The UK-based Jardine Lloyd Thompson Group (JLT
) has announced that it has performed well in early 2016, withstanding headwinds in the trading environment.
The re/insurance broker said in its interim management statement for the first quarter that the “Group made a good start to the year in the overall trading performance of both our insurance and reinsurance businesses.”
“This was despite external challenges that contributed to a difficult trading environment, including insurance and reinsurance rating pressure, lacklustre economic growth, and weak energy and commodity prices,” the company said.
added that its US specialty build-out continued to gain strength and the number of professionals employed in the business grew in line with its plans.
The company also said it continues to see good growth in its international employee benefits businesses, while the programme to improve UK employee benefits’ profitability in 2016 made significant progress.
“Most of the restructuring of the UK business is now complete and will finish in the second half of the year,” said the British multinational corporation, which expects the restructuring move to deliver £14 million in savings in 2017.
said it expects total exceptional costs of £34 million for 2016, but it assured that the business remains well-funded and its financial position, including cash flow, continues to be strong.
“We believe that the Group remains on track to achieve its business and financial objectives in 2016, despite the headwinds which are now anticipated to persist through the year,” the company said.