JLT posts strong results; remains cautious

Re/insurance broker Jardine Lloyd Thompson has posted a strong set of results for the first six months of 2014, but remains cautious on the outlook of the rest of the year.

Its underlying pre-tax profit rose 15 percent £107.4 million in the six months ended June 30, 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, with JLT Towers Re contributing £110 million.

The broker’s risk and insurance division saw 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, said: “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.”