Rating agency cites business diversification as important factor in upgrade to A+
MADISON, WI, September 30, 2019 /24-7PressRelease/ — CUNA Mutual Group today announced that S&P Global Ratings (S&P) has raised the ratings for CUNA Mutual Group and its core insurance entities, citing, among other factors, broad product diversity and a strong competitive position in the U.S. credit union marketplace.
The financial strength ratings upgrade to ‘A+’ from ‘A’ 1 includes CUNA Mutual Group’s life insurance entities, CMFG Life Insurance Company and MEMBERS Life Insurance Company. The outlook for all ratings is stable.
In the course of performing its financial strength analysis, S&P highlighted the continued competitive strength of CUNA Mutual Group insurance products in the U.S. credit union marketplace—the company’s core market since its founding more than eight decades ago—and recognized the company’s multichannel distribution platform, including financial advisors at banks and independent broker-dealers.
“Straightforward products that meet investor needs, along with the financial strength to back them up, are key to bringing peace of mind to retirees and those saving for retirement,” said Martin Powell, head of annuity distribution at CUNA Mutual Group. “It’s especially gratifying that S&P recognizes that delivering products beyond the credit union space actually makes us even stronger.”
CUNA Mutual Group’s primary operating insurance entities also have financial strength ratings of ‘A’ from A.M. Best Co., Inc.2, and ‘A2’ by Moody’s Investors Service3.
1 Standard & Poor’s Rating Services, September 2019
2 A.M. Best Company, March 13, 2019
3 Moody’s Investors Service, March 19, 2019
About CUNA Mutual Group:
CUNA Mutual Group is a financially strong insurance and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of “people helping people” and the belief that a brighter financial future should be accessible to everyone. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers.
Ratings apply to CMFG Life Insurance Company and its subsidiaries, MEMBERS Life Insurance Company, and CUMIS Insurance Society, Inc. A.M. Best also rates CUMIS Specialty Insurance Company, Inc. Ratings are subject to change.
MGA-2748366.1-0919-1021 ©2019 CUNA Mutual Group
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