For more information:
Jim Buchheim 608.232.6327
jim.buchheim@cunamutual.com
Rick Uhlmann 608.231.8940 rick.uhlmann@cunamutual.com
A.M. Best Cites Company’s Solid Capital, Financial Performance in Listing Outlook at Stable
MADISON, Wis. -- Financial ratings agency A.M. Best has affirmed CMFG Life Insurance Company’s financial strength rating at “A” (Excellent) and continues to list the company’s outlook as stable.
The “A” rating applies to CMFG Life Insurance Company, formerly called CUNA Mutual Insurance Society, before the company restructured to a Mutual Holding Company on Jan. 31. The “A” rating is the third highest rating of 16 categories of ratings A.M. Best issues.
A.M. Best also affirmed the debt rating of “bbb+” on the $85 million, 8.5 percent, 20-year surplus notes issued by CMFG Life and the rating of B++ of MEMBERS Life Insurance Company, a subsidiary of CMFG Life.
“During these difficult economic times, CUNA Mutual Group has worked hard to keep premiums down, deliver greater value to credit unions and their members through our products and services, and still grow our company's financial strength,” said Jeff Post, President and CEO for CUNA Mutual Group. “We’re pleased A.M. Best acknowledges our strong performance in affirming our rating.”
In its affirmation of the company’s financial strength, A.M. Best said: “The ratings of CMFG Life acknowledge its continued position as the leading provider of life/health insurance products to members and employees of credit unions, its more than adequate risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio, consistently positive net operating gains and improved balance sheet on a consolidated basis. CMFG Life continues to maintain a well diversified investment portfolio and has taken initiatives to improve the overall quality of its balance sheet, such as decreasing its equity portion of the investment portfolio over the past two years to reduce market volatility.”
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website 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.