San Antonio-based USAA serves 14.3 million customers through its insurance and financial products.
USAA
USAA has omitted key financial metrics — including revenue and net income — from its 2025 annual report, a departure from past disclosures by the San Antonio-based insurance and financial services giant.
USAA provided members with its net worth, capital and financial rewards as measures of its financial health. But it didn’t provide its total revenue, and bottom line, metrics it has included in its annual reports over at least the past decade. As a private company, though, it’s not required to provide that level of detail.
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A spokesperson didn’t immediately respond to questions about why the company made the change in its report to its members.
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In the company’s annual financial report, USAA said its net worth — assets minus liabilities — climbed nearly 20% to $38.6 billion last year. Capital, which supports underwriting risks in the face of unexpected losses, also grew 20%, to $38.6 billion in 2025. That means USAA “is well prepared to handle tough times while still investing in products and services that benefit members,” the report reads.
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USAA’s strong financial performance comes as people are struggling to afford premium hikes, spurred by insurers’ underwriting losses covering damage from more frequent storms and wildfires and increased costs for repairing or replacing cars and homes. The company said it paid $6.3 billion in catastrophe-related claims last year, a $2 million increase from 2024.
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It also returned a record $3.8 billion in financial rewards to its members through distributions, dividends, and bank rebates and rewards. During the government shutdown, USAA doled out a separate $450 million in assistance to 127,000 affected members. It also has committed $500 million over the next five years to support military members and their families through initiatives focused on careers, financial security and mental health.
The company said it saw a net increase in members, reporting a total of 14.3 million, up from 14 million last year. The company’s membership had hovered around 13 million since at least 2019.
MORE INSURANCE NEWS: Home insurance rates in San Antonio-New Braunfels lower than most Texas metros. Here’s why.
USAA said one of its focuses for 2026 is to lower the premiums it charges its members. It did not disclose its home insurance or auto premiums in the report.
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In Texas, homeowners’ insurance rates rose an average of 4.3% in 2025, down from an 18.7% increase in 2024 and a 21.1% jump in 2023, according to data provided by the Texas Department of Insurance. The uptick was primarily because of increased claim costs and coverage amounts.
Last year, the average annual cost of full coverage car insurance in Texas declined 8% to $2,470 from 2024, according to Insurify, an insurance comparison shopping website. Despite the drop, it was still 15% higher than the national average of $2,144 in 2025.
In its annual report, USAA said half of its policyholders are expected to see their auto premiums decrease in 2026.
USAA previously has included how much the company collected in insurance premiums in its annual reports, but the reports for 2025 and 2024 did not have that figure. A company spokesperson said last year that USAA collected $37 billion in insurance premiums in 2024, up from $32.2 billion in 2023. Premiums represent insurance companies’ primary source of revenue.
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Last year, the company’s total assets rose to $236 billion from $220.5 billion, which the company attributed to an increase in members, strong investment results and fewer major catastrophe losses. Total liabilities increased to $197.6 billion from $188.5 billion.
“USAA had record performance over the last two years, and our members and employees share in that success,” a company spokesperson said in a previous statement.
Five of USAA’s insurance companies paid newly departed CEO and President Wayne Peacock $14.1 million in 2025, up 47% from 2024, according to information reported to the Nebraska Department of Insurance. Peacock retired from the company in early April last year after working for 36 years in roles across USAA’s business lines and taking the helm in 2020.
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The company named Juan Andrade as Peacock’s replacement. Andrade has served on USAA’s board of directors for the past four years and joined the company from insurance and reinsurance company Everest Group Ltd., where he was president and CEO.
Andrade was listed in the 2025 executive compensation report only under United Services Automobile Association. According to the filing, he earned a total of $332,662 last year, which included $78,398 for serving on the company’s board of directors.
USAA is one of San Antonio’s largest employers, with roughly 17,000 of its total 38,000 employees based in the area.