SAGA PLC AGM Trading Update (0648S)
21 June 2018 - 4:00PM
UK Regulatory
TIDMSAGA
RNS Number : 0648S
SAGA PLC
21 June 2018
21 June 2018
Saga plc
("Saga" or "the Group")
AGM Trading Update
Saga plc, the UK's specialist in products and services for
people aged 50 and over, announces a trading update for the period
from 1 February to 31 May 2018, ahead of its Annual General Meeting
at its headquarters in Folkestone today at 11.00am.
We have traded in line with our expectations for the first four
months of the year. The Group's targeted investment in customer
growth is driving both our Saga branded policy count and cruise
bookings.
Trading summary
-- Saga branded retail insurance policies increased
by approximately 1% year on year, supported
by 30% and 14% growth in motor and home new
business policies, respectively. Total retail
insurance policies for the period are flat
as a result of our decision to close the
Direct Choice brand in 2017.
-- The motor and home markets remain competitive.
However, we continue to write new business
on attractive terms with our direct marketing
channels representing the majority of our
new business volumes.
-- Our Underwriter continues to perform well.
Our motor claims costs are in line with our
expectations despite the snow and icy weather
conditions experienced during the period
as our customers are able to defer journeys.
-- Tour bookings for 2019/20 departures are
flat year on year with recent positive momentum.
-- Bookings for our new cruise ship, Spirit
of Discovery, are now over 55% of our sales
target for the first 9 months from June 2019,
at attractive yields.
-- Possibilities, our new membership scheme,
now has 740,000 members, as at 17 June 2018.
Lance Batchelor, Chief Executive Officer, said:
"We have seen good momentum this year across our travel and
insurance businesses, particularly in new motor and home insurance
policies, underwriting performance and bookings for our new cruise
ship, Spirit of Discovery. All of this underpins our confidence
that we have put in place the right investment to drive the Saga
business forward."
The Group's interim results will be announced on 27 September
2018.
ENDS
Saga plc
Mark Watkins, Director of Investor Relations Tel: 07738 777 479
Email: mark.watkins@saga.co.uk
MHP
Tim Rowntree/Simon Hockridge/Reg Hoare Tel: 020 3128 8789/8572
Email: saga@mhpc.com
Notes to editors
Saga is a specialist in the provision of products and services
for people aged 50 and over. The Saga brand is one of the most
recognised and trusted brands in the UK and is known for its high
level of customer service and its high quality, award winning
products and services including cruises and holidays, insurance,
personal finance and publishing. www.saga.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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