Life Partners Holdings Inc. says an increase in life policy resale volume helped profits during the fiscal quarter that ended Nov. 30, 2007.
Life Partners, Waco, Texas, a life settlement firm, is reporting $5.2 million in net income for its third fiscal quarter on $19 million in revenue, up from $847,606 in net income on $7.3 million in revenue for the third fiscal quarter of 2006.
The total amount of policy face value involved in the underlying life settlement transactions increased to $126 million, up 257% from the total for the comparable period in 2006, Life Partners says.
At this point, recent turmoil in the U.S. financial markets seems to be unlikely to affect Life Partners’ operations, the firm says.
“Because we serve investors in the alternative investment market and our business plan does not rely on debt, we expect Life Partners to remain insulated from the current credit trouble of other financial service companies,” Life Partners Chief Executive Brian Pardo says in a statement accompanying the earnings release.