Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

The number of policies in force was also down – by 9% at 1.5m – as it flagged a challenging environment and the impact of inflation. Around half the policies were in motor and around 40% in home.

The over-50s specialist’s broking division also took a hit of £104.9m to goodwill impairment during the year.

Broking gross written premium was up year-on-year by 7.6% to £606m, driven by more than £390m in motor and £162.4m in home.

Acromas

Acromas, the group’s in-house insurer, had an underlying loss

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