Inflation, more post-pandemic drivers returning to the road and natural disasters hurt USAA’s bottom line last year, according to its annual financial report.
USAA posted a loss last year for the first time since 1923 — the year after
“For auto and homeowners policyholders, you’ve seen rates climb this year at levels not seen in 40 years. These same factors are driving prices up at the grocery store, the pump and every other facet of your life,” he added. “We recognize the stress on family budgets, and we don’t take lightly Costs of car repairs, car prices and home construction materials are higher, which “puts a lot of pressure on claims that get made and the cost to satisfy those claims for our members,” Wallace said. Meanwhile, for USAA Federal Savings Bank, higher inflation means a higher net-interest margin, a measure of the difference between what it earns in interest on loans and what it pays in interest on deposits.
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