A message from President & CEO Terrance Williams
Next: Shining stories
We’re here to make what’s historically been cloudy and complex clearer by helping people make financial decisions that work best for them.
TruStage was named one of America’s Best Insurance Companies for 2024 by Forbes. Presented in partnership with Statista Inc., this prestigious award is based on responses from over 15,000 participants nationwide who were asked to evaluate insurance companies that they personally have worked with.
2023
Year in review
BODY
Building a brighter future
2023 Year in review
Fade Building a brighter future to 2023 Year in Review
85+
years of experience creating access to financial services
$56M
invested in our communities since 1967
$157M
contributed to the credit union movement in last 5 years
10
average employee tenure
3.9M customer interactions
Strength in numbers
$35.4B assets under management
94% of credit unions are customers
$2.2B benefits paid
In 2023
Ethical and sustainable business practices are deeply valued at TruStage. That is why our annual report is available in a digital-only format – saving natural resources and prioritizing funds to enhance our customers’ experiences.
1 Individual consumer-level policies, certificates or waivers. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Insurance products are issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company, CUMIS Insurance Society Inc., CUMIS Specialty Insurance Company Inc., American Memorial Life Insurance Company, and Union Security Insurance Company. © TruStage CORP-5451505.2-1123-0326
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years
39M consumers protected
Shining stories
Making good happen
Financial strength
1
Domestic abuse victim policy
Terms & conditions
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Sustainability
Our values
Leadership
Careers & internships
Awards & recognition
Learn more about TruStage
39M consumers protected1
Privacy policy
Accessibility
Privacy Policy
When tragedy strikes, our team hits the ground running. We met face-to-face with credit unions, who welcomed us with smiles and open arms. It was amazing to see their resiliency in the face of this disaster.
Stage
Trust
+
Delivering on our promise
Each claim we receive is handled with care and compassion. But, when a disaster strikes, the level of coordination can make the experience challenging or seamless. We pride ourselves on delivering a seamless experience in our customers' time of need. So much goes into our disaster response efforts — from proactive reach outs to relentlessly connecting with customers and partners to understand what is needed. After the wildfires in Maui, Hawaii, TruStage team members joined representatives from each of our credit union customers in the affected area.
Helping customers make informed decisions
Unforeseen financial and life events can make repaying loans a challenge. That's why we offer payment protection solutions — or insurance — that helps consumers pay their loans when they experience hard times. With the rise in online lenders, consumers who may need that protection the most were missing the opportunity to secure their future. So, we introduced Payment Guard Insurance — a first-of-its-kind digital lending insurance product, Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. Consumers learn what payment protection does and how it works all within a seamless loan application experience.
Heather N. | TruStage Claims Consultant
Our TruStage Ventures, LLC. team helps fund the next generation of innovators in the financial services and insurance industries.
Our purpose and passion shines through when we are called on to deliver on our promises.
Payment Guard Insurance named Finovate Award finalist for Best Insurtech Solution.
Our investment in entrepreneurs who work towards financial inclusion helps empower historically marginalized communities to thrive.
Discovery Fund vs. the industry
Percentage of investment dollars allocated to woman founders
Percentage of investment dollars allocated to BIPOC founders
2%2
Industry
66%
Us
13.7%3
in aggregate loan balances prevented from going into default
$2M
Discovery Fund
The Discovery Fund intends to invest up to $5 million annually in early-stage fintech companies led by BIPOC, LGBTQ+, and women founders.
Financial wellness supporting underserved consumers with financial services such as liquidity management tools, emergency savings accounts, wealth generation platforms, and financial literacy. Lending enabling more affordable and accessible credit to underserved consumers, whether in partnership with financial institutions like credit unions or direct to consumers. Banking technology empowering credit unions to operate and serve members more efficiently and effectively by improving productivity and enhancing member experiences.
Focus areas:
$11M
invested since inception
Ventures Fund since 2016
30+
active portfolio companies
1,800+
credit union and portfolio company partnerships
$350M+
invested, including follow-on rounds
Our venture capital arm houses two investment funds. The Ventures Fund focuses on strategic investments and partnerships to connect fintechs with credit unions and financial institutions. The Discovery Fund focuses on early-stage investments in fintechs with diverse founding teams.
Investing in an innovative path to financial well-being
By evolving from a portfolio of separate brands, we have collectively modernized our experiences.
TruStage unifies under a single brand
In 2023, we rebranded to streamline experiences for our customers, and become a one-stop outlet for protection and financial products, that meet the needs of many including the underserved middle-market population. What's in the name? Our brand blends the words trust and stage. As a trusted insurance, investment and technology provider for the different financial stages of life, the TruStage name represents our longstanding purpose, mission and ongoing commitment to those we serve.
(Black, Indigenous, People of Color)
Next: Making good happen
consumers have concerns about making their loan payments1
8 in 10
in loan balances protected in first year
$375M
34%
1 TruStage, Internal Data, May 2023 2 Pitchbook US VC female founders dashboard 2023 3 McKinsey Underestimated start-up founders: The untapped opportunity 2023 TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Insurance products are issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company, CUMIS Insurance Society Inc., CUMIS Specialty Insurance Company Inc., American Memorial Life Insurance Company, and Union Security Insurance Company. © TruStage CORP-5451505.2-1123-0326
On the ground in Maui after historical wildfire.
Investing in our communities
Traditionally, financial services companies have been driven by the bottom line — and the people who need them most are often left behind. TruStage operates under the philosophy of people helping people. Through intentional community outreach, our TruStage Foundation, Inc. works to build equity in the communities we serve.
We're proud to work alongside more than 65 non-profits that received funding from the TruStage Foundation — including 15 new organizations and credit union foundations.
When it came time to introduce TruStage to the public, we couldn't think of a better way than through community outreach.
Continued pursuit of financial well-being for all
TruStage is working together with the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA). Signing a five-year Memorandum of Understanding, the agreement creates a sustainable partnership that promises to further financial inclusion and cooperative connections across the globe. Credit unions address development issues that are barriers to financial health and well-being. These issues range from access to capital and secure savings, to lack of opportunity, education, and proper living conditions.
We believe the collaboration between ACCOSCA and TruStage will lead savings and credit co-operatives to grow households' financial security across our continent.
We strive to make a difference every day and empower each other to achieve great things together, creating a positive impact on society.
TruStage understands the issues facing historically and intentionally marginalized families and individuals in our community and is actively seeking out ways to address those inequities.
Linda Ketchum | Executive Director JustDane
Workforce community impact
Making connections to empower historically underserved populations
contributed to our communities over the last 55 years
$634K
raised by employees for non-profits
4,738
hours volunteered by employees in our communities
What do you get when you combine advocacy, expertise and an abundance of credit union relationships? A powerful credit union network making brighter financial futures possible.
$5M
pledged to support the communities we serve
George Ombado | ACCOSCA Executive Director
See the full list
All In Mentoring Anana Elementary School Badger Rock Middle School Boys & Girls Club Cedar Valley Boys & Girls Club Dane County Briarpatch Youth Services, Inc. Catholic Charities - The Beacon Cedar Valley Friends of the Family Centro Hispano CLIMB USA Consumer Federation of America East High School East Madison Community Center Families & Schools Together Filene Research Institute First Tee South Central Wisconsin Foundation for Dane County Parks George Washington Carver Middle School Gigi's Playhouse Goodman Community Center Habitat for Humanity International Hamilton Middle School Horizon High School Hospitality House of the Cedar Valley House of Hope I am We Global Village Iowa Heartland Habitat for Humanity John Muir Elementary School Larabee Center Leader Valley Foundation Lighthouse Christian School Lussier Community Education Center Madison Area Community Land Trust Madison Reading Project Madison Urban Ministry (JustDane) Marine Credit Union Foundation Maydm, Inc. Mentoring Positives, Inc. WayForward Resources National Credit Union Foundation Nehemiah Center for Urban Leadership Nuestro Mundo Community School Outreach Community Center Payne Memorial African Methodist Episcopal Church Porchlight, Inc. Project Home, Inc. Rapid City Club for Boys Simpson Street Free Press Society of St. Vincent De Paul - Madison District Southeast Elementary School The 1619 Freedom School The Arc of the United States The Foundation for Black Women's Wellness The Jesse Cosby Center The Job Foundation Transformations by Austin Angels United Way Waverly-Shell Rock Urban Triage, Inc. Vera Court Neighborhood Center Waverly-Shell Rock Middle School Wisconsin Chamber Orchestra Wisconsin Equal Justice Wisconsin Institute for Learning Disabilities Dyslexia Wisconsin Youth Company Wise Women Gathering Place YMCA Youth Art Team
Our roots run deep in the worldwide credit union movement.
Our employees work hard to make a difference, so everyone can achieve more.
They give thousands of volunteer hours and so many resources to hundreds of organizations in our community. Without TruStage, Madison would not be the community it is today.
Jason Ilstrup | President Downtown Madison, Inc.
TruStage is one that thinks about community first. They're thinking about how they can support and guide people to do the right thing, to always be equitable and just to dive in where the work needs to be done.
Letesha Nelson | CEO Goodman Community Center
Inclusiv — an organization supporting CDFIs credit unions — and TruStage are working together to help credit unions reach unbanked and underbanked people. With a $2.5 million contribution and in-kind expertise from TruStage employees over the last three years, the number of Community Development Financial Institution (CDFI) certified credit unions has increased across the nation. CDFIs promote financial inclusion by serving vulnerable people who lack access to safe and affordable credit options. More CDFIs means more people have access to non-predatory financial institutions and may have a better chance to achieve financial independence.
Next: Financial strength
Community impact contributions
Left to right: Bob Trunzo, former TruStage president & CEO; George Ombado, ACCOSCA executive director, and Terrance Williams, TruStage president & CEO; celebrate the partnership formed to further financial inclusion.
Left to right: Quentin Hart, mayor of Waterloo, Iowa; Alexzandra Shade, TruStage director of Corporate Social Responsibility, Cary Darrah, Grow Cedar Valley president and CEO; Rodney Anderson, store owner; and Willa Mae Wright, Community Center namesake; celebrate the opening of All-In Grocers which makes fresh produce available to residents who otherwise reside in a food desert on Waterloo Iowa’s north side.
1 Inclusiv Financial Inclusion in Action 2023 report TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affilates. © TruStage CORP-5451505.2-1123-0326
financially vulnerable people served by CDFIs1
19.6M
All In Mentoring Anana Elementary School Badger Rock Middle School Boys & Girls Club Cedar Valley Boys & Girls Club Dane County Briarpatch Youth Services, Inc. Catholic Charities - The Beacon Cedar Valley Friends Of The Family Centro Hispano CLIMB USA Consumer Federation of America East High School East Madison Community Center Families & Schools Together Filene Research Institute First Tee South Central Wisconsin Foundation for Dane County Parks George Washington Carver Middle School Gigi's Playhouse Goodman Community Center Habitat For Humanity International Hamilton Middle School Horizon High School Hospitality House of the Cedar Valley House of Hope I am We Global Village Iowa Heartland Habitat for Humanity John Muir Elementary School Larabee Center Leader Valley Foundation Lighthouse Christian School Lussier Community Education Center Madison Area Community Land Trust Madison Reading Project Madison Urban Ministry (Just Dane) Marine Credit Union Foundation Maydm, Inc. Mentoring Positives, Inc. WayForward Resources National Credit Union Foundation Nehemiah Center For Urban Leadership Nuestro Mundo Community School Outreach Community Center Payne Memorial African Methodist Episcopal Church Porchlight, Inc. Project Home, Inc. Rapid City Club for Boys Simpson Street Free Press Society of St. Vincent De Paul - Madison District Southeast Elementary School The 1619 Freedom School The Arc of the United States The Foundation For Black Women's Wellness The Jesse Cosby Center The Job Foundation Transformations by Austin Angels United Way Waverly-Shell Rock Urban Triage, Inc. Vera Court Neighborhood Center Waverly-Shell Rock Middle School Wisconsin Chamber Orchestra Wisconsin Equal Justice Wisconsin Institute for Learning Disabilities Dyslexia Wisconsin Youth Company Wise Women Gathering Place YMCA Youth Art Team
Inclusiv — an organization supporting CDFIs credit unions – and TruStage are working together to help credit unions reach unbanked and underbanked people. With a $2.5 million contribution and in-kind expertise from TruStage employees over the last three years, the number of Community Development Financial Institution (CDFI) certified credit unions has increased across the nation. CDFIs promote financial inclusion by serving vulnerable people who lack access to safe and affordable credit options. More CDFIs means more people have access to non-predatory financial institutions and may have a better chance to achieve financial independence.
Linda Ketchum Executive Director JustDane
Jason Ilstrup President Downtown Madison, Inc.
Letesha Nelson CEO Goodman Community Center
We're proud of our ratings because they're a sign of our financial strength and long-term ability to deliver on our commitments to those we serve.
Financial strength ratings
Company
AM Best Company
S&P Global Ratings (S&P)
Moody's Investors Service (Moody's)
CUMIS Mortgage Reinsurance Company 1 CUMIS Specialty Insurance Company, Inc. 1 American Memorial Life Insurance Company 2 TruStage Life of Canada 3 Union Security Insurance Company 4
A A A A A B++
CMFG Life Insurance Company 1 MEMBERS Life Insurance Company 1 CUMIS Insurance Society, Inc. 1
A+ A+ Not rated A+ Not rated Not rated
A2 Not rated Not rated Not rated Not rated A2
Company/debt type
TruStage Financial Group, Inc. CMFG Life Insurance Company Surplus Notes TruStage Financial Group, Inc. Senior Notes
bbb+ a- Not rated
Baa2 Not rated Baa2
BBB+ Not rated BBB+
Issuer credit ratings
2023 five-year performance Unaudited
Consolidated balance sheet For the years ended December 31, 2023 and 2022. Amounts in millions/unaudited.
Debt securities at fair value Equity securities at fair value Mortgage loans Equity in unconsolidated affiliate Policy loans Limited partnerships Securities lending assets Derivative assets, at fair value Other invested assets Cash and cash equivalents
Consolidated statements of operations For the years ended December 31, 2023, 2022 and 2021. Amounts in millions/unaudited.
Accrued investment income Premiums receivable, net Reinsurance recoverables, net Deferred policy acquisition costs Value of business acquired Net deferred tax asset Goodwill Intangible assets, net Assets on deposit Other assets Separate account assets
Life and health premiums, net Property and casualty premiums, net Net investment income Realized investment gains (losses) Commission and fee income Other income
$2,396 1,230 1,193 (171) 414 364
Laurie Winger EVP, Chief Financial Officer
2019
$24.6
2020
$28.5
2021
$44.3
2022
$41.3
$45.0
Assets*
$220
$146
$343
$140
(in billions)
Net Income
(in millions)
$5.4
$5.2
$5.0
$4.0
$4.1
Revenue
$2,868
$2,044
$4,818
$4,667
$4,093
Total surplus
$2,268 1,093 1,159 (103) 427 358
$2,023 975 1,343 63 433 212
5,426
5,202
5,049
Total revenues
Revenues
1,855 821 457 27 2,116
1,768 652 387 28 1,956
1,635 563 288 26 1,790
Life and health insurance claims and benefits, net Property & casualty insurance loss & loss adjustment expenses, net Interest credited to policyholder account balances Policyholder dividends Operating and other expenses
Benefits and expenses
5,276
4,791
4,302
Total benefits and expenses
Income from operations before income taxes
150
411
747
Income tax expense
68
125
Back: 2023 Year in review home
68.9% 1.2% 13.2% 0.2% 0.4% 8.1% 1.8% 3.6% 1.2% 1.4%
Distribution of invested assets
Debt securities, at fair value Equity securities, at fair value Mortgage loans Equity in unconsolidated affiliate Policy loans Limited partnerships Securities lending assets Derivative assets, at fair value Other invested assets Cash and cash equivalents
$22,260 381 4,270 68 133 2,613 565 1,167 379 453
Assets
$20,538 555 3,945 - 125 2,266 565 554 285 372
Total cash and investments
32,289
29,205
247 368 3,168 1,640 196 735 603 84 1,060 762 3,818
227 356 3,233 1,416 181 888 602 92 710 776 3,654
Total assets
$44,970
$41,340
Liabilities Insurance and annuity reserves Unearned premiums Notes and interest payable Dividends payable to policyholders Reinsurance payable Payable for securities lending Derivative liabilities, at fair value Other liabilities Separate account liabilities
Liabilities & policyholders' surplus
$33,336 1,021 1,162 13 123 565 666 1,398 3,818
$31,108 882 1,509 13 115 565 496 954 3,654
Total liabilities
42,102
39,296
Policyholders' surplus
2,868
2,044
Total liabilities & policyholders' surplus
These results are for CUNA Mutual Holding Company and its subsidiaries and are derived from consolidated financial statements, which are prepared in accordance with Generally Accepted Accounting Principles. To receive the complete financial statements, including the auditor's report, write to: TruStage, External Reporting-Finance P.O. Box 391 Madison, WI 53705-0391 Visit www.trustage.com/about-us/financial-information to view the audited financial statements.
$622
*Liabilities for 2023 at $42.1 billion
TruStage is a financially healthy organization. Amidst challenging economic factors that impacted both our business and our customers, we’re pleased to have delivered solid financial results over the past year.
AM Best Company: A and B++ are the third and fifth highest, respectively, of 16 ratings. TruStage Financial Group’s bbb+ issuer credit rating (ICR) is a standard three notches lower than the ICRs assigned to the operating companies of the rating unit. CMFG Life Insurance Company’s a- surplus notes rating is a standard two notches below CMFG Life Insurance Company’s ICR. S&P: A+ is the fifth highest of 21 ratings. TruStage Financial Group, Inc.’s BBB+ issuer credit rating is a standard three notches below the financial strength rating of CMFG Life Insurance Company. Moody's: A2 is the sixth highest of 21 ratings. TruStage Financial Group, Inc.’s Baa2 issuer credit rating is a standard three notches below the financial strength rating of the company’s operating subsidiaries. 1 AM Best ratings were affirmed in December 2023. S&P ratings were affirmed in February 2024. Moody’s ratings were affirmed in March 2021. All ratings carry a stable outlook. 2 The AM Best rating was upgraded to A in December 2023. The S&P rating was upgraded to A+ in September 2023 and affirmed in February 2024. Both ratings carry a stable outlook. 3 The AM Best rating was upgraded to A in December 2023 with a stable outlook. 4 The AM Best rating was affirmed in December 2023. The Moody’s rating was upgraded to A2 in March 2022. Both ratings carry a stable outlook. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affilates. © TruStage CORP-5451505.2-1123-0326
Net income
5,425
