The Australian and New Zealand arm of JLT has almost doubled its trading profit since 2011 to reach about $74 million last year, according to preliminary results.

CEO Leo Demer told insuranceNEWS.com.au it is a significant result amid “what have been the most difficult market conditions ever seen”.

“It is also telling that, unlike other growth stories, of our $74 million trading profit [last year], and during the past five years, only $2 million has been derived from non-organic sources such as acquisitions,” he said.

Mr Demer says while the Australian and New Zealand figures look “okay” in sterling, constant rates of currency exchange mean it was a “fantastic” year for the division.

He says the trading profit was up 17% on 2014.

“We achieved the result due to a remarkable client retention level of 99%, and the number and quality of our new business acquisitions was truly outstanding.”

JLT Australia and New Zealand operates from more than 30 locations and has more than 850 employees.

Last year’s acquisitions of Recovre and Alpha made it one of the largest rehabilitation services providers in the region.

Worldwide, JLT reported revenue growth of 5% to £1.15 billion ($2.22 billion) and profit of £113.44 million ($218.55 million), down from £117.66 million ($226.67 million) in 2014.

The dip in profit is attributable to a £20.5 million ($39.48 million) investment in JLT USA.

Investment income was £3.68 million ($7.07 million).

Group CEO Dominic Burke expects the company to face “external headwinds” this year.

“However, our focus remains on those factors we can control and on maintaining the revenue momentum and cost control established over the past 10 years,” he said. “We remain confident in our strategy, our platform and our continued ability to grow.”