JLT profits rise by 20%

UK broker Jardine Lloyd Thompson does not intend to make any more disposals during the course of th...

UK broker Jardine Lloyd Thompson does not intend to make any more
disposals during the course of the year, chief executive Steve mcGill said this week.
The news came as the broking group announced pre-tax profits before exceptional items of £50.9m to
30 June, up 20% on last year's figures.


During the first six months of 2002, JLT also made £3.9m from the sale of a
range of services, including its professional affinity group services and
JLT insurance services.


Mr McGill said the broking group - the largest UK-owned
listed broker - does not intend to sell off any more parts of the business
as he pointed to the "outstanding success" of the risk & insurance group,
which enabled trading profit to rise 32% to £39.5m.


He added that the risk & insurance group, which increased turnover by 19%
to £95.7m, has benefited from client wins from major competitors - in
particular Marsh and Aon.


Excellent performers within the group came from the accident & health,
cargo, casualty, construction, energy, financial & professional risk and
marine reinsurance units.


Mr McGill said its Bermudian broking operations had also demonstrated
strong growth in the present environment, while on the employee benefits
side in the UK, corporate healthcare and pension consulting have performed
strongly.


On the subject of the company's independent status - JLT has for some time
been touted as a merger candidate for other large brokers - he was clear:
"We're delighted. It's served our shareholders well and it's a business
model that has served our clients very well."
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