MADISON, Wis. (3/6/15)--An improved lending environment contributed to the fourth consecutive year of earnings growth for CUNA Mutual Group, the company reported Thursday.
Consolidated GAAP revenue, net income and capital levels increased over 2013.
GAAP total revenue increased by 3.6% in 2014, driven in part by the emphasis on the TruStage auto, home, life, accidental death and dismemberment and health insurance product lines.
"Serving credit unions and members is at the center of everything we do," said CUNA Mutual Group President/CEO Robert Trunzo. "Our growth is a reflection of their trust and of the dedication of all CUNA Mutual Group employees. We view growth as an opportunity to invest in new and innovative ways to help credit unions and their members build financial security."
The company recorded $206 million of net income (GAAP) in 2014, a 26.8% increase over 2013. Strong investment and operating results, particularly in business protection products, contributed to the results.
CUNA Mutual Group continued its strong advocacy for credit unions in 2014, contributing $35 million to support credit union leagues and industry outreach.
As part of its efforts to streamline its business lines, it closed the sale of its mortgage insurance company joint venture in 2014 and its crop insurance business in early 2015.