Moody’s Investors Service (Moody’s) has assigned initial insurance financial strength ratings of A2 to CMFG Life Insurance Company, MEMBERS Life Insurance Company, and CUMIS Insurance Society, Inc. In addition, Moody’s has assigned an initial issuer credit rating of Baa2 to CUNA Mutual Financial Group, Inc., the intermediate holding company within the group. The outlook for all ratings is stable.
The A2 insurance financial strength rating ranks sixth highest out of 21 ratings by Moody’s and reflects CUNA Mutual Group’s position as a leading provider in the U.S. of insurance and financial services to credit unions, their employees, and members. 2016 marks the first time CUNA Mutual Group has been rated by Moody’s.
“CUNA Mutual Group is focused on building financial strength to help our customers for generations to come. The Moody’s ratings are another positive indication of our commitment to long-term success,” said Robert N. Trunzo, president and CEO.
In issuing the ratings for CUNA Mutual Group’s life operations, Moody’s cited CUNA Mutual Group’s “position as a leading U.S. provider of insurance and financial services to credit unions, their employees and members.” In addition, Moody’s noted a solid financial profile, strong capitalization, moderate financial leverage and consistent earnings generation.
Regarding CUNA Mutual Group’s property/casualty subsidiary, CUMIS Insurance Society, Inc., Moody’s cited brand recognition, multiple distribution platforms and good geographic diversification.
“These ratings are important to CUNA Mutual Group. Our customers can be confident in our commitment to maintaining a strong company that serves them with products and services to help make them successful,” said Thomas J. Merfeld, executive vice president and chief financial officer.