Saga confirmed on Wednesday that it is in talks with Belgian insurer Ageas about a potential partnership arrangement for its insurance business.
Responding to press speculation, the company – which specialises in products and services for over-50s – said there can be no certainty that any partnership agreement will occur.
A further announcement will be made in due course, as appropriate, it added.
The statement followed a Sky News report on Tuesday which suggested that under the deal, Ageas would make an up-front payment to Saga, with a series of subsequent commission payments, in return for taking over the running of parts of the company’s insurance operations.
Ageas tried to buy Direct Line earlier this year, but abandoned its pursuit after the UK insurer rejected two proposals.