Jardine Lloyd Thompson revenue up 5.1% in 2018
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British insurance and reinsurance broker Jardine Lloyd Thompson Group PLC on Tuesday reported a revenue increase of 5.1% to £1.45 billion ($1.96 billion) for 2018.
The firm, which is being taken over by Marsh & McLennan Cos. Inc. in a deal expected to complete in the spring of this year, said in a statement that it was announcing preliminary results for 2018 and updating key financial items.
The brokerage saw a 21% increase in operating profit for the full-year 2018, boosted by organic revenue growth across all divisions, the company said in the statement.
JLT’s organic revenue growth was 5% for 2018, with 7% organic growth in global specialty and 7% in U.K. employee benefits, according to the statement.
Reported profit before tax totaled £88.1 million in 2018 and reflected £145.4 million of exceptional items including Marsh & McLennan transaction-related costs of £77.2 million, regulatory-related costs of £38.4 million and restructuring charges of £28.6 million from its global transformation program, the company said in the statement.
The firm’s restructuring delivered benefits of £20.7 million for a cost of £28.6 million and remains on track to deliver further benefits of £16.3 million in 2019, and full annualized benefits of £40 million in 2020, the company said.
Full-year operating profit in global specialty increased by 25% to £192.7 million, 10% in global reinsurance to £45.8 million and 8% in global employee benefits to £51.2 million, the statement said.
U.S. specialty revenue increased by $38.8 million to $134.4 million for 2018, while net investment losses declined to $9.9 million, and the business remains “on track to achieve profit in 2019,” the company said.
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