StockMarketWire.com - Saga, which offers insurance and other specialist products and services for the over-50s, said it had continued to trade in line with its expectations during its fiscal second half.

For the period between 1 August 2018 to 15 January the company said its insurance division experienced pressure on broking profitability.

However, it said that was offset by another strong result in underwriting, continuing a trend seen in the first half.

Travel was performing well, with good progress on cruise bookings, while the company's membership scheme now had more than a million members.

'We are making progress with our strategy to invest in attracting new customers across the business,' chief executive Lance Batchelor said.

'In a challenging insurance market, the increase in new business has kept our policy count broadly stable.'

'Our underwriting business has performed well during the year.'

'Healthy forward sales for our new cruise ships and the growth in membership are encouraging signs for the group.'

In its insurance business, Saga said motor and home markets contineud to be competitive, with falling average premiums impacting profitability.

Results for the group's underwriter, though, continued to exceed company expectations, supported by a - experience for small and large personal injury claims.

In travel, Saga said it was now fully sold for the 2018/19 year and 54% sold for its targets for 2019/20.

Tour revenue for 2019/20 departures was broadly flat as 'the change in mix towards higher margin products, with fewer passengers, continues.'




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