the first nine months of 1995. Through September, the country's largest provider of insurance products for credit unions took in $1.4 billion, $125 million behind projections, according to the Madison, Wis., company's internal newsletter. CUNA Mutual's 1995 plan calls for $2 billion in revenues, said company spokesman Del Dockter. According to the newsletter, most of the shortfall is from the mutual insurer's individual life and health coverage division, whose revenues were $96 million below the target. The credit insurance division is the only unit to exceed revenues, by $1.5 million, according to the newsletter. Although behind target, revenues for the first nine months still exceeded those of the comparable 1994 period by $39 million. The newsletter said a cost-cutting drive by the insurer's new chief executive, Mike Kitchen, appears to be working. Operating expenses for the first nine months were $397 million, or $9 million below budget. The newsletter cautioned, however, that expenses "still exceed the levels supportable by the reduced revenues." CUNA Mutual raked in $275 million in investment earnings, 5% ahead of schedule, according to the newsletter. CUNA Mutual is independent of the trade group, the Credit Union National Association.

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