Global broker JLT Group maintained profit at £95.27 million ($140.4 million) last year, saying challenging conditions in mature markets have been offset by growth in Asia and Latin America.

The UK-based group’s pre-tax profit rose 12% to £134.48 million ($198 million) on total revenue of £818.8 million ($1.2 billion), up 10%.

Revenue from Australasia rose by 16% to £125.6 million ($185 million), an increase of 6% at constant exchange rates.

JLT says organic growth in the region was 5%, “with a number of significant new business wins contributing to this result”.

The region made a trading profit of £34.6 million ($51 million), up 17%, helped again by the currency translation, and the trading margin was 28%.

The group says it delivered a strong financial performance in “challenging economic conditions, which included lacklustre GDP growth in mature markets and a soft insurance rating environment”.

Growth was driven by continued recruitment of leading industry professionals, carefully selected acquisitions and increasing exposure to high growth economies.

Revenue from Asia grew by 28% and from Latin America by 19%. Revenues from the London market rose by 8% to £329.9 million ($486 million).