UK-based Saga in talks with Belgium’s Ageas for Insurance Partnership

British holiday group Saga said on Wednesday it was in talks with Belgian insurer Ageas for a potential partnership for its insurance business.

Saga, which specializes in holidays and insurance for the over-50s, is struggling with its insurance business and a mounting debt pile.

The company has taken steps, including raising prices at its insurance underwriting business and cutting its workforce in an effort to control costs.

Sky News, which first reported the talks between the two companies on Tuesday, said that under the proposed deal, Ageas would make an upfront payment to Saga.

Saga did not disclose the amount in its statement on Wednesday, adding that it was not certain the deal would go ahead.

In March last year, the company tried to sell its insurance division, but suspended the sale process shortly after ending talks with Australia-based Open Insurance Technologies.

Separately, Saga delayed its half-year results due on Wednesday, but said its first-half performance was in line with its expectations.

He did not mention when he will announce the results.

(Reporting by Yamini Kalia and Surbhi Misra in Bengaluru; Editing by Mohammed Safi Shamsi and Sonia Cheema)