MADISON, Wis. (1/29/16)--A.M. Best Co. has affirmed the financial strength ratings of “A” (Excellent) and the issuer credit ratings of “a” for CMFG Life Insurance Co. (CMFG Life), MEMBERS Life Insurance Co., CUMIS Insurance Society Inc., and CUMIS Specialty Insurance Co. Inc.
A.M. Best has also affirmed the issuer credit rating of “bbb” of CUNA Mutual Financial Group, Inc., the intermediate holding company within the group. The outlook for all ratings is stable.
“Our customers can be confident CUNA Mutual Group is financially strong and ready to help them build a better financial future,” said Robert Trunzo, CUNA Mutual Group president/CEO. “The affirmation of our financial ratings is important to us as we invest in new products and services to serve our customers for generations to come.”
In affirming CMFG Life’s “A” rating, A.M. Best cited the company’s position as the leading provider of insurance and financial services products in the credit union marketplace. Also noted was steadily increasing capitalization, benefiting from favorable consolidated earnings and management initiatives to reduce earnings volatility, improve capital efficiency and better align the management of business segments.
Regarding CUNA Mutual Group’s property/casualty subsidiaries, A.M. Best cited a favorable level of risk-adjusted capitalization, overall operating profitability and leadership position within the credit union segment.