The risk and insurance businesses of Jardine Lloyd Thompson (JLT) withstood market pressures and headwinds in the past four months, the international broker has announced.
In its interim management statement, JLT reported that the businesses “delivered a resilient performance” from July 1 to November 7 in spite of the insurance and reinsurance pricing pressures in multiple markets and headwinds caused by ongoing global economic uncertainty.
The company said JLT Specialty's performance in the period was “good”. Depressed commodity prices and reduced activity continued to impact certain sectors such as energy and marine, but other divisions, including aviation and construction, “performed well.”
“The new business pipeline across Specialty was strong, with several significant client wins recorded in the period,” the brokerage said.
Its reinsurance arm, JLT Re, traded well in the period, with notable strength in the US and Asia regions. The business remains on track to increase its operating margin to 20% in 2016, the company said.
During the four-month period, JLT said performance remained steady across the other risk and insurance businesses, including Latin America, Asia, and Australia and New Zealand.
For the remainder of the year, JLT is expecting the trading environment to remain “challenging”.
“Despite these conditions we continue to invest across the Group to drive future growth, improve margins and win market share,” JLT said. “We are confident that our specialty-focused strategy will continue to deliver good levels of organic revenue growth.”
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