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National Financial Partners' CEO Discusses Q4 2011 - Earnings Call Transcript

Stocks in this article: NFP

2011 demonstrated NFP’s ability to once again be a competitive acquirer of attractive businesses. Our acquisition focus is to complement our existing core operations and facilitate current and future regional consolidation. In July 2011, we acquired Lapre Scali, which has since been consolidated with NFP P&C, operating under a single structure and brand.

In September 2011, we acquired DA Financial, a leading provider of benefits, insurance and wealth management services which is now our NFP-branded presence in the San Francisco Bay area.

In January 2012, we purchased AGS Benefits, a benefits brokerage firm in the New York metro area and Boston. Simultaneously, we bought out the management contract of NFP Dreyfuss & Birke and combined it with AGS Benefits. These businesses together establish a major NFP-branded benefits presence in New York.

These acquisitions are consistent with our strategy of purchasing highly successful diversified businesses with strong management to grow NFP’s scale and value proposition as well as increase recurring revenues.

Turning to Slide 8 and looking ahead for 2012, we plan to continue to execute on our balanced capital allocation strategy. We expect to use approximately 80 million of cash for acquisitions in 2012. We intend to allocate approximately 20 million of the 80 million to buy out the economics of certain businesses that we already own. These management contract buyouts increase our share of the earnings in our best performing businesses and allow us to more seamlessly consolidate our operations and realize more of the benefits of our scale. In this context, we maintain economic alignment and appropriate growth incentives for our key managers and employees.

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