Saga delivers on 2015 key objectives

Saga said on Tuesday it has delivered on its strategic objectives for the year.

The FTSE 250 company, which is focused on services for people aged over 50, posted a trading update for 1 August 2015 to 11 January 2016.

It noted a number of key objectives were completed in the second half, including growth in its core businesses.

It had seen an increase in policy numbers across all key insurance lines and increased passenger numbers in the travel business.

Saga has also created the motor insurance panel with five insurers, which has positioned the group for further growth this year.

The group's approach to Solvency II was also approved.

As a result, Saga is reviewing the ongoing capital requirements of its underwriting vehicle AICL and considering options to reduce underwriting risk and the level of capital currently deployed.

Chief executive Lance Batchelor said the company is progressing well across all its key initiatives.

“Our core businesses are growing, the motor insurance panel is developing well, we have signed the contract to build our new ship and we have launched into the wealth management market.

“Whilst doing all of this we have remained focused on our financial performance and current trading means that we expect to deliver results in line with market expectations for the full year."

The company’s full preliminary results will be released in April.