A.M. Best, a full-service credit rating organization for the financial service industries, gave CUNA Mutual Group a financial strength rating of A (excellent).
The A rating is the third highest rating of 16 category ratings A.M. Best issues and applies to the principal companies of CUNA Mutual. A.M. Best also revised its outlook for CUNA Mutual from stable to negative, which is consistent with its negative outlook for the entire life insurance segment.
A.M. Best said that the rating reflects CUNA Mutual's "long-established position as a leader in providing financial solutions through its life, health and retirement products to members and employees of credit unions. Due to the ongoing implementation of three years of transformation initiatives, CUNA Mutual has improved its overall operating efficiency in its core target market of credit unions."
In 2008, CUNA Mutual's revenues grew by 7% and operating gain exceeded $150 million. CUNA Mutual's statutory surplus declined slightly as a result of investment losses.
A.M. Best also issued secondary ratings to CUNA Mutual subsidiaries. It adjusted the issuer credit ratings on CMIS and CUMIS from A+ to A. The financial rating of MEMBERS Life was moved from A- to B++ with a stable outlook. CUMIS Insurance Society was affirmed A with a stable outlook and. CUMIS Specialty had its ratings adjusted to A- with a stable outlook.
--lsiegriest@cutimes.com
The A rating is the third highest rating of 16 category ratings A.M. Best issues and applies to the principal companies of CUNA Mutual. A.M. Best also revised its outlook for CUNA Mutual from stable to negative, which is consistent with its negative outlook for the entire life insurance segment.
A.M. Best said that the rating reflects CUNA Mutual's "long-established position as a leader in providing financial solutions through its life, health and retirement products to members and employees of credit unions. Due to the ongoing implementation of three years of transformation initiatives, CUNA Mutual has improved its overall operating efficiency in its core target market of credit unions."
In 2008, CUNA Mutual's revenues grew by 7% and operating gain exceeded $150 million. CUNA Mutual's statutory surplus declined slightly as a result of investment losses.
A.M. Best also issued secondary ratings to CUNA Mutual subsidiaries. It adjusted the issuer credit ratings on CMIS and CUMIS from A+ to A. The financial rating of MEMBERS Life was moved from A- to B++ with a stable outlook. CUMIS Insurance Society was affirmed A with a stable outlook and. CUMIS Specialty had its ratings adjusted to A- with a stable outlook.
--lsiegriest@cutimes.com
