JLT reported 2018 revenue growth across all divisions

28 February 2019 — Andrei Victor
Global insurance and reinsurance broker Jardine Lloyd Thompson Group (JLT) has released its preliminary results for the year ended December 31, 2018, before the completion of its sale to Marsh & McLennan Companies (MMC).

The broker mentioned that in light of the cash consideration of GBP 19.15 per share to be paid by MMC to JLT shareholders on completion of the MMC transaction, and consistent with the terms of the MMC cash offer, no final dividend will be paid for the 2018 financial year.

The company reported revenues of GBP 1.45 billion, up by 5% y-o-y, with 7% in Global Specialty and 7% in UK Employee Benefits, when compared with 2017.

At the same time, the broker reported an underlying profit before tax of GBP 233.6 million, which is growth of 25% on the previous year, while the profit before tax of GBP 88.1million, reflects GBP 145.4 million of exceptional items consisting principally of MMC transaction-related costs, regulatory-related costs and Global Transformation Programme restructuring charges.

JLT informed that trading profit grew 21% y-o-y, driven by organic revenue growth and the Global Transformation Programme. "Trading Profit increased by 25% in Global Specialty to GBP 192.7 million, 10% in Global Reinsurance to
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