Saga, the over-50s insurance group which is involved in building a retirement village near Corsham, is looking at enter into a series of new markets in the wake of its stock market flotation.

Chief executive Lance Batchelor said the group, which holds the details of 10.6 million over-50s on its database, hopes to enter the wealth management, private home healthcare and retirement village markets.

Pre-tax profit fell 64% to £32.8 million in the six months to the end of July, largely due to a £50.8 million charge from its May initial public offering (IPO). Sales also slipped 7.7% to £583.5 million.

Mr Batchelor said: "Saga is a unique business that occupies a position as a trusted brand and provider of products tailored to the 22.8 million over 50s in the UK."

"That demographic is predicted to grow by more than 28% in the next 20 years and - as their wants and needs change - we will continue to work hard to capitalise on our insight and structural advantages to ensure the Saga offer is increasingly beneficial to our customers and delivers returns for our shareholders."

Mr Batchelor, who joined the group in May, said the group is in talks with potential partners to enter the wealth management business.

The company has signed a deal with specialist developer Rangeford to build retirement villages in the UK, and is working with it on the Wadswick Green project at Corsham.

Set on 25 acres, developer Rangeford has taken over the former HMS Royal Arthur Naval Base to build 242 apartments for the over-60s.

Wadswick Green is expected to be completed by the end of 2016 with the first apartments being finished in January 2015.

Saga believes private home healthcare could also be a significant growth area due to rising labour costs and pressure on local authority budgets. I said it will run a small-scale trial this winter to test opportunities in this area.

Mr Batchelor said he would continue to look at new options for the group and will lay out his long-term vision to investors "in due course."

The group added that although the recent downward trend in motor insurance premiums had come to an end it was not forecasting an increase in prices for the rest of this year.

It said its home insurance trading had been stable throughout the period, while its travel insurance business had enjoyed a strong start to the year with higher like-for-like passenger volumes and margins.

Saga said that stripping out its IPO and other one-off costs its earnings lifted 9.7% to £130.4 million, adding it was on track to hit its full-year underlying earnings target which is expected to rise 4.8% to £233 million.

Shares rose one per cent but remain below its 185p flotation price, meaning the firm has lost around £200 million from its initial £2.1 billion market capitalisation.

Saga started as an out-of-season holiday provider in 1950 and now offers services ranging from cruises and holidays, savings and share dealing through to the UK's best-selling Saga Magazine as well as home and motor insurance.

Its chief financial officer Stuart Howard is to retire from Saga after more than 14 years in the role at the end of next year.

He will be replaced by Jonathan Hill, the finance director of Bovis Homes, who has also held senior roles at TUI Travel and Centrica.