National Financial Partners Corp. (NFP, Financial) filed Annual Report for the period ended 2011-12-31.
National Financial Partners Corp. has a market cap of $667.78 million; its shares were traded at around $16.14 with a P/E ratio of 7.8 and P/S ratio of 0.66.
During the year ended December 31, 2011, revenue increased $31.5 million, or 3.2%, as compared to the year ended December 31, 2010. The revenue increase was driven by revenue increases within the ASG and CCG of $34.6 million and $24.3 million, respectively, and offset by a revenue decrease of $27.4 million within the ICG. Results in the CCG included commissions and fees revenues of $15.2 million from acquisitions in 2011 that had no comparable operations in 2010, notably in the property and casualty business line. After the impact from divested businesses of $4.4 million, the remaining net increase of $13.5 million represented growth within existing firms in the CCG, driven by new clients and product sales. Results in the ICG were impacted by challenging conditions in the life insurance market, particularly with respect to transactions involving high net worth individuals. Excluding the impact of dispositions, revenue from existing firms within the ICG declined by $25.9 million. ASG revenue benefited in particular from the sale of variable annuity products and a slight increase in assets under management.
Adjusted EBITDA for the year ended December 31, 2011 was $126.4 million, compared to $116.8 million in the last year, an increase of 8.2%. As a percentage of revenue, the Adjusted EBITDA margin was 12.5% compared to 11.9% in the last year. CCG Adjusted EBITDA increased with revenue growth from existing businesses as well as due to newly-acquired businesses that had no comparable operations in 2010, while overall operating expenses increased to partially offset the revenue increases. The CCG also benefited from a decrease in stock-based compensation of approximately $2.8 million, related to the EIP. ICG Adjusted EBITDA increased due to declines in fees to principals of $1.6 million for the PIP accrual, and a decline in stock-based compensation of approximately $2.0 million, related to the EIP. Excluding the impact of these events, Adjusted
During the year ended December 31, 2010, revenue increased $33.6 million, or 3.5%, as compared to the year ended December 31, 2009. The revenue increase was driven by revenue increases within the ASG and CCG of $44.2 million and $7.9 million, respectively, and offset by a revenue decrease of $18.5 million within the ICG. Existing firms within all segments contributed to an overall revenue increase of $72.8 million, offset by a $39.2 million decline in revenue from disposed firms. After the impact from divested businesses of $13.6 million, revenue in the CCG increased by $21.5 million driven by new clients and product sales, strength in certain specialty benefits, and medical inflation, which leads to increases in health insurance premiums and the commissions earned from them. ICG revenue was negatively impacted by dispositions, changing product offerings at carriers and uncertainty around estate tax exemption levels that were only resolved in December 2010. Results in the ASG were driven by general improvements in the financial markets and increased investor confidence from 2009. Assets under management for the ASG increased 18.6% to $9.3 billion for the year ended December 31, 2010 compared to $7.9 billion for the year ended December 31, 2009.
Income from operations increased $627.6 million, or 111.7%, in the year ended December 31, 2010, as compared to the year ended December 31, 2009. The Companys income from operations increased substantially primarily due to the decline in impairments from $618.5 million in 2009 to $2.9 million in 2010. The decline in impairments was driven by the significant impairment taken during the three months ended March 31, 2009. Commission expense increased slightly in the CCG and ICG, with commission expense of $37.1 million and $89.4 million, respectively, for the year ended December 31, 2010. This compared with CCG and ICG commission expense of $34.4 million and $84.3 million, respectively, for the year ended December 31, 2009. The increase in commission payouts at the ASG was commensurate with the increase in revenue. In addition, compensation expenseemployees decreased in each of the three segments and non-compensation expense decreased within the CCG and ICG, primarily due to a $9.0 million loss and related expenses recognized on the sublet of one of the floors of the Companys New York corporate headquarters in the fourth quarter of 2009. This expense was allocated among the segments.
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National Financial Partners Corp. has a market cap of $667.78 million; its shares were traded at around $16.14 with a P/E ratio of 7.8 and P/S ratio of 0.66.
Highlight of Business Operations:
The Companys businesses located in New York produced approximately 10.3%, 10.6%, 12.1%, 10.8% and 9.8% of the Companys revenue for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively. The Companys businesses located in Florida produced approximately 3.5%, 4.6%, 4.4%, 7.8% and 10.8% of the Companys revenue for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively. The Companys businesses located in California produced approximately 6.3%, 6.2%, 6.6%, 8.2% and 9.7% of the Companys revenue for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.During the year ended December 31, 2011, revenue increased $31.5 million, or 3.2%, as compared to the year ended December 31, 2010. The revenue increase was driven by revenue increases within the ASG and CCG of $34.6 million and $24.3 million, respectively, and offset by a revenue decrease of $27.4 million within the ICG. Results in the CCG included commissions and fees revenues of $15.2 million from acquisitions in 2011 that had no comparable operations in 2010, notably in the property and casualty business line. After the impact from divested businesses of $4.4 million, the remaining net increase of $13.5 million represented growth within existing firms in the CCG, driven by new clients and product sales. Results in the ICG were impacted by challenging conditions in the life insurance market, particularly with respect to transactions involving high net worth individuals. Excluding the impact of dispositions, revenue from existing firms within the ICG declined by $25.9 million. ASG revenue benefited in particular from the sale of variable annuity products and a slight increase in assets under management.
Adjusted EBITDA for the year ended December 31, 2011 was $126.4 million, compared to $116.8 million in the last year, an increase of 8.2%. As a percentage of revenue, the Adjusted EBITDA margin was 12.5% compared to 11.9% in the last year. CCG Adjusted EBITDA increased with revenue growth from existing businesses as well as due to newly-acquired businesses that had no comparable operations in 2010, while overall operating expenses increased to partially offset the revenue increases. The CCG also benefited from a decrease in stock-based compensation of approximately $2.8 million, related to the EIP. ICG Adjusted EBITDA increased due to declines in fees to principals of $1.6 million for the PIP accrual, and a decline in stock-based compensation of approximately $2.0 million, related to the EIP. Excluding the impact of these events, Adjusted
During the year ended December 31, 2010, revenue increased $33.6 million, or 3.5%, as compared to the year ended December 31, 2009. The revenue increase was driven by revenue increases within the ASG and CCG of $44.2 million and $7.9 million, respectively, and offset by a revenue decrease of $18.5 million within the ICG. Existing firms within all segments contributed to an overall revenue increase of $72.8 million, offset by a $39.2 million decline in revenue from disposed firms. After the impact from divested businesses of $13.6 million, revenue in the CCG increased by $21.5 million driven by new clients and product sales, strength in certain specialty benefits, and medical inflation, which leads to increases in health insurance premiums and the commissions earned from them. ICG revenue was negatively impacted by dispositions, changing product offerings at carriers and uncertainty around estate tax exemption levels that were only resolved in December 2010. Results in the ASG were driven by general improvements in the financial markets and increased investor confidence from 2009. Assets under management for the ASG increased 18.6% to $9.3 billion for the year ended December 31, 2010 compared to $7.9 billion for the year ended December 31, 2009.
Income from operations increased $627.6 million, or 111.7%, in the year ended December 31, 2010, as compared to the year ended December 31, 2009. The Companys income from operations increased substantially primarily due to the decline in impairments from $618.5 million in 2009 to $2.9 million in 2010. The decline in impairments was driven by the significant impairment taken during the three months ended March 31, 2009. Commission expense increased slightly in the CCG and ICG, with commission expense of $37.1 million and $89.4 million, respectively, for the year ended December 31, 2010. This compared with CCG and ICG commission expense of $34.4 million and $84.3 million, respectively, for the year ended December 31, 2009. The increase in commission payouts at the ASG was commensurate with the increase in revenue. In addition, compensation expenseemployees decreased in each of the three segments and non-compensation expense decreased within the CCG and ICG, primarily due to a $9.0 million loss and related expenses recognized on the sublet of one of the floors of the Companys New York corporate headquarters in the fourth quarter of 2009. This expense was allocated among the segments.
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