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.

NFP is active in the life settlement market, and the decision by a life expectancy underwriter to lengthen mortality tables could affect results, the company says.

“The company expects the change in mortality tables to impact negatively the availability of certain life insurance premium financing programs and the pricing of life settlements until the changes are fully integrated into pricing models,” NFP says.

But NFP notes that it faces limited underwriting risk and little exposure to asset-quality risk.