USAA highlights monetary development in annual report

USAA has launched its 2023 annual report to members, detailing sturdy monetary efficiency, membership development, and the introduction of latest services and products.

The army insurer reported a internet earnings of $1.2 billion and elevated its internet price by $1.7 billion, or 6% yr over yr, ending the yr at $29.1 billion. Moreover, revenues rose by 17% in 2023 to $42.5 billion, pushed by robust product income efficiency throughout all three traces of enterprise.

In 2023, USAA paid $23.9 billion in claims, together with greater than 350,000 catastrophe-related claims. The corporate additionally returned practically $1.9 billion in distributions, dividends, and financial institution rebates and rewards. Moreover, USAA elevated the borrowing quantity for a mortgage by means of the Veterans Affairs jumbo mortgage with no down cost and no origination payment.

The corporate additionally expanded its bank card choices with the introduction of the Eagle Navigator Visa Signature bank card and Cashback Rewards Plus American Categorical bank card. It additionally added a set listed annuity with extra development potential than a conventional fastened annuity and related members to one of many largest surcharge-free ATM networks within the nation, with over 100,000 ATMs.

“Prudent monetary administration in 2023 enhanced USAA’s potential to serve members and successfully plan for the near- and long-term power of the affiliation,” USAA chief monetary officer Jeff Wallace mentioned. “Regardless of new and ongoing headwinds, we maintained robust capital and liquidity ranges, managed bills to function extra effectively, and returned cash to our members.”

Past its monetary providers, USAA highlighted its continued assist for the army group and their households by means of philanthropic and advocacy efforts targeted on army household resiliency and local people assist.

USAA, its workers, and The USAA Basis, Inc offered greater than $54 million in philanthropic contributions and ranked within the high quartile for worker volunteerism in company America.

Moreover, USAA, in collaboration with the Humana Basis and Attain Resilience, launched Face the Struggle, a marketing campaign aimed toward elevating consciousness of veteran suicide prevention and lowering the veteran suicide charge.

“Most of the financial challenges from 2022 continued into 2023, reinforcing the significance of our mission to take nice care of army households,” CEO and president Wayne Peacock mentioned. “We proceed to deal with serving our 13.5 million members effectively day-after-day, which implies constructing long-term monetary power, investing in new expertise, and launching new services and products – guaranteeing we’re capable of ship on our mission for generations to come back.”

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