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CU System
A.M. Best affirms CUNA Mutual Fin. Group life subsidies
OLDWICK, N.J. (2/16/12)--A.M. Best Co. has affirmed the financial strength rating  of CUNA Mutual Financial Group (CMFG) Life Insurance Co.--the former CUNA Mutual Insurance Society--at A (excellent) and its issuer rating at "a."

The Oldwick, N.J., ratings company also affirmed  the company's debt rating of "bbb+" on its $85 million 8.50% 20-year surplus note issued by CMFG Life (Business Wire Feb. 13).

In addition A.M. Best affirmed CMFG Life subsidiary MEMBERS Life Insurance Co. with  B++ (Good) FSR and "bbb+"  ICR ratings. Both companies are based in Waverly, Iowa.

The outlook for all ratings is stable, said A.M. Best.

CMFG Life's rating acknowledged its "continued position as the leading provider of life/health insurance products to credit union members and employees, its more than adequate risk-adjusted capitalization, consistently positive net operating gains and improved balance sheet on a consolidated basis."  Its positive ratings are offset partly by a moderate exposure to structured securities, volatility in statutory earnings performance in some core and ancillary lines of business, the agency added.

MEMBERS Life Insurance Co. ratings acknowledge "its strong risk-adjusted capitalization and status as a wholly owned subsidiary of CMFG Life." Offsetting these  is MEMBERS Life's reduced operating profile and continued net operating losses related to the amortization of the interest maintenance reserve,  said A.M. Best.


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