Broker lifts local profit, changes Aussie roles

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8 March 2010

Trading profit for broker Jardine Lloyd Thompson (JLT)’s Australasian operation rose 9% to £20.9 million ($34.9 million) in the year to December 31 on the back of £87.5 million ($146.1 million) revenue, up 12% compared with 2008.

Net profit across the London-based group was up 11% to £70.9 million ($118.4 million). Revenue rose 14% to £612.9 million ($1 billion) with 5% of that due to organic growth.

The company also announced its Australia and New Zealand Executive Chairman Brian Carpenter will retire from the global board at the AGM on April 29 after serving as a director for four years. He will retain his local role.

The move follows the appointment in January of JLT Australia and NZ CEO Leo Demer to the Group Executive Committee, along with Asia CEO Warren Merritt and Group COO Mike Methley.

“The committee is the body that runs the global company… all of the different parts of the business are now represented,” Mr Demer told insuranceNEWS.com.au.

He says the Group Executive Committee meets about 10 times a year but he expects video-conferences will supplement the six or seven trips he already makes to London each year.

JLT says its risk and insurance businesses continue to trade strongly with encouraging rates of organic growth against a background of a soft rating environment and a generally benign claims experience.