CUNA Mutual: Loans, Asset Accumulation Boosts Revenue
Due to growth in its lending and asset accumulation businesses, CUNA Mutual Group said it posted strong financial results through the second quarter.
The company said it recorded $68 million of GAAP net income through June, compared with $51 million in the prior year. GAAP operating revenue grew in the first half of the year by 4.8% compared with 2.3% growth last year.
This profitable growth helped offset weather-related losses in the company’s auto and home businesses through the second quarter, CUNA Mutual reported.
CMFG Life Insurance Co., CUNA Mutual’s lead life insurance company, grew its statutory total adjusted capital to $1.55 billion through June, up $39 million from year-end 2011, according to the company.
“Despite weather-related losses, we continue to see positive momentum in our core businesses,” said Alastair Shore, chief financial officer at CUNA Mutual, in a statement. “We have little control over the weather and economic conditions, but we are executing well on initiatives that are within our control.”