Insurance broker Jardine Lloyd Thompson said its business was trading in line with expectations as growth in its emerging markets businesses offset “challenging” conditions in Europe. It said companies had little appetite to pay higher insurance premium rates, and clients in its employee benefits division were cutting back on discretionary spending such as insurance. Job losses were also hurting that division, it said.
“JLT's financial performance is naturally influenced by the general level of economic activity in the markets in which it trades and the current global economic outlook remains uncertain,” it said. But it said its Latin American and Asian businesses were strong and set out its recent takeovers to expand into Chile and Italy. Its shares closed down 2.1 per cent.