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About Cmfg Life Insurance Company

CUNA Mutual is an insurance, financial services and technology company that offers consumer and commercial insurance, retirement and investment solutions, and business solutions including data and analytics, lending capabilities and marketing services. The mutual company provides specialized insurance such as credit insurance, bond coverage, business auto, professional liability, and cyber security packages for the credit unions themselves, as well as consumer products like life, accident, annuity insurance, and homeowners insurance that the institutions can offer to their members. The company reaches its customers directly and through business partners. CUNA Mutual also helps protect and grow the assets of businesses — primarily credit unions and other financial institutions.

Operations

In addition to insurance policies for credit unions, CUNA Mutual Fiduciary Consultants provides investment monitoring and advice for approximately $2 billion in combined assets from over 250 credit union plans with retirement plans as large as approximately $200 million for CUNA Mutual Retirement Solutions. Consumer products are offered through the TruStage Insurance Agency, while property/casualty insurance products are issued by CUMIS Insurance Society.

Other lines include accidental death and dismemberment coverage, auto insurance, personalized investment planning through CUNA Brokerage Services, and small-business retirement plans.

Life and health premiums account for approximately 50% of CUNA Mutual's revenues. Property/casualty premiums account for over 20%.

Additional units include CPI Qualified Plan Consultants unit, a third-party administrator of employee benefits plans and retirement plans for small business customers. CMFG Ventures (launched in 2016) invests in startups that offer new technologies to credit unions and its customers. It also invests in BankBI, a cloud-based financial performance analytics application for the banking and financial services industry.

All told, CUNA Mutual insures some 95% of the US' credit unions.

Geographic Reach

Headquartered in Madison, Wisconsin, CUNA Mutual operates throughout the US and its territories, with offices in Iowa, Kansas, Texas, and Wisconsin. It also has numerous regional branch locations across the US. The company has international operations in the Dominican Republic, Puerto Rico, Trinidad/Tobago, and Jamaica.

Sales and Marketing

CUNA Mutual reaches its customers directly and through business partners.

Financial Performance

In 2020, revenue increased 8% to $1 billion. This was primarily due to the $49.4 million increase in life and health premiums.

Net income has also been on the rise. With the higher revenue in 2020, net income increased 36% to $16.4 million.

Cash and cash equivalents at end of 2020 (March) totaled $287.8 million. Net cash provided by operating activities totaled $263.8 while investing activities used $364 million. Financing activities provided another $195.3 million, mainly from policyholder account deposits.

Strategy

In mid-2020, CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation, partnered to provide private mortgage insurance to credit unions. The new program, known as "CUNA Mutual Group Private Mortgage Insurance, provided by MGIC," makes home ownership more accessible to credit union members by reducing risks for lenders.

Earlier in the same year, CUNA Mutual Group's analytics firm AdvantEdge Analytics launched of its Version 2.0 (V2.0) enhanced cloud-native analytics platform. The $1.1 billion Greater Nevada Credit Union (GNCU) has agreed to become the flagship client for the enhanced cloud-native analytics platform.

Company Background

CUNA Mutual was founded in 1935.

Cmfg Life Insurance Company

5910 Mineral Point Rd
Madison, WI 53705-4456
Phone: 1 (800) 356-2644

Firm Stats

Employer Type: Privately Owned
Sr V Pres-cfo: Jeffrey Holley
Exec Vpres: David Marks
President And Ceo: Robert Trunzo
Employees (This Location): 1,600
Employees (All Locations): 4,000

Major Office Locations

Madison, WI

Other Locations

Waverly, IA
Fort Worth, TX