CUNA Mutual Group announced this week that despite 2020 being a “year filled with an abundance of unexpected health, economic and social challenges that tested the mettle of the entire world,” it has been able to remain financially resistant.
CUNA Mutual Group provided its customers and their beneficiaries with nearly $1.6 billion in benefit payments – including $36.7 million in coronavirus-related life, credit life and involuntary unemployment claims in 2020, according to a press release.
Through strategic investments, acquisitions and adaptations to operations, CUNA Mutual Group ended the year with more than $4 billion in revenue and $146 million in net income, growing total assets by 15.7 percent to $28.49 billion, while liabilities totaled $23.82 billion, according to CUNA Mutual Group.
In addition, CUNA Mutual Group’s technology solutions subsidiary company Compliance Systems, LLC helped infuse billions of dollars into communities nationwide by enabling small business loans through the Paycheck Protection Program.
CUNA Mutual Group was also able to expand its digital capabilities in 2020, acquiring two start-up companies: CuneXus, a firm that provides financial institutions an all-in-one, consumer-friendly digital lending platform, and ForeverCar, which protects vehicle owners from expensive car repairs with Mechanical Repair Coverage policies delivered online.
Further, CUNA Mutual Group employees donated more than $700,000 of their own money to support their communities, according to the press release. The CUNA Mutual Group Foundation is matching those donations to provide a total of more than $3.9 million to support economic, education and emergency aid efforts.
The company also continued its strong support for the credit union system, contributing $32 million in 2020, totaling $147 million over the past five years.