2020 proved to be a remarkable year filled with an abundance of unexpected health, economic and social challenges that tested the mettle of the entire world. Yet through it all, CUNA Mutual Group remained financially resilient while providing 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.
Through strategic investments, acquisitions, and adaptations to operations, the company 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. Liabilities totaled $23.82 billion.
“The accomplishments of the past year are a testament to our employees and their relentless pursuit to provide our customers with the best experience possible,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group.
“We’re all pleased to put the challenges of 2020 behind us. It was a year unlike any other that pushed us to think, do and be different. Yet, we will relish in all that we learned as we continue to enable more people in more ways to make financial decisions that work for them.”
With 95 percent of employees working remotely due to COVID-19, CUNA Mutual Group staff proactively created needed solutions for customers. Among these were increased payment flexibility, expanded options to keep insurance protection, easier access to retirement funds, waived processing fees, and 38 percent of life claims paid within one day. In addition, 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.
Despite the challenges posed by the pandemic, CUNA Mutual Group expanded its digital capabilities in 2020 to create a better and more convenient consumer experience. It did so by 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.
“Our strong financial performance through a tumultuous 2020 clearly indicates that our people-first strategy was also our best business strategy,” said Laurie Winger, CUNA Mutual Group chief financial and product officer. “Our results underscore the value that our diverse products and solutions provide to our customers, due to our intense focus on those customers’ most critical needs.”
In March 2021, CUNA Mutual Group’s* Insurance Financial Strength Ratings were affirmed with a stable outlook by A.M. Best Company with ratings of ‘A’ (Excellent), S&P Global Ratings with ratings of ‘A+’ and Moody’s Investors Service with ratings of ‘A2’.
Amid the unknown, the resilience of staff, partners and communities was moving. With an emphasis on the health and well-being of people, the company and staff responded in unimaginable ways. Employees donated more than $700,000 of their own money to support their communities. 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 last five years.
As the nation encountered an intense social uprising, the company reaffirmed its commitment to diversity, equity, and inclusion by issuing a public statement detailing its stance on social justice and how it aligned to its values.
Trunzo added, “Our teams are driven by the desire to meet the evolving needs of our diverse population and fill gaps in the marketplace to make a brighter financial future accessible to everyone.”
For more information, visit cunamutual.com/about-us.
About CUNA Mutual Group
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.
*Ratings apply to CMFG Life Insurance Company and its subsidiaries, MEMBERS Life Insurance Company, and CUMIS Insurance Society, Inc. A.M. Best Company also rates CUMIS Specialty Insurance Company, Inc. Ratings are subject to change. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, WI 53705.