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UK insurer Saga's full-year pretax profit rises
March 29, 2017 / 6:34 AM / 8 months ago

UK insurer Saga's full-year pretax profit rises

March 29 (Reuters) - British over-50s travel and insurance company Saga Plc reported a 5.6 percent increase in full-year pretax profit as Britain’s vote to leave the European Union did not dent demand for holidays among Britons over 50 years old.

The company, which offers ocean and river cruises, singles holidays and escorted tours, said its current reservations were 8 percent ahead of last year and that economic confidence amongst its customers remained strong after the referendum vote.

However, Saga said it had begun to see the government’s decision to cut the discount rate used by insurers to settle personal injury claims being reflected in premiums across the market and affecting the net rates.

Underlying pretax profit, excluding derivative gains and the impact of the rate change, rose to 187.4 million pounds ($232.2 million) in the year ended Jan. 31, from 177.4 million pounds a year earlier.

“We have started the financial year well, and I look ahead with a great deal of optimism for the business,” Chief Executive Officer Lance Batchelor said. ($1 = 0.8070 pounds) (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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