Jardine Lloyd Thompson, an international group of risk specialists and employee benefits consultants, has continued to deliver good levels of organic revenue growth, meaning its overall trading performance is in line with its expectations.
The Risk & Insurance businesses have seen "encouraging" overall organic growth, despite the continued weak insurance rating environment and challenging economic conditions across most of the territories in which it operates. Revenue generation has been particularly strong in Latin America and Asia.
JLT Re has delivered good revenue growth, however, during the period it experienced some large primary insurers retaining more risk. This, together with its continued investment in the business, means that it now expects trading profit in this division to be lower in 2012 than in 2011.
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Trading conditions in developed European markets remain "challenging", the firm said. In the UK, pressures on consumers and small businesses continue to affect the trading results of Thistle Insurance Services.
The UK Employee Benefits business continues to make financial progress, while the organic revenue growth of its international EB businesses remains "very strong".
"We continue to invest in the expansion of our international EB activities," the firm said. "We recently announced the acquisition of Alexander Forbes Consultants and Actuaries (AFCA) for £17m, subject to regulatory approval. AFCA will further enhance JLT's ability to respond to the changing demands of the UK employee benefit market. JLT's financial position continues to be robust with a strong balance sheet and extensive committed borrowing facilities with considerable available headroom."
Dominic Burke, Chief Executive added: "JLT continues to invest to extend our capabilities and firmly establish our position as a leading specialist insurance broker and EB adviser. We are confident that JLT is well positioned to deliver sustainable growth."
NR
