Nib Holdings’ travel business rebounded strongly as a surge in post-pandemic travel drove gross written premium (GWP) to a record $224.1 million for the year to June 30. In the preceding year GWP reached $96.5 million. 

“There’s renewed enthusiasm for domestic and international travel…long may that continue,” MD Mark Fitzgibbon said during an earnings webcast. 

“Travel recorded its largest gross written premium revenue in its history, and certainly since our ownership [of World Nomads Group in 2015] and underlying profitability. Obviously, it’s returning on the back of a travel re-emerge.” 

The travel business – which includes nib Travel, Travel Insurance Direct and World Nomads – achieved an underlying operating profit of $14 million, its best-ever result. In the prior year the business made an underlying operating loss of $7.4 million and in the preceding two years lost $13.6 million and $19.7 million. 

Nib says travel demand and a “heightened” recognition of the importance of insurance value drove sales to over 728,000, with growth across domestic and international markets. 

Nib Holdings, which also provides health and medical insurance cover, posted an 11.1% rise in group underlying operating profit to $263.2 million from a year earlier and net profit after tax increased 42.8% to $191.1 million.