Jardine Lloyd Thompson has reported an 11% rise profits for the full year ending 31 December 2003, but it warned of a potential hit from a weak US dollar over the next two years.
Pretax profit rose to £113.7m from £102.3m for 2002, said the company. Turnover increased 10% to £429m.
JLT chief executive Steve McGill said: "2003 saw some stability returning to the insurance market, with supply and demand finding an equilibrium not present in 2002.
"A benign claims year and the toughened pricing environment allowed insurers and reinsurers the opportunity to begin to rebuild their balance sheets."
The group warned of the potential impact of a weakened dollar on the 2004 and 2005 years of account. Half of the group's turnover is listed in US dollars.
"If the dollar remains at its present level, or weakens further over a sustained period, it would inevitably have an impact on our reported 2004 results and be of even greater significance in 2005," warned the company.
It also added that it had decided since the year-end to close its UK defined benefit scheme to new entrants and make a one-off contribution of £50m to the scheme in 2004 to reduce the deficit.
