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JLT enjoys a strong first half

International insurance broker JLT has had a strong first half, recording a pre-tax profit up 11% to £85.1 million ($127.9 million) in the six months to June 30.

That profit comes off a 7% rise in total revenue to £441.7 million ($663.9 million) and a 6.3% rise in organic revenue.

CEO Dominic Burke says the outlook is positive, with strong organic growth maintaining the business trajectory of the past four years.

The high-growth markets of Asia and Latin America recorded revenue growth of 29.9% and 31% respectively.

The Australasian business grew at a more leisurely 5% to £68.1 million ($102.3 million), but the division enjoyed the group’s largest profit margin of 34% on trading profit of £23 million ($34.5 million).

Overall risk business revenue grew 8% to £331.6 million ($498.4 million) and yielded profits of £80.3 million ($120.7 million) while the employee benefits business experienced revenue growth of 6% to £95 million ($142.7 million) and profits of £18.1 million ($27.2 million).

JLT is continuing to invest in its business, hiring 400 new international insurance specialists in the half-year and reporting the conclusion of a three-year restructure which is delivering annual savings of £24 million ($36 million) for a one-off cost of £27 million ($40.5 million).