TruStage Reports Strong Financial Performance in 2024
Company delivered on promises to protect middle-market consumers while maintaining strong financial position
MADISON, Wis., April 22, 2025 /PRNewswire/ -- Despite challenging market conditions for the insurance industry and extreme weather events impacting millions, TruStage reported strong financial performance across its diverse product and solutions portfolio in 2024. The company ended the year in a favorable financial position, reporting over $5.6 billion in total revenue, over $200 million in net income and over $37 billion in assets1 under management. In 2024, ratings agencies AM Best and S&P affirmed TruStage's ratings as a financially healthy and stable organization.
"No matter the economic or environmental headwinds we face, we are rooted in the 'people helping people' principle we were founded upon 90 years ago," said Terrance Williams, President and CEO of TruStage. "In 2024, our TruStage team delivered on our promises to the millions of customers we protect and achieved strong results that we are poised to build upon in the coming year."
TruStage fulfilled its promises to customers in 2024 by providing more than $2.5 billion in total benefits across 39 million consumer relationships.
In 2024, TruStage:
- Became the fifth largest writer of life insurance by policy count in the U.S.
- Maintained relationships with 93% of credit unions in the U.S.
- Winner of the 2024 Celent Model Insurer Award for Innovation Execution, to the launch of Payment Guard Insurance – the industry's first insurance product designed for digital lenders.
- Expanded insurance coverage to new consumers through technology-driven partnerships with Polly and Ethos.
- Brought together and invested in fintech organizations from across financial services with TruStage Ventures' portfolio of over 65 companies.
- Delivered strong results across all business segments and its investment portfolio.
The TruStage Foundation also maintained the company's commitment to doing good for customers and communities. In 2024, the TruStage Foundation:
- Responded to the devastation from Hurricanes Helene and Milton by mobilizing disaster recovery teams, collaborating with others to provide immediate on-the-ground support and donating $150,000 to relief efforts.
- Gave back to communities by:
- Donating more than $3.5 million to support the communities we serve, focused on economic mobility.
- Employees raising nearly $539,000 in support of economic mobility and registering more than 8,300 employee volunteer hours.
- Working alongside more than 65 non-profits that received funding from the TruStage Foundation.
For more information, see the company's 2024 Annual report.
About TruStage
TruStage™ is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
TruStage Foundation
The TruStage Foundation is a registered 501(c)(3) that serves as the philanthropic arm of TruStage. Efforts of the TruStage Foundation center on building equity in the communities where we live and serve. TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
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.
AM Best ratings were affirmed in December 2024. S&P ratings were affirmed in September 2024. All ratings carry a stable outlook.
1 Liabilities for 2024 at $47.6 million
TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis. © TruStage
CORP-7795012.1-0325-0427
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SOURCE TruStage