USAA Facts

by Russell Huebsch ; Updated July 27, 2017

USAA, short for United Services Automobile Association, serves the insurance and financial needs of members of the US military. Although a huge and successful company, it is privately held, offering no publicly traded stock.

History

A group of 25 members of the U.S. military formed USAA in 1922 when they pooled their resources and insured each others cars. As of 2009, they have 7.2 million clients and offer a range of financial services.

Fun Fact

Among the Fortune 500, USAA ranks in the top 100 for net worth and assets and 207th out of 500 in total revenue.

Eligibility

In order to apply for membership and coverage with USAA, you must be an active, retired or honorably discharged member of the U.S. military. Additionally, you can be a widow or child of a former USAA member or part of an officer candidate program, such as the Reserve Officer Training Corps (ROTC).

Features

USAA started out as an auto insurance company, and it still offers a range of insurance products, but it also provides investment management and brokerage services to its members.

Function

Generally, USAA does not advertise on national TV or radio, but through telemarketing and direct mail. One exception is its sponsorship of the nationally televised 2009 Army-Navy college football game.

About the Author

Russell Huebsch has written freelance articles covering a range of topics from basketball to politics in print and online publications. He graduated from Baylor University in 2009 with a Bachelor of Arts degree in political science.

Photo Credits

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