MADISON, Wis. –Moody’s Investors Service (Moody’s) has assigned initial insurance financial strength ratings of A2 to CMFG Life Insurance Company, MEMBERS Life Insurance Company, and CUMIS Insurance Society, Inc. In addition, Moody’s has assigned an initial issuer credit rating of Baa2 to CUNA Mutual Financial Group, Inc., the intermediate holding company within the group. The outlook for all ratings is stable.
The A2 insurance financial strength rating ranks sixth highest out of 21 ratings by Moody’s and reflects CUNA Mutual Group’s position as a leading provider in the U.S. of insurance and financial services to credit unions, their employees, and members. 2016 marks the first time CUNA Mutual Group has been rated by Moody’s.
“CUNA Mutual Group is focused on building financial strength to help our customers for generations to come. The Moody’s ratings are another positive indication of our commitment to long-term success,” said Robert N. Trunzo, president and CEO.
In issuing the ratings for CUNA Mutual Group’s life operations, Moody’s cited CUNA Mutual Group’s “position as a leading U.S. provider of insurance and financial services to credit unions, their employees and members.” In addition, Moody’s noted a solid financial profile, strong capitalization, moderate financial leverage and consistent earnings generation.
Regarding CUNA Mutual Group’s property/casualty subsidiary, CUMIS Insurance Society, Inc., Moody’s cited brand recognition, multiple distribution platforms and good geographic diversification.
“These ratings are important to CUNA Mutual Group. Our customers can be confident in our commitment to maintaining a strong company that serves them with products and services to help make them successful,” said Thomas J. Merfeld, executive vice president and chief financial officer.
About CUNA Mutual Group:
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance and investment partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.
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