USAA Revenue & Financials

USAA's financial trajectory over the past decade underscores the institutional resilience of its reciprocal capital structure. Between FY2015 and FY2021, USAA expanded consolidated statutory revenue from $24.4 billion to $37.5 billion, consistently delivering annual net profits ranging from $1.7 billion to $4.0 billion while growing member capital surplus from $28.0 billion to $40.1 billion. In FY2022, the convergence of post-pandemic supply chain shocks, unprecedented auto repair parts inflation, surging used car replacement values, and severe weather storms across Texas and Florida produced an unprecedented underwriting shock: a statutory net loss of $1.28 billion on $36.0 billion in revenue, with the P&C combined ratio surging past 109%. This represented USAA's first annual net loss in over a century of operations. Management responded with decisive operational and actuarial discipline. Under CEO Wayne Peacock, USAA initiated comprehensive multi-state actuarial rate filings, streamlined overhead, expanded the SafePilot telematics risk-scoring platform, and overhauled claims triage workflows. In FY2023, USAA swung back to profitability, generating $42.5 billion in revenue and $1.2 billion in net income. By FY2024, USAA completed a historic turnaround, reporting a record $48.6 billion in statutory revenue (a 14.4% increase), $3.9 billion in consolidated net income, and total capital net worth expanding to $38.6 billion. Demonstrating its commitment to member-owners, USAA distributed $2.2 billion in member dividends, distributions, and Subscriber Savings Account allocations in 2024, proving the extraordinary recovery capacity of its reciprocal capital foundation.