San Antonio-based insurance giant USAA has returned to profitability, according to its 2023 annual report released Friday.
USAA reported a net income of $1.2 billion in 2023, after posting a $1.3 billion net loss for 2022. The company released its annual report Friday.Despite being buffeted by the same headwinds it faced in 2022 — inflation, high interest rates and an “above average” number of severe weather events — San Antonio-based USAA turned a profit in 2023, a year after posting the first loss in its now 102-year history.
The company also listed global conflicts in Ukraine and the Middle East and the threat of government shutdowns as pressures influencing the decision to raise rates in its , on top of a 23.8% increase the year before. That’s higher than nationwide increases, which were just over 17% on average in 2023, according to the Bureau of Labor Statistics — the biggest jump since 1976.
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