WE THE MEMBERS

2014 REPORT TO MEMBERS

W E T H E

M E M B E R S

Our Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Military Transitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Letter from the Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Letter from the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20Corporate Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Advisory Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Products and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26Protecting Our Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28Executive Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Legal Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Financial Education and Advice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36

The mission of the association 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.

O U R M I S S I O N

On the cover: USAA member Michael Hooper Jr. and his son, Michael Hooper III, 2, hit the slides at Schofield Barracks community park in Hawaii. Michael was on his lunch break and found some

extra time to play with his son in this moment captured by wife and mom Megan.

ABOUT THIS REPORT

We all have a story. When you join USAA, you become part of a family that’s there for you during every stage of life. We’re proud to share your stories, in your words and

photos, of the daily challenges and triumphs of military life.

WE THE MEMBERS

In 1922, a group of Army officers in San Antonio took an important step by joining forces to insure one another’s automobiles when no company would.

Since then, we’ve lived the same military values our founders prized: service, loyalty, honesty and integrity.

Nearly a century later, we remain committed to helping serve the financial needs of military families.

Together, we are part of something extraordinary.

(Approximate number of members in millions)MEMBER GROWTH

10.7

’14

10.1

’13’12

9.4

’11

8.8

’10

8.0

USAA 2014 REPORT TO MEMBERS

When USAA member Eric Olbera arranged holiday leave from Afghanistan last year, he and wife Crystal schemed to surprise sons EJ, 9, and Izaak, 8, and grant their greatest wish — Dad’s safe return.

With Santa Claus by their side, the boys opened a giant gift box to discover Olbera inside, and the homecoming was caught by photographer Bambie Bekins at a Boise, Idaho, shopping mall.

OUR MEMBERS 1

ABOUT THE AUTHORJane Morrical is a retired Army physical therapist who lives in The Woodlands, Texas, with her husband, Jim.

Visit usaa.com/share to see who in your family is eligible for membership

A LEGACYby Col. Jane Morrical, USA (Ret.)USAA member since 1977

My mom, Doris Huffaker, is 91 years old. When she was a junior in college at the University of Nebraska in 1943, our country was in the middle of WWII. Her boyfriend (later became my dad) was already serving in the U.S. Army. She and two college friends thought about enlisting in the U.S. Navy to help the war effort — and for the adventure! She became a storekeeper and worked on an Addressograph, sending servicemen their paychecks. I grew up hearing my parents speak proudly of their military service, so when I was accepted to the U.S. Army-Baylor University graduate program in physical therapy, I joined the Army gladly.

I loved the progressive thinking of military physical therapy and the amazing opportunity to be a part of military medicine.

I met my husband, Jim, an Army helicopter pilot, at Fort Hood, my first duty station. I served a total of 33 years combined Reserve and active duty. My daughter, Clancy, grew up on military bases and steeped in military culture. She joined the Air Force JROTC in high school and excelled. She applied for and received a full ROTC scholarship and went into AFROTC at Baylor University. It was not until her junior year that she toyed with the possibility of being a pilot. She pursued that interest and was given a slot. She tracked T-38s during pilot training, and then chose and received an assignment to train in the F-16 Viper. She has completed one tour in South Korea, and is now stationed in Germany.

We feel blessed and proud to have had the ability and opportunity to serve our country over these three lifetimes — and USAA has been a constant for us, serving in the background and supporting us through it all.

This family’s service legacy started with Doris Huffaker, who enlisted in the Navy to help the American effort in World War II.

2 USAA 2014 REPORT TO MEMBERS

Doris Huffaker served in the Women Accepted for Volunteer Emergency Service, a division of the U.S. Navy that consisted entirely of women allowed in under the unusual circumstances of World War II (background). In August 2014, Doris’ granddaughter, Clancy Morrical, found herself between assignments in Korea and Germany. Clancy’s father, Jim, suggested preserving three generations of women in service with a family photo: Jane Morrical, Doris and Clancy proudly displaying their military legacy at a family outing in Casper, Wyoming.

OUR MEMBERS 3


TIME FOR TR ANSITIONby Capt. Derric Grimes, USA (Sep.)USAA member since 2007

During 2014, my family transitioned from active duty to “no duty.” It wasn’t planned and it certainly wasn’t something we prepared for. We had always intended to do a full 20-plus years in the Army. To make things more challenging, I was planning transition tasks while deployed with the 2nd Brigade Combat Team, 4th Infantry Division, in support of Operation Spartan Shield in Kuwait for half of the year (January to early July). My wife, Jennifer, was at home taking care of our daughter, Savannah, and also had the added challenge of having her mother, Zella, move in with us for financial and health stability.

Jennifer was a stay-at-home mom, having served in the West Virginia and Alabama National Guards for eight years — including a deployment between two of my deployments to Iraq — and she also volunteered with more organizations than most people could imagine. I transitioned out of company command in an engineer company and moved to the brigade staff, helping them plan for operations in Saudi Arabia, Kuwait and, potentially, Iraq.

Fortunately, with the assistance of an excellent junior military officer placement firm, I was offered a position in Raleigh, North Carolina, building new homes with a national homebuilder. I started work in January 2015, and that meant leaving Colorado, driving across the country before the holidays and also finding a new home.

Through it all, USAA was there helping with transition checklists, the best auto and home insurance programs available, and the MoversAdvantage® Program.

The entire USAA team was there to support our family while we sadly left the Army and started this new chapter. Fortunately, we know that USAA will be there for us the rest of the journey, no matter where the road takes us.

USAA member Jennifer Grimes and her daughter, Savannah, 2, welcome Derric home from a nine-month tour in Kuwait. Savannah greeted him and immediately donned his hat to show her Army pride. These homecoming moments were captured by family friend, photographer Kate Sickelka. Later, Savannah helped Daddy get comfortable by taking off his boots.

ABOUT THE AUTHORDerric Grimes recently started his second career after leaving the Army. He and his wife, Jennifer, are raising their daughter, Savannah, in Raleigh, North Carolina.

Visit usaa.com/leavingthemilitary

See legal information on page 35.

OUR MEMBERS 5

FAMILY TR ADITIONby Sgt. Patricia Payne, USA (Sep.)USAA member since 2003

I was called to join the Army in 1983 at the age of 31. This decision was not difficult since I had two sisters serving in the Air Force and Army, as well as a father who served, although I couldn’t yet know to what extent this would affect me.

Last year, my sister and I received news that would change us forever. A friend from the North Chicago VA hospital asked if we knew our father was a Tuskegee Airman. We did not. After some detective work ending with a call to the Tuskegee Airmen museum, I confirmed my father’s place in history. I admit, I had mixed emotions: disappointment that he’d never shared his story, and yet such pride. Pride won when I received page 196 of the museum’s honor roll and saw my father’s name.

Through USAA, I’m honored to tell his story so that we may never forget what those brave men and women went through.

Now that I’m retired, I also take pride in evangelizing USAA membership to any who will listen. Their representatives are so personable and understanding — all rank goes out the door. Doesn’t matter if you’re a general or an E-1, USAA treats you like family.

After learning of their father’s service as a Tuskegee Airman, Patricia and twin sister Paula were moved to pore over mementos of the family’s military history. On this page is an excerpt of a letter received by Percy Payne from then-Col. Benjamin O. Davis, commander of the Tuskegee Airmen, apologizing for the discrimination he endured.

ABOUT THE AUTHORPatricia Payne is one of many proud service members in her family. She recently retired from the workforce and moved to San Antonio, where she enjoys volunteering and spending time with family.


FULL CIRCLEby Lt. Col. Paula Payne, USAF (Ret.)USAA member since 1988

I was teaching on St. Croix when God opened a window to join the Air National Guard. Through my years of service, I learned what it means to be a member of a team.

But more than that, to be a part of this prestigious brother and sisterhood that is the military.

In 2008, I was given the opportunity to fulfill my calling and deploy to Iraq as senior chaplain with the 332nd Medical Brigade. I was called to go and serve in the unit named for the Tuskegee Airmen. I’ll never forget the look on my father’s face when I told him where I was going and why. His face relaxed, but he never said a word. You see, he too was a member of the famed 332nd, but for his own reasons, had never told me. Only after he passed did my family learn of his time as a Tuskegee Airman.

This year, I retired from The United Methodist Church and the Air Force, with 32 years of service and 26 years as a member of USAA. Words cannot express my appreciation for their assistance in loans for cars, preparing for a home loan, encouragement in times of financial challenges, and superb customer service.

In a rare moment together in service at Paula’s 1988 commissioning ceremony, Patricia salutes her twin at Andrews AFB, Maryland. In their continued search through family photos, they laughed at the clunky computer Patricia worked on in the Battalion Headquarters’ orderly room at Fort Stewart, Georgia. And Patricia found a picture of Paula “looking sharp” in her dress blues, circa 2012, at Joint Base Cape Cod, Massachusetts.

Visit usaa.com/retirement

ABOUT THE AUTHORUpon her retirement, Paula Payne was the only female chaplain with 32 years of service in the Air National Guard. She now lives in San Antonio with her twin sister Patricia.

OUR MEMBERS 7


STABLE THROUGH IT ALLby J.T. PriceUSAA member since 1992

My husband joined the United States Air Force in 1990 and simultaneously became a member of USAA. Financial situations were held stable with each new assignment the military handed us, whether they were in country or on another continent. As members, we never had to worry about changing banks or that his paychecks wouldn’t reach the correct destination. When life-altering situations like having children or buying a house presented themselves, we always knew we were covered.

Four years ago, my husband retired from the military and we became permanent residents of Spokane, Washington, where he’d served his last assignment. Thanks to USAA, the transition from military family to civilian life was seamless, enabling us to concentrate on other pressing matters such as continued employment and caring for our son with autism, who would soon be an adult.

One Friday, USAA Bank called with a description of recent debit card purchases. The last sum mentioned was not something we’d made and was located halfway across the country. We spoke with a customer service representative who made note of our charges, deleted the counterfeit figure and immediately closed our account to secure it against further bogus requests. He arranged for new debit cards to be sent out immediately, and asked if there was anything else he could help us with.

It is this kind of service and knowledge of USAA’s levels of financial services that assists us in feeling stable as our lives expand and change.

My husband and I are still working, but in a few years we will be looking at retirement and ensuring our adult special-needs son will have sound life-potentials and financial backing. I am also planning a career change in the very near future. So wherever life takes us, we are certain of the strength and stability USAA stands for and affords us.

USAA members J.T. and Mike Price and their son, Arthur, snapped photos of one another at their favorite bridge on the Spokane River while enjoying a day of shopping.

Visit usaa.com/planningguide

ABOUT THE AUTHORJ.T. Price is a proud military spouse, mother and published author who resides in Spokane, Washington.

OUR MEMBERS 9

Service members stationed at Fort Hood attend an eight-hour transition seminar conducted by USAA and Afterburner Inc., a veteran-owned business and leader in the field of on-site workshops.


M I L I TA R Y T R A N S I T I O N S

We’re fortunate to have many veterans working at USAA. Although we can’t hire all former service members, we plan to be there for

those expected to leave the military as they transition to civilian life in the years ahead.

In 2014, USAA teamed up with veteran-owned Afterburner Inc. to hold five transition workshops at installations around the country,

with video teleconferences to Afghanistan. The workshops focused on career planning, networking, resume writing and interviewing skills.

CHRISTOPHER RYAN SPANGLERUSAA member since 2010

“Honestly, each part gave me a lot to consider. But the health

insurance part was truly helpful in my decision-making process .” 1

TOOLS AND SERVICES

Ask most veterans who recently made the transition to civilian life, and they likely will

agree: It was harder than they expected. Members can receive free military separation

guidance by using our simple online or mobile tools anytime.

For more, visit usaa.com/leavingthemilitary

1 2014 feedback received from members who used the Separation Assessment Tool.

MILITARY TRANSITIONS 11

Lester Lyles was a distinguished graduate of the Air Force ROTC program at Howard University and entered the service as a second lieutenant in 1968. His inspiration came from his father (bottom photo), a member of the legendary Tuskegee Airmen. Lyles retired as a general after a 35-year career in the Air Force, and joined the USAA Board of Directors in 2004. Lyles is shown here at the 2014 annual meeting of USAA members in Chicago.


My own connection to military service — and, ultimately, to USAA —started with a 19-year-old young man who enlisted in the Army during World War II. My father never talked much about his military service, and only after he died did I find out he was part of the 332nd Fighter Group — the legendary Tuskegee Airmen. My father’s military-inspired values of dedication to family and hard work were nevertheless a model I tried to follow when I joined the Air Force.

USAA, in many ways, is like an extended family imbued with the values, mutual support and camaraderie that are a big part of military life. That photo of a young Lester Lyles is a reminder that I was a part of the USAA family long before I became a general, and USAA took good care of me. In 2014, we welcomed new family members with the same care, grew stronger as an organization and prepared for a new chapter in our history.

When service members, veterans and their families decide to become USAA members, it’s a cause for celebration because it means we can continue to fulfill our mission to facilitate the financial security of military families. In 2014, many new members joined the USAA family — as total membership reached 10.7 million by the end of the year. We hope they, like 92% of our members, intend to stay members for life.

92% of our members intend to stay members for life, according to the 2014 Member Communications Trend Survey.

FAMILY STRONGDear Fellow Members,

In the previous pages, you’ve read just a few of the stories from the USAA family. These members face their own unique challenges and hopes for the future, and — like you — they share a connection to the military, as well as a desire to do the right things for their families and our country.

92%

LETTER FROM THE CHAIRMAN 13

As we welcome more members, we’re working hard to keep delivering the industry’s best service. Although we’re not perfect, we’re proud that 81% gave USAA the highest possible marks for service in our overall member satisfaction surveys. And USAA continues to be recognized in our industries for service and customer satisfaction. For instance, USAA received the 2014 Customer Experience Index Award of Excellence from Forrester Research Inc.,1 which also ranked USAA’s bank, credit card and insurance businesses No. 1 in their respective industries.

Excellent service, a growing family and careful financial management usually translate into positive financial results, and 2014 was no exception. USAA has never been stronger financially — or better prepared to help our members. USAA was one of only a handful of companies to receive the highest possible3 ratings for its property and casualty insurance group from all three major rating agencies: Moody’s, Standard & Poor’s and A.M. Best.

As members of the board of directors, we watch these developments closely. Our role is to oversee the strategic direction of USAA and make sure that human, financial and other resources are in place to meet our objectives and fulfill our mission.

That includes assessing the performance of our top executives and ensuring continuity of leadership.

Last year, President and CEO Joe Robles Jr. announced he would retire, effective Feb. 28, 2015, after more than seven years as CEO and 20 in leadership at USAA. First, let me say that USAA is better for having had Joe as its leader. From helping open the doors to membership to all who have received a discharge type of Honorable to leading veteran-hiring efforts, promoting innovation and helping navigate USAA financially through tumultuous economic conditions, Joe has been a transformational CEO by any measure. Today, USAA is more focused than ever on putting our membership first in relentless pursuit of our mission and being a best place to work for our employees. Thank you, Joe, for your exceptional leadership.

This year, the board conducted an exhaustive internal and external search for our next CEO, applying the care and rigor USAA members deserve. The process ended in August with the naming of 16-year USAA employee and Air Force veteran Stuart Parker as our next president and CEO. As a board, we are ensuring that Stuart has the resources and support he and his leadership team need to continue taking care of our members and fulfilling the mission.

The baton passes, but what started nearly 93 years ago when Army officers decided to insure one another continues. Thank you for your membership and for letting USAA be a part of your family’s story.

Sincerely,

Lester L. LylesGENERAL, USAF (RET.)Chairman of the Board

Aaa Moody’s Investors Service(Exceptional, highest of 21 possible ratings)

A.M. Best Company(Superior, highest of 16 possible ratings)

PROPERTY AND CASUALTY RATINGS2

AA+ Standard & Poor’s(Very strong, second highest of 21 possible ratings)

A++

1 The Customer Experience Index, January 2014, Forrester Research Inc.2 Company ratings represent an opinion of financial strength and the

company’s ability to meet ongoing obligations to policyholders. 3 Our Standard & Poor’s rating of AA+ continues to be constrained by

the downgrade of the U.S. government credit in 2011 and remains the highest level currently possible.


JOSUE (JOE) ROBLES JR.

“When you gather together some really smart and talented people, lay out a noble mission and work together to accomplish it, there just is no limit to what you can do.”

AN UNCOMMON LE ADERAn organization often reflects the salient characteristics of its leaders. With Joe Robles serving as president and CEO for the past seven years, our members and employees are fortunate indeed.

What’s amazing to those who have known and worked with him is not what he has done, but who he is as a person. And that’s a leader of uncommon humility, genuine care for people and dedication to the military community.

This organization is better off for having had Joe as its leader. On behalf of the board of directors and more than 27,000 USAA employees, we thank Joe for his uncommon leadership and wish him well in retirement.

LETTER FROM THE CHAIRMAN 15

Joe Robles, shown as a second lieutenant serving in Korea, entered the Army as a private and rose through the ranks to major general before retiring in 1994. Robles looks out at the crowd during one of the Army-Navy football games he attended as CEO.


TOGETHERDear Fellow Members,

It’s all about people. USAA always has been more than a financial services organization. It began in 1922 as people with a common military bond and shared values. The same is true today.

So, for my last Report to Members as CEO, this is mostly a report from our fellow members. The photos are family snapshots, and our members wrote their own stories about USAA. They represent our organization’s family of honorable people who care for others and are working to build a secure and better life.

As I depart USAA for retirement, I can’t help but reflect on the past seven years and all the economic challenges our members have faced. But our members persevered, and so did USAA. Thanks to your loyalty and trust, USAA continued to thrive in 2014. And we did it together — driven by our mission to facilitate the financial security of military families.

TOOLS TO SIMPLIFY FINANCES

Whether you are an active-duty service member, veteran or family member, USAA’s purpose is to help you achieve financial peace of mind. That starts with sound advice and easy-to-use tools to help you take charge of your financial life 24/7. This year, we improved the mobile shopping experience by integrating USAA Bank credit and debit cards with Apple Pay™, and by providing real-time discounts and offers on our mobile app. Credit card holders began receiving free credit scores, and managing and paying off debt also got a little easier as we debuted our new Debt Manager tool on usaa.com and mobile.

9K veterans and military spouses have been hired by USAA since 2006.

MORE THAN

LETTER FROM THE CEO 17

As more and more of life’s transactions move to the smartphone, so do other USAA capabilities. For example, with a new feature called Onsight Connect, members filing a property claim now can use the video functions of their smartphones to help our claims adjusters assess damage remotely within as little as three hours, expediting settlement. Another suite of tools designed to help service members plan their transition to civilian life became available on our mobile app this year. And opening USAA brokerage accounts or applying for life insurance now can be accomplished on those same mobile devices.

YOUR MONEY, OUR RESPONSIBILITY

We know that military families work hard for their money, so we prudently manage our expenses. In 2014, USAA’s property and casualty insurance group achieved an operating expense ratio that was nearly two times better than the industry, and our bank and life insurance companies recorded lower-than-average expense ratios compared to their industries, as well. With careful management, we were able to return to members and customers $1.6 billion in distributions, dividends, and bank rebates and rewards — $22 million more than in 2013.1

Members also were able to stretch their dollars by taking advantage of USAA services. Last year, using USAA Car Buying Service, members saved $608 million off MSRP and through manufacturers’ incentives, and almost $13 million through reduced interest rates by financing through USAA Bank. Members also saved $20 million in interest by refinancing their mortgages through USAA Bank.

STRONGER TO SERVE

Being there for our members in their moments of need requires a strong financial foundation. In 2014, USAA bolstered its financial resources. Net worth — the best measure of our ability to meet our commitments today and well into the future — grew 10% to $26.7 billion. This strength was put to good use. In addition to paying out almost $11 billion in noncatastrophe claims in 2014, USAA helped members with 137,000 catastrophe claims recover from 31 named events.

SUPPORTING VETERANS AND MILITARY SPOUSES

With 1 million service members transitioning to civilian life in the next few years and military spouses struggling to maintain careers of their own, USAA exceeded our objective that 30% of our new hires consist of veterans and military spouses. In fact, since 2006, we’ve hired more than 9,000 such employees, and have launched veteran team training for USAA careers in areas like IT and claims adjusting. Who better to understand the daily challenges of the military families we serve than veterans and military spouses themselves?

We have continued to work with the U.S. Chamber of Commerce, the White House and organizations like The Disney Institute to promote veteran hiring and share what we’ve learned with other companies looking to hire veterans and military spouses. And USAA now has relationships with more than 50 military-affinity organizations that support veterans and military spouses in so many ways, including career development.

$1.6Breturned to members and customers in distributions, dividends, and bank rebates and rewards in 2014.

27K employees to serve your needs.

MORE THAN

1 Includes amounts returned as auto policyholder dividends as well as Subscriber’s Account distributions, senior bonus and terminations. Past dividends or distributions are not a guarantee or promise of future dividends or distributions.


FORWARD TOGETHER

As I go back to being only a member of USAA — no longer a director or an employee — I know that USAA will continue to be successful because of the values, loyalty and trust of the military families who comprise its membership.

Our next CEO, Stuart Parker, is the right person at the right time to lead USAA, but he won’t do it alone. He’ll have the support of our distinguished board of directors, our talented leadership team, our more than 27,000 passionate employees and millions of loyal members.

There is no other organization that cares more about military families than USAA, and I am so honored to have led this great organization these past seven years. The mission continues. Together, we’ll ensure that the organization we love continues to serve the military families to whom we owe so much.

Sincerely,

Josue (Joe) Robles Jr.MAJOR GENERAL, USA (RET.)President and Chief Executive Officer

“ Our next CEO, Stuart Parker, is the right person at the right time to lead USAA, but he won’t do it alone. He’ll have the support of our distinguished board of directors, our talented leadership team, our more than 27,000 passionate employees and millions of loyal members.”

Joe Robles and CEO-elect Stuart Parker address USAA employees who were on hand for Robles’ 2015 farewell ceremony in San Antonio. Parker took office March 1, 2015. Photo by Darren Abate.

LETTER FROM THE CEO 19

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2014 BOARD OF DIREC TORSOur board members are distinguished by their exceptional leadership skills and their exemplary service to both USAA and our country. For the benefit of members, the board conducts regular, formal evaluations of USAA’s CEO and corporate performance.

For full biographies, visit usaa.com/bod

FIRST ROW

1. John P. Abizaid GENERAL, USA (RET.) USAA member since 1973, elected 2007 Chair, Marketing and Programs Committee;

member, Governance and Executive committees

2. Patricia C. Barron USAA member since 1972, elected 2000 Vice Chairman of the Board; vice chair,

Governance and Executive committees; member, Marketing and Programs Committee

3. Herman E. Bulls COLONEL, USAR (RET.) USAA member since 1977, elected 2010 Chair, Risk Committee; member, Governance

and Executive committees

4. Eileen M. Collins COLONEL, USAF (RET.) USAA member since 1978, elected 2007 Vice chair, Risk Committee; chair, USAA

Advisory Panel

SECOND ROW

5. Thomas B. Fargo ADMIRAL, USN (RET.) USAA member since 1970, elected 2006 Chair, Compensation and Workforce Committee;


6. Tracy L. Garrett MAJOR GENERAL, USMCR (RET.) USAA member since 1987, elected 2010 Vice chair, Marketing and Programs Committee

7. Frederick M. Hamilton CAPTAIN, USCG (RET.) USAA member since 1965, elected 1998 Vice chair, Finance and Audit Committee;

vice chair, USAA Advisory Panel

8. Jay L. Johnson ADMIRAL, USN (RET.) USAA member since 1968, elected 2013 Vice chair, Compensation and

Workforce Committee

THIRD ROW

9. Lester L. Lyles GENERAL, USAF (RET.) USAA member since 1968, elected 2004 Chairman of the Board; chair, Governance

and Executive committees; ex officio member: Finance and Audit, Compensation and Workforce, Marketing and Programs, and Risk committees

10. Gerald R. Murray CHIEF MASTER SERGEANT OF THE

AIR FORCE, USAF (RET.) USAA member since 2003, elected 2014 Member, Finance and Audit Committee

11. Josue (Joe) Robles Jr. MAJOR GENERAL, USA (RET.) USAA member since 1967, elected 2007 President and Chief Executive Officer; member,

Governance and Executive committees

12. Michael E. Ryan GENERAL, USAF (RET.) USAA member since 1964, elected 2002,

retired 2014 Former chair, Finance and Audit Committee;


FOURTH ROW

13. Robert L. VanAntwerp LIEUTENANT GENERAL, USA (RET.) USAA member since 1972, elected 2012 Member, Risk Committee

14. John F. Young USAA member since 1978, elected 2011 Chair, Finance and Audit Committee; member,

Governance and Executive committees

15. James M. Zortman VICE ADMIRAL, USN (RET.) USAA member since 1972, elected 2013 Member, Compensation and

Workforce Committee

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BOARD OF DIRECTORS 21

C O R P O R AT E R E S P O N S I B I L I T Y

We’re in this together. At USAA, we’re honored to help our military community and our local communities. We support a limited number

of carefully selected and qualified organizations like the Tragedy Assistance Program for Survivors to help improve the quality of life for

those in the military and their families. Our employees are dedicated to giving back in ways that provide for the military community, as well

as serving the places where we live and work.

Since my husband Tom’s Army commission and my Air National Guard commission, we were like so many USAA members, proud to serve

our country. In 1992, our lives were forever changed when the Army C-12 carrying Brig. Gen. Tom Carroll

and seven other soldiers crashed, killing all on board. That day began the journey through grief that

thousands of military families have made.

In the early ’90s, there was no national organization to support the families of our nation’s fallen heroes and to connect those

families with others who had suffered a similar loss. After two years of careful research, I founded the

Tragedy Assistance Program for Survivors to help fill gaps in care.

While deaths in war zones are often public and attract attention, our service members lose their

lives in peacetime, too. They leave behind parents, spouses, siblings, children and a host of loved ones who are deeply affected. TAPS is there for all who are grieving, including those who have lost service

members to hostile action, suicide, accident or illness.

TAPS stands with USAA in the hope that our nation does not forget our military families whose loved ones paid the ultimate price in service to country. Because of TAPS, we know that care and support will be there for these families forever. We renew our commitment

to honor our fallen military troops every day by continuing the TAPS mission, with the support of

USAA, to care for their families.

A NETWORK OF COMFORTby Bonnie Carroll, TAPS founder

USAA member since 1987

Get more information about TAPS at taps.org

95%During our 2014 United Way

campaign, almost 95% of USAA employees pledged a record-breaking average of

about $377.

410KApproximate volunteer

hours logged by nearly 7,800 USAA employees, retirees

and their families.

2014 total contributions from USAA, the USAA Federal Savings Bank and The USAA

Foundation to nonprofit organizations.

MORE THAN

$12.7M


The children of fallen heroes, like Emma Dozier, 8, find comfort at the Good Grief camps conducted by TAPS. Emma holds a doll representing her father, Army Staff Sgt. Jonathan Dozier, who made the

ultimate sacrifice for freedom.

CORPORATE RESPONSIBILITY 23

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2014 ADVISORY PANELThe Advisory Panel is made up of USAA members with diverse backgrounds and points of view. The panel provides invaluable feedback about USAA’s products, solutions, marketing campaigns and delivery methods to help us best connect with and serve members.

FIRST ROW

1. Percell Artis MASTER SERGEANT, USA (RET.)

MILITARY SPOUSE, USNR USAA member since 1998

2. Julie Boit COLONEL, USAF USAA member since 1990

3. Renee Bostick MILITARY SPOUSE, USA

DAUGHTER, USMC USAA member since 1995

4. Freda Bredy LIEUTENANT COLONEL, USAR USAA member since 1995

SECOND ROW

5. Deanna Butler MILITARY SPOUSE, USN USAA member since 2000

6. Jamie Chitko COMMANDER, USN USAA member since 1995

7. Sherry Clark MILITARY WIDOW, USCG USAA member since 1967

8. Eileen Collins (Chair) COLONEL, USAF (RET.) USAA member since 1978

THIRD ROW

9. Jacob Cuomo CHIEF WARRANT OFFICER, USCG USAA member since 1999

10. Fred Hamilton (Vice Chair) CAPTAIN, USCG (RET.) USAA member since 1965

11. Gene Nivera LIEUTENANT, USANG (RET.) USAA member since 1992

12. Matthew Schroeder MAJOR, USAF USAA member since 2003

FOURTH ROW

13. Rob Schroder LIEUTENANT COLONEL, USMC (RET.) USAA member since 1992

14. Kathleen Sperling DAUGHTER, USN USAA member since 1990

15. Mike Stamat CAPTAIN, USAF USAA member since 2007

ADVISORY PANEL 25

SOLUTIONS FOR E VERY STAGE OF YOUR LIFESimple or complicated, whatever your financial situation, it’s yours. We’re here to help you make simple, informed choices about what’s best for your financial life, so you can get back to everything else that matters.

YOUR LIFE, YOUR NEEDS

Whether you’re moving, saving for college or simply getting away for the weekend, we can assist you with your goals. Our products are designed with your life in mind, and our tools and tips can take some of the guesswork out of your financial decisions. This year, we added solutions to our portfolio to help meet more of your needs.

INVESTMENTS ON MOBILEPart of our great service is giving you more choices. This year, we were the first in the industry to have full-service investment accounts on mobile, including opening and funding your account from your mobile device. And you responded: Since inception, 25% of new accounts opened digitally have been through mobile.

Download our app today at usaa.com/mobile

LIFE INSURANCEThe cost of life insurance increases with each passing year. It can be expensive after leaving the military, or it may not even be possible to get. We offer life insurance with exclusive benefits for military families like yours. By putting additional coverage in place today, you can increase it after your service ends without getting another medical exam — allowing protection beyond SGLI and FSGLI.

Prepare for life’s uncertainties now at usaa.com/life


AMEX CASHBACK REWARDS PLUS5% cashback on your first $3,000 in combined gas and military base purchases annually

2% cashback on your first $3,000 in grocery purchases annually

Unlimited 1% cashback on everything else

See your options at usaa.com/creditcard

USAA member Michael Hooper Jr. got a sweet surprise from wife Megan and son Michael III, who made the trip from Indiana to Fort Carson, Colorado, bringing Michael a piece of home for Valentine’s Day. Megan caught this moment of glee between father and son while having lunch.

HOME CIRCLEYou don’t have to click or call around. If it has to do with your residence, Home Circle® is where you can find what you need. Search, buy, rent, protect and maintain your home from one place. New functionality even allows you to search for homes on base.

Let us surprise you at usaa.com/home

HEALTH SOLUTIONSThe number of available options for health care coverage is overwhelming. In 2014, we expanded our suite of solutions to include vision and dental, making your search even easier.

Choices you want: comprehensive coverage for your family

Savings you need: plans designed to fit your budget

Service you deserve: one-on-one guidance and simple online tools to help you decide

See your options at usaa.com/health

Michael Hooper III knows how important it is to care for your ride. Mom Megan caught a picture of him on the go outside their home.

TIPS FOR YOUR HOME AND AUTOEven though we have world-class claims service, who wants to file a claim? There are small, everyday things you can do to prevent damage to your home and auto, saving you the money and hassle of a claim.

For month-by-month guides about your home and auto, visit usaa.com/hometips and usaa.com/autotips

See legal information on page 35.

PRODUCTS AND SERVICES 27

USAA member Valarie Mason, an active mobile user, securely accesses her account information using the facial recognition logon feature on her USAA app.


P R OT E C T I N G O U R M E M B E R S

With increasing reports of security breaches, identity theft and cyberthreats, your personal information is at risk like never before.

USAA is committed to developing cutting-edge solutions to make your financial transactions as secure as possible. That’s why

in 2014, we introduced new features for our app. You now can use face, voice and, coming soon, fingerprint authentication to log on.

We also made it faster and safer than ever for you to call us from the app — and even more features are on the horizon.

4 of 5 Members interested in using biometrics instead of their PIN11st Domestic financial institution

to offer facial and voice recognition on a mobile app

“@USAA logs me into my bank accounts with facial recognition software that

takes 3 seconds max. THIS IS THE FUTURE.”

SYDNEY FLYUSAA Bank customer since 2010

“Holy #biometrics @USAA! Your new app update is pretty

awesome#impressive.”

RYAN WALKERUSAA member since 2011

“I just enrolled my biometrics to the #USAA

app. Now I can login using my face or voice!

Totally flabbergasted.”

FALLON PETTYUSAA member since 2006

To learn more about protecting your information, visit usaa.com/accountsecurity

1 Source: USAA Biometrics Social Listening Project, conducted December 2014.

PROTECTING OUR MEMBERS 29

FIRST ROW

1. Steven Bennett USAA member since 2003 Executive Vice President,

General Counsel and Corporate Secretary

2. Laura Bishop USAA member since 1986 Executive Vice President,

Chief Financial Officer

3. David Bohne USAA member since 1988 President, USAA Federal Savings Bank

4. Alan Krapf USAA member since 1989 President, USAA Property and

Casualty Insurance Group

SECOND ROW

5. Carl Liebert USAA member since 1985 Executive Vice President,

Chief Operating Officer

6. Shon Manasco USAA member since 1991 Executive Vice President,

Chief Administrative Officer

7. Dan McNamara USAA member since 2009 President, USAA Financial

Advice and Solutions Group

8. Stuart Parker USAA member since 1983 Chief Executive Officer-Elect

THIRD ROW

9. Wayne Peacock USAA member since 1990 Executive Vice President,

Enterprise Strategy and Marketing

10. Mark Reid USAA member since 1993 Executive Vice President,

Human Resources

11. Dana Simmons USAA member since 1976 Executive Vice President,

Enterprise Operations Support

12. Wendi Strong USAA member since 2000 Executive Vice President,

Chief Communications Officer

FOURTH ROW

13. Josue (Joe) Robles Jr. USAA member since 1967 President and Chief Executive Officer

2014 E XECUTIVE COUNCILOur Executive Council manages the day-to-day operations of USAA’s companies and staff agencies. Each leader brings best-in-class talent coupled with an understanding of military life and USAA membership, empowering their teams to know and serve you better.

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DRIVING A GREAT TEAMUnder Joe Robles’ leadership, the executive team has brought thoughtful innovation and progressive change to USAA.

During Joe’s tenure, USAA expanded eligibility for membership to all who have ever received a discharge type of Honorable from the U.S. military, as well as their eligible family members. With his team, Joe created a culture of employees innovating on behalf of our members, growing the number of USAA-held patents from five to 567.

MORE THAN

$8.9BRETURNED

to members and customers during Joe’s seven-year tenure

in the form of dividends, distributions, and bank rebates

and rewards.

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EXECUTIVE COUNCIL 31

The financial statements that appear in this document have been selected from the audited consolidated financial statements to give basic and necessary financial information about USAA. Certain prior-year amounts were reclassified to conform to the current-year presentation. The selected financial information was prepared by USAA in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP), except for the key statutory data, which was prepared in accordance with Statutory Accounting Principles (SAP). Management believes the financial information contained in the audited consolidated financial statements fairly presents USAA’s financial position, results of operations and cash flows. A copy of the complete audited consolidated financial statements of USAA, including Ernst & Young LLP’s unqualified independent auditors’ report thereon, is available upon request to USAA headquarters in San Antonio.

USAA’s internal controls are designed to reasonably ensure that USAA’s assets are safeguarded from unauthorized use or disposition and that USAA’s transactions are authorized, executed and recorded properly. In addition, USAA has a professional staff of internal auditors who monitor these controls on an independent basis. The Finance and Audit Committee of USAA’s Board of Directors engaged Ernst & Young LLP as independent auditors to audit USAA’s financial statements and express an opinion thereon. Ernst & Young LLP’s audit included consideration of USAA’s internal controls over financial reporting as a basis for designing audit procedures that support their financial statement audit opinion, but not for the purpose of expressing an opinion on the effectiveness of USAA’s internal controls over financial reporting. The Finance and Audit Committee of USAA’s Board of Directors consists of members who are not officers or employees of USAA. This committee meets periodically with management, internal auditors and Ernst & Young LLP to ensure that management fulfills its responsibility for accounting controls and preparation of the consolidated financial statements and related data.

MANAGEMENT’S RE SPONSIB IL IT Y FOR FINANCIAL REPORTINGThe management of USAA is responsible for the integrity and objectivity of the financial information presented in this annual report. Due to the volume of financial information contained in the audited consolidated financial statements, which include the financial statements as well as the accompanying footnotes, we have chosen not to include the full audited consolidated financial statements in this Report to Members.

OUR FINANCIAL STRENGTH

In 2014, we continued to earn your trust by anticipating and serving more of your needs, while increasing our financial strength. USAA achieved strong growth in net worth and assets owned and managed, reaffirmed our financial strength ratings and maintained expense ratios that were better than the industry. We also shared USAA’s success by giving back to members and customers in the form of distributions, dividends, rebates and rewards at a higher level than last year.

USAA’s financial strength enabled us to pay claims promptly and provide needed support as our members navigated life-stage changes such as transitioning from the military to the civilian workforce. The success USAA experienced in 2014 ensures that we can continue to fulfill our mission to help facilitate the financial security of our members and their families.

Josue (Joe) Robles Jr.MAJOR GENERAL, USA (RET.)President and Chief Executive Officer

Laura BishopExecutive Vice President and Chief Financial Officer

NET WORTH(dollars in billions)

’11’10 ’12

$24.2$22.1

$20.0$18.7

$26.7

’13 ’14


PRETAX INCOME*

Property & Casualty

Life & Health

Banking

Other

*Excludes gains/losses on investments

50%

31%

10%

9%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

USAA achieved $3.4 billion in net income, an increase of 25% from 2013, as we continued to increase membership and develop innovative and highly competitive products and services for our members.

In addition to solid business performance, our results benefited significantly from a $635 million gain on our investments, primarily in unrealized gains on our portfolios as interest rates declined and bond values increased. Unlike most other companies that record market fluctuations of their portfolios through net worth, USAA recorded these fluctuations through its income statement for the majority of the year. Beginning Sept. 1, our debt securities were reclassified from trading to available for sale, with market fluctuations from that date until the end of the year recorded through other comprehensive income (loss) and net worth. Market fluctuations of our equity portfolio will continue to be reported through net income.

Rigorous expense management and a mild hurricane season helped our industry-leading property and casualty operating expense ratio improve from 2013, despite a large increase in property and casualty losses during 2014 due to harsh winter weather early in the year.

Years ended Dec. 31 (dollars in millions) 2012 2013 2014

REVENUES

Insurance premiums $13,028 $14,295 $15,621Investment returns:

Interest and dividends earned, net 1,904 2,009 2,080Gains (losses) on investments, net 829 (525) 635Gains on sale of loans, net 638 478 388

Total investment return 3,371 1,962 3,103Fees, sales and loan income, net 3,578 3,817 4,124Real estate investment income 287 330 575Other income (e.g., miscellaneous product services and fees) 465 567 610

Total revenues 20,729 20,971 24,033

LOSSES, BENEFITS AND EXPENSES

Net losses, benefits and settlement expenses 11,224 11,547 12,995Deferred policy acquisition costs 510 494 552Real estate investment expenses 198 197 223Interest expense 370 298 249Dividends to policyholders 157 222 202Other operating expenses (e.g., personnel, IT costs, loan losses, premium taxes) 4,545 4,968 5,501

Total losses, benefits and expenses 17,004 17,726 19,722

Pretax income 3,725 3,245 4,311Income tax expense 893 519 901

NET INCOME $ 2,832 $ 2,726 $ 3,410

Other comprehensive (loss) income, net of tax (29) 82 (88)

COMPREHENSIVE INCOME $ 2,803 $ 2,808 $ 3,322

USAA Property and Casualty Insurance Group

Property and Casualty Insurance Industry

OPERATING EXPENSE RATIO

†A.M. Best 2014 estimate

’11’10 ’12 ’13 ’14

23%

41%

22%

40%

21%

39%†

24%

41%

24%

41%

FINANCIALS 33

CONSOLIDATED BALANCE SHEETS

Financial strength is an important reason our members remain loyal to USAA, as it enables us to be there when they need us most. That commitment to our members is reflected in our strong net worth growth of $2.5 billion, or 10%. Our assets grew by $8 billion despite another year of relatively slow, uneven economic recovery. This growth was due to a solid increase in bank loans and deposits, as we met the needs of more members. Our balance sheet also benefited from growth in the value of our investments from a healthy increase in market values. In addition to growing our assets and net worth, we continually seek ways to improve our balance sheet efficiency. This year, we shifted cash and cash equivalents to higher yielding investments.

Years ended Dec. 31 (dollars in millions) 2012 2013 2014

ASSETS

Cash and cash equivalents $ 12,341 $ 14,388 $ 8,712Investments 49,223 51,682 61,178Real estate investments, net 2,725 2,549 2,835Loans receivable, net 38,932 40,133 44,130Premiums due from policyholders 2,434 2,619 2,922Property and equipment, net 1,341 1,477 1,614Securities lending collateral 351 392 405Other assets (e.g., accounts receivable, pension plans) 8,242 8,964 8,457

TOTAL ASSETS $115,589 $122,204 $130,253

LIABILITIES

Insurance reserves $ 16,991 $ 18,112 $ 19,375Life insurance — funds on deposit 16,910 17,105 18,192Bank deposits 52,374 55,435 58,682Borrowings 1,443 995 1,590Securities lending payable 352 393 405Other liabilities (e.g., accounts payable, benefit plan obligations) 5,383 6,008 5,344

TOTAL LIABILITIES $ 93,453 $ 98,048 $103,588

NET WORTH

Total net worth 22,136 24,156 26,665

TOTAL LIABILITIES AND NET WORTH $115,589 $122,204 $130,253


ADDITIONAL INFORMATION

USAA HEADQUARTERSUSAA 9800 Fredericksburg Rd. San Antonio, TX 78288

Annual report inquiries only 1-800-531-8646

All other inquiries 1-800-531-8722

INDEPENDENT PUBLIC ACCOUNTANTSErnst & Young LLP San Antonio, Texas

USAA is not a publicly held company and does not file an SEC form 10-K.

ANNUAL MEETING OF USAA MEMBERSAug. 22, 2015 The Lighthouse Pier 61, 23rd Street and West Side Highway New York, NY 10011

THE USAA EDUCATIONAL FOUNDATIONUSAA 9800 Fredericksburg Rd. San Antonio, TX 78288 usaaef.org

DESIGNVSA Partners, Inc.

PRINTINGNahan

REGULATORY DISCLOSURESInvestments/Insurance: Not FDIC Insured • Not Bank Issued, Guaranteed or Underwritten • May Lose Value

What does USAA mean? USAA means United Services Automobile Association and its insurance, banking, investment and other companies. Banks Member FDIC, investments provided by USAA Investment Management Company and USAA Financial Advisors Inc., both registered broker dealers.

Who is a USAA member? The term “member” generally refers to current USAA customers who are eligible for USAA auto or property insurance, and their spouses and children who are current USAA customers. Use of the term “member” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Ownership rights are limited to eli gible policyholders of United Services Automobile Association.

Who is eligible for USAA auto and property insurance products? These products are available to current and former military members and their former dependents who meet certain membership eligibility criteria. Membership and product eligibility and underwriting restrictions apply and are subject to change. Eligible former dependents of USAA members may purchase auto or property insurance if the member obtained USAA auto or property insurance. Eligible members with auto and property policies issued by United Services Automobile Association have ownership rights in USAA. Ownership rights, including Subscriber’s Accounts, do not apply to policies issued by other insurers within the USAA family of companies or to business assigned/accepted because of state insurance plans. Refer to your insurance policy to determine in which company you are insured. Contact us to find out about the benefits of USAA membership.

Page 5 MoversAdvantage® is offered by USAA Relocation Services, Inc., a licensed real estate broker and subsidiary of USAA Federal Savings Bank. Program may be unavailable for employer-sponsored relocations. Not available for transactions in Iowa or outside the U.S. This is not a solicitation if you are already represented by a real estate broker.

Page 17 Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay and Touch ID are trademarks of Apple Inc.

Page 26 Military Future Insurability — Increases in coverage require payment of additional premium. Availability of increased life insurance coverage depends on characterization of military separation. Form LBR57941ST 05-06 (may vary by state); NY form NBR60469NY 06-06. Increases in coverage more than two times the base policy face amount up to the current maximum Servicemembers’ Group Life Insurance (SGLI) amount depends on your health and is subject to underwriting approval.

Page 27 Home Circle® is a program provided by United Services Automobile Association. Availability, eligibility restrictions and fees may apply to certain banking, insurance or ancillary products. Loans subject to credit and property approval. Some products provided through Home Circle are provided, directly or indirectly, by third-party providers. Each company or provider has sole liability for its own products.

American Express is a federally registered service mark of American Express and is used by USAA Savings Bank pursuant to a license.

Your first $3,000 in annual Qualified 5% Eligible Purchases will earn 5% cashback. “Qualified 5% Eligible Purchases” are purchases properly categorized and coded by the merchant or American Express as gasoline purchases made at gasoline stations or military base purchases made at commissaries, exchanges and shoppette locations. In addition, your first $3,000 in annual Qualified 2% Eligible Purchases will earn 2% cashback. “Qualified 2% Eligible Purchases” are purchases properly categorized and coded by the merchant or American Express as grocery purchases made at supermarkets. Purchases made at warehouses, discount stores, department stores or any other nongasoline station/nonsupermarket locations are not eligible for the 5% or 2% cashback but will receive the regular 1% cashback. Even though a merchant (or the goods or services it sells) may appear to fit in a gasoline station, military base or supermarket category, the merchant or American Express may classify the merchant differently or the merchant may submit the charge under a different category. We do not determine how a merchant or American Express categorizes your purchases. If a Purchase does not receive the appropriate rebate and you feel it is an error, you may request us to review the Purchase. We reserve the right to determine if a Purchase is eligible for a bonus rebate. All accrued unpaid rebates will be forfeited if account is closed or in default. Other restrictions apply as described in the USAA Cashback Rewards Plus Program terms and conditions that will be provided with your account agreement. See USAA Cashback Rewards Plus Program rebate terms and conditions.

GENERAL DISCLOSURESPurchase of a product other than USAA auto or property insurance, or purchase of an insurance policy offered through the USAA Insurance Agency, does not establish eligibility for, or membership in, USAA property and casualty insurance companies.

Use of the term “member” or “membership” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Membership eligibility and product restrictions apply and are subject to change. To be eligible for auto and property insurance, separated military personnel must have received a discharge type of Honorable. Eligible former dependents of USAA members may purchase auto or property insurance if the member obtained USAA auto or property insurance.

USAA does not offer tax, legal or estate planning advice. Consult with your tax, legal or estate planning professional regarding your specific situation.

Financial planning services and financial advice provided by USAA Financial Planning Services Insurance Agency Inc. (known as USAA Financial Insurance Agency in California, License # 0E36312), a registered investment advisor and insurance agency and its wholly owned subsidiary, USAA Financial Advisors Inc., a registered broker dealer.

Credit card program issued by USAA Savings Bank, other bank products provided by USAA Federal Savings Bank, both Member FDIC.

Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX, and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

Investments provided by USAA Investment Management Company and USAA Financial Advisors Inc., both registered broker dealers.

Property and casualty insurance provided by United Services Automobile Association, USAA Casualty Insurance Company, USAA General Indemnity Company, Garrison Property and Casualty Insurance Company, USAA County Mutual Insurance Company, USAA Texas Lloyds Company, San Antonio, TX, and is available only to persons eligible for P&C group membership. Each company has sole financial responsibility for its own products.

Health solutions provided by USAA Life Insurance Company and through USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency), which acts as an agent for select insurance companies to provide products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives compensation from those companies, which may be based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states. Each company has sole financial responsibility for its own products.

USAA means United Services Automobile Association and its affiliates.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

USAA takes great care to comply with all applicable military guidelines, and therefore our ability to display or refer to certain military dress, insignia and terminology in this publication may be limited.

No Department of Defense or government agency endorsement.

LEGAL INFORMATION 35

* Reflects 2011–2014 data. ** Reflects 2014 data.

The USAA Educational Foundation, a nonprofit organization, provides information on a variety of consumer issues but does not endorse or promote any commercial supplier, product or service. Visit The USAA Educational Foundation website, usaaef.org, for more information.

F I N A N C I A L E D U C AT I O N A N D A DV I C E

We’re committed to helping you become more financially secure. Our goal is to equip and empower you to confidently make financial

decisions that are right for your life.

At USAA, we’re dedicated to our continued legacy of serving the military community. What our membership needs continues to drive what we deliver. We’ll continue to enhance our competitive portfolio of products, services and tools to best meet the changing

needs of our membership.

Visit usaaef.org

The USAA Educational Foundation’s commitment extends to the entire military community and our local communities. The Foundation brings specialized tools and

resources that help guide people through basic and complex financial challenges.

Visit usaa.com/advice

375KApproximate number of members who created a

retirement plan and have started on the path to achieving their

goals for the future**

Approximate number of members who engaged with USAA’s free advice and tools

to set goals for everything from buying a car to managing

day-to-day expenses*

3.5M 177KApproximate number of members who used the

emergency savings goal tool for unexpected expenses. About

75,000 members established a plan to pay down debt by using

our Debt Manager tool.**

Service members who attended over 850 financial management presentations by The Foundation.**40KMORE

THAN


For the Hopper family — Scott, Rommely, Mikayla (14), Scott Jr. (4) and Isabella (2) — focusing on their finances is a way of life. With two autistic children, they work with a whole crew of educators, providers and

therapists. Scott and Rommely feel the financial strain today and know more challenges could come. With USAA, the Hoppers have tools and resources to draw on to help them plan for a future that may include

living in retirement while helping their autistic children as adults. The Hoppers are shown celebrating Veterans Day 2014 with a family photo at Mount Vernon, Virginia.

FINANCIAL EDUCATION AND ADVICE 37

216149-0415

GET IN TOUCHWe love hearing from our members. Contact USAA via your channel of choice.

usaa.com

1-800-531-8722

facebook.com/usaa

twitter.com/usaa

pinterest.com/usaa

instagram.com/usaa

vine.co/usaa

GO PAPERLESSUSAA prints all its marketing material on postconsumer wastepaper. Help us further reduce our environmental impact by opting to receive your USAA documents electronically. Members who have opted for online document delivery helped save 1.4 billion document pages in 2014.

Change your document preferences at usaa.com > My Profile > Manage Preferences > Document Preferences.

USAA9800 Fredericksburg Rd. San Antonio, TX 78288

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WE THE MEMBERS