CUNA Mutual Group reports record financials and exceptional growth through 2021
CUNA Mutual Group reported record financial performance and exceptional growth in 2021, delivering on the company’s purpose to make brighter financial futures accessible to more consumers. Through outstanding product growth, strategic investments and the largest acquisition in company history, CUNA Mutual Group ended the year with its strongest business and financial results yet, reporting $5 billion of revenue, $622 million of net income and $36.7 billion in assets under management.
“We are anchored to our purpose of making a brighter financial future accessible to all, and I’m proud to report that we’re making more progress than ever on bringing that vision to life,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group. “Our employees took the company to another level in 2021, and I know we are poised to build upon this record year and add to the millions of consumers we serve. We achieved these results while also prioritizing the needs of our employees and communities.”
CUNA Mutual Group provided $1.8 billion in benefits to customers and their beneficiaries — including $76.6 million in COVID-related claims. The CUNA Mutual Group Foundation also provided more than $7.9 million to non-profits that focus on economic stability, education and emergency aid.
The company also rapidly expanded digital capabilities to enable more people in more ways to make financial decisions that work for them. Through its venture capital arm (CMFG Ventures), the company made several significant investments in fintech start-ups and connected fintechs to financial institutions by convening the new Fintech Forum. CMFG Ventures also launched the new Discovery Fund — a $15 million venture capital fund exclusively dedicated to investing in early-stage companies founded by people of color, women and the LGBTQ+ community demonstrating our corporate values of equity and inclusion.
CUNA Mutual Group expanded in existing and new markets, including closing the largest acquisition in the company’s history with Assurant’s Global Preneed business. The company also forged a new partnership with Navy Federal Credit Union, giving their members exclusive access to discounts on auto and home insurance and formed an alliance with LPL Financial to strengthen experiences for both financial advisors and credit union members. CUNA Mutual Group’s annuity portfolio surpassed $10 billion in assets under management, and some products were once again rated in Barron’s 100 Best Annuities for 2021.
Insurance Financial Strength Ratings for CUNA Mutual Group’s primary life and property and casualty insurance companies, CMFG Life Insurance Company and CUMIS Insurance Society, Inc., were affirmed with ratings of ‘A’ (Excellent) from A.M. Best Company in March of 2022, ‘A+’ from S&P Global Ratings in December 2021, and ‘A2’ from Moody’s Investors Service in March 2021. All ratings carry a stable outlook.
Through the business and market growth, the company continues to contribute substantial investment back into the organization- geared to bring innovative and improved solutions to customers.
“Our 2021 financial performance underscores the relevancy of our products and solutions in protecting consumers through times of uncertainty,” said Laurie Winger, Executive Vice President, Chief Financial Officer. “With the resiliency of our employees and our ongoing investments in solutions that help more consumers make financial decisions that work for them, the company is well-positioned to navigate the challenges of the current economic climate and continue to remain a financially strong market leader.”
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.