JLT cautious in spite of insurance growth

Jardine Lloyd Thompson has posted a healthy set of results for the first half of 2014, yet still remains wary with regards to the outlook for the rest of the year.

The re/insurance broker saw underlying pre-tax profit rise 15 percent to £107.4 million in the six months ended June 30th, compared with £93.1 million in the same period of 2013. Profit before tax increased by 16 percent to £98.4 million.

The company’s total revenues also grew by 15 percent to £559.6 million, to which JLT Towers Re contributed £110 million.

The broker’s risk and insurance division enjoyed organic growth of 5 percent, while its employee benefits arm saw growth of 12 percent, leading to overall growth of 6 percent.

Dominic Burke, chief executive, says: “We are confident that we can deliver year-on-year financial progress, but we are more cautious over the outlook for the remainder of the year given the marked decline in the insurance and reinsurance rating environment over the last quarter and the continued strength of sterling.”