JLT’s profit fell last year amid costs related to the takeover by Marsh & McLennan, while the group’s trading result was lifted by its speciality division.

Net profit before tax dropped to £88.1 million ($163.4 million) from £177.1 million ($328.6 million) in 2017, while revenue grew 5% to £1.45 billion ($2.69 billion).

The earnings included £145.4 million ($269.8 million) of exceptional items related to the takeover, regulatory costs and transformation program restructuring charges.

The result is expected to be the last for JLT as an independent company, with the Marsh takeover on course for completion in the northern spring.

“The process of satisfying the antitrust regulatory conditions is continuing,” JLT said.

Trading profit grew 21% to £254.1 million ($471.4 million), led by a 25% jump in speciality and a 10% increase in reinsurance.

The global transformation program, which cost £28.6 million ($53.1 million), remains on course to deliver benefits of £40 million ($74.2 million) next year.