Who owns USAA?

USAA was founded in 1922 in San Antonio, Texas, by a group of United States Army officers as a mechanism for mutual self-insurance when they were unable to secure insurance because military officers were deemed high risk.

Despite initial success, a dispute between competing factions for control threatened its long-term viability.

The issue was resolved when the feuding members agreed to hire a leader from outside. This resulted in the appointment of Major General Ernest Hinds as general manager and secretary-treasurer in 1928. In the late 1960s, USAA began to transition from mail to phone-based sales and services.

USAA has since expanded to offer banking and insurance services to past and present members of the military and their families. Expanded services include:

• Automobile insurance

• Homeowners insurance

• Renters insurance

• Umbrella insurance

• Personal property insurance

• Life insurance

• Annuities

• Banking

• Investing and financial planning

In 2015, USAA employed more than 32,000 people at its offices throughout the world. In 2019, USAA's reported annual revenue was $35.62 billion.