Wealth manager IOOF Holdings is putting its life insurance unit on the market in a bid to “simplify” its business.

IOOF has announced a 32.1% drop in net profit to $15.8 million for the year to June 30, its first annual result since the following the merger with Australian Wealth Management in April.

The company says the sale of its life business, subject to regulatory approval, will allow it to focus on the core set of superannuation administration, distribution and investment management.

According to last year’s annual report, IOOF’s life insurance revenue including claims recovered totalled $1.15 million in 2007-08.