Standard & Poor’s issues strong financial ratings for CUNA Mutual Group
MADISON, WI (September 6, 2016) — Standard & Poor’s Ratings Services (S&P) has assigned initial insurance financial strength ratings of ‘A’ to CMFG Life Insurance Company, MEMBERS Life Insurance Company, and CUMIS Insurance Society, Inc. In addition, S&P has assigned an initial issuer credit rating of ‘BBB’ to CUNA Mutual Financial Group, Inc., the intermediate holding company within the group. The outlook for all ratings is stable.
The ‘A’ insurance financial strength rating ranks sixth highest out of 21 ratings by S&P 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 S&P.
“CUNA Mutual Group exists for its policyholders, and we strongly believe in honoring our commitment to them,” said Robert N. Trunzo, president and CEO. “Maintaining our financial strength enables us to develop long-term plans and investments that will serve our customers for generations to come.”
In issuing the ratings, S&P stated CUNA Mutual Group’s entities “reflect both strong business and financial risk profiles, built on very strong capitalization and moderate risk position.” In addition, S&P noted the ratings reflect a solid market position in the U.S. credit union market and strong financial performance.
“Our financial results are strong, and we are growing and well capitalized for the future,” said Thomas J. Merfeld, executive vice president and chief financial officer. “We remain focused on offering products and services hardworking Americans need to build a strong financial future.”
About TruStage
TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
