Mutuals Grand United Friendly Society and Australian Unity have been given the green light by the Victorian Supreme Court to merge as a new entity on March 1. Not surprisingly, the new entity’s name will be Australian Unity.

Australian Unity Chairman Alan Castleman says the merger will create a mutual company with $500 million in annual revenues, more than 200,000 members nationwide and $3 billion in funds under management.

He says the new company will build its presence in NSW and there are no plans to reduce staff numbers in Sydney.

Australian Unity Group MD Rohan Mead says the merger will bring significant benefits for the combined businesses, members and employees, giving the mutual strong market positions in its core businesses of health, retirement living and financial services.