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CU System
Despite weather losses CUNA Mutual strengthens capital
MADISON, Wis. (8/18/11)--CUNA Mutual Group--like most property and casualty insurance companies--incurred more weather-related losses in the first half of 2011 than in all of 2010. Spring tornadoes and storms resulted in losses in its auto and home business, and droughts and flood conditions across the U.S. affected its crop insurance program. However, solid performance from its lending and financial services products offset the weather-related losses, said CUNA Mutual. As a result, the company saw $51 million in GAAP (generally accepted accounting principles) net income through June. That compares with $63 million during the same period in 2010. Also, GAAP operating revenue grew 2.3% during the first half of 2011. CUNA Mutual's statutory total adjusted capital grew to $1.45 billion through June, up $30 million from year-end 2010. "Weather-related losses are part of the unpredictable nature of the insurance business," said Jerry Pavelich, the company's chief financial officer. "Despite those losses, our other financial measurers continue to head in the right direction, and we continue to execute on initiatives that are within our control."
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