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Saga losses multiply
SAGA’S losses soared last year amid stiff competition and regulatory changes affecting its insurance division.
Losses for the firm, which offers insurance, holidays and cruises to the over50s, shot up to £259.2 million (€296.5 million) for the year that ended in January 2023, compared to £23.5 million (€26.9 million) in January 2022.
During the first six months of 2022 Saga took a £269 million (€307.6 million) good will charge after insurance sales dropped in the wake of Financial Conduct Authority rules. These were aimed ‘price walking’ where new customers pay less for the same services.
At the same time Kentbased Saga also reported returning to an underlying pretax profit of £21.5 milion (€24.6 million) owing to an upturn in overseas travel, which reduced losses in the firm’s cruise and travel divisions.
Department For
WORK AND PENSIONS (DWP) statistics revealed that 8.8 million UK residents earned more than £1,000 (€1,143) a week during the year ending in March 2022.
In real terms the average household income after housing costs was a weekly £565 (€645) approximately £29,500 (€33,722) a year according to the DWP figures.
The department’s statistics also showed that median incomes were 1.2 per cent, or £7 (€8) a week lower in real terms than when these were at their peak in the 12 months ending in March 2020.
