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Jardine Lloyd Thompson Group P.L.C. on Tuesday reported revenue of £559.6 million ($957.3 million) for the first six months of 2014, up 14.9% from the comparable period last year.
The London-based brokerage said pretax profit for the first half of 2014 was £98.4 million ($168.3 million), up 15.6% from the first six months of 2013.
In a statement Tuesday, JLT said the acquisition of Towers Watson Re from Towers Watson & Co. in September 2013 “has weighted the group’s overall revenues and profits towards the first half of the financial year” because about 70% of the unit’s revenues are booked in the first six months of the year.
The integration of the Towers Re business has been progressing well, Mike Reynolds, finance director at JLT, said, and the company has been pleased with the level of retention of staff, among other things.
Dominic Burke, group CEO of JLT, said the brokerage was very pleased with its performance in the first half of the year but added it was somewhat cautious about market conditions in the second half.
“We are cautious simply because of the steepness of the decline in rates in the past few months,” he said, noting that rates for some lines of business are approaching the levels seen before the Sept. 11, 2001, terrorist attacks on the United States.
Mr. Burke said that while a soft rating environment is to the advantage of buyers in one sense, there are concerns about the longer-term dynamics of the market.
Mr. Burke also said steepness of the improved strength of the pound sterling against other currencies, including the U.S. dollar, in recent months would affect JLT’s results, although the brokerage adopts a hedging program to deal with the effects of foreign exchange movements.
Jardine Lloyd Thompson Group P.L.C. said Tuesday that its risk and insurance operations continue to achieve “satisfactory organic revenue growth” despite further reductions in rates for many lines of insurance and reinsurance business and the continued strength of the pound sterling against other currencies, notably the U.S. dollar.