USAA

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USAA Group is a financial services company headquartered in San Antonio, Texas, that offers automobile, homeowner's and life insurance; banking services through the USAA Federal Savings Bank; financial planning; and discount brokerage and investment services including a line of mutual funds. Other ventures include a real estate investment company, a mail-order retail catalog operation, and travel services. As an insurer they operate as an unincorporated reciprocal inter-insurance exchange (URIE) under the Texas Insurance Code [link].

Although USAA extends membership only to current and former U.S. military personnel and their families, anyone can open an investment account or seek life insurance from USAA. At one time, anyone could open a bank account with USAA Federal Savings Bank. However, effective June 30, 2006, only existing bank customers, persons residing in Bexar County, Texas, or military affiliates and their families can open new bank accounts. Although persons with bank acccounts, investment accounts, and life insurance are assigned membership numbers, USAA does not consider persons as members unless they are eligible to purchase property and casualty insurance. Only military affiliates and their families can obtain property and casualty insurance from USAA.

As of 2005 USAA had over $96 billion in assets under management for approximately 5.6 million customers.

The United Services Automobile Association was founded in 1922 by a group of military officers. Previously, it had been difficult for military personnel to obtain insurance because of the hazardous nature of their profession.

The stated mission of USAA is to facilitate the financial security of its members, associates and their families through provision of a full range of highly competitive financial products and services; in so doing, USAA seeks to be the provider of choice for the military community. USAA is also a major employer in San Antonio.

Ratings

A.M. Best Company: A++ (Superior)
Moody's Investor Service: AAA (Exceptional)
Standard and Poor's: AAA (Extremely Strong)

Litigation involving USAA

External links

[USAA] home page
[USAA Real Estate Company]
[USAA Educational Foundation], a nonprofit organization providing consumer information