USAA Financial Performances from Time to Time- United Services Automobile Association (USAA) is one of the biggest financial companies in United States of America (USA) which has headquarter in San Antonio, Texas United States. This company provided insurance, Investing, financial planning, and banking products to members of the military, veterans, and their relatives. Historically, this company was founded on June 20, 1922. Until 2022, this company has employed 37,000 of people.
Commonly, in insurance industries, United Services Automobile Association (USAA) has some insurance products. Along with business development, The USAA has many diversified insurance products.
- Vehicle Insurance
The insurance products consist of Auto Insurance, Pay as You Drive Auto Insurance, Motorcycle Insurance, ATV Insurance, RV and Motorhome Insurance, Boat Insurance, Personal Watercraft Insurance, Bicycle and E-Bike Insurance, Classic and Collector Car Insurance, and Aviation Insurance.
- Property Insurance
This consist of Renters Insurance, Homeowners Insurance, Condo Insurance, Landowner Insurance, Valuable Personal Property Insurance, Flood Insurance, Mobile Home Insurance, Farm and Ranch Insurance, Collectibles Insurance, and Cell Phone Protection
- Life Insurance
- Umbrella Insurance (Protection finances and assets)
- Health Insurance (Medicare Plans, Individual and Family Plans, Dental Insurance Vision Insurance, and Accidental Injury Insurance)
- Long-Term Care (Get protection for when you need it most)
- Annuities (Grow and protect your retirement savings)
- Business Insurance
- Additional Insurance (Pet Insurance, Travel Insurance, Special Event Insurance, Personal Cyber Insurance)
Beside in insurance, the USAA also has some banking products. These banking products including:
- Checking (Savings, Credit Cards, Youth Banking, Certificates of Deposit)
- Loans (Auto Loans, Personal Loans, RV Loans, Boat Loans, Motorcycle Loans, Leisure Vehicle Loans)
- Home Mortgages (Mortgages, Mortgage Rates, Refinance, VA Loan, Mortgage Payment Assistance Options)
In investing services, USAA has some products including Brokerage and Trading, Mutual Funds, IRAs, and Rollovers, 529 Education Plans, Automated Investing, and Financial Planning. Meanwhile, in retirement program, USAA has Annuities, IRAs and Rollovers, and Long-Term Care.
As of one of the biggest insurance companies in United States of America (USA), the performance of USAA was good enough until 2022. All the data was obtained from Annual Report of USAA from 2014 to 2022.
Net Insurance premiums of United Services Automobile Association (USAA) from 2014 to 2022
| Years | Net Insurance premiums |
|---|---|
| In USD Millions | |
| 2022 | $ 28,097 |
| 2021 | $ 26,323 |
| 2020 | $ 25,388 |
| 2019 | $ 23,973 |
| 2018 | $ 22,214 |
| 2017 | $ 20,093 |
| 2016 | $ 18,287 |
| 2015 | $ 16,786 |
| 2014 | $ 15,621 |
| Source :USAA Annual Report To Members, 2022-2016 | |
The financial performance of USAA in insurance industries has grown since 2014. In that year, USAA’s net insurance premium reached USD 15.6 billion. It has increased into USD 28 billion in 2022.
The Revenue and Net Income of USAA from 2014 to 2022
| Years | Revenue | Net Income |
|---|---|---|
| In USD Millions | In USD Millions | |
| 2022 | $ 36,297 | ($1,281) |
| 2021 | $ 37,530 | $3,374 |
| 2020 | $ 36,296 | $3,915 |
| 2019 | $ 35,617 | $ 4,006 |
| 2018 | $ 31,367 | $ 2,291 |
| 2017 | $ 30,016 | $ 2,422 |
| 2016 | $ 27,131 | $ 1,779 |
| 2015 | $ 24,361 | $ 2,266 |
| 2014 | $ 24,033 | $ 3,405 |
| Source :USAA Annual Report To Members, 2022-2016 | ||
Based on Income statement of USAA from 2014 to 2022, The revenue of USSA also in positive trend. In 2014, the revenue of USAA was in USD 24 billion and increased into USD 36 billion in 2022. With the positive growths of Revenue, it has not positive correlation with net income. The net income of USAA was instable conditions. In 2014, USSA got USD 3.4 billion and in the last 2022, the company suffered net loss around USD 1.2 billion.
The Assets and Liabilities of USAA from 2014 to 2022
| Years | Assets | Liabilities |
|---|---|---|
| In USD Millions | In USD Millions | |
| 2022 | $204,005 | $176,578 |
| 2021 | $210,677 | $170,531 |
| 2020 | $200,349 | $159,910 |
| 2019 | $ 173,732 | $ 138,405 |
| 2018 | $ 158,507 | $ 127,329 |
| 2017 | $ 155,391 | $ 124,783 |
| 2016 | $ 147,290 | $ 118,450 |
| 2015 | $ 137,075 | $ 109,301 |
| 2014 | $ 130,254 | $ 103,621 |
| Source :USAA Annual Report To Members, 2022-2016 | ||
Based on the balance sheet of annual report, in the financial position, the USAA has stable conditions. in 2014, the assets of USAA in 2104 was $ 130,254 million with liabilities around $ 103,621 million. In 2022, the assets of USAA were around USD 204,005 million with liabilities around USD 176,578 million.
Bibliography of USAA Financial Performances from Time to Time
USAA. 2023.USAA Annual Report to Members. Accessed via https://www.usaa.com/inet/wc/annual-report-to-members?akredirect=true on July 17th, 2023.