National Financial Partners dips into red ink for first quarter

National Financial Partners Corp. today reported a net loss of $515.8 million, or $12.59 per diluted share, for the first quarter, compared with net income of $8.5 million, or $0.21 per diluted share, in the first quarter of 2008.
MAY 12, 2009
By  Sue Asci
National Financial Partners Corp. today reported a net loss of $515.8 million, or $12.59 per diluted share, for the first quarter, compared with net income of $8.5 million, or $0.21 per diluted share, in the first quarter of 2008. The net loss reflected a $607.3 million pretax impairment of goodwill and intangible assets. “The impairment taken during the quarter reflected the stressed macroeconomic environment and its impact on NFP’s market value and revenue, particularly in the life insurance area,” the New York-based firm said in a statement. Cash earnings for the first quarter totaled $18.1 million, or $0.44 per diluted share, from $24.1 million, or $0.59 per diluted share, in the first quarter of 2008. Revenue decreased 24.2% to $217 million in the first quarter, compared with the year-earlier period, the report said. “While revenue declined somewhat at our benefits firms, the economic environment had a greater impact on our life insurance firms,” Jessica Bibliowicz, chairman, president and chief executive, said in the statement. General and administrative expenses decreased 22.2% to $12.6 million in the quarter due to previous reductions in staff and other expense reductions, the report said.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.