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Insurance broker JLT posts 1 pct 2016 profit rise
February 28, 2017 / 7:25 AM / 9 months ago

Insurance broker JLT posts 1 pct 2016 profit rise

LONDON, Feb 28(Reuters) - Insurance and reinsurance broker Jardine Lloyd Thompson Group reported a one percent rise in full-year underlying pre-tax profit, with investment in its U.S. speciality business crimping earnings.

The company, which advises mainly on risk management and employee benefits insurance, said on Tuesday pretax profit was 172.6 million pounds ($214.42 million) in the year ended Dec. 31.

Analysts at Panmure Gordon forecast a pretax profit of 180.7 million pounds and RBC analysts expected 176 million.

Underlying profit excluding investment in the U.S. business was up 5 percent to 199.6 million pounds, JLT said in a statement.

Total revenue rose nine percent to 1.26 billion pounds.

JLT said the trading environment had been challenging, with “sustained softness” in insurance and reinsurance prices.

JLT said that it would pay a final dividend of 20.6 pence per share, bringing total dividend to 32.2 pence, up five percent from a year earlier.

$1 = 0.8050 pounds Reporting by Carolyn Cohn and Noor Zainab Hussain; editing by Simon Jessop

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