Saga’s interim results, published on 30 September 2026, report that motor and home insurance new business“has now fully transitioned to Ageas” under a 20-year affinity insurance partnership. Saga keeps the brand and designs the products, and Ageas underwrites and prices them. For a membership body or loyalty scheme, the results show where one well-known brand has drawn that line.
What did Saga’s interim results say about its insurance?
Saga describes itself as“the UK’s specialist in products and services for people over 50”. Motor and home new business now runs through Ageas, and renewals are due to follow around the end of Saga’s financial year.
Saga’s announcement of 16 December 2025 said new motor sales through the partnership commenced on 15 December 2025. Home followed in April 2026, when Ageas UK announced that a home insurance proposition for the over-50s had gone live.
A pet partnership with Allianz UK“is due to launch later this year”, Saga says, with a product it expects to be“distinct from the pet insurance available in the wider market”. Travel and private medical insurance stay with Saga, which still prices those policies and runs the customer experience end to end.
Who does what in an affinity insurance partnership?
For motor and home under the partnership, Saga says its broker’s role is“to design and market differentiated products”. The interims add that Saga’s insurance business“operates solely as a broker”.
The detail sits in Saga’s announcement of 16 December 2024. Ageas took on pricing, underwriting, claims and customer servicing. Saga kept responsibility for the brand and for direct marketing.
The same announcement sets out how the Saga brand may be used. Ageas holds a royalty-free licence of the Saga brand for the products in scope, for the 20-year term. Ageas must ensure“quality control of its use of the Saga brand, including compliance with Saga brand guidelines”.
What does a brand gain by handing over the insurance?
Saga’s chairman’s statement says the insurance business was restructured to remove the underwriting and market risk Saga previously carried. Saga sold its underwriter to Ageas on 1 July 2025.
The hand-over also changed how Saga earns from the products. Saga’s broker moved to commission based on a percentage of gross written premium, and Saga said in December 2024 that it would“incur lower costs and receive a lower revenue per policy”. Saga gave up part of the revenue on each policy along with the work.
The same approach runs outside insurance. Saga’s savings partnership with NatWest Boxed has attracted 51k new customers and over £2.1bn of deposits since launching in December 2025. Saga says 53% of the accounts opened are held by people new to Saga.
What does the same principle look like in insurance comparison?
The principle carries across to comparison: keep the brand, and let a specialist run the insurance behind it. Among comparison routes, a co-branded journey is the one closest to an affinity insurance partnership.
Saga’s deal is an underwriting and distribution partnership with one insurer. A co-branded journey compares quotes from a panel of Insurance Providers. The brand leads the experience, and the journey is styled as its own. The Seopa platform runs behind it and handles the panel, the quote logic, the provider connections and the data.
Seopa hosts the journey, usually on a branded subdomain. The customer can see who provides the comparison, as the FCA and other regulators expect. A property brand’s version is set out in adding a co-branded home insurance journey to a property or mortgage brand.
For membership and affinity brands
Where comparison fits for a brand with a loyal audience
A co-branded journey adds comparison to a brand’s portfolio as a revenue line. A partner dashboard shows quote volume, conversion and revenue.
The affiliate route is lighter: each placement gets its own tracking link, with reporting in real time.
Why choose Seopa?
Affinity brands and retail loyalty schemes already run co-branded comparison journeys on the platform, each styled as the partner’s own.
Seopa operates the FCA-regulated comparison platform behind Quotezone and CompareNI, and behind hundreds of partner front ends. The platform runs over 9 million quotes annually for 4 million UK customers, drawing on direct relationships with more than 300 providers. It covers more than 60 insurance, utilities and financial products.
Seopa is authorised by the Financial Conduct Authority, firm reference 313860.
Talk to the partnerships team
Before weighing an affinity insurance partnership or a comparison route, list the insurance your members ask you about.
Referrals are explained on the affiliate scheme page, and the full list of lines on the services page. Tell the partnerships team who your members are and what they already buy from you. The team can then work through whether a co-branded journey or affiliate links fit the brand, and which lines to start with.
Frequently asked questions
What is an affinity insurance partnership?
It is an arrangement in which a brand offers insurance to its audience while an insurer underwrites and services the policies. Saga’s 20-year motor and home partnership with Ageas is one example. Saga designs and markets the products under its brand, and Ageas prices, underwrites and handles claims.
Does a co-branded comparison journey work the same way?
No. A co-branded journey compares quotes from a panel of Insurance Providers instead of fronting one insurer’s product. The brand leads the experience in its own style, and Seopa hosts the journey, usually on a branded subdomain, with the comparison provider visible to the customer.
Which brands use co-branded insurance comparison?
Insurance Providers, affinity brands, retail loyalty schemes, motor-sector partners and publishers all use the co-branded route on the Seopa platform, offering regulated insurance comparison to their audiences as an additional revenue source.
How are commercial terms agreed?
Terms are agreed directly with the partnerships team and vary by route and by line. On a co-branded journey the commission or fee structure is set in the contract. On the affiliate route, commission is paid monthly on the quotes and leads that convert.