NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

23 January 2023

Saga plc

Response to Media Coverage

Saga plc (Saga or the Group) notes recent media coverage about the potential sale of Acromas Insurance Company limited (AICL), the underwriter that is part of its wider Insurance business, and confirms that it is in discussions with regard to a possible disposal of this business.

Saga remains committed to providing a best-in-class insurance offer to its customers. The Board has looked at the opportunities to optimise Saga's operational and strategic position in the insurance market, in line with the evolution to a capital-light business model and the stated objective to reduce debt. It has concluded that a potential disposal of its Underwriting business is consistent with Group strategy and would crystalise value and enhance long-term returns for shareholders. AICL currently underwrites approximately 25-30% of Saga's insurance business.

Discussions are ongoing and there can be no certainty that any transaction will occur. Any disposal of AICL would require regulatory and shareholder approvals. A further announcement will be made in due course.

Enquiries:

Headland Consultancy

Susanna Voyle                                                                                +44 (0) 203 805 4822

Will Smith

Numis

Luke Bordewich                                                                             +44 (0) 207 260 1000

Charles Farquhar                                                                          

Giles Rolls                                                                                       

Notes to Editors:

Saga is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high quality, award-winning products and services including cruises and holidays, insurance, personal finance and publishing. www.saga.co.uk  

Saga Insurance is the UK's specialist in insurance products for people over 50 in the UK, comprising Retail Broking, which includes principally motor, home, private medical and travel insurance and AICL, the Group's in-house underwriter. AICL sits on Saga Insurance's panel of insurers and underwrites approximately 25-30% of Saga's insurance business. 

Further information

Numis Securities Limited (Numis), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for Saga and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Saga for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.

The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.