Managing general agency Thistle continues to remain challenged
JLT said today that its trading remained robust, even though its UK managing general agency Thistle continued to remain challenged by the UK economy.
In an intermim trading statement for the period between 1 July to 17 October, JLT said: “The group has continued to deliver good levels of organic revenue growth and our overall trading performance is in line with our expectations.
“Within our risk and insurance businesses, despite the continued weak insurance rating environment and challenging economic conditions across most of the territories in which we operate, overall organic growth remains encouraging, with strong revenue generation from Latin America and Asia.
“JLT Re has delivered good revenue growth. However, during the period we have experienced some large primary insurers retaining more risk.
“This, together with our continued investment in the business, means we now expect trading profit in this division to be lower in 2012 than in 2011.”
Challenging conditions for the UK
The statement did point out, however, that the UK remains a tough space.
It continued: “Trading conditions in developed European markets remain challenging. In the UK, pressures on consumers and small businesses continue to affect the trading results of Thistle Insurance Services.
“The UK employee benefits business continues to make financial progress while the organic revenue growth of our international EB businesses remains very strong.
Chief executive Dominic Burke said: “We are confident that JLT is well positioned to deliver sustainable growth.’’
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