AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life). Both companies are life/health subsidiaries of CUNA Mutual Holding Company (CUNA Mutual) and collectively referred to as CMFG Life Group. At the same time, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of American Memorial Life Insurance Company (AMLIC) (Rapid City, SD). AM Best also has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Union Security Insurance Company (USIC) (Topeka, KS). In addition, has AM Best affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of TruStage Life of Canada (TLOC) (Ontario, Canada). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of CUMIS Insurance Society, Inc., CUMIS Specialty Insurance Company, Inc., and CUMIS Mortgage Reinsurance Company (Madison, WI). These companies are property/casualty subsidiaries of CUNA Mutual and collectively referred to as CUMIS. Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of TruStage Financial Group, Inc. (headquartered in Madison, WI), an intermediate holding company of CUNA Mutual. Lastly, AM Best has affirmed the Long-Term Issue Credit Rating of “a-” (Excellent) on the $85 million, 8.5% surplus notes, due 2030, issued by CMFG Life. The outlook of these Credit Ratings (ratings) is stable. All operating companies are domiciled in Waverly, IA, unless otherwise specified.

The ratings of CMFG Life Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The group has displayed a continued trend of capital and surplus growth and liquidity measures in line with prior years. Although overall premiums were level in 2020 and 2021, the group has seen a large amount of growth in annuity premiums in the last five years. The organization is a key participant in the credit union marketplace, it is looking to further expand beyond this space as well.

The ratings of AMLIC reflect its balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. Growing surplus and a conservative asset portfolio has led to improvement of the company’s risk-adjusted capitalization. Although AMLIC experienced challenges with underwriting performance in 2021, operating results remain profitable and year-over-year premium growth was robust. As one of the three pre-need companies acquired in 2021, it should continue to provide product diversification to the overall organization in the future.

The ratings of USIC reflect its balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. Despite the company not writing any new business, AM Best acknowledges that it still provides positive earnings and can enhance the product profile of the overall organization.

The ratings of TLOC reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. As with the other pre-need entities, TLOC provides additional product diversification and creditworthiness to the overall organization, as well as a positive source of earnings. The company also maintains a significant market share of pre-need line of business in Canada, which can provide additional competitive advantages and geographic diversification.

The ratings of CUMIS reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. CUMIS has a large capital base and continues to grow policyholders’ surplus. Underwriting results remain favorable compared with composite averages. Furthermore, its property/casualty product suite and distribution base continue to enhance the earnings of the overall organization and provides additional diversification benefits with regard to insurance risk.