Friday, 9 September 2011 12:40pm

By Matt Woodington  |  In Investment     

Australian Unity Group reported annual revenue of $1 billion for the first time in its results for the year ending June 30, 2011.

The company reported a 34% boost in operating earnings to $31.7 million, while profit after tax grew 50% on the previous year to $25.6 million.

"While financial market uncertainty slowed company growth recently, we were able to balance this with positive growth in other areas of the company, including in both our retail and smaller corporate health insurance funds," said Rohan Mead, group managing director, Australian Unity.

"The two health funds achieved growth during the year of 6.9% and 18.9% - well above the industry average of 3.2%."

Australian Unity Investments' funds under management were up to $11.9 billion from $10.3 billion the previous year.

The company said it plans to continue growing its retirement living business, with negotiations underway to acquire more villages for its Retirement Village Property Fund, which is open to institutional investors.

Earlier this week the fund made its first purchase, the Geelong Grove Retirement Village in Grovedale, Victoria.

In August Australian Unity Investments acquired three unlisted property funds, with over $430 million in FUM, as part of its property growth strategy to build its retail funds business.