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Annual Report 2011

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Annual Report 2011 AR Cover 2011 final tp_A&R design 3 15/03/2012 21:11 Page 1 Jardine Lloyd Thompson Group plc Group Thompson Lloyd Jardine annual report 2011 6 Crutched Friars London eC3n 2ph 2011 Report Annual Tel: +44 (0)20 7528 4444 Fax: +44 (0)20 7528 4185 www.jltgroup.com Company registration no: 1679424 distinctive. Choice. Jardine LLoyd Thompson Group plc Jardine LLoyd Thompson Group plc AR Cover 2011 final tp_A&R design 3 16/03/2012 13:35 Page 2 Contents Principal Offices Overview Notes to the Financial Statements Head office Brazil Indonesia 1. Alternative income statement 61 JLT do Brasil Corretagem de Seguros PT Jardine Lloyd Thompson Financial Highlights 1 UK 2. Segment information 62 Ltda +6221 2995 2500 Who We Are/Where We Operate 2 Jardine Lloyd Thompson Group plc 3. Operating profit 65 +55 11 3156 3900 What We Do 3 +44 20 7528 4444 Japan 4. Investment income 66 JLT Re Brasil Our Mission and Strategy 4 JLT Risk Solutions Japan Limited 5. Finance income and costs 66 + 55 21 2220 2970 +813 6730 3500 Our Structure 5 Europe 6. Employee information 67 Segmental Breakdown 5 France Canada South Korea 7. Services provided by the JLTRS Energy (France) SA Jardine Lloyd Thompson Canada Inc Jardine Lloyd Thompson Korea Limited Group's auditor and network firms 73 +33 1 44 20 99 99 +1 403 264 8600 +82 2 397 8100 Business Review 8. Income tax expense 73 Ireland Chile Chairman’s Statement 6 9. Earnings per share 74 Macau JLT Insurance Brokers Ireland Limited Orbital-JLT Corredores de Seguros Chief Executive’s Review 8 10. Dividends 74 Jardine Lloyd Thompson Limited +35 31 20 26 000 +56 (2) 232 7776 +853 2875 5743 Key Performance Indicators 12 11. Goodwill 75 JLT Chile Corredores de Reaseguros Group Executive Committee 13 12. Intangible assets 76 Norway Malaysia 13. Property, plant and equipment 77 Tripol AS +56 (2) 338 9290 Review of Operations Jardine Lloyd Thompson Sdn Bhd 14. Investments in associates 78 +47 4000 2111 +60 3 2723 3388 Risk & Insurance 14 Colombia 15. Available-for-sale financial assets 79 Jardine Lloyd Thompson Valencia y Australasia 15 Sweden Philippines 16. Derivative financial instruments 80 Iragorri Corredores de Seguros Asia 15 JLT Risk Solutions AB Jardine Lloyd Thompson Insurance 17. Employee benefit trust 81 +46 8 442 5730 +571 326 6100 Latin America 16 Brokers Inc 18. Trade and other receivables 81 JLT Re Colombia, Corredores +632 706 8500 Canada 16 Switzerland 19. Cash and cash equivalents 82 Colombianos de Reaseguros SA Continental Europe 17 20. Trade and other payables 83 JLT Re Basel Branch +571 211 2911 Singapore +41 61 279 92 92 Insurance Management 17 21. Financial instruments by category 83 Jardine Lloyd Thompson Pte Limited Peru +65 6333 6311 JLT Specialty 18 22. Borrowings 84 Mariategui JLT Corredores de Seguros SA Lloyd & Partners 18 UK JLT Risk Solutions Asia Pte Limited 23. Deferred income taxes 87 +511 610 9900 JLT Reinsurance Brokers 19 24. Provisions for liabilities and charges 88 JLT Specialty Limited +65 6333 6006 +44 20 7528 4000 JLT Corredores de Reaseguros SA Employee Benefits 20 25. Share capital and premium 89 JLT Insurance Management (Singapore) +511 610 9900 Thistle Insurance Services 21 26. Non-controlling interests 89 JLT Reinsurance Brokers Limited Pte Limited Associates 22 27. Other reserves 90 +44 20 7466 1300 USA +65 6333 6006 Finance Director’s Review 23 28. Qualifying employee share ownership trust 91 Lloyd & Partners Limited JLT Re (North America) Inc. JLT Re Asia Risk Management Report 28 29. Cash generated from operations 91 +44 20 7466 6500 +1 212 510 1800 +65 6333 6006 30. Business combinations 91 JLT Benefit Solutions Limited Taiwan 31. Business disposals 96 Africa/Middle East Corporate Governance +44 20 7309 8100 Jardine Lloyd Thompson Limited 32. Retirement benefit obligations 97 South Africa Directors’ Profiles 30 JLT Online +886 2 2395 4611 33. Jardine Matheson Group 102 Jardine Lloyd Thompson (Proprietary) Directors’ Report 32 + 44 2476 851 000 34. Commitments 103 Limited Thailand Remuneration Report 38 +27 11 656 1001 35. Principal subsidiary and associated companies 104 Thistle Insurance Services Limited Jardine Lloyd Thompson Limited Corporate Social Responsibility 45 +44 20 7309 8100 UAE (Dubai) +662 626 2500 JLT Specialty Limited JLT Insurance Management Vietnam Company Accounts +971 4 360 0530 Financial Statements (Guernsey) UK Jardine Lloyd Thompson Limited Independent Auditors’ Report 106 +44 1481 737 120 Independent Auditors’ Report 48 +848 3822 2340 Balance Sheet 107 Asia Consolidated Income Statement 49 Reconciliation of Movements in Shareholders’ Funds 107 Americas Consolidated Statement of Comprehensive Income 50 China Australasia Accounting Policies 108 Barbados JLT Lixin Insurance Brokers Co Limited Consolidated Group Balance Sheet 51 Australia Notes to the Company Accounts 109 JLT Insurance Management (Barbados) +8620 6681 4888 Consolidated Statement of Changes in Equity 52 Jardine Lloyd Thompson Australia Pty Limited Consolidated Statement of Cash Flows 53 Hong Kong Limited Group Five Year Review 111 +1 246 435 9955 Accounting Policies 54 Jardine Lloyd Thompson Limited +612 9290 8000 Advisors & Shareholder Information 112 +852 2864 5333 Bermuda New Zealand Principal JLT Offices 113 JLT Park Limited India Jardine Lloyd Thompson Limited +1 441 292 4364 Jardine Lloyd Thompson India Pvt. Limited +649 379 5376 JLT Insurance Management (Bermuda) +91 22 4068 7500 Limited +1 441 292 4364 For a full list of JLT’s worldwide offices and JLT International Network partners, please visit our website www.jltgroup.com. Annual Report 11 front end final tp_A&R design 3 16/03/2012 17:16 Page 1 Overview Financial Highlights £m 2011 2010 % change Overview Total revenue* 818.8 746.3 10% Underlying trading profit** 147.0 129.9 13% Underlying profit before tax** 147.6 130.1 13% Reported profit before tax 134.5 119.4 13% Pence per share 2011 2010 % change Reported diluted EPS 40.4p 41.7p (3%) Underlying diluted EPS** 45.3p 40.5p 12% Total dividend per share 24.0p 22.5p 7% “A strong set of results particularly when viewed against the challenging economic conditions and the soft insurance rating environment experienced in the year.” Dominic Burke Chief Executive Total revenue* Underlying profit before tax** £m £m 2011 Growth 2011 Growth Rate of Rate of 09 619.3 09 104.8 10 746.3 +10% 10 130.1 +13% 11 818.8 11 147.6 11 11 Underlying trading profit** Underlying diluted EPS** £m Pence 2011 Growth 2011 Growth Rate of Rate of 09 103.6 09 33.8p 10 129.9 +13% 10 40.5p +12% 11 147.0 11 45.3p 11 11 * Total revenue comprises fees, commissions and investment income ** Underlying results exclude exceptional and non-recurring items Jardine Lloyd Thompson Group plc Annual Report 2011 1 Annual Report 11 front end final tp_A&R design 3 16/03/2012 17:16 Page 2 Overview Who We Are JLT is an international group of Risk Specialists and Employee Benefits Consultants and one of the largest of its type in the world. We offer a distinctive choice to our clients and partners through our combination of independence, scale and specialism. As an independent business, we are able to operate with autonomy and flexibility. We have the scale to provide solutions to the complex demands of the world’s leading companies and to deliver global servicing whilst recognising that the needs of each of our clients is unique. By developing highly specialised services, we provide our clients with a depth of expertise and experience. The value we create is driven through the personal determination of our 6,700 highly motivated and skilled people. Where We Operate Australia Hong Kong Philippines JLT has offices in 33 Barbados India Singapore Bermuda Indonesia South Africa territories with some 6,700 Brazil Ireland Sweden employees supported by Canada Japan Switzerland the JLT International Chile Korea Taiwan China Macau Thailand Network enabling us to Colombia Malaysia UAE (Dubai) offer risk management and Finland New Zealand UK employee benefit solutions France Norway USA Guernsey Peru Vietnam in over 135 countries 2 Jardine Lloyd Thompson Group plc Annual Report 2011 Overview Jardine Lloyd Thompson Group plc Annual Report 2011 3 Annual Report 11 front end final tp_A&R design 3 16/03/2012 17:16 Page 4 Overview Our Mission and Strategy Our Mission: Client First. Independent. Results Based. Client First Independent Results Based We act in our client’s best We advise our clients without We expect to be judged and interests and bring the best of influence or bias and value rewarded on our performance. JLT to all of our clients. innovation and creativity. Our Strategy There are five elements to our strategy that balance the interests of our clients, our employees, our trading partners and our shareholders. Some examples of our achievements in 2011 are highlighted in grey below against each element. Wor king to tail geth our re Hong K er, of ong, K col tion uala lea isa ross appointe Lum gu an ac d to c p es org ions on ur in e rat s val stru & R pe line ued ct Lo o alty at U ion nd eci S$1 p o sp 5 ro n bil jec lio ts as n Ja are Ope r st ist ra d li al tin sh in ia ci g e a e c d e in m r e an p d e M p l s e p h a s re p h o t I in e a l h d n n o s d e o i g d f is in s o s n J e g o -f r i e L i e w n T s i n r k t ’ t n ’ g o l s h s ro r y J A in e in f b g Focusing on selected Bringing the best of JLT a L d im T c o e s e r d areas where we have to all of our clients and f n c n ‘ p p u e o n O e o r a i a a t s t distinctive knowledge that trading partners, through n r h i r n t e u d a e is g d s provides competitive collaboration and sharing e e n r u n n i n c q i J advantage and seeking to knowledge and resources, c e c s D L e A u T B c become the market without allowing artificial F ’ o leader in every field where boundaries such as F we operate.
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