MADISON, Wis. CUNA Mutual Group reported net income for 2012 of $150 million, up 80% from the $83 million net it had in 2011.
“Strong operating results in our core credit union businesses, prudent expense management and a $40-million reinvestment in a number of those businesses all contributed to very favorable results,” said Alastair Shore, chief financial officer for the credit union insurer.
CMG said strong operating results, particularly in lending, direct-to-consumer and asset accumulation products, helped offset drought-related losses in the company’s crop insurance business and weather-related losses in its auto and home businesses. Investment performance also contributed heavily to higher net income in 2012.
CUNA Mutual Group said its total cash and investments grew to $11.1 billion in 2012, an increase of $1.2 billion over 2011. Its consolidated surplus rose to $2.5 billion from $2.1 billion.
