Australian Unity’s new CEO wants to move the mutual away from its focus on health insurance to concentrate more on general insurance, funds management, retirement villages and even the area of financial advice.

Rohan Mead, who was head-hunted by Melbourne-based Australian Unity from Perpetual Trustees in February, says he won’t be leading Australian Unity into a demutualisation like IOOF.

And while health insurance will remain the core product – it delivered a pre-tax profit of $19 million in the year to June 30 – he’s keen to grow the other branches of the business .

Mr Mead announced a financial recovery from a $1.8 million loss last year to a $3.6 million profit for the 2003/04 year. He says he will dump the mutual’s 13 Victorian pharmacies – Australian Unity has reportedly sold 12 of them already – and buy another retirement village, bringing its total to 12.