SAN ANTONIO, Texas, April 6, 2015 (GLOBE NEWSWIRE) -- via PRWEB - USAA's ongoing financial strength, innovations such as secure facial and voice recognition on mobile devices, and an unwavering commitment to veteran hiring and member satisfaction highlight another year of strength in the organization's 2014 annual report.
Notable accomplishments last year include increasing net worth, the best overall measure of financial strength, by 10 percent to $27 billion; increasing membership to 10.7 million; returning $1.6 billion to members and customers in the form of distributions, dividends, and bank rebates and rewards ; implementing the additional security of biometrics, as USAA was the first domestic financial institution to offer facial and voice recognition on a mobile app; adding Apple PayTM as a consumer payment option; and announcing member satisfaction surveys that show 81 percent gave USAA the highest marks for service.
The 2014 Report to Members will be delivered to members over the coming two weeks and is posted on usaa.com and all of USAA's digital platforms. Both Chairman Lester Lyles and Josue "Joe" Robles, who retired as CEO at the end of February, wrote letters summarizing key moments of the year, and Robles expressed his gratitude for USAA's members.
"As I depart USAA for retirement, I can't help but reflect on the past seven years and all the economic challenges our members have faced," wrote Robles, a retired Army major general. "But our members persevered, and so did USAA. Thanks to your loyalty and trust, USAA continued to thrive in 2014."
But the unique touch in this year's edition, titled "We the Members," is member-generated storytelling, covering:
- Security. J.T. Price, of Spokane, Washington, describes her husband's transition from the military and how USAA Bank helped them after spotting irregularities in their bank account.
- Military and life transitions. Derric Grimes "transferred from Active Duty to 'No Duty,'" requiring a family move from Colorado to Raleigh, North Carolina.
- Generations in service. Jane Morrical, of The Woodlands, Texas, grew up hearing of her parents' military service, joined the Army, married an Army helicopter pilot and now has a daughter serving in the military.
Tuskegee Heroes Unveiled
- Military legacy. Patricia Payne and Paula Payne, of San Antonio, tell their own military stories and proudly recalled discovering that their father had served with the Tuskegee Airmen.
The Paynes' family story echoes that of Chairman Lyles, a retired Air Force general.
"My own connection to military service ― and, ultimately, to USAA ― started with a 19-year-old young man who enlisted in the Army during World War II," Lyles wrote in his letter to members. "My father never talked much about his military service, and only after he died did I find out he was part of the 332nd Fighter Group ― the legendary Tuskegee Airmen."
Sustained Financial Strength
USAA maintained its financial strength in 2014, achieving $3.4 billion in net income, an increase of 25 percent from the prior year. Revenue increased to $24 billion as USAA offered innovative and competitive products and services to an increased membership base. Results were also influenced by unrealized gains in our investment portfolio as interest rates declined and bond values increased.
USAA's property and casualty companies achieved an operating expense ratio that was nearly two times better than the industry average. The P&C companies also maintained the highest possible financial strength ratings from Moody's, Standard & Poor's and A.M. Best.
After reflecting on USAA's accomplishments from 2014 and the past seven years, Robles expressed confidence for the future.
"Our next CEO, Stuart Parker, is the right person at the right time to lead USAA, but he won't do it alone," Robles said. "He'll have the support of our distinguished board of directors, our talented leadership team, our more than 27,000 passionate employees and millions of loyal members."
To read or download the 2014 USAA Report to Members, visit usaa.com/reporttomembers.
About USAA
The USAA family of companies provides insurance, banking, investments, retirement products and advice to 10.7 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
1 Includes amounts returned as auto policy dividends as well as Subscriber's Account distributions, senior bonus and terminations. Past dividends or distributions are not a guarantee or promise of future dividends or distributions.
2 A++ (Superior) from A.M. Best Co., highest of 16 possible ratings; Aaa (Exceptional) from Moody's Investors Service, highest of 21 possible ratings; AA+ (Very Strong) from Standard & Poor's, second highest of 21 possible ratings. Company ratings represent an opinion of financial strength and the company's ability to meet ongoing obligations to policyholders.
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