Insurance technology specialist Ebix has posted a 21% rise in first-quarter net profit to $US22.2 million ($30.3 million) on the back of record revenue.

The US-listed company says revenue was $US71.1 million ($97 million) in the three months to March 31, up from $US63.8 million ($86.9 million) in the corresponding period last year.

Its risk compliance solutions business achieved a 38% rise in revenue to $US16.8 million ($22.9 million) and exchange channel business grew 7% to $US50.1 million ($68.3 million).

Chairman and CEO Robin Raina says the results underline the company’s success with new business projects, including the Placing Platform electronic system for the London Market Group.

“We believe Ebix’s recent achievements, such as our launch of a new insurance exchange in London, have created important precedents for the ongoing transformation of the worldwide insurance industry, and we are extremely well positioned to play a leadership role in future large-scale projects,” Mr Raina said.

“In addition to organic growth initiatives, we also intend to make further strategic acquisitions in complementary geographies and areas of domain expertise.”

Ebix has not given a breakdown on how various markets performed, including Australia, where it has substantial operations.

Australia MD Leon d’Apice told insuranceNEWS.com.au the local unit performed well in the March quarter.

“The Australian operations continue to operate strongly,” he said. “It was in line with expectations.”

Ebix operates Sunrise Exchange, the Australian industry’s largest insurance trading platform, and its broker management systems dominate the market.