JLT's profits jump 80% as business grows across all territories

JLT chief executive Dominic Burke

JLT saw total revenue growth of 11% in H1 2017, up to £689.9m from £619.4m for the same period last year.

Fewer exceptional charges across the period resulted in the broker’s profit before tax jumping 80% to £99.2m. The group saw overall organic growth of 3%, with 3% in specialty businesses and 2% in JLT Re.

Dominic Burke, group CEO, pictured, said: “JLT delivered a good financial performance in the first half of 2017. We have entered the second half with many of our businesses showing increasing momentum and we remain confident that we will deliver full year organic revenue growth more in line with historical rates, generating sustained year-on-year financial progress.”

JLT’s risk and insurance businesses, which represented 78% of global turnover, grew revenues by 12% to £540.8m.

JLT Europe’s total revenue fell by £900,000 however, with the majority of the group’s overall growth being driven by a 116% spike in the group’s US business.

The group’s Latin American business also saw a 25% spike in growth, with its Asian business growing by 16%.

The group said the reduction in JLT Europe’s reported revenues was due to the sale of the bulk of the Thistle business at the end of 2016, which amounted to £10m of revenues in that period. Excluding Thistle, JLT Europe’s revenues rose by 5%, of which 3% was organic.

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