SOURCE: CUNA Mutual Group

CUNA Mutual Group

February 16, 2016 09:00 ET

CUNA Mutual Group Posts Strong 2015 Results

Positive Momentum Will Help Company Invest for Future Benefit of Credit Unions and Consumers

MADISON, WI--(Marketwired - February 16, 2016) - CUNA Mutual Group today reported strong 2015 operating results, which the company said will create additional momentum to help invest in products and services that help make credit unions the best financial alternative for consumers.

CUNA Mutual Group's total revenue rose to $3.1 billion in 2015, with growth in its core strategic business units up 5.5 percent for the year. The company's TruStage® life, health, auto, and home insurance products and programs as well as Wealth Management retail annuities led the growth.

"CUNA Mutual Group is financially strong and growing, and our investments will be channeled in the direction of our customers and the marketplace," said Robert N. Trunzo, CUNA Mutual Group president and CEO. "It's clear we're in an industry of shifting consumer decision-making, so using our resources to align with the shifting needs of the marketplace and our customers remains our top priority."

CUNA Mutual Group recorded $217 million of GAAP net income in 2015, compared with $206 million in 2014. That improvement reflects growth in core business units, low catastrophe losses and positive claims experience, as well as strong net investment income performance.

In 2015, CUNA Mutual Group delivered on the promises made to credit unions and their members by paying $1.1 billion in total benefits to policyholders or their beneficiaries.

"At its core, a strong financial position means we will be there when those we serve need us most," said Thomas J. Merfeld, executive vice president and chief financial officer. "Our financial prudence and how we invest and deploy capital will always be about anticipating, taking initiative and following through on the needs of our customer and the marketplace -- today and tomorrow."

Statutory total adjusted capital of CMFG Life Insurance Company, CUNA Mutual Group's lead life insurance company, grew to $2.2 billion in 2015, up 13 percent from 2014. The company's consolidated GAAP surplus ended the year at $2.7 billion and was flat to the prior year as strong core earnings were offset by a reduction in the aggregate unrealized gain position of the investment portfolio.

CUNA Mutual Group's total cash and investment holdings were $12.8 billion as of Dec. 31, 2015, and contributed $525 million of net investment income for the year. The company's investment portfolio is well diversified with an average credit quality of "A."

The company continued its strong advocacy for the credit union system in 2015, contributing $41 million to support credit union leagues, related organizations and other industry efforts. As a committed industry leader, the CUNA Mutual Foundation also contributed $2 million to important non-profit causes in the communities where CUNA Mutual Group operates.

About CUNA Mutual Group:
CUNA Mutual Group helps people plan, protect and invest for their future -- regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance and investment partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis. TruStage® Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company and other leading insurance companies.

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