Move into general insurance pays off for Australian Unity
Australian Unity’s general insurance revenue increased 46% to $1.8 million in 2014/15.
The Melbourne-based financial services, healthcare and retirement living group has identified the SME sector as the key driver of growth for its general insurance business.
In doing so, it has taken a leaf out of the suburban accounting practice playbook.
“Australian Unity [has] a full general insurance capacity for the first time and delivers on a key strategic objective… long identified by accountants: prioritising insurance needs for their most important clients, namely SME businesses,” the company says in its results announcement.
“SME clients are the most important clients to an accounting practice, and good general insurance solutions are [among] the most important needs for SMEs to protect their businesses.”
Revenue for general insurance – which sits in Australian Unity’s Personal Financial Services division – was lifted by the acquisition of Sydney-based Waratah Insurance Brokers in March.
The deal “represented a major step… towards building a significant presence in the general insurance broking space”.
Total group revenue for Australian Unity grew 7.5% to $1.4 billion. Net profit was up 16.6% to $34.6 million.
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