Credit rating firm A.M. Best Co. has affirmed the financial strength rating of CUNA Mutual Group’s CMFG Life Insurance Co. and MEMBERS Life Insurance Co. at “A,” which is considered an “excellent” rating.
That’s according to the Madison, Wis.-based CUNA Mutual, which said Thursday that A.M. Best also affirmed the “A” rating for CMFG Life’s property/casualty subsidiaries: CUMIS Insurance Society Inc., CUMIS Specialty Insurance Co. Inc., Producers Agriculture Insurance Co., and Producers Lloyds Insurance Co.
The outlook for all ratings is “stable,” according to CUNA Mutual.
In affirming CMFG Life’s “A” rating, CUNA Mutual said A.M. Best cited the company’s “more than adequate risk-adjusted capitalization, consistently strong operating results, its position as the leading provider of life and health insurance products to members and employees of credit unions, and its strategy to grow ancillary business lines that provide product and revenue diversification outside the credit union marketplace.”
Also cited was CMFG Life’s “supportive level of risk-adjusted capitalization, conservative balance sheet, overall operating profitability and well-established niche position in the credit union and multi-peril crop insurance segments.”
Regarding CUNA Mutual’s property/casualty subsidiaries, the company said A.M. Best recognized “their favorable level of risk-adjusted capitalization, conservative balance sheet, overall operating profitability and well-established niche position in the credit union and multi-peril crop insurance segments.”
A.M. Best said “CMFG Life and its entities are well positioned at their current rating levels,” according to CUNA Mutual.