CUNA Mutual Adds To Capital At Mid Year
MADISON, Wis. – CUNA Mutual Group has released mid-year numbers indicating it has continued to add to its capital, despite a fist half of 2011 that included numerous weather-related claims.
The company said weather-related losses were offset by strong performances from its lending and financial services products, which helped to drive $51 million of GAAP net income through June, compared to $63 million during the same period the year prior. Additionally, GAAP operating revenue grew in the first half of the year by 2.3%, the company said.
CUNA Mutual said its statutory total adjusted capital grew to $1.45 billion through June, up $30 million from year-end 2010.