Latest news with #MikeHazell
Daily Mail
11 hours ago
- Business
- Daily Mail
Saga set to launch an over 50s savings account as it finalises tie-up with NatWest
NatWest and Saga are in final talks over a banking tie up. The partnership between the bank and over 50s specialist would see Saga launch a range of personal banking products as it looks to expand its money business. Saga posted an update ahead of its annual general meeting on Tuesday, confirming it had 'agreed heads of terms' with NatWest. Saga, which offers products including cruises, a savings platform and insurance services for people over 50, said a savings offering would be the first product to launch under the partnership. It said: 'This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths and support our ambition to continue growing our money business.' 'Further updates will follow in due course,' according to the group. The discussions come after London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its insurance underwriting business Acromas to the group. The sale is expected to completed by July 31. In its update on Tuesday, Saga said demand for holidays remained robust, with booking revenues up 14 per cent and passengers numbers 13 per cent higher than a year earlier. Saga's ocean and river cruise division enjoyed 'another strong start to the year', with its load factor - how well it fills its cruises - up year-on-year at 95 per cent and 93 per cent respectively. Mike Hazell, group chief executive of Saga, said: 'Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. 'Looking ahead, we are focused on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified insurance model. 'We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this.' The Government exited the last of its stake in NatWest in May and the banking giant has been eying expansion after finally emerging from state backing. It ruled out a takeover of TSB last week having been tipped by banking analysts to be the frontrunner in an acquisition of TSB.
Reuters
15 hours ago
- Business
- Reuters
Saga's holiday bookings rise 14%; nears NatWest deal for personal banking products
June 24 (Reuters) - British holiday group Saga (SAGA.L), opens new tab said on Tuesday it was in final negotiations with NatWest (NWG.L), opens new tab to offer a range of personal banking products, as the company's annual holiday bookings tracked ahead of last year, with booked revenue up 14%. Saga offers a range of travel products such as cruises, insurance and financial services particularly to the over-50s age group or midlifers. Recently, it has been refocusing on its core segment, travel, which is experiencing a rebound, while exploring partnerships to strengthen its insurance and money services offerings. "Looking ahead, we are focussed on continuing to grow our Travel and Money businesses," CEO Mike Hazell said in a statement. Saga's cruise and holidays segments account for 59% of its business, with money the smallest at 0.7%, according to its 2025 annual report. The company also said its performance in the first four months of fiscal 2025 matched expectations.
Reuters
30-01-2025
- Business
- Reuters
UK holiday group Saga expects slight profit rise; refinances debt
Jan 30 (Reuters) - UK over-50s holiday and insurance group Saga (SAGA.L), opens new tab forecast on Thursday a marginal rise in profit on a like-for-like basis for the year ending Jan. 31, and said it had refinanced the group's corporate debt in full, sending its shares 4% higher. Global tourism-focused travel companies are experiencing a rebound, fuelled by strong demand from consumers eager to travel in the post-COVID-19 era, with off-the-beaten-path locations being preferred over overcrowded hotspots. Saga said load factor at its ocean cruise business according to bookings done by Jan. 26 for the first-half period was 67%, 1 percentage point ahead of the prior year, while river cruise load factor rose to 77%, from 74% a year earlier. The group expects continued momentum in its cruise and travel businesses, although earnings from insurance broking are expected to decline in the short term, CEO Mike Hazell said. The company, which also offers holiday packages, said that following its 20-year agreement with Belgian insurer Ageas ( opens new tab, the London-listed firm will count its insurance underwriting and claims-handling businesses as discontinued operations for the year ending Jan. 31. Saga said it expects the partnership with Ageas to go live in the fourth quarter of 2025. The debt refinancing comprises a 335 million pound ($416.7 million) term loan facility, a 100 million pound delayed-draw term loan and a 50 million pound revolving credit facility, it added. ($1 = 0.8039 pounds)
