Google

Saga Forecasts Major Annual Profit Increase on Strong Cruise, Insurance Sales

Saga's Financial Performance and Strategic Developments

Annual Profit Forecast and Medium-Term Targets

Sept 30 (Reuters) - Saga, a British over-50s holiday and insurance group, on Wednesday forecast materially higher annual profit and said it could meet its medium-term targets ahead of schedule, helped by strong demand for its cruises, holidays and travel insurance.

Expected Profit Range

• The company expects full-year underlying profit before tax in the range of £65 million ($86.14 million) to £70 million, compared with £44.2 million reported last year

Medium-Term Profit Targets

• The company said it expects to log at least £100 million of annual underlying profit before tax ahead of its January 2030 target

Operational Risks and Strategic Changes

Potential Risks in the Second Half

• Saga, however, flagged second-half risks from low European river levels and disruption linked to the Middle East conflict

Streamlining Operations

Insurance Underwriting Exit

• Saga has streamlined its operations in recent years, exiting insurance underwriting through the sale of Acromas Insurance Company to Ageas

Capital-Light Business Model

• It also adopted a capital-light model focusing on customer ownership and distribution, while Ageas handles underwriting and claims

Recent Financial Results

• Saga's underlying pretax profit rose 98% to £23.5 million for half-year period ended July 31

($1 = £0.7546)

(Reporting by Neeshita Beura in Bengaluru; Editing by Sherry Jacob-Phillips)

Key Takeaways

  • Full‑year underlying PBT forecast of £65–70m vs £44.2m last year, buoyed by strong cruise, holiday and insurance demand (Reuters, Investegate)
  • Saga expects to achieve its medium‑term target of ≥£100m underlying PBT before its January 2030 goal, as performance and cash flow outperform expectations (Saga preliminary results)
  • Strategic transformation continues: capital‑light model, sale of underwriting to Ageas, simplified operations reducing risk and enhancing growth potential (Company filings)

Frequently Asked Questions

What is driving Saga's profit growth?
Strong demand for cruises, holidays, and travel insurance is supporting Saga's profit growth.
What operational changes has Saga recently made?
Saga exited insurance underwriting by selling Acromas Insurance Company to Ageas and adopted a capital-light model focusing on customer ownership and distribution.
What risks did Saga flag for the second half?
Saga highlighted risks from low European river levels and potential disruption due to Middle East conflict.
Has Saga set any long-term profit targets?
Saga aims for at least £100 million annual underlying profit before tax ahead of its January 2030 target.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category