Jardine Lloyd Thompson Group plc is today releasing its Interim Management Statement for the three months ended 30th September 2009 in accordance with the requirements of the Disclosure & Transparency Rules of the UK Listing Authority.
The Group’s performance for the third quarter ended 30th September 2009 was in line with our expectations. JLT remains on track to achieve its financial objectives and to make further progress in 2009.
Insurance market conditions continue to be competitive in most classes of business with no consistent evidence of rates hardening. Across our operations we have continued to experience the adverse impact of global economic slowdown and reduced levels of corporate activity as well as unprecedented low rates for investment income.
Despite the challenging insurance market conditions, our Risk & Insurance business overall continues to trade strongly and achieve encouraging levels of organic growth.
The performance of our London Market businesses has been particularly robust; our retail insurance broking businesses around the world have reflected the different speed of economic recovery in the different countries and regions in which they operate.
As reported at the time of our interim results, our Employee Benefits business in the UK and Ireland has been adversely impacted by the economic downturn but is well positioned to recover with the market.
JLT’s balance sheet continues to be in a strong position with low net debt under bank facilities committed to December 2011.
Outlook
JLT has good momentum and is well placed to benefit as the economic and insurance industry background improves and to take advantage of growth opportunities including new hires and acquisitions.
Dominic Burke, Chief Executive said: ” JLT remains well positioned and we will continue to build on our successful strategy of balanced growth – organically, by bolt-on acquisitions and through selective hiring of industry-leading people.”
There have been no material events or transactions in the quarter and there have been no significant changes in the financial position of the Company since the publication of the Interim Results for the six months to 30th June 2009.
