Australian Unity has reported $2.01 billion in social impact for the 2024 financial year—an increase from $1.76 billion for the 2023 financial year.
The increase highlights how Australian Unity applies its community and social value (CSV) framework across the organisation and reflects its continued focus on growing a sustainable portfolio of health, wealth and care businesses that deliver social impact to customers, members and the community.
Darren Mann, Group Executive – Finance & Strategy and Chief Financial Officer, said the Group undertook significant portfolio reshaping in FY24 driven by the continued adoption of its CSV framework which guides and informs the business’s investments in areas that can create greater and more efficient social impact.
“In a year of transformation for the Group, we have continued to use the CSV framework to guide our investment in initiatives that support our three priority outcomes—lifelong wellness, economic empowerment, and strong communities.
“In practice, this has informed the Group’s recent acquisition of myHomecare which has enabled us to increase the provision of home care services to some 50,000 Australians through our Home Health business and is expected to generate an additional ~$400 million per annum in social impact value by FY27.
“This value comes from supporting more Australians to age in place in their homes, which we know increases individual wellbeing, improves access to healthcare and alleviates the burden placed on hospitals.”
The Group’s acquisition of Insignia Financial Ltd’s investment bond business, IOOF Ltd (now Australian Unity Life Bonds Limited) is also projected to add $10.5 million in social impact value each year.
“Through this acquisition we welcomed some 18,000 new customers to our Life business, building scale which will support us to increase the financial wellbeing of customers and members planning for key life events,” said Mann.
Since 2021, Australian Unity has calculated and reported on its impact through its CSV framework via its annual impact report, Our Impact.
This year’s report shares greater detail about the CSV framework— which was developed in partnership with Social Ventures Australia—including data, methodology and assumptions made. For the first time, the report also includes a detailed breakdown of how the Group accounts for the role of its partners and the contribution of others in delivering impact.
“We acknowledge that the impact we deliver wouldn’t be possible without the contribution from many of our investors, operators and the family and friends who surround our customers and members.”
You can access the “Our Impact 2024 Report” at: australianunity.com.au/impact.