MADISON, Wis.—Behind strong operating results, CUNA Mutual Group posted its fourth consecutive year of earnings growth in 2014.
Consolidated GAAP revenue, net income and capital levels increased over 2013, the company reported.
GAAP total revenue grew by 3.6% in 2014. Key drivers were continued improvement in the lending environment and the company’s focus on investing in and growing its TruStage auto, home, life, accidental death and dismemberment and healthinsurance product lines.
“Serving credit unions and members is at the center of everything we do,” said Robert Trunzo, CUNA Mutual Group president and CEO. “Our growth is a reflection of their trust and of the dedication of all CUNA Mutual Group employees. We view growth as an opportunity to invest in new and innovative ways to help credit unions and their members build financial security.”
CUNA Mutual Group recorded $206 million of net income (GAAP) in 2014, a 26.8% growth over 2013. Strong investment and operating results, particularly in business protection products, drove the advance.
Statutory total adjusted capital of CMFG Life Insurance Company, CUNA Mutual Group’s lead life insurance company, grew to $2 billion in 2014, up 9.4% from 2013. The company’s consolidated GAAP surplus ended the year at $2.7 billion, an increase of 15.1% from 2013, driven by solid operating and investment performance, coupled with increased net unrealized gains in the investment portfolio driven by declining interest rates.
CUNA Mutual Group’s total cash and investment holdings were $12 billion as of Dec. 31, 2014, and contributed $562 million of net investment income for the year. The company’s diversified investment portfolio carries an average credit quality of “A.”