Association remained committed to serving the military community and their families and helping them build financial security amid economic headwinds.
USAA today published its 2023 Annual Report to Members, highlighting strong financial performance, membership growth and the introduction of innovative products and services to meet the needs of its members.
“Many of the economic challenges from 2022 continued into 2023, reinforcing the importance of our mission to take great care of military families,” said Wayne Peacock, president and CEO. “We continue to focus on serving our 13.5 million members well every day, which means building long-term financial strength, investing in new technology and launching new products and services – ensuring we are able to deliver on our mission for generations to come.”
USAA reported a net income of $1.2 billion and improved its net worth by $1.7 billion, or 6% year over year, ending the year at $29.1 billion. Additionally, revenues increased by 17% in 2023 for a total of $42.5 billion, driven by strong product revenue performance across all three lines of business.
“Prudent financial management in 2023 enhanced USAA's ability to serve members and effectively plan for the near- and long-term strength of the association,” said Jeff Wallace, chief financial officer at USAA. “Despite new and ongoing headwinds, we maintained strong capital and liquidity levels, managed expenses to operate more efficiently and returned money to our members.”
USAA’s commitment to its members was underscored in 2023 as the association:
- Paid $23.9 billion in claims with more than 350,000 catastrophe-related claims.
- Returned nearly $1.9 billion in distributions, dividends, and bank rebates and rewards.
- Increased the amount members can borrow for a mortgage through the Veterans Affairs jumbo loan with no down payment and no origination fee.
- Expanded credit card offerings by introducing the Eagle Navigator™ Visa Signature® credit card and Cashback Rewards Plus American Express® credit card.
- Added a fixed indexed annuity that offers more growth potential than a traditional fixed annuity.
- Connected members to one of the largest, surcharge-free ATM networks in the country, encompassing over 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 its philanthropic and advocacy work focused on military family resiliency and supporting local communities. USAA, USAA employees and The USAA Foundation, Inc. provided more than $54 million in philanthropic contributions, and ranked in the top quartile for employee volunteerism in corporate America. Last year also marked a historic announcement as USAA, alongside the Humana Foundation and Reach Resilience, launched Face the Fight,™ a collaborative initiative to raise awareness of veteran suicide prevention and ultimately reduce the rate of veteran suicide.
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 more than 13.5 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 37,000 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.
About The USAA Foundation, Inc.
The USAA Foundation, Inc., a nonprofit organization, supports organizations that provide services in the areas of education, health and human services, arts and culture, and civic and economic development primarily in the communities where USAA employees live and work. The USAA Foundation, Inc., does not endorse or promote any commercial supplier, products or services. USAA is the sponsor of The USAA Foundation, Inc.
About The USAA Educational Foundation
The USAA Educational Foundation is a nonprofit charitable organization qualified under Section 501(c)(3) of the Internal Revenue Code as a tax-exempt private operating foundation with a mission and purpose to lead and inspire actions that improve financial readiness for the military and local community. The USAA Educational Foundation cannot endorse or promote any commercial supplier, product or service. USAA is the sponsor of The USAA Educational Foundation.
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