USAA CEO Wayne Peacock reportedly took home at least $1.9 million last year.
USAA CEO Wayne Peacock reportedly took home at least $1.9 million last year. Credit: Scott Ball / San Antonio Report

USAA CEO Wayne Peacock took home at least $1.9 million in total compensation last year, according to the Nebraska Department of Insurance.

Peacock was one of nearly two dozen executives at the financial services giant whose insurance-related salaries were disclosed in filings with Nebraska, as annually required.

USAA’s insurance divisions, which are structured as separate companies, paid a total of roughly $24.5 million to the executives, slightly less than in some past years.

Peacock’s reported insurance-related compensation dropped almost $17,000 from 2020, which was his first year at the top post. Peacock, the former president of USAA Property and Casualty Insurance Group, was named CEO in January 2020.

The decline in total compensation came even as Peacock’s base salary and bonuses rose over last year. The $17,000 difference is the result of a fall in a category labeled “other compensation.”

USAA declined to elaborate on executive salaries. “We consider USAA compensation information to be competitive, confidential and proprietary,” a spokesman said.

Peacock’s total compensation from USAA is likely higher, as the figures the company reports to Nebraska do not include salaries from its banking and investment divisions, which represent a smaller but still significant portion of the financial giant’s revenue stream.

According to USAA’s 2020 annual report, the latest available, its total revenue of $36 billion came mostly from its insurance premiums, but also drew in around $10.9 billion from investment returns, fees on loans and other operations unrelated to insurance.

Last year the company’s self-reported net worth jumped to an all-time high of more than $40 billion.

Nebraska law requires insurance companies in the state to provide figures for executive compensation, but not banking companies. USAA’s divisions are structured as separate companies, leading to its need to disclose the pay data for its insurance company.

USAA is not a fan of Nebraska’s filing requirements, and led an unsuccessful effort to repeal the century-old law in 2014. Many states used to have similar laws, owing to scandals in the early 20th Century. Nebraska is the only one left with a requirement for all insurance companies.

The five USAA companies that filed in Nebraska are United Automobile Association, USAA Casualty Insurance Co., USAA General Indemnity Co., Garrison Property and Casualty Insurance Co. and USAA Life Insurance Co.

Peacock, who sits over all of USAA’s divisions and not just its insurance-related ones, was the USAA insurance divisions’ third-highest paid executive. The top distinction belongs to James Dale Syring, president of USAA Property and Casualty Insurance Group, who was paid around $3.7 million by the divisions.

Next up was Daniel Sean McNamara, president of USAA’s Financial Advice & Solutions Group, who pulled in around $3.5 million from the divisions.

Peacock’s salary amount was followed by Randy Termeer, general manager of auto insurance at USAA Property and Casualty Insurance Group, who earned about $1.4 million.

Neeraj Singh, Executive Vice President and Chief Risk Officer, who joined in early 2021, was paid at least $1.2 million.

The Nebraska figures also give insight into what other members of USAA’s executive council pulled from the insurance companies.

Brandon Carter, president of USAA Life Insurance Company, took home a total compensation of nearly $1.2 million, slightly less than last year owing to a nearly $232,000 drop in his bonuses.

USAA is San Antonio’s second-largest private-sector employer. Roughly 19,000 of its 35,000 employees work in the San Antonio area.

USAA is a financial supporter of the San Antonio Report. For a full list of business members, click here.

Waylon Cunningham

Waylon Cunningham writes about business and technology. Contact him at waylon@sareport.org.