By Michael Loney

April 28 - (The Insurer) - Military community insurer USAA has reported net income of $3.89 billion for 2024, while it returned $2.20 billion to members in the year.

San Antonio, Texas-based USAA's net income of $3.89 billion was up from $1.21 billion in 2023, while comprehensive income increased to $4.03 billion from $3.28 billion.

Revenue increased by 14% to $48.56 billion for insurance, banking and advice. Total losses, benefits and expenses of $44.05 billion was up from $41.15 billion the previous year.

USAA paid $4.30 billion in catastrophe-related claims in 2024, including from hurricanes Helene and Milton.

The $2.20 billion returned to members in distributions, dividends, and bank rebates and rewards in 2024 compared with $1.85 billion in 2023.

Total assets grew by 4% to $221 billion, which USAA said was due in part to strong investment performance.

“In 2024, we delivered strong results, including continued profitability, thanks to our diversified business model and disciplined financial management,” said USAA CEO Juan Andrade.

Former Everest Group CEO Andrade took over the role at USAA from Wayne Peacock in early April.

USAA announced in early February that it had already made $1 billion in payments to its members from January's Los Angeles wildfires, and projected it will pay out a total of $1.8 billnio.