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Ebix turns in a solid result

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Insurance software and e-commerce company Ebix has posted a strong profit for the second quarter.

Net income for the quarter rose 60% compared to the same period last year to $US22.3 million ($21.6 million), which included a $US4.5 million ($4.4 million) one-off benefit, while operating income for the second quarter came in at $US18.6 million ($18 million), an increase of 43% on the second quarter of 2010.

Revenue for the quarter was $US42.3 million ($41 million), up 31%. For the six months to June 30, revenue was $US82.3 million ($79.7 million), up 29%.

Revenues for the company’s insurance exchange division increased 42%, and represents 76% of total revenues.

Ebix CEO Robin Raina says the company will continue its strategy of organic growth, acquisitions and share buybacks.

Ebix does not report separate results for its Australian division, but local MD Leon d’Apice says the result “reflects the growth, business focus, product and operational strategies” that have been implemented.

“The company remains focused on the dual goals of delivering innovative solutions to the market and strong financial performance for our investors,” he told insuranceNEWS.com.au.