MADISON, Wis. –CUNA Mutual Group has released its 2019 results, with the company saying the results indicate its financial strength and long-term ability to deliver on commitments amid global economic and health concerns.
“The past few weeks have been unprecedented,” said Robert N. Trunzo, president and chief executive officer, in a statement. “The world is navigating uncharted waters and with that comes some fear and anxiety.”
CUNA Mutual said people have reached out regarding their financial standing looking for assurance as they see market implications of the COVID-19 pandemic.
“People are, rightly so, curious and want to know what remains constant in these uncertain times,” said Trunzo. “Our consistent financial strength and credit issuer ratings, capital position, and balance sheet are a sign that we are well positioned to navigate this storm.”
Revenue Increase
In 2019, CUNA Mutual said revenue rose to $4.12 billion, an increase of 11.5% over 2018. Net income finished at $220 million, while consolidated GAAP surplus ended the year at $4.09 billion.
“We have a highly experienced team of investment professionals across all sectors managing our investment portfolio,” added Laurie Winger, chief financial and product officer. “And, our portfolio is well diversified, prudently balanced between growth and income, and always with an eye toward actively managing our risk level.”
CUNA Mutual reported it expanded its footprint in 2019 with nearly 30 million consumers protected, adding it provided its customers more than $1.4 billion in benefits - all while growing, investing back into the company and increasing assets to more than $24.6 billion.
“Our strong financial performance is the direct result of smartly-managed investments into a business model that truly puts people first,” continued Winger. “By investing in innovation, in our people and in the communities in which we serve, we are building a brighter financial future not only for our company, but also for our customers. This purpose remains constant as the world experiences something it never has before.”
Support for Communities
CUNA Mutual said it also continued its support for the communities it serves by pledging $3.8 million to the CUNA Mutual Group Foundation, which supports organizations that focus on education, emergency aid and economic stability.
“Even in these turbulent economic times, we want our customers and communities to know they can count on us to be here when they need us most,” said Trunzo. “We’ve made it through tough times before and we will get through this.”
A.M. Best Company affirmed insurance Financial Strength Ratings of A (Excellent) with a stable outlook for CUNA Mutual Group’s key operating entities in February 2020. In September 2019, S&P Global Ratings upgraded the Financial Strength Ratings to A+ from A with a stable outlook, and Moody’s Investors Service affirmed Financial Strength Ratings of A2 with a stable outlook for key operating entities in March 2019.*
For info, access the 2019 Annual Report.