MADISON, Wis. — Several CUNA Mutual subsidiaries recently received an AA- or Very Strong rating from Fitch Ratings.
Fitch reaffirmed its rating of the principal companies of CUNA Mutual Insurance Society, its affiliate, CUNA Mutual Life Insurance Co., and CUMIS Insurance Society, Inc., a property and casualty subsidiary.
Fitch labeled the company's rating outlook as "Stable" as it recognized CUNA Mutual's improved results for the first six months of 2006, citing improved investment results and expense reductions, according to CUNA Mutual. Fitch did acknowledge the challenges CUNA Mutual faces in increasing competition and that "any negative impact on the credit union marketplace exposes CUNA Mutual to potential adverse developments."
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"CUNA Mutual is in the midst of a major operational restructuring led by the company's new CEO [Jeff Post]," Fitch said. "Key elements of the restructuring include reorganizing and consolidating operations, exiting underperforming businesses and reducing expenses. Fitch views positively the company's efforts to improve its ability to compete in an increasingly competitive market."
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