Saga falls to £134.6m pre-tax loss and pledges to change strategy amid renewal pricing row
Saga reports “disappointing” retail broking results as it claims first with three year fixed pricing for insurance via direct channels, moves away from the focus on price and changes renewal pricing.
Saga’s retail broking operation saw profit before tax drop 19.1% for the full 12 months to January 2019.
Saga has also announced an expected reduction in profits for the current financial year, a reduction in the dividend and a write-down to its Insurance business – reflecting long-term challenges in the market.
In its preliminary results underlying profit before tax for retail broking was £105.8m (2018: £130.7m). Former Broker Network chief Gary Duggan was appointed to lead the retail broking
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