The association remained committed to serving military members and their families and helping them build financial stability amid economic headwinds.
San Antonio, May 31, 2024–(BUSINESS WIRE)–USAA today released its 2023 Annual Report for Members, highlighting strong financial performance, membership growth and the introduction of innovative products and services to meet members’ needs.
“Many of the economic challenges from 2022 continue into 2023, making our mission of taking care of military families even more important,” said president and CEO Wayne Peacock. “We remain focused on serving our 13.5 million members well every day. This means building long-term financial strength, investing in new technology and launching new products and services so we can fulfill our mission for generations to come.”
USAA reported net income of $1.2 billion and ended the year with net assets of $29.1 billion, up $1.7 billion, or 6%, from last year. Additionally, strong product revenues across all three of its business lines led to a 17% increase in 2023 revenues to a total of $42.5 billion.
“Prudent financial management in 2023 has enabled USAA to enhance its ability to serve our members and effectively plan for both the short and long-term strengthening of our association,” said USAA Chief Financial Officer Jeff Wallace. “Despite new and continuing headwinds, we maintained strong capital and liquidity levels, controlled expenses to operate more efficiently and return money to our members.”
USAA’s commitment to its members was highlighted in 2023 when the association stated:
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It has paid $23.9 billion in claims across more than 350,000 disaster-related claims.
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It returned about $1.9 billion in distributions, dividends, bank refunds and fees.
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We increased the amount of mortgage loans our members can borrow with no down payment or fees through the Department of Veterans Affairs Jumbo Loan.
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We have expanded our credit card offerings with the introduction of the Eagle Navigator™ Visa Signature® Credit Card and the Cashback Rewards Plus American Express® Credit Card.
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We have added fixed index annuities, which offer higher growth potential than traditional fixed annuities.
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We connected our members to one of the largest fee-free ATM networks in the country, covering more than 100,000 ATMs.
In addition to providing best-in-class products and services, USAA continued to care for the military community and their families through philanthropy and advocacy efforts focused on military family resilience and supporting local communities. USAA, USAA employees and the USAA Foundation, Inc. contributed more than $54 million in charitable contributions, ranking in the top quartile for employee volunteerism among U.S. companies. Last year also saw the historic announcement that USAA had launched Face the Fight™ in partnership with the Humana Foundation and Reach Resilience, a collaborative initiative to raise awareness of veteran suicide prevention and ultimately reduce veteran suicide rates.
About USAA
Founded by a group of military personnel in 1922, USAA is one of the leading providers of insurance, banking and retirement solutions, serving more than 13.5 million U.S. military members, veterans who have honorably completed their service, and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three international locations and employs more than 37,000 people worldwide. Each year, the company donates to national and local nonprofit organizations to support the communities where military families and employees live and work. To learn more about USAA, follow us on Facebook or X (@usaa) or visit usaa.com.
About USAA Foundation, Inc.
The USAA Foundation, Inc., a nonprofit organization, supports organizations that serve the communities where USAA employees live and work primarily in the areas of education, health and human services, arts and culture, and civic and economic development. The USAA Foundation, Inc. does not endorse or promote commercial suppliers, products, or services. USAA is a sponsor of the USAA Foundation, Inc.
About USAA Education Foundation
The USAA Education Foundation is a nonprofit charitable organization with a mission and purpose to lead and promote activities that improve the financial readiness of our military and communities, and is certified as a tax-exempt privately operated foundation under Section 501(c)(3) of the Internal Revenue Code. The USAA Education Foundation may not endorse or promote commercial suppliers, products, or services. USAA is a sponsor of the USAA Education Foundation.
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