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CU System
CUNA Mutual in strong position despite economy
MADISON, Wis. (10/1/08)--CUNA Mutual Group is in a strong financial position, despite the troubles afflicting the U.S. economy, the company said in a statement posted on its website. “As you read the headlines and hear the financial news, it's important you know CUNA Mutual stands committed to credit unions, credit union members, and its policyholders through these challenging times,” CUNA Mutual said. “Despite the current economy, CUNA Mutual’s operating performance remains strong in 2008--results that follow a three-year period of growing revenues by 25%, doubling our profitability, and increasing benefits to customers by more than $500 million,” the company added. CUNA Mutual’s exposure to AIG, Freddie Mac, Fannie Mae, Lehman Bothers and Merrill Lynch is less than 0.1% of it general account, the company said. The compnay had $8.3 billion of cash and investments in its general account at the end of 2007. Despite economic challenges throughout the rest of 2008 and into 2009, CUNA Mutual predicts solid growth the rest of this year and a strong overall operating outlook.
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