Tuesday, June 25, 2024
Reading Time: < 1 minute
Saga has seen a strong start to the year thanks to high demand for cruise holidays, balancing out the struggles in its insurance sector.
Saga, a UK-based company catering to people over 50, reported an outstanding beginning for its river and ocean cruise businesses. Ocean cruises achieved a booked load factor of 83%, while river cruises reached 78%, both surpassing last year’s figures.
Travel bookings are also up compared to the previous year, with booked revenue increasing by 14% due to a higher number of passengers.
However, despite the success in travel, Saga noted that market conditions for insurance remain challenging. The insurance division has faced difficulties over the past few years due to net rate inflation.
Saga mentioned taking steps to stabilize its broking business and observed early positive effects in motor insurance. Nevertheless, rising net rate inflation in home insurance has mitigated these benefits.
The company is actively exploring partnership opportunities to support its growth ambitions, though no specific details were provided.
Saga’s interim results for the six months ending in July will be released on October 2.
