In an annual report, USAA reported just over $36 billion in revenue in 2022, a 3% decline from last year.
– For the first time in over 100 years of operation, financial services giant USAA posted losses on its annual balance sheet., the company, headquartered on San Antonio’s Northwest Side, reported just over $36 billion in revenue in 2022, a 3% decline from last year.
More unrealized losses resulted from significantly lower valuations in the company’s available-for-sale securities. USAA blamed higher interest rates for the resulting drop in net worth, but noted in the report that valuations would “accrete back to par” as the securities approached their maturity dates.A 13% increase in losses, benefits and expenses was the result of inflationary increases in claims expenses, the company said.
The loss posted in its annual report enshrines a challenging year for the national financial services giant.
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