Australian Unity members will vote on a demutualisation proposal after the group announced an after tax profit of $13.4 million for the year ended June 30 – up 65% from $8.13 million in the previous year.

MD Rohan Mead says the group’s core business areas of health, retirement living and financial services had all been strengthened during the year in line with the group’s stated objective of building a more balanced business.

Chairman Alan Castleman says the demutualisation project is progressing well. “Part of our approach to the corporate structure review is to ask members at the AGM on October 6 to vote on a change to the constitution that will ensure any demutualisation proposal is considered and voted on by a significant number of members before it can be implemented.”

Other highlights in Australian Unity’s improved performance include a growth in funds under management from $2.3 billion to $2.8 billion, following the introduction of a number of new products and further investment, and a before-tax profit of $2.3 million for the general insurance business.

“Our performance this year puts us on track to meet our strategic plan objectives that will see us grow our health business but be less dependent on it by diversifying through our other lines of business,” he said.