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Annual Report and Accounts 2006

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Annual Report and Accounts 2006 Jardine Lloyd Thompson Group plc Lloyd Thompson Group Jardine Registered Office: Annual Report & Accounts 2006 6 Crutched Friars London EC3N 2PH Tel: 020 7528 4444 Fax: 020 7528 4185 www.jltgroup.com Company Registration No: 1679424 Annual Report & Accounts 2006 JLT Headquarters, 6 Crutched Friars, London EC3N 2PH Principal Office Directory Head office Americas Indonesia, Jakarta PT Jardine Lloyd Thompson UK, London Bermuda, Hamilton +6221 521 1414 Jardine Lloyd Thompson Group plc JLT Risk Solutions (Bermuda) Ltd +44 20 7528 4444 +1 441 292 4364 Japan, Tokyo Jardine Lloyd Thompson Ltd JLT Risk Solutions Management Europe +81 3 3517 3030 (Bermuda) Ltd Belgium, Brussels +1 441 292 4364 Korea, Seoul SIACI Belgium Brazil, São Paulo Jardine Lloyd Thompson Korea Ltd +322 660 9001 +82 2 397 8100 JLT do Brasil Corretagem de Seguros Ltda France, Paris +55 11 3156 3900 Macau SIACI SA Canada, Calgary Jardine Lloyd Thompson Ltd +33 1 44 20 99 99 +853 755 743 Jardine Lloyd Thompson Canada Inc JLTRS Energy (France) SA +1 403 264 8600 Malaysia, Kuala Lumpur +33 1 44 20 98 70 Jardine Lloyd Thompson Ltd Jardine Lloyd Thompson Sdn Bhd Guernsey, St Peter Port +1 416 941 9551 +60 3 2723 3388 JLT Risk Solutions (Guernsey) Ltd Philippines, Makati City +44 1481 737 120 Colombia, Bogotá Jardine Lloyd Thompson - Valencia y Iragorri Jardine Lloyd Thompson Insurance Ireland, Dublin Corredores de Seguros SA Brokers Inc Jardine Lloyd Thompson Ireland Ltd +571 326 6100 +632 884 5600 +35 31 20 26 000 JLT Re Colombia, Corredores Singapore Italy, Milan Colombianos de Reaseguros SA Jardine Lloyd Thompson Asia Pte Ltd JLT – SIACI Srl +571 211 2911 +65 6333 6311 +39 02 30 30 131 Mexico JLT Risk Solutions Asia Pte Ltd Netherlands, Amsterdam JLT Mexico, Intermediario de Reaseguro SA +65 6333 6006 JMIB Holdings BV de CV JLT Re Asia Contents +31 20 470 0258 +52 55 8503 6700 +65 6333 6006 Poland, Warsaw Peru, Lima Taiwan, Taipei JLT – SIACI Ltd Mariategui JLT, Corredores de Seguros SA Jardine Lloyd Thompson Taiwan Ltd +48 22 31 41 200 +511 690 9000 Introduction 1 Directors’ Profiles 24 +886 2 2395 4611 JLT Corredores de Reaseguros SA Russia, Moscow Thailand, Bangkok +511 690 9907 Operating & Financial Review Directors’ Report 26 ZAO Jardine IBR Limited Jardine Lloyd Thompson Ltd +7 495 937 8226 Chairman’s Statement 4 Remuneration Report 32 USA, New York +662 626 2500 JLT Holdings Inc. Spain, Madrid Vietnam, Ho Chi Minh City Chief Executive’s Report 6 Group Financial Statements 44 +1 518 782 3000 SIACI España, SL JLT Risk Solutions Asia Pte Ltd +34 91 310 6102 Review of Operations 12 Company Accounts 96 Africa +848 8 222 340 Sweden, Stockholm Finance Director’s Review 20 Group Five Year Review 103 Angola, Luanda JLT Risk Solutions AB Australasia JLT Risk Solutions Ltd +46 8 442 5730 Australia, Sydney Advisers and Shareholder Information 104 +244 222 399373 Switzerland, Geneva Jardine Lloyd Thompson Australia Pty Ltd SIACI & Partners SA Middle East +612 9290 8000 +41 22 704 0570 Dubai New Zealand, Auckland UK, London JLT Risk Solutions Ltd Jardine Lloyd Thompson Ltd JLT Benefit Solutions Ltd +971 4 360 0527 +649 379 5376 +44 20 7309 8100 Risk Solutions Ltd Asia Jardine Lloyd Thompson Ltd +649 302 4521 +44 20 7528 4000 China JLT Lixin Insurance Brokers Co Ltd JLT Corporate Risks Ltd +86 20 3285 1128 +44 20 7309 8100 Lloyd & Partners Ltd Hong Kong +44 20 7466 6500 Jardine Lloyd Thompson Ltd +852 2864 5333 JLT Reinsurance Brokers Limited +44 20 7466 1300 “ In my first year as CEO I have been greatly impressed by the quality of our people. During a year in which we have seen significant internal changes and many external challenges, our people have retained as their priority meeting the needs of their clients. Above all else, it is this commitment to our clients that will ensure the future success of Jardine Lloyd Thompson.” Dominic Burke Chief Executive Jardine Lloyd Thompson Group plc Annual Report & Accounts 2006 1 Who we are Jardine Lloyd Thompson is a leading risk management adviser, insurance and reinsurance broker. It is also a major provider of employee benefit administration services and related consultancy advice. We are the largest European based company Broker’s international network which included a providing these services and are quoted on the significant presence in the Asia Pacific region. London Stock Exchange. Since the merger, the Group has continued to The Group was formed in February 1997 by the expand its international presence acquiring broking merger of Jardine Insurance Brokers and Lloyd businesses in Colombia, Peru and Mexico in late 2004. Thompson Group. Most recently, JLT received approval from the Chinese regulatory authorities in 2006 to commence Lloyd Thompson was founded in 1981 and listed on operating as an insurance and reinsurance broker in the London Stock Exchange in October 1987. mainland China. The merger combined Lloyd Thompson’s specialist skills in the London Market with Jardine Insurance Where we operate ▲ ▲ ▲ ▲ ▲ ▲▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ More than 100 offices in over 30 countries employing 5,000 staff 2 Jardine Lloyd Thompson Group plc Annual Report & Accounts 2006 What we do Risk & Insurance Employee Benefits Risk & Insurance provides broking and risk management Employee Benefits employs 1,000 professional staff in 10 offices services for clients across an extensive range of business in the UK and Ireland. There are four main operating divisions: sectors. Administration Solutions: Third party pensions and benefit Employing 3,750 people, the principal lines of business are: administration. Retail: An international group of retail businesses successful Benefit Solutions: Actuarial, investment, pension, benefit and in their local, national and international markets. reward consulting services, group risk, healthcare and flexible benefits services. Specialist: A world class group of specialist teams, serving the particular needs of clients in selected industries. Premier Pension Services: A range of Self Invested Personal Pension (SIPP) and Small Self-Administered Schemes (SSAS) Wholesale: One of the largest dedicated wholesalers, services provided to independent financial advisers, accountants providing brokers in the US and elsewhere with access to and lawyers. insurance capacity in London, Bermuda and Continental Europe. Financial Institutions Services: Outsourcing solutions for a range of pension products on behalf of life companies. Reinsurance: A reinsurance broker with established areas of specialist expertise, a commitment to bring a more analytical approach and a wider variety of risk management solutions. Our key performance indicators Group Risk & Employee Insurance Benefits Revenue per employee 2006 £89,800 £100,900 £77,500 Turnover (fees and commissions), divided by the total staff numbers (average for 2005 £88,300 £98,100 £74,300 the year). Trading profit per employee 2006 £11,500 £16,300 £13,400 Turnover less operating expenses for continuing operations (excluding exceptional 2005 £12,300 £17,100 £12,100 items and impairment charges) divided by the Introduction total staff numbers (average for the year). Salary to turnover ratio 2006 62.4% 58.8% 54.9% Direct salary costs (excluding exceptional items and impairment charges) divided by 2005 60.6% 57.9% 53.3% turnover (fees and commissions). Indirect costs to turnover ratio 2006 24.8% 25.1% 27.8% Indirect costs (operating expenses excluding direct salary costs, exceptional 2005 25.4% 24.7% 30.5% items and impairment charges) divided by turnover (fees and commissions). These key performance indicators are for continuing operations. Jardine Lloyd Thompson Group plc Annual Report & Accounts 2006 3 Operating & Financial Review Chairman’s Statement The Group made significant The report of the Chief Executive and review of operations progress on many fronts in covers our performance in more detail. 2006. The underlying results showed an improvement over Overview 2005 and, just as importantly, Following his appointment as Group Chief Executive in decisive action was taken to December 2005, Dominic Burke and his new management mitigate significant risks to the team have achieved a great deal in repositioning the Group for business and to clarify the the future. future direction of the Group. Geoffrey Howe I am pleased to report that A review of the Group's operations commenced in the first thanks to the hard work of quarter of 2006 and its conclusions have provided a much Dominic Burke and his new management team, the Group is clearer understanding of the Group's strengths and the most today in a much stronger position than it was at the appropriate direction for the Group's future development. beginning of 2006. This review, which is discussed further in the report of the Chief Executive, reaffirmed our commitment to the five Performance principal lines of business being: retail, specialty, wholesale, Turnover from continuing operations was £459.5 million, reinsurance and employee benefits. 1% ahead of the prior year (4% ahead at constant rates of Perhaps the most important conclusion of the review was that exchange). This excludes the Group’s discontinued operations the Group should focus its activities on those business areas in the US which were sold. Profit before tax in continuing where it is already strong and is or has the clear opportunity to operations was £90.8 million (2005: £71.2 million). become a market leader. An important step forward in This includes net exceptional gains of £18.7 million and implementing this strategy was the sale in October of our impairment charges of £4.4 million. Underlying trading profit US based retail insurance broking and employee benefits for continuing operations, excluding exceptional items and operations. It was clear that a market leading position was not impairments was £58.9 million, 7% behind 2005 or 12% a realistic goal in the foreseeable future and there was also ahead at constant rates of exchange.
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