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Life Health > Life Insurance

Earnings: NFP

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A “challenging life insurance underwriting environment in the high net worth, older age market” affected results at National Financial Partners Corp. during the second quarter.

Here is a summary of the earnings report issued by NFP:

National Financial Partners Corp., New York

2 Q 2008 Results

NET INCOME: $10 million

REVENUE: $288 million

2 Q 2007 Results

NET INCOME: $10 million

REVENUE: $283 million

- NFP, a financial services distributor that owns about 180 firms, says it paid about $12 million for 6 acquisitions and “sub-acquisitions” completed between April 1 and Aug. 5. The acquired firms generated $7.6 million in revenue in 2007.

- The company reports that life brokerage, group benefits and financial advisory businesses continued to grow, but economic and financial market conditions started to hurt in the second quarter.

- Tough life underwriting for older, wealthier individuals affected the company’s executive benefits, retail life and life settlement businesses, NFP says.


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