National Financial Partners Corp. says the credit market problems and changes in life insurance underwriting practices have cut its revenue 7% during the first 2 months of the third quarter.
NFP, New York, a life insurance distributor that has been buying independent financial advisory firms, says revenue was down partly because of the economic turmoil, and partly because of “continued restrictive underwriting and diligence in the high net worth, older age life insurance and life settlements markets.”
NFP usually gets more of its revenue and earnings in the third month of a quarter than in the other months in a quarter, but, “given current market conditions, it is unclear whether September 2008 results will conform to this historical pattern,” NFP says.