Strong operating results in its core credit union business ledto earnings growth in 2013 for CUNA Mutual Group, the company saidThursday.

The Madison, Wis.-based firm said it recorded $162 million ofnet income in 2013, compared to $150 million in 2012.

Strong operating results, particularly in lending, life andhealth and property & casualty products, helped offsetweather-related losses in the company's crop insurance business,according to CUNA Mutual. Solid investment performance also contributedgreatly to higher net income in 2013, the company noted.

GAAP operating revenue grew by 8.6% in 2013, CUNA Mutualsaid.

An improved lending environment, the company's focus oninvesting in and growing its consumer product lines, and growth inits crop insurance business, were also key factors driving lastyear's revenue growth.

The company said it continued to build its financial strength. Statutory total adjusted capital of CMFG Life Insurance Co.,CUNA Mutual's lead life insurance company, grew to $1.8 billion in2013, up $152 million from 2012.

CUNA Mutual's consolidated GAAP surplus ended the year at $2.4billion, a decline of 4% from 2012 despite strong earnings due toreduced net unrealized gains in the investment portfolio driven byrising interest rates, according to the company.

A.M. Best recently affirmed CUNA Mutual's key insurancecompanies' ratings at A, the third highest of 16 financial strengthcategories, with a stable outlook, the company said.

Its total cash and investment holdings as of Dec. 31, 2013 were$11.1 billion and its investment portfolio is well diversified withan average credit quality of A, CUNA Mutual said.

“We are financially strong, investing in our company for thelong term, and committed to credit unions and their members,” saidRobertTrunzo, president/CEO of CUNA Mutual. “We remain focused onserving hardworking Americans with the products and services theyneed to build a strong financial future and protect what mattersmost.”

CUNA Mutual said it continued its advocacy for credit unions in2013, contributing $38 million to support leagues and industryefforts. In 2013, it also invested more than $50 million primarilyto strengthen its lending compliance and grow its consumerbusiness.

Benefits paid to domestic credit union policyholders in 2013 of$981 million were up 8% over 2012.