Haris Ashley
The United Services Automobile Association (USAA) is a financial services group that provides banking, investing, and insurance services to current and former members of the US military and their families. Founded in 1922 by 25 US Army officers in San Antonio, Texas, the company was established to provide auto insurance to military officers, who were considered a high-risk group. Over the years, USAA has expanded its services to include life insurance, home insurance, and financial services, and it now has millions of members. The company is unique in that it is a private company owned by its policyholders, who insure each other and distribute profits among themselves.
| Characteristics | Values |
|---|---|
| Date founded | 20 June 1922 |
| Founder | 25 U.S. Army officers |
| Location | San Antonio, Texas |
| Services | Banking, investing, insurance |
| Customers | Members of the U.S. military and their immediate families |
| Workplace culture | Ranked in Fortune's "100 Best Companies to Work For" list from 2010 to 2023 |
| Employees (mid-2020s) | 37,000 |
| Members (mid-2020s) | 13.5 million |
| Net worth (end of 2023) | $29.1 billion |
| CEO (from April 2025) | Juan C. Andrade |
| Type of company | Private |
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What You'll Learn
USAA's history
The United Services Automobile Association (USAA) is a diversified financial services group of companies based in San Antonio, Texas. It was founded in 1922 by 25 U.S. Army officers who wanted to insure each other's automobiles after being unable to secure auto insurance due to the perception that military officers were a high-risk group. The company's motto in 1924 became "Service to the Services".
Initially, only U.S. military officers and certain other federally sworn officers were eligible for USAA membership, but over time, this expanded to include officers and enlisted personnel on active duty, in the National Guard and Reserve, and officer candidates in commissioning programs. In 1996, eligibility was further broadened to include enlisted members of the armed services. As of 2022, USAA has extended membership to those with a general discharge from the military.
USAA has consistently adapted to the changing needs of its members and the broader market. Under the leadership of retired Air Force Brigadier General Robert F. McDermott, who became CEO in 1969, USAA shifted from service-by-mail to service-by-phone. This was also when the USAA office building in San Antonio was constructed. McDermott was succeeded in 1993 by retired Air Force General Robert T. Herres, who expanded the company's services to enlisted members of the military and developed internet-based financial services.
USAA has been recognised for its workplace culture, featuring annually on Fortune's "100 Best Companies to Work For" list from 2010 to 2023. It has also consistently ranked highly for diversity and inclusion. However, the company has faced challenges in the 2020s, including divestitures of various services and fines related to compliance issues. Despite these hurdles, USAA remains committed to serving the military community and their families, offering insurance, banking, and investment services tailored to their unique needs.
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USAA's services
United Services Automobile Association (USAA) is a diversified financial services group of companies that provides insurance, banking, and investment services. It was founded in 1922 in San Antonio, Texas, by 25 U.S. Army officers who wanted to insure each other's automobiles. The company has since expanded its services to include banking and insurance for past and present members of the U.S. Armed Forces, including officers, enlisted members, and their families.
USAA is unique among its competitors as it is a private company and not publicly traded. Its policyholders insure each other and own the company's assets, with profits distributed to members rather than stockholders. The company has consistently ranked highly for its workplace culture and benefits, making Fortune's "100 Best Companies to Work For" list annually from 2010 to 2023.
USAA offers a range of insurance products, including auto insurance, home insurance, and life insurance. It also provides banking services such as checking balances, sending money, and paying bills. In addition, USAA offers investment services to help its members achieve financial security. The company has a strong focus on serving the military community and their families, understanding their unique needs and creating specialised products and services.
USAA has a presence in several locations across the United States, including San Antonio, Texas; Phoenix, Arizona; Colorado Springs, Colorado; Tampa, Florida; Plano, Texas; Chesapeake, Virginia; and Charlotte, North Carolina. The company has faced some challenges in recent years, including compliance issues and divestitures of various services. However, it remains committed to its core business of serving the financial needs of the military community.
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USAA's workplace culture
USAA, or the United Services Automobile Association, has been recognised for its workplace culture, featuring on Fortune's "100 Best Companies to Work For" list every year from 2010 to 2023. The company's benefits include college tuition reimbursement, childcare, and recreation outlets. It has also been ranked on Forbes' list of best large employers for diversity.
USAA's core values are honesty, integrity, loyalty, and service, and these values define how employees treat each other and members. The company's mission is to empower its members to achieve financial security through highly competitive products, exceptional service, and trusted advice.
USAA has faced challenges in the 2020s, including divestitures of various services, fines related to compliance issues, and laying off 1% of its workforce in 2023. Despite these hurdles, USAA remains a significant player in the insurance and financial services sectors for military families.
USAA is a private company and is not publicly traded. Its policyholders insure each other and own the company's assets, with profits distributed to members rather than stockholders. As of the mid-2020s, the company had 37,000 US employees and 13.5 million members.
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USAA's membership
USAA, or the United Services Automobile Association, is a diversified financial services group of companies. It was founded in 1922 in San Antonio, Texas, by 25 U.S. Army officers who were unable to secure auto insurance due to being deemed a high-risk group. The company has since expanded its services to include banking, investing, and insurance offerings for past and present members of the U.S. Armed Forces, including officers, enlisted members, and their families.
USAA's mission is deeply rooted in serving the military community and their families. They aim to empower their members to achieve financial security by providing highly competitive products, exceptional service, and trusted advice tailored to the unique needs of this community. This commitment to serving those who serve their country is a key aspect of USAA's identity.
The company's business model is unique in that it is a private company owned by its policyholders. This structure means that profits are distributed to members rather than stockholders. USAA has consistently been recognised for its workplace culture and employee benefits, ranking in Fortune's "100 Best Companies to Work For" list from 2010 to 2023. Despite facing challenges in the 2020s, including compliance issues and divestitures, USAA remains a significant player in the insurance and financial services sectors, committed to improving the financial well-being of its members.
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USAA's mission
The United Services Automobile Association (USAA) is a diversified financial services group of companies based in San Antonio, Texas. It was founded in 1922 by 25 U.S. Army officers who wanted to insure each other's automobiles as they were unable to secure auto insurance due to being perceived as a high-risk group.
USAA offers a range of services, including insurance, banking, and investment services. It is unique in that it is a private company owned by its policyholders, who insure each other and distribute profits among themselves rather than to stockholders.
The company has consistently ranked highly as a workplace and employer, appearing on Fortune's "100 Best Companies to Work For" list from 2010 to 2023. It has also faced challenges, including compliance issues and divestitures of various services, but remains committed to serving the military community and investing in programs that benefit them.
USAA's core values of honesty, integrity, loyalty, and service guide how it treats its members and employees, and it seeks to provide exceptional service and trusted advice to empower its members to achieve financial security.
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Frequently asked questions
USAA stands for United Services Automobile Association.
USAA is a diversified financial services group of companies that offers banking, investing, and insurance to people and families who serve or have served in the United States Armed Forces.
USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, and all veterans who separated after 1996.
USAA's mission is to empower its members to achieve financial security through highly competitive products, exceptional service, and trusted advice. They aim to be the #1 choice for the military community and their families.
