Insurance, reinsurance and employee benefits-related advice provider Jardine Lloyd Thompson issued an interim management statement for the period from 1 July to 6 November on Tuesday, reporting that it remained "pleased" with trading in the risk and insurance businesses, despite ongoing challenges and uncertainties in the economic, market, and political environments.
The FTSE 250 company said JLT Specialty Europe reported a ""mixed revenue performance in the period, with good results achieved in construction, financial lines, and credit and political risks, but a weaker performance in energy and marine, reflecting the continued difficult industry conditions in those sectors.
Cost management more than offset the challenging trading environment, however.
JLT Re continued to build on the momentum shown in the first half of 2017, the board reported.
In International Specialty, Latin America performed well through the period while the Australian operation started to realise the benefit of client wins announced at the interim results in July.
US Specialty also continued to grow revenue, bolstered by a "strong" performance of the Construction Risk Partners business acquired in January.
The group said it continued to anticipate that the full year net investment losses in US Specialty would reduce year on year, as the business headed towards profits in 2019, as guided previously.
In the employee benefits unit, UK Employee Benefits revenue continued to grow, recording some "important" client wins, as the benefits of the actions taken in 2015 and 2016 were fully realised, according to the board.
The performance of the Asia EB business stabilised in the period, and an encouraging client pipeline indicated what management described as the "underlying strengths" of this business.
JLT said the other international EB businesses delivered "good" revenue growth in their respective markets.
In other operations, the board highlighted the acquisition of Belgibo NV in August, which reportedly strengthening JLT's specialty capabilities in areas such as marine and trade credit.
"It also provides the group with a larger continental European presence, helping to ensure that our clients in the EU and EEA continue to benefit from access to the unique capabilities of the London market after the United Kingdom has left the EU," the board said in its statement.
Head office expenses grew modestly, as previously guided, as a consequence of provisions in the group's captive, and increases in premises and staff costs.
Looking ahead, Jardine Lloyd Thompson said it continued to believe that it would deliver full year organic revenue growth "more in line" with historical rates.
"The group anticipates this growth, combined with strong cost management, will enable sustained year on year financial progress."
Due to the timing of insurance and reinsurance renewals, it did not expect the recent series of natural disasters around the world to have an impact on its 2017 full year outturn, it confirmed.
"With respect to the 2018 period, the initial marketplace response to these events has been inconsistent and it is premature to draw conclusions as to the effect these may have on the insurance rating environment."