Standard & Poor's has assigned an initial issuer credit rating of "BBB" to CUNA Mutual Financial Group. The rating service also issued initial insurance financial strengths ratings of "A" to CMFG Life Insurance Company, Members Life Insurance Company and CUMIS Insurance Society.
The ratings are S&P's first for CUNA Mutual Group, the intermediary holding company within the group that provides insurance and financial services to credit unions. The "A" insurance financial strength rating ranks sixth highest out of S&P's 21 ratings.
The outlook for all ratings is stable and CUNA Mutual Group's entities "reflect both strong business and financial risk profiles, built on very strong capitalization and moderate risk position," S&P stated in it analysis. S&P noted that the ratings reflect a solid market position in the U.S. credit union market and strong financial performance, according to the release.
"CUNA Mutual Group exists for its policyholders, and we strongly believe in honoring our commitment to them," Robert Trunzo, president and chief executive of CUNA Mutual, said in the release. "Maintaining our financial strength enables us to develop long-term plans and investments that will serve our customers for generations to come."
