MADISON, Wis. – CUNA Mutual Group is reporting it closed 2020 with more than $4 billion in revenue and $146 million in net income, growing total assets by 15.7% to $28.49 billion. Liabilities totaled $23.82 billion.
In addition, CUNA Mutual said it provided its customers and their beneficiaries with nearly $1.6 billion in benefit payments, including $36.7 million in coronavirus-related life, credit life, and involuntary unemployment claims.
“The accomplishments of the past year are a testament to our employees and their relentless pursuit to provide our customers with the best experience possible,” said President and CEO Robert N. Trunzo. “We’re all pleased to put the challenges of 2020 behind us. It was a year unlike any other that pushed us to think, do and be different. Yet, we will relish in all that we learned as we continue to enable more people in more ways to make financial decisions that work for them.”
Increased Flexibility
CUNA Mutual said that with 95% of employees working remotely due to COVID-19, its staff “proactively created needed solutions for customers.” Among these were increased payment flexibility, expanded options to keep insurance protection, easier access to retirement funds, waived processing fees, and 38% of life claims paid within one day, the company said.
In addition, technology solutions subsidiary company Compliance Systems, LLC helped infuse billions of dollars into communities nationwide by enabling small business loans through the Paycheck Protection Program, CUNA Mutual said.
Despite the challenges posed by the pandemic, CUNA Mutual Group said it expanded its digital capabilities in 2020 to create a better and more convenient consumer experience. It did so by acquiring two start-up companies: CuneXus, a firm that provides financial institutions an all-in-one, consumer-friendly digital lending platform, and ForeverCar, which protects vehicle owners from expensive car repairs with Mechanical Repair Coverage policies delivered online.
‘People First Strategy’
“Our strong financial performance through a tumultuous 2020 clearly indicates that our people-first strategy was also our best business strategy,” said Laurie Winger, CUNA Mutual Group chief financial and product officer. “Our results underscore the value that our diverse products and solutions provide to our customers, due to our intense focus on those customers’ most critical needs.”
CUNA Mutual Group further noted that in March 2021, its Insurance Financial Strength Ratings were affirmed with a stable outlook by A.M. Best Company with ratings of ‘A’ (Excellent), S&P Global Ratings with ratings of A+ and Moody’s Investors Service with ratings of A2.
“Amid the unknown, the resilience of staff, partners and communities was moving. With an emphasis on the health and well-being of people, the company and staff responded in unimaginable ways,” CUNA Mutual said. “Employees donated more than $700,000 of their own money to support their communities. The CUNA Mutual Group Foundation is matching those donations to provide a total of more than $3.9 million to support economic, education and emergency aid efforts. The company also continued its strong support for the credit union system, contributing $32 million in 2020, totaling $147 million over the last five years.”
Attention to DEI
The company further noted that as the nation encountered an intense social uprising, it reaffirmed its commitment to diversity, equity, and inclusion by issuing a public statement detailing its stance on social justice and how it aligned to its values.
“Our teams are driven by the desire to meet the evolving needs of our diverse population and fill gaps in the marketplace to make a brighter financial future accessible to everyone,” said Trunzo.