Saga on £20m cost-cutting drive as coronavirus hits business

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Saga embarking on £20m cost-cutting drive as coronavirus crisis squeezes its holiday and travel insurance businesses

By Daily Mail City & Finance Reporter

Published: | Updated:

Saga is embarking on a £20m cost-cutting drive as the coronavirus pandemic crisis squeezes its holiday and travel insurance businesses. 

The over-50s specialist has handed £44m of advance payments back to customers who had booked a Saga holiday, after it was forced to suspend its travel operations in mid-March. 

Remembering the good times: Saga has returned £44m of advance payments back to customers who had booked a holiday, after it was forced to suspend its travel operations

And its total number of insurance policies sold between February and June 21 was down 5 per cent to 620,000, as a slump in the number buying travel insurance cancelled out a 1 per cent rise in home and motor insurance sales. 

It did not reveal where the savings would be made, and a spokesman declined to comment on whether jobs would be axed.

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