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GWG Holdings, Inc. (GWGH) saw its loss narrow to $3 million, or $0.50 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.63 million, or $0.61 a share. On the other hand, adjusted net income for the quarter stood at $8.07 million, or $0.98 a share compared with $4.74 million or $0.59 a share, a year ago.
Revenue during the quarter surged 68.06 percent to $13.92 million from $8.28 million in the previous year period.
"We executed on numerous key objectives this quarter, which include securing a new long term credit facility; raising a record amount of capital; purchasing policies from our direct origination sources; recruiting increasing numbers of life insurance agents to send us policies directly for acquisition; achieving DTC closings for all of our investment products; acquiring new technology that promises to improve our underwriting capabilities; and launching a new corporate website that highlights our strategic plans for our long-term future success in the insurance marketplace," commented Jon Sabes, GWG Holdings' chief executive officer.
Assets outpace liabilities growth
Total assets increased 41.96 percent or $155.89 million to $527.42 million on Sep. 30, 2016. On the other hand, total liabilities were at $481.08 million as on Sep. 30, 2016, up 37.15 percent or $130.32 million from year-ago.
Return on assets stood at 1.70 percent in the quarter, up 0.35 from 1.35 percent in the last year period. Return on equity for the quarter stood at negative 5.56 percent as compared to a negative 2,219.69 percent for the previous year period.
Investments increase substantially
Investments stood at $477.59 million as on Sep. 30, 2016, up 44.91 percent or $148.02 million from year-ago.
Total debt was at $461.11 million as on Sep. 30, 2016, up 39.01 percent or $129.41 million from year-ago. As a result, debt to equity ratio went down 222974 basis points to 9.95 percent in the quarter from 2,239.69 percent in the last year period.
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