NU Online News Service, March 1, 3:11 p.m. EST
London-based insurance broker Jardine Lloyd Thompson reported year-end profit before tax rose 17 percent despite the demanding economic and pricing environment.
“I am pleased to be able to present a strong set of results despite challenging industry conditions,” said Dominic Burke, chief executive officer for JLT. “Our clear focus on clients, coupled with the benefits of the investments we are making in leading industry professionals, systems and acquisitions, provides us with confidence that we will continue to make financial progress in 2011, building on the strong momentum developed in 2010.”
For the year, the firm reported profit before tax rose £17 million (U.S. $28 million at the current exchange rate) to £119 million ($194 million). Revenues were up 21 percent, or £127 million ($207 million) to £746 million ($1.2 billion).
The firm said it saw strong organic growth of 7 percent on the year across all lines of business.
JLT said organic growth in its retail insurance business grew by 10 percent while its London markets were up by 6 percent. Employee benefits had 4 percent organic growth.
Thistle Insurance Services, the firm's underwriting segment, reported organic growth of 6 percent on the year.
JLT said economic conditions remain “very challenging” and “the insurance rating environment continues to be soft.”
The firm said despite these challenges its focus on specialization and value-added services allowed it to strengthen its market position. It added that the firm has benefited from its increased high profile in high-growth economies.
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