SAN ANTONIO--(BUSINESS WIRE)--Apr 22, 2025--
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The updated release reads:
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.
OMAHA, Neb. (AP) — Union Pacific hopes regulators will be convinced this time that its $85 billion acquisition of Norfolk Southern that it detailed for the second time Thursday will be good for the country.
The U.S. Surface Transportation Board rejected Union Pacific's initial application because regulators wanted more details about how the deal would affect the competitive balance between the five remaining major freight railroads and the impact on customers.
Union Pacific CEO Jim Vena said the new application makes an even stronger case for the benefits of the merger that he believes would shave a day or two off the delivery time for many shipments because they would no longer have to be handed off between two railroads in the middle of the country. The Omaha, Nebraska-based railroad projects that the merger could lead to shifting 2.1 million truckloads off the highway onto trains.
Vena said CSX and BNSF are already improving their operations to ensure they can compete ,and shippers will benefit from that if the deal is approved. Plus, he pointed out that since BNSF is owned by Warren Buffett's Berkshire Hathaway it has the financial resources to do whatever is needed because Berkshire is sitting on nearly $400 billion cash.
“The first few years after this, it’s gonna be like one of those old 15-round boxing fights. Prices are gonna be used, the service is going to be used, everything. And I think the customer’s going to be the winner in all this while we knock down, drag it out, to see who can win and grow their market share,” Vena said.
But the STB established a high bar for major railroad mergers like this one around the turn of the century after past rail mergers snarled freight and led to prolonged disruptions while two railroads worked to integrate their networks. Now Union Pacific has to demonstrate that this deal will enhance competition.
Vena said he's confident the railroads can avoid the integration problems of past mergers because they will take it slow while listening to a new board of customers about the impact. Plus this would be a combination of two successful railroads instead of many deals of the past where one thriving railroad took over another nearly bankrupt one in disrepair.
The deal includes a provision that if the STB requires more than $750 million in concessions Union Pacific can consider walking away, but it won't automatically doom the deal, the railroads disclosed Thursday as they submitted a copy of their merger agreement. Norfolk Southern would be entitled to a $2.5 billion breakup fee if the deal falls apart.
Currently, Norfolk Southern and CSX serve the eastern U.S. while Union Pacific and BNSF serve the west, and the two major Canadian rails compete where they can with their tracks crossing Canada and extending into the United States and Mexico.
A merged Union Pacific would likely control nearly 40% of the nation’s freight, but the railroad said that currently BNSF delivers that much of the nation's freight. So the railroads said the deal would shift which railroad dominates the market but wouldn't dramatically change the competitive balance.
But competitors BNSF and CPKC railroads joined a new coalition Wednesday to highlight concerns that the deal could hurt shippers and eventually consumers if it leads to higher rates for companies that have few options besides rail to get their raw materials and deliver their products. The coalition also includes trade groups for chemical and agricultural shippers and the unions that represent engineers and track maintenance workers.
“This did not begin with a customer asking for a UP-NS merger to happen,” BNSF CEO Katie Farmer said. “It’s driven by Wall Street on the promise of a big shareholder payout. It will eliminate competition, raise costs for consumers, and destabilize the supply chain that powers the American economy.”
But the biggest rail union and hundreds of shippers have backed the deal that would cut the number of major freight railroads across America down to five.
Union Pacific has promised that every union employee who has a job with either railroad at the time of the merger will have a job for life although the workforce could still shrink through attrition if the number of shipments slows down. But UP sounded an optimistic note Thursday and predicted that more than 1,200 new jobs will be created by the third year after the deal to handle the increased freight.
Previously, the railroads predicted 900 new jobs. But the new traffic data the railroads analyzed from all the major freight railroads convinced executives that more job growth is likely.
If the STB accepts this new application, regulators will likely spend more than a year analyzing every aspect of the deal.
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FILE - Union Pacific CEO Jim Vena talks in front of a locomotive simulator used to train engineers at the company's headquarters in Omaha, Neb., Dec. 15, 2023. (AP Photo/Josh Funk, File)
FILE - A Norfolk Southern freight train rolls past the U.S. Steel's Clairton Coke Works, in Clairton, Pa., Tuesday, Aug. 12, 2025. (AP Photo/Gene J. Puskar, File)
FILE - A Union Pacific worker walks between two locomotives that are being serviced in a railyard in Council Bluffs, Iowa, on Dec. 15, 2023. (AP Photo/Josh Funk, File)
