International broker JLT Group will continue to recruit for its specialty business, CEO Dominic Burke says.

Announcing a £106.4 million ($156.42 million) profit for 2012, up 20%, he says the result demonstrates the success of increasing the specialty focus and broadening the group’s exposure to high-growth economies.

Total revenue grew 7% to £880.1 million ($1.29 billion), of which the risk and insurance division contributed £676.4 million ($994.38 million), up 7%, and the employee benefits division earned £203.7 million ($299.46 million), a rise of 10%.

Risk and insurance made a trading profit of £139.7 million ($205.37 million), up 6%, while employee benefits made £43.3 million ($63.66 million), an increase of 8%.

Rates are unlikely to rise in the immediate future, but if they do the effect will probably be temporary, Mr Burke says. This will not change until interest rates, particularly in developed markets, begin to recover.

“Until then, capital in search of yield is likely to continue flowing into the insurance markets, keeping rates soft and in some cases, such as aviation, declining.”

However, he says JLT’s prospects are tied more to economic activity and growth than rates, with increased corporate activity driving greater demand for its services.

The group hired 850 people last year and has 40% more employees than five years ago.