Health gives rise to unity
Australian Unity revenues for the last financial year rose 9.2 per cent to $236.5 million, with private health cover being a star performer.
Reserves also rose, to $93 million, and funds under management were up 4 per cent to $1.3 billion.
The health fund attracted an additional 50,000 members due to the governments initiatives on private health cover.
During the run-up to the June 30 cut-off date for lifetime cover, Australian Unity was getting more than $1 million of credit card sales a day through the Internet.
Australian Unity group managing director Mark Sibree says all parts of the business last year operated stronger during the year, with revenues generally up 15 per cent.
However, he did admit while sales of newer unit trust products were up, this was tempered with falling sales of Australian Unity's traditional products like the capital-guaranteed bonds.
"Our move into the management of a broad range of assets, including mortgages, property, listed property trusts and equities, has further strengthened our position in that market," Sibree says.
The company now manages more than $230 million in mortgages and the Mortgage Income Trust has almost $100 million under management.
The strong performance of the mortgage-backed securities has seen Australian Unity move investment bond assets into this area.
After the success of selling healthcare products over the Internet, Sibree says a substantial development program will now be run to allow Internet-based transactions for other Australian Unity investment products and services.
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