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CU System
CUNA Mutual annual report is online
MADISON, Wis. (5/28/10)--CUNA Mutual Group’s 2009 Annual Report is available online and shows the company enhanced its financial strength in every key capital measure compared to 2008, the company said. The report reflects CUNA Mutual Group’s 75th anniversary. In 2009, CUNA Mutual generated net income of $51 million after experiencing a net income loss in 2008. The company said it strengthened itself in key areas, including Generally Accepted Accounting Principles Capital, Total Adjusted Capital and Risk-Based Capital Ratio. In the first quarter of 2010, the company posted positive revenue and operating gain results, exceeding 2009’s results for the same period in both categories. CUNA Mutual started 2010 with $666 million in total revenue in the first quarter, a 5.5% increase over the same period in 2009. Net income for the quarter was $39 million, which exceeds the first two quarters of 2009. Each capital measure continued to improve in the first quarter, with total adjusted capital within $53 million of its all-time high. To read the full report, use the link.
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