Jardine Lloyd Thompson Group PLC Interim Management Statement (7151V)
07 November 2017 - 6:00PM
UK Regulatory
TIDMJLT
RNS Number : 7151V
Jardine Lloyd Thompson Group PLC
07 November 2017
7 November 2017
Jardine Lloyd Thompson Group plc
Interim Management Statement
Jardine Lloyd Thompson Group plc ('JLT' or 'the Group'), one of
the world's leading providers of insurance, reinsurance, and
employee benefits related advice, brokerage, and associated
services, releases its Interim Management Statement for the period
from 1(st) July 2017 through 6(th) November 2017.
Trading Environment and Performance
Risk & Insurance
The Group remains pleased with trading in the risk and insurance
businesses, despite the ongoing challenges and uncertainties in the
economic, market, and political environments.
JLT Specialty Europe reported a mixed revenue performance in the
period, with good results achieved in construction, financial
lines, and credit and political risks, but a weaker performance in
energy and marine, reflecting the continued difficult industry
conditions in these sectors. Cost management however, more than
offset the challenging trading environment.
JLT Re continued to build on the momentum shown in the first
half of 2017. In International Specialty, Latin America performed
well through the period while Australia started to realize the
benefit of client wins announced at the interim results in
July.
US Specialty continued to grow revenue, bolstered by a strong
performance of the Construction Risk Partners business acquired in
January. The Group continues to anticipate that the full year net
investment losses in US Specialty will reduce year on year, as the
business heads towards profits in 2019, as guided previously.
Employee Benefits
UK Employee Benefits revenue continued to grow, recording some
important client wins, as the benefits of the actions taken in 2015
and 2016 are fully realized.
The performance of the Asia EB business stabilised in the
period, and an encouraging client pipeline indicates the underlying
strengths of this business. The other international EB businesses
delivered good revenue growth in their respective markets.
Other
The Group acquired Belgibo NV in August, strengthening our
specialty capabilities in areas such as marine and trade credit. It
also provides the Group with a larger continental European
presence, helping to ensure that our clients in the EU and EEA
continue to benefit from access to the unique capabilities of the
London market after the United Kingdom has left the EU.
Head office expenses grew modestly, as previously guided, as a
consequence of provisions in the Group's captive, and increases in
premises and staff costs.
Outlook
The Group continues to believe that it will deliver full year
organic revenue growth more in line with historical rates. The
Group anticipates this growth, combined with strong cost
management, will enable sustained year on year financial
progress.
Due to the timing of insurance and reinsurance renewals, the
Group does not expect the recent series of natural disasters around
the world to have an impact on its 2017 full year outturn.
With respect to the 2018 period, the initial marketplace
response to these events has been inconsistent and it is premature
to draw conclusions as to the effect these may have on the
insurance rating environment.
- ENDS -
Enquiries:
Jardine Lloyd Thompson Group plc:
Charlie Rozes, Group Finance Director (0)207-558-3929
Paul Dransfield, Investor Relations (0)207-528-4933
Brunswick Group:
Tom Burns / Dania Saidam (0)207-404-5959
Forward-Looking Statements
This announcement may contain "forward-looking statements"
regarding the financial position, business strategy or plans for
future operations of the Group. By their nature, forward-looking
statements involve risk and uncertainty, relating to facts that are
beyond the company's ability to control, such as future market
conditions. Any such statements in this announcement speak only as
at the date of this announcement. The company does not assume any
obligation to, and does not intend to, revise or update these
forward looking statements except as required pursuant to
applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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