Australian Unity has reported net profit of $34.6 million for the year to June 30, up 16.6%.

The financial services, healthcare and retirement living group’s revenue totalled $1.4 billion, up 7.5% compared with the previous year.

Group MD Rohan Mead says developing the company’s business portfolio in recent years has produced positive results across the board, led by the personal financial services division, which grew 70%.

“It is particularly encouraging to record such positive… growth across the portfolio, because this indicates we are providing products and services that are valued by our customers,” he said.

“Growing revenues and developing diverse income streams has been a focus for several years and the effects of this strategy are now revealing themselves in the group’s financial performance.”

The overall result comes despite a slight drop in policyholder numbers for Australian Unity’s retail health insurance business.

The group made several acquisitions during the year, including Waratah Insurance Brokers, financial adviser Premium Wealth Management and estate planning specialist Flinders Australia.

“The… strong results were achieved notwithstanding the adverse impact of persistently low interest rates throughout the year and equity market uncertainty in the latter months,” Mr Mead said.

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