SAN ANTONIO--(BUSINESS WIRE)--Apr 22, 2025--
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STRONG FINANCIAL PERFORMANCE REFLECTS USAA’S UNWAVERING COMMITMENT TO MEMBERS AND THE MILITARY COMMUNITY
Association added 1 million new members and continued to serve the military community and their families through enhanced products and services, advocacy and community support.
USAA today published its 2024 Annual Report to Members highlighting strong financial performance and growth, which demonstrate its longstanding commitment to serving the military community and their families. Last year, the association welcomed 1 million new members and empowered their financial security.
“USAA has served the military community and their families for more than a century, and we continue to demonstrate our commitment to delivering exceptional service and ability to evolve as our members’ needs change,” said Juan C. Andrade, USAA’s 12 th president and CEO who took the helm in early April. “Our association is strong and 2024 brought record growth to our membership and strength to our balance sheet. We will build on that strength in the years to come, fulfilling our commitments to each member, while continuing our investments in innovative products and technologies that enable us to serve members better and more proactively.”
USAA reported net income of $3.9 billion and improved its net worth to $32.1 billion, a 10% increase from 2023, further ensuring the financial strength necessary to serve members every day and through extraordinary events like Hurricanes Helene and Milton. Additionally, revenues increased by 14% to $48.6 billion as new and loyal members turned to USAA for insurance, banking and advice. Total assets grew by 4% to $221 billion, due in part to strong investment performance.
“In 2024, we delivered strong results, including continued profitability, thanks to our diversified business model and disciplined financial management,” added Andrade. “USAA navigated numerous events that impacted members by managing with a long-term view of what’s best for our association. With a solid capital foundation, we are well positioned to be there for members now and into the future.”
Additionally, the report shares how USAA continued to go beyond exceptional service and product offerings to serve the military community and local communities where USAA team members live and work, including:
USAA and its members also continued to serve local communities in 2024 by advocating for and supporting issues that matter the most to our military families.
To read the stories of how USAA supported its members and employees throughout 2024 and was a positive voice for change, visit usaa.com/annualreport.
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves 14 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or X (@USAA), or visit usaa.com.
USAA published its 2024 Annual Report to Members highlighting member and employee voices to recap the year.
SANTA ANA, Calif. (AP) — The Los Angeles Angels reached a confidential settlement Friday in a lawsuit over the drug overdose death of pitcher Tyler Skaggs.
The decision to settle was reached after a two-month civil trial in Southern California over whether the Angels should be held responsible for Skaggs’ 2019 death after he snorted a fentanyl-laced pill provided by the team’s communications director, Eric Kay.
Skaggs’ widow, Carli, and his parents filed the lawsuit alleging the MLB team knew or should have known Kay was a drug addict and dealing painkillers to players. The settlement closes a painful six-year process, the Skaggs family said in a statement.
“We are deeply grateful to the members of this jury, and to our legal team,” the family said in the statement. "Their engagement and focus gave us faith, and now we have finality. This trial exposed the truth and we hope Major League Baseball will now do its part in holding the Angels accountable. While nothing can bring Tyler back, we will continue to honor his memory.”
The team has contended officials didn’t know Skaggs was taking drugs and would have sought him help if they did.
“The death of Tyler Skaggs remains a tragedy, and this trial sheds light on the dangers of opioid use and the devastating effects it can have," the team said in a statement Friday.
Jurors began deliberating earlier this week.
Orange County Superior Court Judge H. Shaina Colover thanked jurors for their diligence. “That is why this matter was able to be resolved today,” she said, before releasing them.
Six years ago, the 27-year-old left-handed pitcher was found dead in the suburban Dallas hotel room where he was staying as the Angels were supposed to open a four-game series against the Texas Rangers. A coroner’s report said the player choked to death on his vomit, and a toxic mix of alcohol, fentanyl and oxycodone was found in his system.
Kay, a longtime Angels employee, was convicted in 2022 of providing Skaggs with a counterfeit oxycodone pill laced with fentanyl and sentenced to 22 years in prison. His criminal trial in Texas included testimony from five MLB players who said they received oxycodone from Kay at various times from 2017 to 2019.
In California, MLB players including outfielder Mike Trout, Angels president John Carpino, and Skaggs’ and Kay’s relatives testified during the trial in a Santa Ana courtroom. Witnesses for the plaintiffs described how Kay was acting erratic at the stadium and found with multiple plastic bags filled with pills at his home and later hospitalized for a drug overdose. They also recounted how Kay got players massage appointments, tee times and even prescription medication, and was paid by players for stunts like taking a fastball to the leg.
Angels attorneys pointed out that Skaggs was hooked on painkillers before he signed with the Angels in 2013. They said Skaggs got his teammates into taking pills and got Kay to provide them, but kept it secret out of concern it could jeopardize their MLB careers. Had team officials known Kay was dealing drugs, or Skaggs was taking them, they would have done something, the lawyers said.
Witnesses also sparred during the case over how much money Skaggs would have made as a pitcher had he lived. Experts for the plaintiffs said he could have reeled in between $91 million and $101 million, while the Angels put the figure at no more than $32 million.
Skaggs had been a regular in the Angels’ starting rotation since late 2016 and struggled with injuries repeatedly during that time. He previously played for the Arizona Diamondbacks.
After Skaggs’ death, the MLB reached a deal with the players association to start testing for opioids and to refer those who test positive to the treatment board.
Rusty Hardin, an attorney for the plaintiffs, welcomed the settlement and said the amount remains confidential. Hardin said there were rules in place and the Angels ignored them.
“The changes need to be by teams like the Angels who let this happen,” Hardin said.
Before the judge announced the settlement Friday, jurors had remained behind closed doors after lawyers for both sides had gone to speak with Colover.
Late Wednesday, jurors had sent out a note asking whether they “get to decide the punitive damage amount,” saying there is no field for it on the verdict form. The judge said she would send a note replying that if they decide there should be punitive damages, they would decide how much at a later time.
The jury did not work on Thursday and resumed deliberations Friday morning.
Attorney Daniel Dutko gives his closing arguments in the wrongful death lawsuit by the family of pitcher Tyler Skaggs against the Los Angeles Angels in Orange County Superior Court, in Santa Ana, Calif., Monday, Dec. 15, 2025. (Paul Bersebach/The Orange County Register via AP, Pool)
Attorney Daniel Dutko gives his closing arguments in the wrongful death lawsuit by the family of pitcher Tyler Skaggs against the Los Angeles Angels in Orange County Superior Court in Santa Ana, Calif., Monday, Dec. 15, 2025. (Paul Bersebach/The Orange County Register via AP, Pool)
Judge H. Shaina Colover listens as Daniel Dutko gives his closing arguments in the wrongful death lawsuit by the family of pitcher Tyler Skaggs against the Los Angeles Angels in Orange County Superior Court in Santa Ana, Calif., Monday, Dec. 15, 2025. (Paul Bersebach/The Orange County Register via AP, Pool)
Attorneys listen as Daniel Dutko gives his closing arguments in the wrongful death lawsuit by the family of pitcher Tyler Skaggs against the Los Angeles Angels in Orange County Superior Court in Santa Ana, Calif., Monday, Dec. 15, 2025. (Paul Bersebach/The Orange County Register via AP, Pool)
FILE - In this June 29, 2019, file photo, Los Angeles Angels starting pitcher Tyler Skaggs throws to an Oakland Athletics batter during a baseball game in Anaheim, Calif. (AP Photo/Marcio Jose Sanchez, File)
