USAA released its 2024 annual report, citing record growth in membership and a strengthened financial position.
The report outlines the association’s performance over the past year, as well as its ongoing efforts to support military families through insurance, banking, and financial services.
USAA said that it added 1 million new members in 2024. Juan C. Andrade (pictured above), who became the company’s 12th president and CEO in April, said the association is focused on meeting the evolving needs of members.
Andrade said that 2024 brought record membership growth and a stronger balance sheet, adding that USAA would continue investing in products and technologies to improve service.
The company reported net income of $3.9 billion for the year. Net worth rose 10% from 2023 to $32.1 billion, while total revenue increased 14% to $48.6 billion. Total assets reached $221 billion, a 4% increase driven in part by investment performance.
Andrade also noted that the company maintained its profitability through its diversified business model and long-term planning, noting that USAA is positioned to support its members through future challenges, including natural disasters such as Hurricanes Helene and Milton.
In 2024, USAA returned $2.2 billion to members through distributions, dividends, and banking rebates and rewards. The company also paid $4.3 billion in catastrophe-related claims. It also reported process improvements, including a reduction in average catastrophe claims processing time from 14 days to seven days, using advanced technology.
USAA and its members continued to support local and military communities. Employees logged 279,000 volunteer hours and contributed $16.4 million to charitable causes, with the company matching those donations. On Giving Tuesday, employees and retirees contributed $16.4 million alone.
USAA also reported $3 million in contributions toward disaster relief for those affected by Hurricanes Helene and Milton, including food, shelter, and debris removal.
While 2024 was a good year for USAA, a recent legal decision may have put a damper on its momentum. Last month, a Nevada jury awarded $100 million in punitive damages and $14 million in compensatory damages to policyholder Timothy Kuhn in a bad faith insurance case.
The verdict stems from USAA’s handling of Kuhn’s claim following a 2018 rear-end collision, where the insurer initially determined he was not at fault but later argued in litigation that he was responsible.
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