Saga reported a 32% increase in turnover for its financial services operations as it released its group results for the twelve months ending 31 January 2004. It said turnover jumped from £125.0m in 2003 to £165.0m for the year.
The group said the growth of its financial services division had continued, with profits rising to £96.6m, up from £64.5m in 2003, and insurance policies issued increasing from 1.7m to 1.9m over the year.
2003 also saw the establishment of Saga’s Gibraltar-based subsidiary Saga Insurance Company to underwrite motor policies. It said the division was operating successfully and had already identified significant efficiencies and cost savings.
Gross written premiums for the Gibraltar operation reached £898,000, although underwriting activities only commenced in January 2004.
The company incurred claims of £646,000 in the same period.
Chief executive Andrew Goodsell described the 2003 results as ‘outstanding’.
Industry insiders have said Saga is for sale, with a number of leading UK insurers said to be interested in taking on the company. It is not yet clear whether the company will opt for an IPO or a trade sale.
