The board of Life Partners Holdings Inc., a life settlement firm, has approved a 5-for-4 split of the company’s common stock.

The split will be paid Dec. 31 in the form of a stock dividend to shareholders of record as of Dec. 21, according to Life Partners (Nasdaq GS: LPHI), Waco, Texas.

Life Partners says it has completed life settlement transactions with about $2.7 billion in total face value since it was established in 1991.

- Trevor Thomas