JLT’s risk and insurance business in Australia and New Zealand earned revenue of £69.3 million ($114.2 million) in first half, up 12% on the corresponding period last year.

However, revenue was down 3% on a constant-rates-of-exchange basis, reflecting the “very competitive trading environment with continued pressure on insurance rates”.

Underlying trading profit grew to £23.8 million ($39.2 million) from £21.6 million ($35.6 million).

JLT’s employee benefits business in Australia and New Zealand increased revenue by 17% to £13.8 million ($22.8 million) and underlying trading profit was up to £1.6 million ($2.6 million) from £1.4 million ($2.3 million).

The London-listed group’s overall revenue grew 11% to £689.9 million ($1.14 billion) and pre-tax profit increased to £99.2 million ($163.6 million) from £55.2 million ($91.1 million).

Revenue from the risk and insurance division, which represents almost 78% of global turnover, gained 12% to £540.8 million ($892 million), and the employee benefits business’ revenue grew 8% to £149.1 million ($245.9 million).

“JLT delivered a good financial performance in the first half,” Group CEO Dominic Burke said. “We have entered the second half with many of our businesses showing increasing momentum and we remain confident we will deliver full-year organic revenue growth more in line with historical rates, generating sustained year-on-year financial progress.”