San Antonio's USAA reported a profit in 2023, a year after the company posted a loss for the first time since 1923, the year after it was founded.
Despite high inflation and severe weather that drove up costs to repair and replace the cars and homes it insures,
’s annual financial report released Friday, the company said a historic number of billion-dollar weather catastrophes, conflict in Ukraine and the Middle East, high inflation and rising interests rates prompted it to raise rates. generated record revenue of $42.5 billion in 2023, up from $36.3 billion in 2022 and $37.5 billion in 2021. The company attributed the jump to growth in auto and homeowners insurance products and higher investment returns, which were up 67% from 2022. It collected $32.2 billion in insurance premiums last year, up from $28 billion in 2022 and $26.3 billion in 2021. It returned nearly $1.9 billion to members in distributions, dividends, bank rebates and rewards, slightly less than a year prior.
Federal Savings Bank and Older
Federal Savings Bank Life Insurance Co. Texas Department Of Insurance USAA Life Insurance Co Wayne Peacock Russ Mackaron San Antonio Middle East Ukraine Texas Louisiana Safepilot
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