Despite hits from drought and storms, CUNA Mutual Group saidthis week that it recorded its fourth straight year of earningsgrowth in 2012.

The Madison, Wis., company said it recorded $150 million in GAAPnet income in 2012, up from $83 million in 2011, and that strongoperating results in three of its four core credit union businesseshelped boost GAAP operating revenue, net income and capital levelsover 2011 numbers.

Total operating revenue for 2012 was $2.6 billion in 2012,compared with $2.5 billion in 2011, while operating revenue growthwas up 3% last year, compared with a 5% increase the yearbefore.

CUNA Mutual said in its announcement Wednesday that strongoperating results, particularly in lending, direct-to-consumer andasset accumulation products, helped offset drought-related lossesin crop insurance and weather-related losses in auto and home businesses.

“Solid investment performance also contributed heavily to higher netincome in 2012,” the company said in its announcement.

“Strong operating results in our core credit union businesses,prudent expense management and a $40 million reinvestment in anumber of those businesses all contributed to very favorableresults,” said Alastair Shore, executive vice president and chieffinancial officer.

The company said its total cash and investments grew to $11.1billion in 2012, an increase of $1.2 billion over 2011 and that itsinvestment portfolio is well diversified with an average creditquality of “A.”