SAN ANTONIO – According to its annual Report to Members, released today on usaa.com, 2016 was a record year for USAA. The association reached highs in membership and net worth while also paying a record volume of insurance claims related to catastrophic weather events.
“USAA stands with our members through every step of life’s journey,” said USAA CEO Stuart Parker. “With an eye always on our mission, we helped guide our members through weather-related catastrophes, financial challenges and market uncertainties. I am proud of our team and thankful for our members’ trust.”
USAA reported the following financial results for 2016:
Record claim volumes and the continuing industry trend of rising costs for auto repairs were factors in a lower net income figure for 2016. So, too, were USAA’s investments in cybersecurity, technology infrastructure and digital capabilities to maintain best-in-class service to its members.
“We achieved solid results in one of the most challenging years in our history,” Parker said. “We continued investing in infrastructure to better serve our members and increased our financial strength. As a result, USAA will be there when our members need us, today and far into the future.”
Beyond the Balance Sheet
The story of 2016 for USAA goes beyond the financial report. The association achieved a number of firsts while continuing to provide its members with the tools they need to manage their financial futures. Some of these accomplishments included:
The USAA family of companies provides insurance, banking, investments, retirement products and advice to 12 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
 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.
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