Saga Forms 20-year Partnership with Ageas UK for Motor, Home Insurance Business

03:34 AM EST, 12/16/2025 (MT Newswires) -- Saga plc (SAGA.L) and Ageas (AGS.BR) unit Ageas UK formed a 20-year partnership to transfer Saga's new motor and home insurance business to Ageas UK in an 80 million-pound-sterling deal, according to a Tuesday release. Under the collaboration, Ageas UK will be responsible for managing price-comparison website distribution, pricing and underwriting, claims and customer service, while Saga will handle brand and direct marketing, and retain customer ownership. The insurance companies on Monday started selling the new products under the deal, implying that Ageas UK will pay Saga 60 million pounds in the week of Dec. 15. The remaining amount will be paid to Saga in the second quarter of 2026 once the partnership is fully rolled out. Further, Ageas UK will pay in the same week 2.5 million pounds to Saga as a final remaining payment relating to the sale of the latter's Acromas Insurance Co. to Ageas UK, which was completed in July.