British holiday group Saga said on Wednesday that it is in talks with Belgian insurer Ageas for a potential partnership for its insurance business.

Saga, which specializes in holidays and insurance for people over 50, has been struggling with its insurance business and a rising debt pile.

The company has taken measures including increasing prices at its insurance underwriting business and reducing its workforce in an effort to control costs.

Sky News, which first reported on the talks between the two companies on Tuesday, said that under the 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 to sell its insurance underwriting division but suspended the sale process shortly after ending talks with Australia's Open Insurance Technologies.

Separately, Saga postponed its half-year results that were due on Wednesday, but said its first-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)