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Ebix reports record results

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International insurance software and online exchange provider Ebix has reported a record third-quarter net income of $US9.4 million ($10.3 million), up 28% from the corresponding period last year.

Revenue from Ebix and all subsidiaries climbed 16% to $US23.3 million ($25.5 million) during the quarter compared to $US20.2 million last year, including the highest revenue and net income in any quarter in the company’s 33-year history.

The company, whose Australian operations own the dominant Sunrise Exchange platform servicing the general insurance industry, reported total global revenue of $US23.29 million ($25 million) for the third quarter this year, up 16% from $US20 million ($22.2 million).

It’s been a strong nine months for Ebix with net profit increasing 38% to $US26.7 million ($29.2 million) from $US19.4 million ($21.2 million).

Operating expenses rose slightly to $US13.5 million ($14.8 million) from $US12.1 million ($13.3 million) last year.

Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au the company has a very aggressive growth strategy and the record third-quarter net income result was in line with its growth expectations.

“The records keep on tumbling, and we have basically had nine years of growth,” he said.