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You could sell your house and live on a saga ship for the rest of your days. lol
Jokes aside I guess my point is if you sell the ships and lease them back, you can pay off debt but you’d then just be leasing them back. I’m interested to see what deal they’re looking to sort and how that helps long suffering share holders
Completely understand that, I still don’t know how that helps. My house is worth more than I bought it for, if I sell it I’ll still need somewhere to live 🤷🏼♂️
I think he is saying that they may be worth more today than when they were built.
It probably would, I’m not sure how that helps Saga, unless I’m missing something?
To replace those ships would probably cost 1 billion today!
Purchased with credit
Does anyone know if saga owns their two cruise ships outright? Or did they purchase them with credit?
I'm just trying to work out if they did sell or loan their ships what would their balance sheet look like? Would their debt reduce heavily?
"AVIVA ... their price increased 27%, SAGA were 14% cheaper"
Well reflected in the share prices.
Hi Alnwick,
Well I don't know how they quote then! GR4, lowest postcode. Aviva did try it on so I just went back n via Confused. Job done.
Oh and Aspers my old fruit-also Defacto 5* also! They should do a shareholder discount...
Hi Rogue,
We have 2 relatively quick cars.
Audi SQ8 and Mercedes E53 AMG
We switched from AVIVA as their price increased 27%
SAGA were 14% cheaper
Let’s hope they are sticking to “Pricing Integrity!”
Plus gaining market share..
Pertubed... you are obsessed with moaning about this stock you threads are all doom... do yourself a favour take your cold feet and go somewhere warmer and more inviting to you. :)
Hope our man in the UAE doesn’t get cold feet and sell out then we would have problems
Cheap is not always the best, maybe OK till you need to make a claim. All SAGA insurances are rated 5 Star by Defaqto. You pays your money and makes your choice.
Alnwick, its funny-They are always way off for me-over 30 years no claims but a fast car. Aviva get the work every year. And look at them? They need to review their algos.
Nice man Billzo, your parents must be proud of you. 🤔
🔔🔚
The usual negativity coming from Billzo I see. Maybe one day he will move on. 🙏
Cheers Alnwick, good news for you on the price!
I’ll believe the central cost savings when we actually see them…..I’ve read about millions in savings over the last few years and they haven’t happened, wooden dollars from central functions to business units etc but maybe it will be different with the new guy!
Hi Billzo,
If you look at the historical RNS you can see the First Half Year Results.
SAGA sold 800,000 new policies in the first half year of 2023 which was 6% less than 2022.
As of 31st July 2023 there were 1,600,000 policies in force which was 5% below 2022.
We were told last week that the average margin per policy had fallen from 69 pounds to 54 pounds.
So a rough estimate of the Insurance GP would be 84M pounds.
Central costs have been reduced by 7.7M with more savings to follow.
SAGA reported in their trading update in January 2023 that they were maintaining "Pricing Integrity"
In other words if a policy or enquiry isn't profitable let it go !
The Motor Insurance market is slowly returning to pre-pandemic levels.
We have tried SAGA for Insurance of our 3 vehicles every year for the last 5 years and they have been expensive.
However we obtained a price last month and SAGA were the best !
We now have Motor , Travel and Health Insurance with SAGA. The service is 1st Class.
Best Wishes
I’ll have a look at the numbers but there is no way that saga have ever sold 4 million new business policies in a year….any year.
The key for me is the policies in force number, which has absolutely dropped over the past few years. In a high inflation period, retention is always affected but with that comes the opportunity to balance the book with new acquisitions as customers churn from other insurers.
You’d want to see strong retention numbers from saga because in theory the 3 year policies should be much stickier…..the devil is in the detail but you have to ask why is retention so bad if customers have a fixed priced during high inflation? Why are they going? Or are those fixed price customers staying and everyone else on one year policies are leaving in droves as the price hikes kick in?
What I’m seeing is a perfect storm of huge rate increases affecting new business and standard one year policies which have to go in to potentially subsidise the 3 year policies that were priced incorrectly because they didn’t account for the inflation issues. The problem is obviously the more of your book that is made up of old 3 year polices, the longer the drag on insurance performance overall, both the broking business and AICL.
Clearly I have no numbers from last year yet to back up that theory but as I’ve said previously, the three year policies sold over the last few years will make the insurance recovery much longer and more painful.
Here’s the kicker though boys…..when I looked through the last 2 years of reports and updates, specifically focused on top and emerging risks….i couldn’t see any mention of inflation as a top risk?! The board and senior leaders have been asleep at the wheel…..hopefully the new guy will sort it out but it’s a long road ahead!
But yeah, when I have time I’ll trawl through the numbers but 3 year policies are just counted as a policy in force for that year and the book has been shrinking every year for the past few years.
Yeah. I'm not saying it hasn't reduced-seems to me to be about 25-30% 2018-2022 (note we have no firm figure for 2023 yet)..
But the latest was they present the numbers has changed so not 100% what the like for like would be-eg 3 yr policy-is that 1 policy or 3 1 for each year etc etc.
Billzo is good at this-what do you think?
In short term market is voting machine and long term weighing machine!
Pretty sure Saga will be weighed properly in due course!
The main reason for the decline is GDPR. They can no longer spam mail old folk into buying their policies.
Well on P44 of the 2018 report the figure of 2488k saga branded plus 293k unbranded=2781k is given. If you go through the reports 2018-2022 there are slight differences in the presentation formats for the policies sold numbers. Some of the figures going into the headline core figure count buildings and contents as 2 policies. Apples with Apples is hard to find.
Where is the 4415 stated?