UK – Insurance and consulting firm Jardine Lloyd Thompson says its business will benefit from planned UK pension reform – and that it will move into human resource advice and administration.
“The UK government's proposed pension reforms should benefit JLT,” the company said. “As the pension landscape continues to change, there will also be increasing opportunities as life companies seek assistance to manage pension related run-off which is an area where we already have a leading market position.”
It saw “good growth opportunities” for its employee benefits arm in the pensions consulting and administration fields, adding that it was “well placed to make further progress in this area”.
JLT said the operation’s revenues rose one percent to 38.4 million pounds (54.3 million euros) in the first half of 2003, with “good underlying growth in the UK and an improvement in profit margin in the US”.
The company says it will adapt to changes in the employee benefits market. “With employers' needs changing, we are positioning ourselves to design and support more flexible benefit schemes.
“In the coming years, we intend to provide an even broader service proposition including human resource advisory services and administration.”
The London-based firm posted overall pre-tax profits that were up eight percent at 57.3 million pounds over the 2002 period’s 53.2 million pounds. Turnover was up 11% at 216.1 million pounds.
Chief executive Steve McGill said the company has continued to build “solid foundations” for its employee benefits operation. “We remain confident about the long term prospects for this business.”