Despite fierce headwinds from sterling’s strength and weakening premium rates, insurance broker Jardine Lloyd Thompson (JLT) grew its half-year underlying pre-tax profit by 15 per cent year-on-year to £108m. That’s due to a combination of decent organic growth and September’s £156m acquisition of the Tower Watson reinsurance broking business.
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Significantly, the emerging market operations are still driving growth. Strip out currency effects, for instance, and the group’s core risk and insurance arm saw revenues grow 20 and 19 per cent respectively in Asia and Latin America. JLT’s operations in most of its more developed markets are making reasonable progress, too, after adjusting for local currency weakness.