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CU System
CUNA Mutual Group reports 50M in profits for 2009
MADISON, Wis. (2/25/10)--CUNA Mutual Group reported a $50 million profit in 2009 after sustaining a $150 million loss in 2008. “All of our key capital measures improved in 2009, compared to year-end 2008,” Jim Buchheim, vice president of corporate communications, told News Now. “In many ways, 2009 was year full of challenges--with the economy being No. 1 and weather challenges in the first two quarters that increased the claims we had to handle. We were very pleased with how we performed from a capital standpoint. “We also feel good about the products we brought to credit unions,” he added. “We introduced new products and enhanced established products. We’re looking forward to a good 2010.” Some of the new offerings were: a new whole-life insurance product, a management and professional liability product added to bond coverage for credit unions, and a Medicare supplement product added to CUNA Mutual’s MemberCONNECT program. CUNA Mutual’s 2009 assets were up $1.2 billion year-over year. The company’s 2009 operating gain is anticipated to be roughly $80 million after taxes, Buchheim said. The company paid $883.1 million in claims during 2009--up from $852 million in 2008. CUNA Mutual will report a GAAP surplus of $1.599 billion--a jump of $395 million from 2008, and a risk-based capital ratio of 330% to 340%.
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