nib (ASX:NHF) agreed to sell its Australian and New Zealand travel insurance businesses, excluding World Nomads, to Allianz Partners, an Allianz Group subsidiary, for up to AU$50 million, according to a Friday filing with the Australian bourse.

The sale price comprises about AU$30 million to be received on completion and AU$20 million, subject to the satisfaction of certain conditions over the first year after completion, the filing said.

The company also partnered with Allianz Partners for the distribution of nib-branded travel insurance products to its customers in Australia and New Zealand.

Meanwhile, the sale of World Nomads to International Medical Group, a SiriusPoint subsidiary, for AU$67.5 million is on track to be completed during the year, per the filing.