Investors who are not confident that their endowment policies will pay out can sell them to the TIS Group through its subsidiary AAP. Chairman Lee Portnoi founded the business seven years ago in a management buyout of AAP. TIS claims to buy 7,500 traded endowment policies a year for an average of £8,000 and resells them to investment groups. Profits rose 51% from £1.3m in 2001 to £4.4m in 2004.
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