Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of May 2019
August 3, 2009

JLT H1 profits up 12%

by David Masters

Story link: JLT H1 profits up 12%

Jardine Lloyd Thompson this week posted first half profits, which are up 12% and said it expects further growth despite challenging economic conditions.

The UK-based insurance broker, which earns commission selling insurance policies, reported an underlying first half pretax profit of £59.7 million, up from £53.4 million for the first half of 2008.

Commissions earned rose to £309.7 million, up from £266.2 million in the year ago period.

Chief executive Dominic Burke said the company’s business model provides “a sound platform for sustainable profitable growth.”

“We have a strong balance sheet which gives us the flexibility to invest in developing our businesses, through bolt-on acquisitions, targeting talented individuals and identifying niche profitable operations and sectors,” Burke added.

“Whilst the general economic background continues to be challenging, we continue to expect that 2009 will be a year of further progress for JLT.”

Insurance market rates remain soft in most classes of business, the group said.

However, rates have hardened on catastrophe risk, credit insurance, and aviation, driven by increased claims rather than a dearth of capital or a higher required return.

Shareholders will receive an interim dividend of 8.5p.

 

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