UK's Saga in talks with Belgium's Ageas for insurance partnership
Recasts lede, adds background in paragraph 3 and details in paragraph 7
Oct 2 (Reuters) -British holiday group Saga SAGA.L said on Wednesday that it is in talks with Belgianinsurer Ageas AGES.BR for a potential partnership for its insurance business.
Saga, which specializesin holidays and insurance for people over50, has been struggling with its insurance business and a rising debt pile.
The company has takenmeasures includingincreasing prices at its insurance underwriting business andreducing its workforce in an effort to control costs.
Sky News, which firstreported on thetalks between the two companies onTuesday, said that underthe proposed deal, Ageas would make an up-front payment to Saga.
Saga did not disclose the amount in its statement on Wednesday, adding that it was not certain that the deal would take place.
In March last year, the company tried tosell its insurance underwriting division but suspended the sale process shortly after ending talks with Australia's Open Insurance Technologies.
Separately, Sagapostponed itshalf-year results thatwere due on Wednesday, but said itsfirst-half performance was in-line with its expectations.
It did not mention when it would announce the results.
Reporting by Yamini Kalia and Surbhi Misra in Bengaluru; Editing by Mohammed Safi Shamsi and Sonia Cheema
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