TruStage

What TruStage does

TruStage is a private insurance and financial services company headquartered in Madison, Wisconsin, that serves approximately 93% of US credit unions (4,300+ institutions collectively holding over $2 trillion in assets). Founded in 1935 and rebranded from CUNA Mutual Group in March 2023, the company employs roughly 3,900 people and operates through subsidiaries including CMFG Life Insurance Company, MEMBERS Life Insurance Company, CUNA Brokerage Services Inc., and several other specialty insurers. In 2025, TruStage reported over $6.1 billion in revenue, $312 million in net income, and $36.1 billion in assets under management, and became the fourth-largest US provider of life insurance by policy count. CMFG Life Insurance Company carries an A.M. Best "A" (Excellent) financial strength rating as of December 2025.

The company's product portfolio spans consumer insurance (term and whole life, AD&D, auto, property, funeral/payment protection), business protection solutions for credit unions (auto collateral protection, business auto, cybersecurity, fidelity bond, management liability, property/liability, workers' comp), a comprehensive annuity suite (registered index-linked annuities including the ZoneChoice family, fixed annuities such as MaxProtect, single premium immediate and future income annuities), workplace retirement solutions (401(k)/defined contribution, fiduciary consulting, pension risk transfer, executive benefits), wealth management, and compliance technology. Underlying technology infrastructure includes Compliance Hub Alerts (knowledge retrieval across 18,000+ state and federal legal citations), an API-driven dynamic document engine integrated with FirstClose and Fiserv CoreAdvance, and the in-development TruStage Stablecoin (TSDA) built with Block Time Financial. Generation capacity is diversified across insurance underwriting, asset management fees, transaction fees on lending protection, and licensed compliance technology royalties.

Distribution runs primarily through credit unions as channel partners supplemented by an appointed financial professional network and direct-to-consumer digital channels (online quoting, call centers). Recent strategic activity has been heavy on platform partnerships: a multi-year AI modernization engagement with Wipro for retirement services, embedded compliance into Fiserv's CoreAdvance core banking platform, lending protection integrated into Cotribute's account opening flow, property risk analytics from ZestyAI, evidence-based target-date funds from Dimensional Fund Advisors, and a stablecoin pilot targeting credit union settlement and payment modernization. The leadership table lists both Terrance Williams and Robert N. Trunzo as President and CEO, suggesting a recent or in-progress CEO transition.

Name

TruStage

Legal name

TruStage Financial Group, Inc.

Website

https://trustage.com

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TruStage is a private insurance and financial services company serving 93% of US credit unions (4,300+) through life insurance, annuities, retirement plans, lending protection, and compliance technology. In 2025 it reported over $6.1 billion in revenue and $36.1 billion in managed assets.

Ownership category

akta.pro rank

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: TruStage generates revenue primarily through insurance premiums from life insurance, accidental death & dismemberment insurance, auto insurance, property insurance (home, renters, condo), funeral insurance, and business protection products. The company became the fourth-largest provider of life insurance sales in the US by policy count in 2025.
2. Annuities: Revenue from annuity products including registered index-linked annuities (RILAs), fixed annuities, and income annuities. TruStage expanded its range of RILAs in 2025 and offers products through financial professionals and credit unions.
3. Lending Protection Solutions: Credit insurance, debt protection, GAP (Guaranteed Asset Protection), payment protection, mechanical repair coverage, and private mortgage insurance offered to lenders and credit unions to protect borrowers and lenders against unexpected life events.
4. Retirement Services: Workplace retirement solutions including 401(k) plans, defined contribution plans, fiduciary investment consulting, and pension risk transfer for credit unions and businesses.
5. Compliance Solutions: Regulatory monitoring and compliance automation technology sold to financial institutions, including the Compliance Hub Alerts platform and dynamic documentation solutions integrated into banking platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels9 records

Core offering

TruStage is a diversified insurance and financial services company that delivers personal and commercial insurance (life, AD&D, auto, property, funeral, business protection), annuities (RILAs, fixed, immediate, deferred income), lending protection solutions, workplace retirement solutions, and compliance technology to credit unions and their members. The company distributes primarily through 4,300+ US credit unions, an appointed financial professional network, direct-to-consumer digital channels, and embedded integrations with banking platforms.

Product overview

TruStage is a diversified insurance and financial services company that offers a broad portfolio of products organized into two main divisions: Insurance and Financial Services. Its Insurance division includes consumer-facing personal lines (life insurance, AD&D, auto, property, funeral/prepaid funeral, and Payment Guard Advantage payment protection) and business protection solutions for credit unions (auto collateral protection, business auto, cybersecurity, fidelity bond, management liability, plastic card, property/liability, real estate collateral protection, workers' compensation, and commercial specialty programs). TruStage's Financial Services division encompasses a comprehensive annuity suite (including registered index-linked annuities — ZoneChoice Advantage, ZoneChoice Income, ZoneChoice, Zone Income — fixed annuities, single premium immediate annuities, and future income annuities), workplace solutions (retirement solutions, executive benefit solutions, pension risk transfer, and DEI services), wealth management solutions, and Compliance Solutions (including Compliance Hub Alerts regulatory monitoring and API-driven dynamic documentation). The company also recently announced the TruStage Stablecoin (TSDA), a dollar-pegged stablecoin for credit unions. TruStage distributes primarily through credit unions and financial professionals, and serves approximately 93% of U.S. credit unions. In 2025, TruStage reported over $6.1 billion in revenue, $312 million in net income, and $36.1 billion in assets under management, and became the fourth-largest provider of life insurance in the U.S. by policy count.

Differentiator

Problem solved

Functional benefit

Products and services

• Life Insurance
• Accidental Death & Dismemberment Insurance
• Auto Insurance
• Property Insurance
• Payment Guard Advantage Insurance
• Funeral Insurance / Final Arrangements & Preplanning Solutions
• ZoneChoice Advantage Annuity
• ZoneChoice Income Annuity
• ZoneChoice Annuity
• Zone Income Annuity
• MaxProtect Fixed Annuity
• Single Premium Immediate Annuity
• Future Income Annuity
• Retirement Solutions
• Executive Benefit Solutions
• Pension Risk Transfer
• Lending Protection Solutions
• Business Protection Solutions
• Compliance Solutions
• TruStage Stablecoin (TSDA)
• Wealth Management Solutions
• Specialty Commercial Programs

Quantifiable outcome

• Fourth-largest life insurance provider in the US by policy count (2025)
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability8 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• Dimensional Fund AdvisorscoreStrategic or Co-development Partner · 24 June 2026Collaboration to strengthen retirement plans with evidence-based investing. Dimensional manages a suite of target-date funds specifically designed for retirement plans with flexible portfolio construction. Partnership provides financial professionals and plan sponsors access to flexible target-date framework, systematic research-driven investment approach, and fiduciary support tools.
• FiservcoreTechnology or Integration · 14 March 2026TruStage's Compliance Solutions technology integrated into Fiserv's CoreAdvance banking platform. The combined offering enables financial institutions to access configurable, API-driven dynamic documentation capabilities for account-opening workflows, streamlining document generation and reducing compliance-related risks. Expected to be available to Fiserv clients in 2027.
• WiprocoreTechnology or Integration · 11 March 2026Multi-year contract for TruStage to digitally transform its business operations, focusing on modernizing core retirement services technology stack. Wipro leverages its AI-powered Wipro Intelligence platform and Designit unit to enhance customer experience and drive business growth for TruStage's middle-market consumers.
• Block Time FinancialcoreTechnology or Integration · 26 February 2026Partnership to develop and launch TruStage Stablecoin (TSDA), a fully reserved U.S. dollar stablecoin for credit unions. Block Time Financial provides blockchain infrastructure and compliance technology while TruStage acts as the issuer. Pilot launch expected in first half of 2026 pending regulatory approvals.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Lincoln Financial Group: Lincoln Financial offers life insurance, annuities, retirement plan services, and group protection through financial professionals and institutions, with a product mix closely overlapping TruStage's insurance, annuity, and retirement services portfolio.
• Brighthouse Financial: Brighthouse Financial is a major annuity and life insurance provider focused on retirement solutions, directly competing with TruStage's ZoneChoice RILA suite, fixed annuities, and retirement recordkeeping business.
• Principal Financial Group: Principal Financial offers retirement, insurance, and asset management solutions with strong small/mid-market plan sponsor coverage, closely overlapping TruStage's workplace retirement solutions and annuity product suite.
• Athene Holding: Athene is a leading retirement services company specializing in fixed and indexed annuities, directly competing with TruStage's RILA and fixed annuity products for similar middle-market retirement savers.
• Empower Retirement: Empower is one of the largest retirement plan recordkeepers in the US, directly competing with TruStage Retirement Solutions for defined contribution, 401(k), and fiduciary consulting business.
• CO-OP Financial Services (Velera): Velera (formerly CO-OP Financial Services and PSCU) is the largest credit union CUSO, providing payments, digital, and lending technology to credit unions; it is a direct peer given its shared credit union distribution channel and overlap with TruStage's lending protection integrations.

Broad incumbents

• Nationwide Mutual Insurance Company: Nationwide is a large mutual insurance and financial services company with established credit union and affinity partnerships, overlapping TruStage's personal lines, life, and annuity distribution through similar channels.
• New York Life Insurance Company: New York Life is the largest mutual life insurer in the US, offering life insurance, annuities, and wealth management through a financial professional network that overlaps with TruStage's appointed producer channel.
• Fidelity Investments: Fidelity is one of the largest retirement recordkeepers and asset managers in the US, competing with TruStage Retirement Solutions for defined contribution, IRA, and individual retirement advisory business.

Emerging players

• Ladder Financial: Ladder is a digital-first term life insurance provider offering instant online underwriting, representing the emerging direct-to-consumer insurtech model that could eventually erode traditional credit-union-distributed life insurance channels like TruStage's.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• YouTubeyoutube.com/TruStage
• Facebookfacebook.com/TruStage
• LinkedInlinkedin.com/company/trustage
• Instagraminstagram.com/trustage
• Xx.com/TruStage

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TruStage