SAN ANTONIO - (Business Wire) More than 18 million U.S. military veterans and their 17 million family members who are looking for competitive alternatives to their current insurance, banking and investment providers now can take advantage of USAA and its 87-year record of strength, stability and performance in service to the military community. Citing steady growth in financial strength and operational capacity, USAA announced that effective immediately, membership now is open to all veterans of the U.S. Armed Forces who served honorably, regardless of years of service.
The change expands USAA’s potential customer by an estimated 35 million, including 18 million veterans, and 17 million spouses and children who also would be able to access USAA services after their veteran relative becomes a member.
“We believe everyone who served honorably in the armed forces should be able to manage their financial well-being with USAA, a company committed to caring more about the unique needs of the military community than any other,” said retired Army Maj. Gen. Joe Robles, USAA’s President and CEO. “Today, USAA is stronger than at any time in our 87-year history, and we are thrilled to open our doors wider to offer the benefits of USAA membership to more military families than ever before.”
USAA began as an officer-only association in 1922, opened to enlisted personnel in 1996, and today serves 7.3 million current and former military members and their families. Throughout its history, USAA has played an important role in helping military families with their financial security, providing them with insurance, investments and banking products as well as financial planning and advice.
Operating without commissioned sales agents, the company has earned numerous customer service accolades, including winning BusinessWeek’s #1 Customer Service Champs award in 2008 and 2007. USAA is the only company to be ranked in the top two each year since the list’s inception in 2007.
More recently, through innovations such as the banking industry’s first mobile check deposit service, USAA Deposit@Mobile™, USAA is leveraging technology to enable its eligible customers to manage their finances anytime and from anywhere a mobile signal is available.
“Having served as an Army private and many ranks along the way to major general, it gives me great personal satisfaction to know that another 35 million former service members, their spouses and children now have access to all that USAA offers,” said Robles.
Who is eligible for USAA P&C Group membership?
Military personnel
- All current members of the U.S. Armed Forces, active duty, Guard and reserve, as well as those who retired or honorably separated in the past, regardless of dates or branch of service (Army, Air Force, Navy, Marine Corps and Coast Guard).
- Cadets, midshipmen, and officer or warrant officer candidates in government-sponsored programs leading to a commission.
Family members
- Adult children, widow(er)s, and un-remarried former spouses of USAA members.
- Widow(er)s of officer and enlisted personnel who were killed in action while eligible.
Additionally, USAA life insurance, investment, retirement and deposit products are also available to members’ extended families and others who are not eligible for USAA membership.
Today, with heightened concerns about the economy and the solvency of financial institutions, USAA is recognized for its conservative approach to financial management. In 2008, the company’s net worth increased to $14.6 billion, and USAA earned $423 million in net income. In addition, USAA’s Property & Casualty Insurance Group maintains the highest ratings for financial strength from Standard & Poor’s, A.M. Best and Moody’s rating agencies, making USAA one of a small, elite group of companies to retain the highest possible ratings. More current mid-year 2009 results are available on usaa.com.
About USAA
USAA, a diversified financial services group of companies, is among the leading providers of financial planning, insurance, investments, and banking products to members of the U.S. military and their families. For the past three years, BusinessWeek magazine ranked USAA among the top two “Customer Service Champs,” highlighting its legendary commitment of providing highly competitive financial products for 7.3 million members. For more information about USAA, or to learn more about membership, visit usaa.com.
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USAA
Paul Berry, 210-913-1562
paul.berry@usaa.com
USAA on Twitter: @USAA_News
