Nib Holdings’ covid-hit travel insurance arm posted its best ever half-year results since the company entered the market in 2015, confirming the strength of the recovery from the pandemic fallout.

Nib Travel booked underlying operating profit of $6.4 million for the December half, compared with a $7.9 million loss a year earlier. The first-half result is also significantly better than the prior six-month period’s $0.5 million underlying net profit.

“Market conditions improved rapidly, and sales grew with surging demand for travel, post Covid-19,” Nib Holdings CEO and MD Mark Fitzgibbon said.

“Our team is demonstrating just how much the business can contribute to the Group.”

Gross written premium during the period rose sharply to $104.1 million from $17.7 million a year earlier and policy sales went up 286.6%.

“As Covid-19 travel restrictions eased, and borders re-opened, there has been a resurgence in demand for travel,” Nib says.

Nib Holdings’ group-wide underlying operating profit improved 13.3% to $125.1 million. The group’s other businesses comprise of its key health insurance arm and a New Zealand operation that offers life and living products.