World Nomads Group has recorded an underlying operating profit of $4.2 million for the five months to December 31.

The specialist travel insurer was bought by health insurer Nib Holdings on July 31 last year.

Nomads’ gross written premium for the five months was $60.7 million, compared with $52.7 million in the corresponding period of 2014.

Its number of policies increased to 290,378 from 278,918. Almost 60% of policies were sold direct, with only 1% from insurance aggregators. Travel agents accounted for 33% of sales.

Most policies (63%) were sold in Australia, with 14% generated in the US.

Nib MD Mark Fitzgibbon says the acquisition of Nomads has been successful, with the business on track to deliver a full-year underlying operating profit of at least $10 million.

“We continue to be excited about the growth opportunities in Nomads,” he said.

“While we have seen some slowing in the Australian travel insurance market, the business has performed well, with good growth in international markets.” 

Mr Fitzgibbon says Nib will explore new markets in which to grow the business.