Travel insurer Cover-More has reported net profit of $25.1 million for the year to June 30, up more than 50% on the previous year.

The company has hailed the success of its Asian growth strategy, and pledged continued focus on the region this financial year.

Asian earnings before interest, taxes, depreciation and amortisation grew 76% thanks to strong e-commerce revenues and an impressive performance by the Indian business, which won an award for the country’s best travel insurer.

Cover-More is to start selling travel insurance in China, having secured an underwriting arrangement with CCIC, part of China Re, and teamed up with online travel agent Qunar.

CEO Peter Edwards says the group has performed well since listing on the Australian Securities Exchange in December.

“It’s pleasing to see the investment we have made in technology and innovation over the past three years now making a significant contribution to the group’s growth.”

Gross travel insurance sales grew 20% to $369 million last financial year, and gross medical assistance sales increased 7% to $64.8 million.