CUNA Mutual's decision to diversify helped the credit union insurance giant increase its net income year over year despite the poor economic times.
The company's net income grew from $51 million in 2009 to $87 million in 2010. "The difference between those two numbers is almost exclusively-well, part of it was the operating gain which was driven by crops. The other part was we still had some assets that were impaired from the recession in 2009 that we wrote off; we still had some in 2010 but they're fewer," CUNA Mutual President/CEO Jeff Post explained.
He continued, "2010 is a perfect example of why we went out to diversify the company several years ago. To be honest with you our strongest performing business in 2010 was our crop insurance." Record crop production in the U.S. and droughts elsewhere, like Russia, bolstered that business sector.
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