MADISON, Wis.–CUNA Mutual Group is reporting strong financials for 2022, ending the year with $5.2 billion in total revenue and $343 million in net income. The results come ahead of a rebranding for the company scheduled for this month.
The company credited a “well-diversified portfolio of financial products, services and solutions” for helping it to manage through economic volatility and to deliver on its “purpose to make brighter financial futures accessible to more consumers.”
“This year, the diversification of our product and solutions portfolio showed clearly that our customer-focused strategy is working, and continuing to deliver strong results,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group. “By continually investing in new capabilities to support middle market consumers, we’re able to further our work of ensuring brighter financial futures for all.”
Strong Results From Preplanning Solutions
According to the company, in its first full year in market as part of the CUNA Mutual, Preplanning Solutions delivered strong results with sales growth of over 7%. The organization’s Fintech Solutions portfolio, which consists of digital-first solutions like Compliance Systems and CuneXus grew revenue nearly 17% in 2022. Lending insurance products posted its best year since 2016, with a 6.6% increase in sales, CUNA Mutual reported.
“We’re pleased to deliver strong and stable financial results despite the economic volatility of the past year,” said Laurie Winger, EVP, Chief Financial Officer. “While we anticipate a challenging economic climate to continue in the coming year, CUNA Mutual Group is well-positioned to manage through the ups and downs of the market and will be there when our customers need us the most.”
CUNA Mutual Group said it paid out $2 billion to customers and their beneficiaries during the year. “Despite volatile markets, the organization successfully managed a more than $30 billion investment portfolio,” the company added.
Additional Notes
In releasing its year-end financials, CUNA Mutual also noted:
- It invested $293 million to date through its venture capital entity, CMFG Ventures, “to help fund the next generation of innovators in the financial and insurance industries. Nineteen portfolio companies now offer products and solutions for credit unions, which have resulted in over 1,000 credit union and fintech partnerships.”
- The CUNA Mutual Group Foundation provided $4.9 million to 85 non-profits for education initiatives, emergency aid and economic security. CUNA Mutual Group released “What Matters Now,” a publication that “provides key and relevant trends and helps to further our partnership and commitment to our mission and accessibility of financial solutions for all.”
- This month CUNA Mutual Group will make a “historic shift” and unify its insurance, investment and technology solutions under one single brand – TruStage. “Established as a consumer brand in 2012 and already known by millions, TruStage will help deliver accessible solutions that are designed to be intuitive and easy to follow,” the company said. “While the organization’s name will change, its promise to customers will not – as it continues to equip consumers with the tools to help confidently make financial decisions.”
- Insurer Financial Strength Ratings for CMFG Life Insurance Company, MEMBERS Life Insurance Company and CUMIS Insurance Society, Inc. were affirmed with ratings of ‘A’ from A.M. Best Company in December 2022, ‘A+’ from S&P Global Ratings in September 2022, and ‘A2’ from Moody’s Investors Service in March 2021. All ratings carry a stable outlook.
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