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USAA

United Services Automobile Association
Native name
United Services Automobile Association
Reciprocal
Industry Insurance, Banking, Financial Services
Founded June 20, 1922; 94 years ago (1922-06-20)
Headquarters San Antonio, Texas
United States
Number of locations
19 financial centers
Area served
Worldwide
Key people
General Lester Lyles, USAF (Ret.) (Chairman)
Stuart Parker, USAF (Ret.) (CEO)
Products Insurance, Banking, Investments, Retirement, Financial Planning, Brokerage
Revenue IncreaseUSD 24.36 billion (2015)
DecreaseUSD 2.272 billion (2015)
AUM IncreaseUSD 128 billion (2015)
Total assets IncreaseUSD 137.076 billion (2015)
Total equity IncreaseUSD 27.8 billion (2015)
Members Increase 11.4 million (2015)
Number of employees
Increase 28,200 (2015)
Capital ratio 13.27%
Rating

A.M. Best Company A++ (Superior, highest of 16 possible ratings)
Moody's Investors Service Aaa (Exceptional, highest of 21 possible ratings)

Standard & Poor's AA+ (Very Strong, second highest of 21 possible ratings)
Website www.usaa.com

A.M. Best Company A++ (Superior, highest of 16 possible ratings)
Moody's Investors Service Aaa (Exceptional, highest of 21 possible ratings)

The United Services Automobile Association (USAA) is a Texas-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance regulatedreciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families that serve, or served, in the United States military. At the end of 2015, there were 11.4 million members.

USAA was founded in 1922 by a group of U.S. Army officers as a mechanism for mutual self-insurance when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group. USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their immediate families.

The company was one of the pioneers of direct marketing and most of its business is conducted over the Internet or telephone using employees instead of agents.

The organization was originally called the United States Army Automobile Association. In 1924, the name was changed to United Services Automobile Association, when commissioned officers of other U.S. military services became eligible for membership. The company opened offices in Frankfurt, Germany, and London, England early in its history. The company was formed based on a meeting of twenty five United States Army Officers on June 22, 1922 at the Gunter Hotel to discuss the procurement of reliable and economical auto insurance.


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