CUNA Mutual Group released its 2019 Annual Report, saying the healthy results demonstrate its financial strength and long-term ability to deliver on commitments amid global economic and health concerns.
“The past few weeks have been unprecedented,” said Robert N. Trunzo, CUNA Mutual Group’s president/CEO. “The world is navigating uncharted waters and with that comes some fear and anxiety.”
Trunzo said that individuals have reached out regarding CUNA Mutual Group’s financial standing looking for assurance as they see market implications of the coronavirus pandemic.
“People are, rightly so, curious and want to know what remains constant in these uncertain times,” he said. “Our consistent financial strength and credit issuer ratings, capital position, and balance sheet are a sign that we are well positioned to navigate this storm.”
CUNA Mutual Group’s total revenue rose to $4.12 billion, an increase of 11.5% over 2018, according to the report. Net income finished at $220 million, while consolidated GAAP surplus ended the year at $4.09 billion.
The company expanded its footprint in 2019 with nearly 30 million consumers protected and provided customers more than $1.4 billion in benefits “all while growing, investing back into the company, earning record revenue and increasing assets to over $24.6 billion,” Trunzo said in the report.
The full 2019 Annual Report can be accessed on CUNA Mutual Group’s website.