USAA announced growth in its net worth for the third year in a row, reaching $38.6 billion, and finishing 2025 as one of the 20 largest holding companies in the United States.
The San Antonio-based bank and insurer is growing its member base and raising capital to do so. It released its annual members report for 2025 and highlighted its financial strength under new CEO Juan Andrade.
It’s part of a multi-year turnaround for the company after it reported losses in 2022. Since then, USAA has grown its total assets from $204 billion to $235 billion. It’s also added 2 million members since 2023, said Lindsey O’Neill, an executive vice president and the company’s chief communications officer.
That’s as much as USAA decided to disclose this year, though. Past membership reports have included revenue and loss statements. This year, the company omitted those numbers, instead highlighting its cash returns to members and insurance payouts.
As a private company, USAA does not have to disclose its revenues or expenses publicly. O’Neill said the company wanted to focus on its members, not profits or losses, including $3.8 billion in distributions, dividends and bank rebates that it passed out in 2025.
“This year’s performance reflects the strength of that focus — keeping members at the center of everything we do — and demonstrates a financially healthy organization, with all lines of business contributing to our overall results,” O’Neill said.
While USAA did not share any specific information on revenues or profits, O’Neill said the bank and insurance giant would deliver record returns to members — that $3.8 billion distribution — and lower insurance rates next year.
USAA’s growth in net worth went from $32.3 billion in 2024 to $38.6 billion in 2025, which has allowed it to invest internally. O’Neill said the company was prioritizing quick responses to insurance claims and needs, particularly after natural disasters.
The company says it is also financially strong enough to commit to lower insurance rates for half its customers.
“Fifty percent of our members will see a premium reduction in 2026. The timing as to when that will roll out is [to be decided],” O’Neill said. “There’s a process to do that, to file those decreases. But we have members who live across the U.S., also internationally, and across all major military markets, of which San Antonio is one.”
Those reductions will depend on driver history, location and safety, O’Neill said. Building trust in clients and potential clients is important, O’Neill added.
“In [this] kind of macroeconomic environment, people are shopping and they’re asking, ‘How do I help my dollar stretch further?’” she said.
Insurance rates are increasing across the country. Premiums for homeowner’s insurance in the U.S. increased by 6.5% in 2025 while premiums for auto insurance grew by around 3%, according to data from the Federal Reserve Bank of St. Louis.
“There’s really a few things that factor into rising costs of insurance rates,” O’Neill said. “The three big ones are the cost to repair, be it home or auto. The second one is what we were just talking about, the increase in severe weather events … the third is around legal system abuse.”
USAA paid out $5 billion to customers after climate catastrophes, compared to $4.3 billion in 2024. Increased fossil fuel emissions are driving a changing climate and more extreme weather events around the world.
O’Neill said insurers are also concerned about costly settlements and frequent lawsuits, which cost them money. USAA is advocating for laws to address what it calls excessive litigation. That would help lower rates, she said.
