The insurance and financial services giant reported a $1.3 billion net loss for 2022, according to its annual report, down from a $3.3 billion profit in 2021.
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The insurance and financial services giant reported a $1.3 billion net loss for 2022, according to its, down from a $3.3 billion profit in 2021, and just over $36 billion in revenue in 2022, a 3% decline from last year. Despite the challenging environment, the company retained a “strong net worth” of $27.4 billion, stated President and CEO Wayne Peacock in the report released Tuesday. That’s down from $40 billion in 2021.
It was a tough year for USAA to celebrate its centennial; the company formed in 1922 when a group of Army officers joined together to insure each others’ vehicles “when no other company would,” according to the report. Today USAA serves more than 13 million members from the entire military community, including spouses and children.Employees also were affected by the difficult financial year.
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