Jardine Lloyd Thompson is trading in line with expectations
Insurance broker Jardine Lloyd Thompson has reported that its trading has been in line with expectations for the period between 1 July and 7 November.
Insurance broker Jardine Lloyd Thompson has reported that its trading has been in line with expectations for the period between 1 July and 7 November.
The firm saw "encouraging" organic growth in the third quarter in its Risk & Insurance division, but said that the insurance rating environment remains weak across most sectors with the international markets continuing to be particularly competitive.
However, the company was keen to emphasise that following the recent run of losses, the London Market and more specifically the Lloyd's Market, appears to be less receptive to further rate reductions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's Employee Benefits business sector continues to make good financial progress and has delivered organic growth in line with expectations, despite a trading environment in which clients are reducing discretionary spending, coupled with the general impact of rising unemployment.
In a statement the firm said: "Our financial position continues to be robust with a strong balance sheet and extensive committed borrowing facilities with considerable available headroom.
"We continue to make good progress. While there is some caution about the wider economic environment, we remain confident about the future prospects for the group."
The share price fell 1.42% to 727p by 15:53.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Will a Santa Rally bring festive cheer to investor portfolios this year?
Investors will be hoping for a seasonal stock market boost in December
By Marc Shoffman Published
-
ChatGPT turns two: how has it impacted markets?
Two years on from ChatGPT’s explosive launch into the public sphere, we assess the impact that it has had on stock markets and the world of technology
By Dan McEvoy Published