CUNA Mutual cranks up presence after 2025 success

CUNA Caribbean Insurance Jamaica Limited, the local arm of US-based CUNA Mutual Group and the long-standing insurer to Jamaica’s credit union movement, plans to expand its market presence after posting increased profit in 2025.

Insurance revenue climbed to $4.76 billion for the year ended December 2025, from $4.46 billion in 2024, growth of just under 7.0 per cent.

Vice-President of Risk and Compliance Rosemarie Henry attributed the momentum to continued loyalty from the company’s core clientele: Jamaica’s credit unions and their members.

“The near-seven per cent growth in revenue was driven by continued support from our core market of credit unions and their members, as well as sustained demand for products tailored to their needs,” Henry said. She added that prompt claims settlement and a trust-based relationship with policyholders had underpinned consistent year-on-year expansion.

The revenue growth translated into a stronger bottom line. Profit before tax rose to $973.3 million from $714.4 million, while net profit increased to $733.0 million from $607.2 million in 2024. Retained earnings rose to $3.79 billion and total equity to $4.47 billion.

Insurance service expenses increased marginally to $3.65 billion from $3.60 billion, growing far more slowly than revenue. The insurance service result – revenue less claims and directly attributable expenses – rose to $1.01 billion from $773.1 million.

Henry said the cost discipline reflects a long-standing culture of operational prudence. “Holding insurance service expenses in check reflects disciplined, cost-conscious management across the business. We remain focused on operational efficiency, prudent claims handling, and sound reserving and pricing practices developed over many years of experience,” she said.

Net cash generated from operating activities rose to $624.8 million from $510.0 million in 2024. Cash and cash equivalents declined to $1.74 billion from $1.96 billion, though Henry said the reduction was deliberate.

“The reduction in cash and cash equivalents was mainly due to a planned shift in asset allocation, in line with our broader asset liability management approach,” she said, noting that funds were redeployed into longer-term investments. Investing cash outflows rose to $834.6 million from $131.3 million in 2024.

Capital stood at $4.47 billion in 2025 from $3.73 billion a year earlier. The company reported a Life Insurance Capital Adequacy Test ratio of 437 per cent at year end, above the Financial Services Commission’s 100 per cent minimum and up from 387 per cent in 2024.

On the outlook, Henry said increased advertising spending reflects a growth strategy rather than a branding exercise. “The increased advertising reflects our intention to expand our reach and serve more people,” she said, adding that the goal is to make insurance more accessible, while deepening engagement within the credit union ecosystem.

neville.graham@gleanerjm.com