United Services Automobile Association

What does USAA own?
USAA operates its insurance companies, USAA Federal Savings Bank, and investment and advice subsidiaries under a single member-owned association. It does not operate a portfolio of consumer brands; all services carry the USAA name.

Is USAA publicly traded?
No. USAA is a member-owned interinsurance exchange with no stock, no ticker, and no outside shareholders. Members own the association, and profits return to them or are retained to strengthen the organization.

Who founded USAA?
USAA was founded in 1922 by 25 Army officers in San Antonio, Texas, who pooled resources to insure each other because conventional insurers would not cover them. No single founder is credited; the officer group formed the reciprocal exchange collectively.

Where is USAA headquartered?
USAA is headquartered in San Antonio, Texas, on a 286-acre campus that is one of the largest single-site corporate offices in the United States. It has remained in San Antonio since 1922.

How many brands does USAA own?
USAA operates under one master brand covering insurance, banking, and investments. Product names like USAA SafePilot and USAA Federal Savings Bank exist beneath it, but the association deliberately maintains a single-brand identity.

Who owns USAA?
USAA is owned by its more than 13 million members, all of whom are current or former military members and their eligible family members. Juan C. Andrade serves as president and CEO.

USAA was founded in 1922 in San Antonio by 25 Army officers who pooled to insure each other's cars because military officers, seen as high-risk and transient, struggled to get auto coverage from conventional insurers. The reciprocal exchange model they chose has persisted for a century.

Membership eligibility broadened gradually: enlisted personnel gained access in the 1990s, and the association expanded to all service members, veterans, and qualifying family members. Banking and investment services layered on through the decades, making USAA a full financial services provider rather than just an insurer.

The company built an early technology reputation: it pioneered direct-to-consumer insurance sales by phone and online, launched one of the first mobile check-deposit features in banking, and invested heavily in member service systems.

The modern era brought harder scrutiny. Regulators fined USAA Bank repeatedly for compliance failures, including a $140 million combined penalty in 2022 over anti-money-laundering program deficiencies, and the association faced criticism as its membership model showed losses in 2022. Recovery followed: net income reached $3.9 billion in 2024 on $48.6 billion in revenue, and Wayne Peacock handed leadership to Juan C. Andrade in April 2025.

In 2025 USAA reported continued balance sheet strengthening with net worth up to $38.6 billion and total assets of $235 billion, while absorbing a roughly $1.2 billion net loss from January's California wildfires. The association returned a record $3.8 billion to members, delivered approximately $450 million in government shutdown relief, and committed $500 million over five years to military community investment. Under Andrade, the 2025 report emphasized member focus over financial disclosure, omitting detailed revenue and profit figures for the first time.

USAA's most significant regulatory exposure is its banking arm. In 2022 USAA Federal Savings Bank paid $140 million in combined FinCEN and OCC penalties for anti-money-laundering program failures, and earlier consent orders cited compliance management weaknesses. The bank has spent years investing in remediation and risk infrastructure, with results returning to profitability by 2025.

Insurance operations have drawn litigation over claims handling, particularly property claims after major hurricanes, a common friction point for any large catastrophe-exposed insurer. The association also faces occasional criticism over eligibility restrictions and rate increases, though member satisfaction metrics remain industry-leading.