USAA Revenue: Annual, Quarterly, and Historic - Zippia (2024)

FAQs

USAA Revenue: Annual, Quarterly, and Historic - Zippia? ›

USAA's revenue is $35.6 billion.

Financial Results

USAA maintained a strong net worth of $27.4 billion, preserving USAA's ability to serve and support members and the association, and revenue was $36 billion.

Let's start with the bad news. For 2022, USAA reported a net loss of $1.3 billion, its first loss for a full year since 1923 — 100 years ago. Also, USAA said its net worth — basically, the difference between what it owns and what it owes — declined dramatically from $40.1 billion in 2021 to $27.4 billion in 2022.

Two San Antonio companies made big moves on Fortune's Global 500 list of the world's biggest companies: One moved up while the other fell. Refiner Valero Energy Corp. jumped 42 spots to No. 40 while insurance and financial services company USAA slipped 38 places to No. 417.

USAA swung to a $1.28 billion annual net loss for 2022 from a $3.37 billion net income a year earlier.

USAA competitors include MetLife, Progressive Insurance, Allstate, GEICO and State Farm Insurance. USAA ranks 1st in Overall Culture Score on Comparably vs its competitors.

A check of the BBB website provides a few answers. The failing grade is due to two stated reasons. The first is that the company agreed this year to a $15 million settlement with the U.S. Consumer Financial Protection Bureau over how USAA's banking arm mishandled thousands of personal checking accounts.

USAA is laying off 220 employees in an effort to reprioritize positions amid changing business needs, the San Antonio-based insurer announced this week. This is the latest round of layoffs at USAA, which let go of nearly 1,000 employees in 2023 after reporting its first annual financial loss in nearly a century.

On July 26, 2019, the Charles Schwab Corporation announced it would acquire USAA's investment management and brokerage accounts for $1.8 billion. The deal with Charles Schwab closed on May 26, 2020.

A recent report from the San Antonio-based insurance and banking giant shows that the company faced a tough 2022 fiscal year, reporting its first income loss since the company was founded in 1922.

Who is USAA owned by? ›

USAA is owned by the company's policyholders. USAA is a type of insurance company called a reciprocal insurance exchange, which means that policyholders assume each other%s risk, though daily operations are managed by the company's executive council.

Cleveland, Ohio, November 6, 2018 — Victory Capital Holdings, Inc. (NASDAQ:VCTR) (“Victory Capital” or “the Company”) today announced that it has entered into a definitive purchase agreement to acquire USAA Asset Management Company (which includes its Mutual Fund and ETF businesses and 529 College Savings Plan).

USAA is owned by its members, who are primarily current and former members of the U.S. armed forces as well as family members of those who served. USAA is headquartered in San Antonio and has been a privately-owned financial institution since its founding in 1922.

Why did the OCC and FinCEN issue these fines? The OCC and FinCEN fined USAA Bank for not meeting Bank Secrecy Act/Anti Money Laundering (BSA/AML) requirements.

Both institutions are excellent choices for military members, veterans, and their families. For its part, USAA has more savings accounts options and a better rate on a 6-month CD. However, Navy Federal Credit Union has several more checking accounts and much better APYs for most of its CD terms.

USAA President and CEO Wayne Peaco*ck saw a 68% increase in his compensation in 2023, with figures jumping to $8.1 million, up from $4.8 million the previous year, reported by the San Antonio Report.

USAA President and CEO Wayne Peaco*ck was paid at least $8.1 million in 2023, an increase of more than two-thirds of his 2022 compensation of $4.8 million.