USAA, or United Services Automobile Association, is a financial services company that provides insurance, banking, and investment products exclusively for military members and their families. They offer competitive rates and a variety of services, including auto, homeowners, and life insurance. For more details, you can visit their website at USAA. Overview of USAA
Founded:
Established in 1922 by 25 U.S. Army officers in San Antonio, Texas.
Headquarters:
Located in San Antonio, Texas, with additional offices in Phoenix, Arizona, and other cities.
Membership Eligibility:
Exclusively for military members, veterans, and their families. Membership has expanded over the years to include all honorably discharged veterans and certain federal law enforcement personnel.
Key Services Offered
Insurance Products:
Auto Insurance: Comprehensive coverage options tailored for military families.
Homeowners Insurance: Protection for homes and personal property.
Life Insurance: Whole and term life insurance policies without a war-exclusion clause.
Umbrella Insurance: Additional liability coverage beyond standard policies.
Banking Services:
USAA Federal Savings Bank offers checking and savings accounts, loans, and credit cards.
Mobile banking features, including check deposits via mobile apps.
Investment Services:
Access to investment products through partnerships with Charles Schwab and Victory Capital.
Financial Performance
Revenue:
Reported revenue of approximately $42.49 billion in 2023.
Net Income:
Net income of about $1.217 billion in 2023.
Total Assets:
Total assets valued at $211.6 billion in 2023.
Community Impact
Member Base:
Over 13.5 million members as of 2023, reflecting a strong commitment to serving military families.
Awards and Recognition:
Ranked on various Fortune lists, including the Fortune 500 and the 100 Best Companies to Work For.
Leadership
Current CEO:
Wayne Peacock, who took over in February 2020, is the first CEO not to be a veteran.
Upcoming leadership change with Juan C. Andrade set to become CEO in April 2025.
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