CUNA Mutual Group reported Tuesday that its total revenue increased to $3.1 billion in 2015 from $3 billion in 2014.
The Madison, Wis.-based organization recorded $217 million in net income last year compared with $206 million in net income in 2014.
This increase reflected a 5.5% growth in CUNA Mutual's core business units – life, health, auto and home insurance products and programs, and wealth management retail annuities – as well as low catastrophe losses and positive claims experience.
In 2015, organization said it paid out $1.1 billion in total benefits to policyholders or their beneficiaries.
Statutory total adjusted capital of CMFG Life Insurance Company, CUNA Mutual Group's lead life insurance company, grew to $2.2 billion in 2015, up 1% from 2014.
The company's consolidated GAAP surplus ended the year at $2.7 billion and was flat to the prior year as core earnings were offset by a reduction in the aggregate unrealized gain position of the investment portfolio, according to a prepared statement from CUNA Mutual Group.
The organization's total cash and investment holdings totaled $12.8 billion as of Dec. 31, 2015, and contributed $525 million of net investment income for the year. The company's investment portfolio is well diversified with an average credit quality rating of "A."
CUNA Mutual also reported it contributed $41 million to support credit union leagues, related organizations and other industry efforts.
Last May, CUNA Mutual and the American Association of Credit Union Leagues signed a new three-year, $64 million marketing agreement that became effective Jan. 1.
CUNA Mutual Group, however, said that its advocacy and marketing support for the nation's state leagues represented a decrease from 2015, though the amount of the change will vary among the leagues based on a number of factors.
Even though CUNA Mutual did not quantify the total reduction, the organization said it was necessary to make more funds available for investments in the company's products, technology and services for policyholders, many of whom are credit union members.
CUNA Mutual Foundation also contributed $2 million to non-profit causes in communities across the nation.
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