JLT Says Weak Dollar, No PSA's, Soft Market May Impact 2005 Results

April 29, 2005

Jardine Lloyd Thompson Group PLC, the largest U.K.-based broker, issued a statement in conjunction with is annual general meeting (AGM) warning that the weak US dollar, the absence of PSA's and a continued softening in insurance markets will combine to affect its 2005 results.

JLT first noted the potential impact when it announced its preliminary results at the end of February, 2005. "Since then, rates in most lines of business in which we operate have continued to fall and the dollar has remained weak," said the bulletin. "Although it is still early in the financial year, this downward trend leads us to view the year as a whole with continued caution."

JLT added that its "Employee Benefits business continues to perform in line with expectations."