| TruStage Financial Group | |
| Type: | Mutual |
| Area Served: | Worldwide |
| Key People: | Terrance Williams, President and CEO |
| Services: | financial services commercial & consumer services investment products personal services lending services wealth management and retirement services |
| Revenue: | $3.54 billion USD (2017)[1] [2] |
| Assets: | $20.6 billion USD (2017)[3] |
| Industry: | Insurance and finance |
| Net Income: | $303 million USD (2017)[4] |
| Num Employees: | 3,300 |
| Num Employees Year: | 2017 |
| Footnotes: | [5] |
| Homepage: | https://www.trustage.com |
| Foundation: | (as Credit Union National Association) |
| Location: | Madison, Wisconsin, U.S. |
TruStage Financial Group, Inc., formerly known as CUNA Mutual Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.[6]
The "CUNA" in the company's name originally stood for "Credit Union National Association".[7] TruStage Financial Group is the marketing name for CMFG Life Insurance Company, its subsidiaries, and affiliates.
TruStage Financial Group was formed in 1935 as the CUNA Mutual Insurance Society. Its purpose was to offer financial protection to Americans during the credit union movement.[8] After World War II, TruStage Financial Group grew rapidly and expanded many of its services. TruStage Financial Group began selling insurance products in 1983. It now serves over 30 million consumers across its lending, retirement, and wealth management products.[8]
TruStage Financial Group employs nearly 3,700 people in offices in Waverly, Iowa; Great Bend, Kansas; Fort Worth, Texas; and Madison, Wisconsin; as well as field employees located throughout the United States. There are 1,900 employees working in Madison, Wisconsin, the company's world headquarters.
The company's international locations include the Dominican Republic, Jamaica, Puerto Rico, and Trinidad and Tobago.[9]
TruStage Financial Group[10] sells a variety of insurance and investment products designed for credit unions and their members, including the following:
TruStage is the brand name of a group of insurance products provided by TruStage Financial Group. TruStage is the insurance arm of TruStage Financial Group, which is rated "A" (Excellent; 3rd highest out of 16 possible ratings) by credit rating agency A.M. Best as of February 2017.[11]
TruStage Financial Group first registered the TruStage brand trademark in 2010, and it was first used commercially in 2013.[12] The TruStage brand first sold insurance products commercially in 2013. It exceeded $1 billion in consumer coverage in 2017,[13] and exceeded $6 billion in 2018.[14]
TruStage also offers community service awards to students, such as the Community Spark Award.[15]
TruStage offers a range of insurance products, including whole and term life insurance, accidental death and dismemberment insurance, auto insurance, and property insurance. All products have various coverage amounts and age requirements.[16]
TruStage life insurance products include:[17]
guarantees payment of a death benefit during a specified time period.
Additional TruStage insurance products include:
Since February 2022, TruStage Financial Group and 450 employee members of OPEIU #39 have been negotiating a successor labor agreement to replace the previous agreement that expired March 31, 2022.[21] Talks broke down in January 2023, with the union alleging the company was no longer engaging in good faith bargaining over union member priorities including fair compensation, pay equity, job security assurances against outsourcing, remote work protections, retirement security, and affordable health care.[22] In February and March 2023, the union filed unfair labor practice (ULP) charges with the National Labor Relations Board (NLRB) against the company asserting refusal to bargain, bad faith bargaining, refusal to furnish information, subcontracting unit work, retaliation against workers for union activity, all of which are prohibited by federal law.[23] On April 19, 2023, 87% of union members voted on whether to allow the union's bargaining committee to authorize a strike within 30 days if no labor agreement is reached. The measure was approved with 92% member support.[24]