SAGA Investor Update
Retail Broking results in line with expectations
Year on year movements in Retail Broking Underlying PBT (Unaudited)
£105.8m
(£4.4m)
(£13.0m)
£0.4m
(£1.8m)
£3.2m
1
2
£90.2m
2018/19
Saga branded new Saga branded
business
renewals
Other broking
Opex
Other
2019/20
Retail Broking profitability consistent with expectations set in April 2019
1
Decline in new business profitability is mainly due to a highly competitive market and higher
acquisition costs, including investment in above the line advertising
2 Reduction in renewal profitability is due to an increase in the proportion of lower margin policies
sourced from PCWs in the prior year and lower pricing for long-tenured customers
SAGA
Investor update 2 April 2020
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