Jim Buchheim
608.232.6327
jim.buchheim@cunamutual.com
Rick Uhlmann
608.231.8940
rick.uhlmann@cunamutual.com
MADISON, Wis. – CUNA Mutual Group posted strong financial results through the second quarter of 2012 due to solid growth in the company’s lending and asset accumulation businesses.
CUNA Mutual Group recorded $68 million of GAAP net income through June, compared to $51 million in the prior year. GAAP operating revenue grew in the first half of the year by 4.8 percent compared to 2.3 percent growth last year. This profitable growth helped offset weather-related losses in the company’s auto and home businesses through the second quarter.
CMFG Life Insurance Company, CUNA Mutual Group’s lead life insurance company, grew its statutory total adjusted capital to $1.55 billion through June, up $39 million from year-end 2011. Strong earnings helped to further strengthen the company’s capital through the second quarter.
“Despite weather-related losses, we continue to see positive momentum in our core businesses,” said Alastair Shore, chief financial officer, CUNA Mutual. “We have little control over the weather and economic conditions, but we are executing well on initiatives that are within our control.”
CUNA Mutual Group’s 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 Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Group Holding Company, its affiliates and subsidiaries, including CMFG Life Insurance Company and CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wisconsin.