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Jardine Lloyd Thompson reports first-half revenue growth

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Jardine Lloyd Thompson reports first-half revenue growth

Revenue for the first half of 2017 at Jardine Lloyd Thompson Group P.L.C. rose 11% to £689.9 million ($896.7 million) compared with the last year’s first half, the brokerage said Thursday, as its risk and insurance operations saw double-digit growth.

Net income for the half nearly doubled to £70.5 million from £36.2 million ($91.6 million from $47.1 million) in the first half of 2016, London-based JLT said in a statement.

“The Group achieved organic revenue growth of 3%, compared with 1% for the same period in 2016, reflecting strong business retention and new client wins,” JLT said in its statement.

Revenue at the brokerage’s risk and insurance unit, which represents 78% of JLT’s global business, rose 12% in the first half of 2017 to £540.8 million ($702.9 million) vs. the year-ago period while achieving 3% organic growth, according to the statement.

The company’s reinsurance unit, JLT Re, saw revenue grow 13% to £144.4 million ($187.7 million), and achieved organic growth of 2%, the statement said. The unit’s U.K., Europe and North America businesses saw “strong new business wins generated both from new and existing clients,” the company said in its statement.

JLT said that at its Denver-based U.S. specialty business, which now employs over 300 people, first-half revenue jumped 92% to £35.2 million ($45.8 million) as the unit saw its first contribution from Construction Risk Partners L.L.C., which was acquired at the end of January 2017.

First-half revenue at JLT’s employee benefits unit increased 8% to £149.1 million ($193.8 million), as the unit also saw 2% organic growth in the first half, according to JLT.

“JLT delivered a good financial performance in the first half of 2017,” Dominic Burke, group chief executive, said in the statement. “We have entered the second half with many of our businesses showing increasing momentum, and we remain confident that we will deliver full-year organic revenue growth more in line with historical rates, generating sustained year-on-year financial progress.” 

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