Financial Services Industry
Industry: Email Alert RSS FeedWall Street Lauds CMG Restructure
Credit Union Journal, The, October, 2006
Fitch Ratings applauded CUNA Mutual Group's ongoing restructuring last week by reaffirming the company's AA- rating, or 'very strong,' on its principal subsidiaries and debt. "Over the past year, CUNA Mutual's statutory capital position has benefited from retained earnings, improved investment results and the sale of the company's mortgage operations," said the Wall Street rating agency.
Fitch noted a surge in CUNA Mutual's net income to $93 million for the first six months of the year, compared to $125 million for all of 2005 and $135 million for 2004. The improved results, reflect "very favorable loss experience in credit insurance and group disability, improved investment results, and expense reductions," said Fitch in a news release. Noting the restructuring, Fitch said...
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