The company said its insurance division also faced “more challenging trading”. A spokesman for Saga blamed intense competition in motor and home insurance, “with some players aggressively targeting volume growth”. Saga shares tumbled more than 25% to 135.70p in early trading on Wednesday. The company expects underlying pretax profits to grow by 1-2% in the year to 31 January, followed by a 5% drop in profits next year. Sources told the Guardian that the job losses included senior executives at Saga magazine as well as in marketing and financial services.

Source: The Guardian December 06, 2017 12:20 UTC