Press
CUNA Mutual Group Strenghtens Capital, Despite Weather-Related Losses
NEWS RELEASE:
From CUNA Mutual Group Public Relations
www.cunamutual.com
For more information:
Jim Buchheim 608.232.6327 jim.buchheim@cunamutual.com
Rick Uhlmann 608.231.8940 rick.uhlmann@cunamutual.com
MADISON, Wis. – Like most of its property and casualty insurance industry counterparts, CUNA Mutual Group incurred more weather-related losses in the first half of 2011 than in all of 2010. Spring tornadoes and storms resulted in losses in its auto and home businesses, and droughts and flood conditions across the U.S. affected its crop insurance program.
Offsetting these weather-related losses was solid performance from its lending and financial services products. As a result, CUNA Mutual recorded $51 million of GAAP net income through June, compared to $63 million during the same period the year prior. Additionally, GAAP operating revenue grew in the first half of the year by 2.3 percent.
CUNA Mutual’s statutory total adjusted capital grew to $1.45 billion through June, up $30 million from year-end 2010.
“Weather-related losses are part of the unpredictable nature of the insurance business,” said Jerry Pavelich, chief financial officer, CUNA Mutual. “Despite those losses, our other financial measures continue to head in the right direction and we continue to execute on initiatives that are within our control.”
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’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 Insurance Society, its affiliates and subsidiaries, including 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.