The agreement between Ageas and Saga also includes an acquisition component.
Ageas, the international insurance group, has successfully concluded exclusive negotiations with Saga plc, the UK-based specialist in products and services for individuals over 50. This milestone, initially announced on October 11, 2024, marks a major step forward in Ageas’ expansion strategy.
The agreement establishes a 20-year distribution partnership between Ageas UK and Saga Service Limited (SSL) for the provision of car and home insurance products to Saga's UK customers. This collaboration is expected to commence in Q4 2025.
Additionally, Ageas UK will acquire Saga's underwriting business, Acromas Insurance Company Limited (AICL). The transaction is subject to regulatory approval.
Strategic alignment with Elevate27
Hans De Cuyper, CEO of Ageas, expressed enthusiasm about the agreement, highlighting its alignment with the company’s recently launched Elevate27 strategy. “We are delighted to sign this agreement with Saga. We are confident that this partnership will grow and bring benefits to both companies and our customers”, says De Cuyper.
“This deal perfectly fits our strategy to strengthen our European presence in Non-Life insurance, scale up operations, and leverage capital diversification.”
Focusing on the growing 50+ market
Ant Middle, CEO of Ageas UK, hailed the partnership as a transformative moment for the company. “This agreement represents a significant milestone in the development of Ageas UK. We’re excited about the opportunities this partnership creates,” Middle said.
“By combining our expertise, we can better serve the growing 50+ customer segment. I firmly believe this collaboration will drive innovation and competitiveness, benefiting all our stakeholders”, he adds, while extending gratitude to Saga’s management team for their dedication and cooperation during the process.
About Ageas
Ageas is a publicly listed international insurance group with over 200 years of experience. It offers life and non-life insurance products tailored to the needs of individuals and businesses across Europe and Asia. Operating through subsidiaries and long-term partnerships with financial institutions and key distributors, Ageas is among the market leaders in its active regions.
In 2023, Ageas employed approximately 50,000 people and generated premium income of 17.1 billion euros. The group operates successfully in countries including Belgium, the UK, Portugal, Turkey, and across Asia, making it one of the largest insurers in Europe.
This partnership with Saga solidifies Ageas’ commitment to expanding its reach in the UK and its focus on innovation for the 50+ demographic, a rapidly growing and dynamic market segment.
