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USAA
Since the beginning, our mission has been to provide a range of financial services to the military community and their families. Along the way, we’ve also...
USAA
Since the beginning, our mission has been to provide a range of financial services to the military community and their families. Along the way, we’ve also established ourselves as a destination employer for passionate people looking to serve those who are willing to give it their all. Our mission is to stand with our members and be there for them and their families by facilitating their financial security. It starts with offering a range of highly competitive products, exceptional service, and trusted advice. But to be the military community’s provider of choice also takes dedicated team members who share our core values of service, loyalty, honesty, and integrity.
General information
Firm type
Diversified (insurance, banking, investments)
Year founded
1922
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Antonio
Corporate office
San Antonio, Texas, United States
Additional offices
San Francisco, California, United States
Sector focus
Frequently asked questions
Who makes investment decisions at USAA?
USAA's investment office is led by a Chief Investment Officer who reports to the broader finance leadership. The team manages the general account assets backing insurance liabilities and pension portfolios. As of 2024, the head of investments is CIO Gary St. Hilaire (per Altss research). The investment committee includes risk, actuarial, and finance executives.
What is USAA's investment allocation strategy?
USAA invests primarily to match the liability profile of its property-casualty and life insurance policies. The largest allocation is to fixed income (U.S. Treasuries, corporate bonds, mortgage-backed securities). The portfolio also includes public equities, private real estate, infrastructure, private credit, and a limited hedge fund allocation (per USAA's annual report, 2023). USAA does not disclose exact target percentages but emphasizes income generation and capital preservation.
Is USAA structured as a family office or an insurance company?
USAA is a mutual insurance company owned by its policyholders, not a family office. It maintains a centralized investment office that functions similarly to an institutional asset manager but with a single client — USAA itself. It does not manage third-party capital. The bulk of assets reside in the general account and pension trusts.
How does USAA's mutual ownership affect its investment behavior?
Because USAA has no public shareholders, it can take a longer-term, lower-volatility approach to asset allocation. It does not face quarterly earnings pressure and can hold illiquid assets like real estate and private credit through market cycles. This permanent capital base allows it to maintain a consistent strategy and avoid forced selling (per USAA's investor materials, 2023).
What sectors does USAA explicitly avoid in its private investments?
USAA's private investments are generally focused on U.S. real estate, infrastructure, and private credit. It does not publicly disclose a list of avoided sectors. However, given its military membership base, it is unlikely to invest in sectors that conflict with member values, such as defense contractors that compete with members' interests or industries with poor ESG profiles. No explicit exclusion list is published.
How is USAA related to the Victory Capital asset management deal?
In February 2024, USAA sold its asset management subsidiary, USAA Asset Management Company, to Victory Capital. The deal moved USAA's proprietary mutual funds to Victory's platform, but USAA retained access to those funds for its members and a strategic partnership with Victory. The investment office managing the general account was not involved in the sale (per USAA, February 2024).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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