CUNA Mutual Group reported a net income loss of $149 million for 2008 in unaudited financials released yesterday within its annual report.
The company attributed the setback to investment losses. On Dec. 31 2008, CUNA Mutual had $1.3 billion invested in cash, Treasuries and agency-backed securities, representing 18% of its portfolio. The overall quality of the portfolio remains at a A+ rating level, CUNA Mutual said. The largest junks of securities held are U.S. corporate debt and residential mortgage-backed securities.
Acknowledging that investment looses were the largest contributor to the net loss, CUNA Mutual said, "if the economy continues to worsen, further losses are likely."
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