Strong Financial Performance Reflects USAA’s Unwavering Commitment to Members and the Military Community

SAN ANTONIO – USAA today published its 2024 Annual Report to Members highlighting strong financial performance and growth, which demonstrate its longstanding commitment to serving the military community and their families. Last year, the association welcomed 1 million new members and empowered their financial security.  

“USAA has served the military community and their families for more than a century, and we continue to demonstrate our commitment to delivering exceptional service and ability to evolve as our members’ needs change,” said Juan C. Andrade, USAA’s 12th president and CEO who took the helm in early April. “Our association is strong and 2024 brought record growth to our membership and strength to our balance sheet. We will build on that strength in the years to come, fulfilling our commitments to each member, while continuing our investments in innovative products and technologies that enable us to serve members better and more proactively.” 

USAA reported net income of $3.9 billion and improved its net worth to $32.1 billion, a 10% increase from 2023, further ensuring the financial strength necessary to serve members every day and through extraordinary events like Hurricanes Helene and Milton. Additionally, revenues increased by 14% to $48.6 billion as new and loyal members turned to USAA for insurance, banking and advice. Total assets grew by 4% to $221 billion, due in part to strong investment performance. 

“In 2024, we delivered strong results, including continued profitability, thanks to our diversified business model and disciplined financial management,” added Andrade. “USAA navigated numerous events that impacted members by managing with a long-term view of what’s best for our association. With a solid capital foundation, we are well positioned to be there for members now and into the future.” 

Additionally, the report shares how USAA continued to go beyond exceptional service and product offerings to serve the military community and local communities where USAA team members live and work, including:  

• $2.2 billion returned to members in distributions, dividends, and bank rebates and rewards. 

• $4.3 billion paid in catastrophe-related claims.  

• Enhanced service through more efficient processes, including reducing catastrophe claims processing from 14 days to seven days, on average, using advanced technology and process improvements.  

• Launched USAA Eagle Express, a digital, term life insurance product designed to make life insurance more accessible by eliminating in-person medical exams. 

• Helped members avoid costly repairs through the Connected Home and PreFix programs, which combine technology and home maintenance to detect and prevent issues before they cause costly damage or claims. 
• Grew member enrollment in SafePilot®, USAA’s behavior-based program, to more than 1.3 million members, which along with USAA SafePilot Miles™, offers members discounts on insurance premiums at renewal. 

USAA and its members also continued to serve local communities in 2024 by advocating for and supporting issues that matter the most to our military families. 

• USAA employees logged 279,000 volunteer hours and donated $16.4 million, bolstered by USAA’s dollar-per-dollar match, to their local communities. On Giving Tuesday alone, employees and retirees donated $16.4 million to local causes. 

• Through $3 million in donations, USAA and its members provided food, shelter, cleanup and debris removal assistance to many impacted by Hurricanes Helene and Milton.  
• Face the Fight®, launched in 2023 by USAA with founding partners Reach Resilience and the Humana Foundation, is estimated to save 6,500 veteran lives by 2032. Since its launch, Face the Fight has provided more than $25 million in philanthropic support to 52 critical suicide prevention projects, touching 134,000 people.  

To read the stories of how USAA supported its members and employees throughout 2024 and was a positive voice for change, visit usaa.com/annualreport.  

About USAA 

Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves 14 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or X (@USAA), or visit usaa.com.