Strong organic growth in its specialty retail and emerging markets business helped London-based Jardine Lloyd Thompson Group P.L.C. report gross revenues of £821.6 million ($1.29 billion) in 2011, a 9.7% increase from 2010.

Brokerage revenues rose 9.6% to £806.9 million ($1.27 billion) in 2011, helping JLT retain sixth place in Business Insurance's 2012 ranking of the world's largest brokers.

Profits rose 13% to £134.5 million ($211.1 million) in 2011.

“These results were achieved because JLT is winning market share and has invested in building its business,” said Dominic Burke, group chief executive of JLT.

The broker experienced growth in all its specialty lines during 2011, a feat Mr. Burke is confident that JLT can repeat this year. “Financial institutions, aviation, construction, and oil and gas broking have all grown,” he said.

JLT's performance compares favorably to its peers. In particular, its organic growth has beaten that of its larger rival brokers in most quarters, said Nick Johnson, London-based analyst at Numis Securities Ltd.

“JLT's organic growth reflects the quality of its management and strategy of hiring teams of professionals and its ability to win new clients,” he said.

“Organic growth for the year to Dec. 31, 2011, at 7% was, by a considerable margin, market leading,” said Mr. Burke.

“The world continues to be challenging, but we remain confident of our ability to maintain similar levels of performance,” he added.

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The strong 2011 results were achieved despite an extremely competitive market, a weak economy and declining investment income, said Mr. Burke. “The head winds of 2010 and 2011 have broadly changed for the worse. The euro zone crisis has created liquidity and confidence issues and impacted on the economic growth of emerging economies,” he said.

JLT's growth also is a function of its size, said Mr. Johnson. While the greater market share of the largest brokers limits their growth, JLT's smaller size means there is a lot of “upside and opportunity” to grow its share, he said.

Additionally, in recent years, JLT's specialty broking units—such as aviation and financial institutions—and its growing reinsurance broking arm have benefited from hires made at the expense of rival brokers. JLT also has been attracting key hires in Hong Kong, Singapore and Australia.

But while the insurance market has shown signs of hardening in some lines of business, such as catastrophe-exposed property, JLT has yet to see marked improvements in pricing. “I am very skeptical of claims of a firming insurance market because there remains excess capacity in all the major markets and, generally, conditions continue to be soft,”Mr. Burke said.

An important event for JLT in 2011 was its biggest shareholder, Jardine Matheson Holdings Ltd., raising its stake in the brokerage from 30% to 40%. “The deal ends any rumors of JLT as a potential acquisition target,” said Mr. Burke. “Jardine Matheson is a long-term investor, and by increasing its stake it has made a clear statement that it sees JLT as a core asset.”

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Barrie Cornes, equity analyst at London-based Panmure Gordon (UK) Ltd., agreed. “JLT had been vulnerable to a takeover by one of the large U.S. brokers, and talk of such a move was destabilizing the business. The increase in the stake has now killed any chance of JLT being taken over.”

JLT's recent growth reflects its strategy to deliver its mainly London-based specialty broking into new territories, in particular Asia and Latin America.

JLT reported 29% growth in its Asian retail business, its biggest market after the United Kingdom and the Australia region, with 19% growth in Latin America. However, continental European retail broking shrank 17%, largely due to changes from repositioning the business in Italy and Spain.

Growth in key emerging markets such as China, Brazil and India has slowed in recent quarters, but Mr. Burke said he expects JLT's business in Asia and Latin America to continue to grow.

“Bearing in mind our geographical spread, business momentum, confidence and strategic plans, I feel we will continue to grow and attract profitable retail business around the world,” he said.

JLT has steadily increased its presence overseas by opening new offices and making acquisitions. It now has a branded presence—through owned and partially owned operations—in more than 50 countries vs. 35 five years ago, and is represented in 135 countries through its broker network.

About two-thirds of JLT's clients are outside the United Kingdom.

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JLT also continued to expand through acquisition. In the past year, it acquired 50.1% of insurance broker Orbital Corredores de Seguros in Santiago, Chile, a 25% stake in Marine & Aviation S.p.A. in Italy and a 25% stake in Spanish broker March-Unipsa.

JLT has no U.S. retail presence besides its aviation practice since selling its U.S. property/casualty broking and employee benefits business to Alliant Insurance Services Inc. in 2006. However, JLT continues to derive $160 million in annual U.S. revenue through its wholesale, reinsurance and captive efforts.

“We don't have general retail brokerage in the United States, and I cannot imagine a circumstance where that would change,” said Mr. Burke. “We have demonstrated that we can grow and achieve quality earnings without owning a U.S. retailer.”

However, JLT sees opportunities to grow in Africa and the Middle East, “and we are looking for growth in the region through acquisition and recruitment,” said Mr. Burke.