Saga’s £80 million, 20-year partnership with Ageas UK has formally entered its operational phase, with new motor business now live and home insurance new business scheduled to launch in Q1 2026.
Saga confirmed that the partnership commenced this week, with the sale of new Saga-branded motor policies beginning on Dec. 15. Under the agreement, Ageas has assumed responsibility for underwriting, pricing and claims handling for Saga’s motor insurance portfolio, while Saga retains control of its brand and direct marketing activities. Saga will receive commission based on a fixed percentage of gross written premium generated over the life of the agreement.
Further details disclosed this week clarify the financial structure of the deal. Of the total £80 million consideration under the business transfer agreement, Saga is set to receive £55 million this week.
A further £20 million is due in Q2 2026, contingent on the full transition of new home insurance business and the migration of motor and home policy renewals to Ageas. The staged payments link the remaining consideration to the successful transfer of Saga’s wider personal lines portfolio.
Separately, the commencement of the partnership has triggered a final £2.5 million payment related to Saga’s sale of Acromas Insurance Company Limited (AICL) to Ageas, which completed in July. This brings the total base consideration for the AICL transaction to £67.5 million.
For Ageas UK, the agreement provides immediate scale in the UK personal lines market and access to Saga’s predominantly over-50s customer base, without the need to invest in brand acquisition.
