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CUNA Mutuals crop insurance reaps 58 hike in net income
MADISON, Wis. (2/11/11)--CUNA Mutual Group reported an increase of 58% in net income for 2010--primarily as a result of the company’s diversification into crop insurance. Net income grew to $87 million, compared with $51 million in 2009. Operating revenue on continuing operations rose 4.1%. Almost half of the growth was from crop insurance. The $15.4 billion assets company acquired Producers Ag Insurance Group of Amarillo, Texas, in 2009. CUNA Mutual said that business more than offset challenges other product lines faced due to poor economic conditions. Total operating revenue at the company inched up to $2.5 billion from $2.4 billion in 2009. Credit unions benefited from CUNA Mutual’s 2010 financial performance. The company paid $5 million more to leagues than in 2009--$35 million compared with $30 million. Overall, the company dedicated $39 million to credit union advocacy. “During these difficult economic times, CUNA Mutual has worked hard to keep premiums down, deliver greater value to credit unions and their members and still grow our company’s financial strength,” said CUNA Mutual President/CEO Jeff Post. “Our strong and diversified financial performance in 2010 enabled the company to provide record reimbursements and bonus dollars--nearly $40 million--to the credit union system.”
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