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Jardine Lloyd Thmpsn (JLT)

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Tuesday 31 July, 2001

Jardine Lloyd Thmpsn

Interim Results

Jardine Lloyd Thompson Group PLC
31 July 2001


                       JARDINE LLOYD THOMPSON GROUP plc

             INTERIM RESULTS FOR THE SIX MONTHS TO 30th JUNE 2001



Jardine Lloyd Thompson Group plc today announces the interim results for the
six months ended 30th June 2001. These results reflect continued strong
organic growth, the increasingly hard insurance market conditions and the
benefit of acquisitions made in 2000.

Financial Highlights (before exceptional items and goodwill amortisation):


  * turnover up 26% to £173.3 million (2000: £137.9 million)

  * trading profit up 26% to £29.9 million (2000: £23.7 million)

  * profit before tax up 18% to £42.3 million (2000: £35.9 million)

  * diluted earnings per share up 13% to 14.8p (2000: 13.1p)

  * dividend up 10% to 6.6p (net) per share, payable on 15th October 2001

Management Changes


  * Ken Carter to become Chairman; Steve McGill to become Chief Executive
    effective 1st January 2002

Ken Carter, Chief Executive, commented:

'These results reflect another strong trading period for JLT. We enjoyed
growth throughout the Group's operations with notable performances in many
parts of the London market operations, UK and Asia Pacific. The insurance
market continues to harden and we believe will now last longer than the two
years we forecast when we announced our 2000 results in February.

Steve McGill will become Chief Executive on 1st January 2002, having
demonstrated his business skills over many years and in many areas. Together
with the senior management team, Steve's appointment establishes the future
leadership of JLT.'



Enquiries:
Ken Carter, Chief Executive                Jardine Lloyd Thompson 020 7528 4444
Steve McGill, Deputy Chief Executive
George Stuart-Clarke, Finance Director

Melanie Gerlis,                            Finsbury               020 7251 3801
melanie.gerlis@finsbury.com
Claire Bithell, claire.bithell@finsbury.com



FULL RELEASE FOLLOWS:



CHAIRMAN'S STATEMENT

Report to Shareholders

Results and Dividend

In the six month period ended 30th June 2001, JLT continued to grow strongly,
generating brokerage and fees of £173.3 million and profit before taxation,
goodwill amortisation and exceptional items of £42.3 million, representing
increases of 26% and 18% respectively compared to the same period last year.

The Board has declared an interim dividend of 6.6p per share which will be
paid on 15th October 2001. This equates to a 10% increase over last year's
equivalent dividend.

The environment in our industry remains as competitive as ever. However,
insurance markets throughout our business are hard and, in many areas,
hardening further. We believe this cycle will last longer than the two years
we initially forecast in February this year.

Operational Review

The bulk of the 26% increase in Group turnover reflects the acquisitions in
2000 of Burke Ford and Abbey National Benefit Consultants, together with new
business, continued penetration of our existing client base and the benefits
of the hard market cycle. Some 3% is attributable to movements in exchange
rates.

Trading profit, defined as turnover less expenses other than goodwill
amortisation, was £29.9 million, an increase of 26% over last year (16% at
constant rates of exchange), maintaining the Group's record of continuous
growth of turnover and trading profit at every reporting period since JLT was
created.

In JLT Risk Solutions, turnover grew to £80.9 million, an increase of 17%,
with most of the growth attributed to the more traditional areas. Exceptional
performances were achieved in Cargo, Casualty, Accident & Health,
Construction, Energy, North American Property and all Reinsurance areas. In
our ART area there was slower growth during the period; however we believe
that this continues to be an exciting area for high growth in the future. The
new initiatives, Capital Risk Group and Captive Management, announced last
year, are now operational and we expect them to make a contribution in the
second half of the year.

In JLT Corporate Risks & Services, turnover was £92.4 million, an increase of
34%. Corporate Risks turnover was £42.2 million and in Services £50.2 million,
increases of 27% and 41% respectively. Strong performances were achieved in
the UK, Asia and Australia. The integration of Abbey National Benefit
Consultants, acquired at the end of the last year, is proceeding well and the
potential of the combined business is living up to our expectations. The
trading margins in our major businesses are now showing improvement, partly in
response to the process efficiency programme referred to last year, and partly
due to the benefits of the hard market. Yet again, SIACI grew both its revenue
and its profits, whilst the contribution to the Group results has reduced,
reflecting the restructuring of our shareholding in SIACI at the end of last
year.

Exceptional Items

The major items are operating in nature and reflect the costs of integration
of Abbey National Benefit Consultants, while there are minor non-operating
items reflecting the impact of two disposals undertaken during the period.

Board & Senior Management Changes

I intend to retire as Chairman of the Group at the end of the year when Ken
Carter, currently Chief Executive, will relinquish that position and be
appointed Chairman. Steve McGill, currently Deputy Chief Executive, will
become Chief Executive. These changes will occur with effect from 1st January
2002 and over the next few months we will work closely to ensure a seamless
transition. I was appointed Chairman when JLT was created in February 1997. I
have thoroughly enjoyed working with Ken and the senior management team over
the last five years in creating what I believe to be one of the most exciting
and successful companies in our industry. Ken was appointed Chief Executive of
Lloyd Thompson in 1986 and was appointed to that position on the creation of
JLT. He is looking forward to playing a different role in the Company going
forward. The Board is delighted to announce the appointment of Steve McGill
who joined Lloyd Thompson in 1989 and was appointed to its Board in 1996. He
has held a number of senior executive positions at JLT over the past five
years; notably as Chief Executive of Risk Solutions since 1999, Chairman of
JLT Asia (in 1998) and as a member of the Group Executive Committee throughout
the period.

John Lloyd , who was Chairman of Lloyd Thompson Group plc, from 1993 until the
creation of JLT in 1997, and Vyvienne Wade, the Group Legal Director, will be
appointed to the Board of Jardine Lloyd Thompson Group plc effective 1st
January 2002. Both currently serve on the Group Executive Committee and have
been with the group for many years.

Prospects

Growth is expected to continue given the Group's consistent track record of
winning new business and the current hard market. We believe that the hard
market cycle will last longer than the two years predicted when we announced
our 2000 results in February this year. Whilst exchange rates and interest
rates will affect our results, the Group maintains a prudent policy of hedging
such exposures.

Prospects, as always, are mostly influenced by our colleagues within JLT.
Whilst the management changes referred to above herald a new era for the
Group, our continuing primary focus is on our most valued assets - JLT people.
Since last reporting, we have continued to expand our team of highly respected
and talented executives and believe that this asset base of the Group is
improving all the time. We all remain committed to the changes ahead, the
future and the growing success of JLT.



John Barton

Chairman

31st July 2001





Jardine Lloyd Thompson Group plc

Consolidated Profit and Loss Account

Unaudited results for the six months ended 30th June 2001

                                      Continuing Discontinued
                                      operations   operations
                                            2001         2001      2001    2000
                                Notes      £'000        £'000     £'000   £'000

TURNOVER                            2    172,650          618   173,268 137,910
Investment income                         11,175            -    11,175   9,502

Operating Revenue                        183,825          618   184,443 147,412

Trading expenses (excluding goodwill    (142,767)        (565)(143,332)(114,220)
amortisation and exceptional items)
Goodwill amortisation                     (1,580)           -   (1,580)    (491)
Exceptional items                   3     (1,231)           -   (1,231)       -

Operating Costs                         (145,578)        (565)(146,143)(114,711)

Operating Profit                          38,247           53   38,300   32,701
Share of operating profit in               2,466            -    2,466    3,165
associates
Profit/(losses) on the sale or      4         21         (152)    (131)     (13)
closure of operations - exceptional
Interest payable and
 similar charges                    2     (1,285)           -   (1,285)    (487)

PROFIT ON ORDINARY ACTIVITIES
 BEFORE TAXATION                    2     39,449          (99)  39,350   35,366


Profit on ordinary activities before      42,239           53   42,292   35,870
goodwill amortisation, exceptional
items and taxation

Taxation on profit on ordinary      5                          (12,225) (11,285)
activities

PROFIT ON ORDINARY ACTIVITIES AFTER                             27,125   24,081
TAXATION
Minority interests                                                (465)    (137)

PROFIT ATTRIBUTABLE TO SHAREHOLDERS                             26,660   23,944

Dividends                           6                          (13,197) (11,512)

RETAINED PROFIT FOR THE PERIOD                                  13,463   12,432

DIVIDEND PER SHARE
Interim                             6                             6.6p     6.0p

EARNINGS PER SHARE                  7
Basic                                                            14.0p    12.7p
Diluted                                                          13.5p    12.5p
Basic, excluding exceptional items                               14.5p    13.1p
Diluted, excluding exceptional items                             14.0p    12.8p
Basic, excluding exceptional items                               15.4p    13.4p
and goodwill amortisation
Diluted, excluding exceptional items                             14.8p    13.1p
and goodwill amortisation



Jardine Lloyd Thompson Group plc

Consolidated Balance Sheet

Unaudited as at 30th June 2001
                                                   As at       As at      As at
                                               30th June   30th June   31st Dec
                                                    2001        2000       2000
                                                   £'000       £'000      £'000
FIXED ASSETS
Intangible assets                                 57,896      35,746     59,004
Tangible assets                                   21,461      20,126     21,043
Investments in associated undertakings             5,859      17,518      5,350
Other investments                                  1,490          85         68
Employee benefit trusts                           10,272       7,152      7,833
                                                  96,978      80,627     93,298

CURRENT ASSETS
Debtors                                        2,259,154   1,963,592  1,899,804
Investments and deposits                         329,272     328,625    246,228
Cash                                              81,572      45,447     68,862
                                               2,669,998   2,337,664  2,214,894
CREDITORS - amounts falling due within one   (2,591,214) (2,285,887) (2,149,585)
year

NET CURRENT ASSETS                                78,784      51,777     65,309

TOTAL ASSETS LESS CURRENT LIABILITIES            175,762     132,404    158,607
CREDITORS - amounts falling due after more         (912)     (1,934)      (936)
than one year
PROVISIONS FOR LIABILITIES AND CHARGES          (48,839)    (43,164)   (50,827)
MINORITY INTERESTS                               (2,464)     (1,171)    (2,088)
                                                 123,547      86,135    104,756

CAPITAL AND RESERVES
Called up share capital                            9,831       9,605      9,676
Share premium account                             17,918      10,686     13,192
Shares to be issued                               10,373       7,444     10,373
Profit and loss account                           85,425      58,400     71,515

SHAREHOLDERS' FUNDS                              123,547      86,135    104,756





Jardine Lloyd Thompson Group plc

Statement of Total Recognised Gains and Losses

Unaudited for the six months ended 30th June 2001
                                                                     2001  2000
                                                                    £'000 £'000
PROFIT FOR THE PERIOD
Group companies                                                    25,543 22,034
Share of associates                                                 1,117  1,910
                                                                   26,660 23,944

Currency translation differences on foreign currency net              447  (551)
investments

TOTAL RECOGNISED GAINS RELATING TO THE PERIOD                      27,107 23,393



Reconciliation of Movement in Shareholders' Funds

Unaudited for the six months ended 30th June 2001
                                                             2001          2000
                                                            £'000         £'000
PROFIT FOR THE PERIOD
Group companies                                            25,543        22,034
Share of associates                                         1,117         1,910

                                                           26,660        23,944
Dividends                                                (13,197)      (11,512)
Goodwill movements                                              -         4,067
Currency translation and other items                          447         (457)
New shares issued                                           4,881           852
Shares to be issued                                             -         7,444

NET MOVEMENT IN SHAREHOLDERS' FUNDS                        18,791        24,338
OPENING SHAREHOLDERS' FUNDS                               104,756        61,797

CLOSING SHAREHOLDERS' FUNDS                               123,547        86,135



Jardine Lloyd Thompson Group plc

Consolidated Cashflow Statement

Unaudited for the six months ended 30th June 2001
                                                            6 months   6 months
                                                                  to         to
                                                           30th June  30th June
                                                                2001       2000
                                                    Notes      £'000      £'000
OPERATING ACTIVITIES
Net cash inflow from operating activities             8       42,020     14,170

DIVIDENDS FROM JOINT VENTURES AND ASSOCIATES
Dividends received from associates                               222        356

RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Interest received                                             10,860      9,464
Interest paid - bank loans                                         -       (36)
Interest paid - other loans and finance leases                  (52)       (22)
Dividends paid to minority shareholders                        (102)       (52)

TAXATION
UK corporation tax paid                                      (4,861)    (2,617)
Overseas tax paid                                            (2,441)    (2,192)

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets                            (4,412)    (2,842)
Sales of tangible fixed assets                                 1,163        147

ACQUISITIONS AND DISPOSALS
Purchase of investments by Employee Benefit Trust            (3,908)    (2,198)
Purchase of subsidiary undertakings                   8        (738)    (5,194)
Net cash acquired with subsidiaries                   8            -      (139)
Disposal of businesses                                8          163      4,872
Net cash disposed of with subsidiaries                8            -         39
Investment in associated undertakings                           (82)       (69)
Purchase of fixed asset investments                          (1,417)       (19)
Issue of shares to minority shareholders in                        -        508
subsidiary

EQUITY DIVIDENDS PAID
Dividends paid                                              (16,633)   (14,838)

NET CASH INFLOW/(OUTFLOW) BEFORE USE OF LIQUID                19,782      (662)
RESOURCES AND FINANCING

MANAGEMENT OF LIQUID RESOURCES                              (83,044)   (85,604)
Net cash flows into investments and deposits

FINANCING
Issue of ordinary shares                              8        4,881        852
Movement in debt                                      8        (121)    (5,815)
Decrease in cash (excluding insurance broking               (58,502)   (91,229)
funds)
Increase in net insurance broking creditors                   70,334     87,778
Net insurance broking cash at acquisition or          8            -      4,548
disposal

INCREASE IN CASH IN THE PERIOD                        8       11,832      1,097



Jardine Lloyd Thompson Group plc

Notes to the Interim Report

For the six months ended 30th June 2001

1.    Basis of Accounting
      The unaudited results for the six months ended 30th June 2001 have been
      prepared under the historical cost convention using the accounting
      policies adopted in respect of the year ended 31st December 2000.

      The financial information for the year ended 31st December 2000 relating
      to the Group set out above has been extracted from the audited accounts
      of the Company for that period. Such financial information does not
      constitute statutory accounts of the Company for that period within the
      meaning of section 240 of the Companies Act 1985. Consolidated statutory
      accounts for the Company for that period, upon which the auditors have
      given an unqualified report and which did not contain any statement under
      section 237 of the Act, have been delivered to the Registrar of
      Companies.

2.    Segmental information

Turnover

Geographical analysis by     Continuing  Discontinued  6 months to  6 months to
location of operation        operations    operations    30th June    30th June

                                   2001          2001         2001         2000
                                  £'000         £'000        £'000        £'000

Europe (including UK)           113,216             -      113,216       82,783
Asia Pacific                     30,412             -       30,412       27,865
Americas                         29,022           618       29,640       27,262

                                172,650           618      173,268      137,910

Profit on ordinary activities before taxation

                Continuing operations Discontinued 
                                       operations
                       Group Associates     Group Exceptional Total 6 months to
                   Companies            Companies       Items         30th June
                        2001       2001      2001        2001  2001        2000
                       £'000      £'000     £'000       £'000 £'000       £'000

Europe (including     30,389      2,448         -     (1,206) 31,631      27,491
UK)
Asia Pacific           7,796        264         -          -   8,060       6,544
Americas               1,293      (246)        53       (156)    944       1,818

                      39,478      2,466        53     (1,362) 40,635      35,853
Interest payable       (599)      (686)         -          -  (1,285)      (487)
and similar
charges
                      38,879      1,780        53     (1,362) 39,350      35,366



Interest payable and similar charges includes £488,000 (2000: £397,000) in
respect of the unwinding of provision discounting.


Notes to the Interim Report

For the six months ended 30th June 2001

3.                                      Exceptional items
                                                  6 months to    6 months to
                                                  30th June 2001 30th June 2000
                                                  £'000          £'000

Acquisition integration and reorganisation costs  (1,231)

                                                  (1,231)

Costs arising from the integration of Abbey National Benefit Consultants,
acquired in November 2000, have been treated as exceptional items.



4.            Profits/(losses) on the sale or closure of operations -
              exceptional

                                  6 months to          6 months to
                                  30th June 2001       30th June 2000
                                  £'000                £'000

Sale of Flood Underwriters of the (156)                -
Southeast, Inc
Sale of NIB Investments West      25                   -
Africa
Sale of Horan, Goldman Companies  -                    2,246
Inc.
Sale of Jardine Southern Risk     -                    855
Managers Inc
Sale of Jardine MacNeill, Inc     -                    (2,980)
Sale of JLT Direct Club Services  -                    (134)
Limited

                                  (131)                (13)

During the current and prior year the Group has sold or closed a number of
operations. The resulting profits and losses from these transactions have been
treated as exceptional items.

5.             Taxation on profit on ordinary activities

                                         6 months to                6 months to
                                      30th June 2001             30th June 2000
                                               £'000                      £'000
UK Corporation Tax
Current tax on income for the period           8,717                      6,547
Tax on associates                                  -                          2

                                               8,717                      6,549
Foreign Tax
Current tax on income for the period           2,520                      3,526
Adjustments in respect of prior                    -                       (10)
periods
Tax on associates                                988                      1,220
                                               3,508                      4,736
                                              12,225                     11,285
Taxation on profits before                    12,480                     10,650
exceptional items
Taxation on exceptional items                  (255)                        635
                                              12,225                     11,285



Notes to the Interim Report

For the six months ended 30th June 2001

6.               Dividend

The interim dividend of 6.6p per share (2000: 6.0p) is payable on 15th October
2001 to shareholders who are registered at the close of business on 14th
September 2001. The provisional ex-dividend date will be 12th September 2001.


7    Earnings per Share

i)   Basic earnings per share are calculated by dividing the profit after
     taxation and minority interests by the weighted average number of shares
     in issue.

ii)  Diluted earnings per share are calculated by dividing the profit after
     taxation and minority interests by the adjusted weighted average number of
     shares in issue.

iii) Basic earnings per share, excluding exceptional items are calculated by
     dividing the adjusted profit excluding exceptional items by the weighted
     average number of shares in issue.

iv)  Diluted earnings per share, excluding exceptional items, are calculated by
     dividing the adjusted profit, excluding exceptional items, by the adjusted
     weighted average number of shares in issue.

v)   Basic earnings per share, excluding exceptional items and goodwill
     amortisation, are calculated by dividing the adjusted profit, excluding
     exceptional items and goodwill amortisation by the weighted average number
     of shares in issue.

vi)  Diluted earnings per share, excluding exceptional items and goodwill
     amortisation, are calculated by dividing the adjusted profit, excluding
     exceptional items and goodwill amortisation, by the adjusted weighted
     average number of shares in issue.

The weighted average number of shares in issue has been calculated after
excluding the Group's share of SIACI's interest in the share capital of Jardine
Lloyd Thompson Group plc together with the shares held by the Trustees of the
Employees' Share Ownership Plan Trust in respect of the Jardine Lloyd Thompson
Group Restricted Share Scheme.



Notes to the Interim Report

For the six months ended 30th June 2001

7   Earnings per Share continued

                                               6 months to          6 months to
                                            30th June 2001       30th June 2000
                                              No of shares         No of shares

      Weighted average number of shares in     191,015,477          187,833,056
      issue
      Effect of outstanding share options        6,926,036            3,925,087


      Adjusted weighted average number of      197,941,513          191,758,143
      shares

                 6 months to 30th June 2001          6 months to 30th June 2000
                                      Basic  Diluted           Basic    Diluted

                                      Pence    Pence           Pence      Pence

                                        per      per             per        per
        Earnings reconciliation £'000 share    share    £'000  share      share

Profit after taxation and       26,660  14.0     13.5   23,944   12.7      12.5
minority interests
Exceptional items                1,231                       -
Losses on sale or closure of       131                      13
operations - exceptional
Amounts written off investments      -                       -
- exceptional
Taxation (credit) charge on       (255)                    635
exceptional items
                                 1,107   0.5      0.5      648    0.4       0.3
Adjusted profit excluding       27,767  14.5     14.0   24,592   13.1      12.8
exceptional items
Goodwill amortisation            1,580   0.9      0.8      491    0.3       0.3
Adjusted profit excluding
exceptional items and goodwill
amortisation                    29,347  15.4     14.8   25,083   13.4      13.1



Notes to the Interim Report

For the six months ended 30th June 2001

8     Notes to the Consolidated Cashflow Statement

(a)   Net Cash inflow from operating activities         6 months to 6 months to
                                                          30th June   30th June
                                                               2001        2000
                                                              £'000       £'000
Reconciliation of profit on ordinary activities before
taxation to net cash inflow from operating activities

Profit on ordinary activities before taxation                39,350      35,366
Investment income receivable                               (11,175)     (9,502)
Interest payable on finance leases                              111          19
Interest payable on bank loans                                    -          20
Unwinding of provision discounting                              488         397
Depreciation                                                  3,667       3,277
ESOP amortisation                                             1,469       1,312
Goodwill amortisation                                         1,580         491
Profit on sale of tangible fixed assets                       (646)        (29)
Share of results of associated undertakings                 (1,780)     (3,114)
Exceptional items                                             1,231           -
Losses on the sale or closure of operations -                   131          13
exceptional
Decrease/(Increase) in debtors excluding insurance           11,631     (2,878)
broking balances
Decrease in creditors excluding insurance broking           (1,092)     (6,518)
balances
Decrease in provisions for liabilities and charges          (2,945)     (4,684)

Net cashflow from operating activities (excluding            42,020      14,170
insurance broking funds)

(b)   Analysis of changes in financing during period
                                                              Share   Loans and
                                                            capital     finance
                                                          including       lease
                                                            premium obligations
                                                              £'000       £'000

Balance at 1st January 2001                                  22,868       1,696
Cashflow from financing -                                     4,881       (121)
Exchange                                                          -        (27)
Balance at 30th June 2001                                    27,749       1,548


(c)   Analysis of net funds

                              At 1st Jan 2001 Cashflow     Exchange     At 30th
                                                          movements   June 2001
                                        £'000    £'000        £'000       £'000

Cash                                   68,862   11,832          878      81,572
Investments & deposits                246,228   83,044            -     329,272
Loan Notes                               (86)        1            -        (85)
Finance Leases                        (1,610)      120           27     (1,463)

                                      313,394   94,997          905     409,296


Notes to the Interim Report

For the six months ended 30th June 2001

8.      Notes to the Consolidated Cashflow Statement continued

(d)   Acquisitions                                                         Cost
                                                                          £'000
During the period a number of additional investments in existing
businesses were completed:
Additional investment in existing businesses                                738
                                                                            738


Assets and liabilities of businesses
acquired - summary
                                             6 months to 30th  6 months to 30th
                                                         June              June
                                                         2001              2000
                                                        £'000             £'000

Tangible fixed assets                                       -             3,738
Investment in associate                                     -               673
Other investments                                           -                 5
Insurance broking debtors                                   -            15,742
Other debtors                                             216               819
Taxation recoverable                                        -                51
Cash at bank - insurance broking funds                      -             6,782
Insurance broking creditors                                 -          (20,662)
Creditors                                                 (3)           (4,791)
Bank overdrafts                                             -             (139)
Finance leases                                              -             (528)
Bank and other term loans                                   -           (4,398)
Taxation                                                 (31)                 -
Provisions for liabilities and charges                      -              (89)
Minority interests                                          -                18
                                                          182           (2,779)
Goodwill                                                  556            21,249
Cost of acquisition                                       738            18,470
Cost of acquisition comprised
Cash                                                      738             5,194
Deferred consideration                                      -             5,832
Shares to be issued                                         -             7,444
                                                          738            18,470



All assets and liabilities are stated at their fair value, no adjustment has
been made to their book value.


Notes to the Interim Report
For the six months ended 30th June 2001

8        Notes to the Consolidated Cashflow Statement Icontinued  Net Proceeds

(e)      Disposal                                                        £'000

During the period, the sale of Flood Underwriters
 of the Southeast, Inc and

NIB Investments West Africa was completed,
 neither of which were individually significant.

Flood Underwriters of the Southeast Inc.                                   133

NIB Investments West Africa                                                 30

                                                                           163




                                                                2001       2000
Assets and liabilities of businesses sold or closed            £'000      £'000
Tangible fixed assets                                              -        377
Investment in associate                                            4          -
Insurance broking debtors                                          -      3,361
Other Debtors                                                      -        883
Investments and deposits - Insurance broking funds                 -        893
Cash at bank - Insurance broking funds                             -      2,234
Bank overdraft                                                     -       (39)
Insurance broking creditors                                        -    (5,681)
Creditors                                                          -      (391)
Finance leases                                                     -      (125)
Taxation                                                         290      (282)
Provisions for liabilities and charges                             -      (153)
Minority interest                                                  -      (259)
                                                                 294        818
Loss                                                           (131)       (13)
                                                                 163        805
Goodwill                                                           -      4,067
Proceeds                                                         163      4,872



All proceeds were satisfied by a cash consideration.


9.  The interim report will be posted to shareholders by 6th August 2001 and
    will be available to the public upon request to the Company Secretary at 6
    Crutched Friars, London EC3N 2PH.