USAA has announced impressive results in its 2024 annual report, highlighting significant growth in membership and a solid financial standing. The report, released on April 25, 2025, shows that the organization added 1 million new members last year, reflecting its commitment to serving military families with insurance, banking, and financial services.
Juan C. Andrade, who took over as the 12th president and CEO of USAA in April 2024, emphasized the company’s focus on adapting to the changing needs of its members. He noted that the year brought record membership growth and a stronger financial position. USAA plans to continue investing in new products and technology to enhance its services.
Financially, USAA reported a net income of $3.9 billion for 2024. Its net worth increased by 10% to reach $32.1 billion, while total revenue climbed 14% to $48.6 billion. The company’s total assets rose by 4% to $221 billion, largely due to strong investment performance.
Andrade also pointed out that USAA’s diversified business model helped maintain profitability, allowing the organization to support its members through challenges, including natural disasters like Hurricanes Helene and Milton. In 2024, USAA returned $2.2 billion to its members through various distributions and paid out $4.3 billion in claims related to catastrophes. The company improved its claims processing time for disasters, cutting the average wait from 14 days to just seven days by using advanced technology.
In addition to its financial successes, USAA and its employees made significant contributions to local and military communities. They volunteered a total of 279,000 hours and donated $16.4 million to charitable causes, with the company matching these contributions. On Giving Tuesday alone, employees and retirees donated $16.4 million.
USAA also committed $3 million to disaster relief efforts for those affected by Hurricanes Helene and Milton, providing essential services like food, shelter, and debris removal.
However, the year was not without challenges. A recent legal ruling may cast a shadow over USAA’s achievements. A Nevada jury awarded $114 million to a policyholder in a bad faith insurance case against the company. This case stemmed from USAA’s handling of a claim related to a 2018 car accident, where the insurer initially found the policyholder not at fault but later changed its stance during litigation.
Despite this setback, USAA’s overall performance in 2024 reflects its ongoing commitment to its members and the military community.