CUNA Mutual Group reported total revenue of $3.54 billion in 2017, an increase of 8.3% from 2016.
Net income increased to $303 million, compared with $223 million in 2016. Consolidated GAAP surplus ended the year at $3.37 billion, an increase of 14.3% year-over-year. Assets reached a record high at $20.6 billion, up from $18.5 billion the previous year, driven by solid operating and investment performance.
“We are a vibrant and growing company,” said Robert N. Trunzo, CUNA Mutual Group president and CEO. “Our strong business results illustrate our stability as we bring transformation and advancement to an ever-changing financial services marketplace. As a leader in our industry, we are evolving and driving our innovation strategy forward to strengthen all aspects of our business--data analytics, technology, our workforce, new products and the customer experience. I’m proud to say that CUNA Mutual Group is disrupting the traditional financial services industry and building for the future.”
Over the last year, the company launched CUNA Mutual AdvantEdge Analytics, LLC, a data and analytics business that helps credit unions gain better insights to improve the member experience. The company and its subsidiaries, including CMFG Ventures, LLC, also invested in four additional fintech and insurtech startup companies, totaling 11 investments and $65 million in capital.
The company surpassed $6 billion in assets under management (AUM) for annuity products in 2017 and saw annuity sales grow 7% year-over-year through CUNA Brokerage Services, Inc., the company’s broker/dealer, and financial adviser network. TruStage®, CUNA Mutual Group’s consumer brand, also became one of the first companies to bring two entirely online life insurance products to market, making it easier for families to protect their loved ones. In less than a year, the TruStage™ simplified-issue term life insurance product exceeded $1 billion in issued coverage.
During a devastating year of weather-related disasters including hurricanes, wildfires and tornadoes that shook the lives of thousands, CUNA Mutual Group not only paid claims, but led efforts through its disaster response teams who were on the ground, knocking on doors, and ensuring the well-being of policyholders. In addition, the CUNA Mutual Group Foundation, Inc., the company’s charitable entity, along with CUNA Mutual Group’s employees, donated a total of $400,000 to the National Credit Union Foundation’s CUAid disaster relief fund, which gives 100% of its donations to credit unions, their employees and their members to recover from major disasters.
CUNA Mutual Group also paid $1.33 billion in benefits to policyholders and their beneficiaries and continued its vigorous investment in the credit union system by contributing $27 million to support credit union leagues, organizations and industry efforts.
For more information, see the company’s 2017 Annual Report.