Costs from acquisitions and a business transformation program caused JLT Group’s profit to drop marginally to £101.96 million ($189.7 million) last year.

The group increased operating profit by 16% to £185.37 million ($344.89 million) but it incurred costs of £9.5 million ($17.68 million) from its efficiency program and £9 million ($16.75 million) from its £200 million ($372 million) of acquisitions during the year.

CEO Dominic Burke is confident of further growth this year, despite a challenging operating environment.

He says the business transformation program will deliver £12 million ($22.33 million) of recurring savings this year.

Mr Burke has announced he will take a break during May and June, when Mark Drummond Brady will become acting CEO.

JLT told UK media Mr Burke is well but “wants to address his work-life balance”.

The group’s fees and commissions grew 11% to £974.62 million ($1.81 billion) last year and it gained 1500 staff, taking employee numbers to more than 9100.

JLT Towers Re – created last year following the acquisition of the Towers Watson reinsurance broking business and its merger with JLT Re – reported an operating profit of £11.3 million ($21 million) on turnover of £76.8 million ($142.9 million).

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