Continued growth despite insurance market decline - JLT results

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Jardine Lloyd Thompson Group (JLT) have seen revenue growth continue in line with the first six months of 2014.

The company said it has achieved this despite the decline in the insurance and reinsurance rating markets since the second quarter of this year.

Employee Benefits business in the UK grew with new clients gained and as a result of the effects of changes to pensions.

The Risk and Insurance businesses also saw revenue growth thanks to new clients and increased market penetration as the company expands its geographic reach and specialist capabilities.

The company's integration of Towers Watson Re is said to be "progressing well", and JLT is hiring new staff.

The board has seen new appointments, Nic Walsh as a non-executive director of the group, Mark Drummond Brady as deputy group CEO and Mike Reynolds as global CEO of JLT Re, he will retain his position as group finance director until a successor is found, for which a search is ongoing.

In the US the company has announced growth in its recently launched JLT Speciality Insurance Services which now has more than 50 staff. JLT Turkey has also recently launched and the company has bought a 26% shareholding in the Indian broking firm Independent Insurance Brokers Private Limited, a subsidiary of the Sunidhi Group.

Total net investment by the company is expected to be approximately £50m between 2014 and 2017. The report covers 1 July 2014 to 3 November 2014.

Dominic Burke, chief executive of JLT, said: "Trading conditions remain challenging, given the decline in the insurance and reinsurance rating environment, which continued into the third quarter. As we indicated at the time of our interim results, we remain cautious about the outlook for the underlying business for the full year.

"The good levels of organic revenue growth we are achieving demonstrate the success of our strategy of deepening our specialty focus and expanding our geographical reach and give us confidence in our investment plans which are designed to drive sustainable and long term growth."

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