'Trading as expected,' says broker
Jardine Lloyd Thompson (JLT) says its trading performance in the first quarter of 2010 was in line with its expectations.
JLT - which is holding its Annual General Meeting today - said in an interim management statement that there have been no material events or transactions in the three months ended 31st March 2010, other than the acquisition of iimia Wealth Management for £7.25m.
The broker said its risk and insurance businesses "continue to show encouraging rates of organic growth despite the weak insurance rating environment."
It added that investment income continues to be impacted by low prevailing interest rates and this is not expected to change materially in the medium term. "In our employee benefits division, the integration of HSBC Actuaries and Consultants Limited and iimia Wealth Management is progressing well and they are performing in line with our expectations."
JLT said that market conditions were "soft" across most sectors. "The US domestic insurance market for general property & casualty risks is the softest we have seen since the events of 11th September 2001. Some stabilisation of insurance rates is, however, discernible in certain specialist lines."
It concluded: "Trading activity in the first quarter has been encouraging and whilst it is early in the year we remain on track to achieve our objectives for 2010."