Ageas has finalised exclusive negotiations with Saga, a UK-based specialist provider of products and services for individuals aged over 50. This development follows the initial announcement made on 11 October 2024.
The agreement establishes a 20-year partnership between Ageas UK and Saga Services Limited (SSL) to distribute personal motor and home insurance products tailored for Saga’s UK customer base. The collaboration is expected to commence in Q4 2025, pending regulatory approvals. As part of the deal, Ageas UK will also acquire Saga’s Insurance Underwriting business, Acromas Insurance Company Limited (AICL).
Hans De Cuyper, CEO of Ageas, expressed enthusiasm for the partnership, stating, “We are very pleased to announce the signing of the agreement with Saga. We anticipate advancing our partnership to benefit both companies and the customer. This deal perfectly aligns with the Ageas Group’s recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, increase our business scale, and benefit from capital diversification.”
Ant Middle, CEO of Ageas UK, underscored the significance of the agreement, commenting, “This agreement marks an important milestone in the development of Ageas UK and we are excited about the opportunities this partnership brings.”
“Our combined strengths will enable us to serve the growing over 50s customer segment even more effectively, and I am confident that this collaboration will drive increased innovation and competitiveness, benefiting all our stakeholders. In particular, I would like to extend my thanks to the management team at Saga for their dedication and collaboration throughout this process.”
Ageas is a global insurance group with over 200 years of heritage, serving retail and business clients with life and non-life insurance products. Operating extensively in Europe and Asia, Ageas employs around 50,000 people and reported annual inflows exceeding €17bn in 2023. It is recognised as a market leader in various regions, including Belgium, the UK, Portugal, Türkiye, and several Asian countries.
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