SAN ANTONIO – Standard & Poor’s has affirmed its Insurer Financial Strength Ratings of AAA (Extremely Strong, highest of 21 possible ratings) on United Services Automobile Association and its Property & Casualty Companies (USAA P&C Group) and Life Insurance Companies. USAA is one of a small, elite group of companies to retain the highest ratings from one of the world’s largest and well-respected rating agencies.
The affirmed Standard & Poor’s AAA rating is recognition of USAA P&C Group’s high capitalization and financial strength, which is built on profitability, steady recent increases in net worth (more than doubled since 2000), minimal debt, and access to strong liquidity sources.
“We work very hard to keep a strong balance sheet and to meet our financial commitments to our members, and we’re gratified that Standard & Poor’s continues to recognize us for our performance, especially in today’s rugged financial environment,” said Kristi Matus, USAA’s chief financial officer. “For 86 years, through good times and bad, we’ve never wavered from that commitment. We’re extremely proud of that track record and remain squarely focused on doing all that we can to facilitate the financial security of our members and their families.”
According to Standard & Poor’s, USAA P&C Group has a conservative investment strategy and better-than-industry-average liquidity and operating results; additionally, Standard and Poor’s noted that overall USAA has demonstrated an excellent enterprise risk management framework, which is embedded into its corporate culture.
Standard & Poor’s Affirms Financial Strength Ratings of USAA/Page 2
Standard and Poor’s also commented on USAA’s Life Insurance Companies, noting its industry-leading persistency, which reflects its superior customer service and military affinity, conservative investment portfolio, and strong earnings.
Matus pointed out that, despite the turbulence in the financial markets:
• USAA is profitable, and its net worth continues to grow.
• More than 305,000 new individuals have joined USAA this year, with a
significant number joining in the past few months since membership eligibility was
expanded.
• Nearly 1.6 million new products have been sold this year.
About USAA
USAA, a diversified financial services group of companies, is the leading provider of financial planning, insurance, investments, and banking products to members of the U.S. military and their families. Named by BusinessWeek as No. 1 Customer Service Champ in 2007 and 2008, USAA provides highly competitive financial products to its 6.7 million members. For more information about USAA, or to learn more about membership, visit usaa.com. Please note, the presentation of financials and facts mentioned are subject to many external factors, such as market, environmental, and economic conditions, and may change at any time. USAA assumes no duty to update this information.
Contact:
Chris Talley
Chris.Talley@usaa.com
210.498.1479
Tuesday, October 14, 2008
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