Financial services, general insurance and healthcare provider Australian Unity has recorded a profit of $14.4 million for 2001/02, including first-time profits from the general insurance and property funds management businesses.

Group MD Ian Ferres said the result puts Australian Unity in a good position to seize opportunities during the present “rationalisation” of the health fund sector.

Overall, the group managed two major acquisitions and first-time profits from the general insurance arm, which specialises in home and contents, travel and commercial insurance. In 2001/2002 the mutual wrote $53 million in gross general insurance premiums – five times the amount of two years ago.

Mr Ferres, who was appointed MD on July 1, said Australian Unity will continue to achieve profit through strategic and organic growth, and acquisitions “when appropriate” in the relevant sectors.