Travel insurer World Nomads Group made a $9.7 million underlying operating profit last financial year.

The business was bought by health insurer Nib Holdings in July last year for $95 million. Takeover costs were put at $1.9 million.

Gross written premium (GWP) for Nib’s 11 months of ownership to June 30 totalled $112 million, and operating income was $50 million.

Operating expenses for the 11 months were $40 million.

In the year to June 30, World Nomads’ GWP was $123.2 million, up from $116.6 million the previous year.

Nib CFO Michelle McPherson says premiums were up 5.6% due to strong international sales, with the US rising more than 30% and the UK 25%.

At June 30 World Nomads had 589,002 policies, compared with 583,164 a year earlier.

“[We completed a] successful transition of business to Nib ownership with minimal disruption,” Ms McPherson said.

The health insurer is seeking synergies with the Nib Group, and it is targeting international markets as a rich growth area for World Nomads.