Newly floated comparison website iSelect has increased its income, despite what it describes as “challenging economic conditions”.

The company has reported net profit of $13.4 million for the year to June 30, up 3.4% on the previous financial year.

Total revenue was $118 million, an increase of 5.5%, with a record 201,000 sales completed.

Revenue from the health and car insurance operation was $93 million, down 5%, with the health performance affected by “consumers selecting lower-priced products”.

However, the underlying performance of the car business unit improved.

The household utilities and financial operation, including life insurance, posted $25 million in revenue, up 78.9% on the previous year.

“In particular, gross profit improvements in life and money exceeded expectations,” the company said.

CEO Matt McCann says the group continues to perform “strongly and efficiently”.

“Our continued investment in people and data analytics has driven strong operational results and has served as a key competitive advantage in both our established and newer underlying product markets.

“Our ability to achieve 18.9% year-on-year growth in sales volume and an operating cash conversion result of 17% during [the year], despite challenging economic conditions and regulatory changes in the private health insurance market, highlights the quality of our business model.”

Mr McCann says iSelect’s “robust balance sheet” gives it the flexibility to fund growth.