LONDON, Oct 11 Reuters Shares in Saga soared 11 on Friday after the British over50s holiday group and Belgian insurer Ageas said they were in exclusive talks to set up a 20year motor and home insurance broking partnership and after Saga reported underlying profits which more than tripled from a year earlier.

Under their deal, Ageas would also buy Saga39;s insurance underwriting business for 67.5 million pounds 88.1 million.

Ageas, which abandoned attempts to take over British insurer Direct Line earlier this year, is looking to build on its nonlife presence in Europe, and focus on products for an ageing population, it said in a statement.

This transaction allows us to grow in a market where we already have real strength and expertise, said Ageas CEO Hans Cuyper.

Saga also reported underlying pretax interim profit surged to 27.2 million pounds on Friday from 8 million pounds the previous year on strong performance in its cruise and travel units. The group said earlier this year that its insurance business was weighing on its results.

The Ageas deal would create a winning combination, Saga Chief Executive Mike Hazell said in a separate statement.

The partnership would see Ageas UK operate Saga39;s motor and home products broking business, which distributed products with gross written premiums of more than 479 million pounds in the year to July 31, 2024, the companies said.

Ageas UK would pay Saga 80 million pounds upfront and Saga may receive up to 30 million…