Saga reports £61 million loss

Over-50s insurance-to-cruises company Saga lost £61.2 million in the year to the end of January as it wrote down the value of its Covid-hit travel business. On an underlying basis profits fell 84 per cent to £17.1 million.

Underlying profits in the group’s insurance business rose 2.9 per cent to £134.6 million as claims fell, with customers driving fewer miles during Covid-19 lockdowns. But the group’s travel division made a loss of £78.5 million.

Saga reported total cruise bookings of £154 million for 2021/22 and 2022/23 combined, in comparison with £128 million at the same point last year.

Euan Sutherland, group chief executive, said: “It is clear that there is significant pent-up demand among our customer base, the vast majority of whom have now been vaccinated and are ready to enjoy post-lockdown freedom.”