Travel insurer Cover-More has reported a 26.6% rise in net profit after tax to $11.9 million for the six months to December 31.

Net travel insurance sales grew 12.5% to $79 million, and net medical assistance sales increased 6.6% to $33.7 million.

“These are very pleasing results given the current trading environment, with outbound travel demand softening in the first half due to falling consumer sentiment in our major market, Australia, and the appreciation of the US dollar,” Group CEO Peter Edwards said.

He says the result reaffirms the importance of Cover-More’s commitment to growing Asian markets, especially China and India.

Websites have been launched in China and the UK, and the insurer has forged partnerships with the travel agency network Helloworld, IAG in New Zealand (see other story) and airline MASWings in Malaysia.

Cover-More says investments in Asia and in medical assistance reduce dependence on any one country or distribution channel.

Moves into India and China are expected to provide a platform for future growth.

As flagged at the company’s last AGM, Chairman Michael Alscher retired last week and has been replaced by board member Louis Carroll.