United Services Automobile Association (USAA)
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Water Consumption:31 million gallons saved since 2019
Waste Generated:More than 3 million pounds of paper, glass, plastic and other materials recycled
ESG Focus Areas
- Environmental Sustainability
- Military Community Support
- Financial Security
- Cybersecurity
- Veteran Suicide Prevention
Environmental Achievements
- Reduced freshwater consumption by 31% since 2019, saving over 31 million gallons.
- More than 50% of all waste in offices sent to recycling facilities.
- Largest purchaser of wind power in San Antonio, Texas.
- Phoenix campus operates a 1.2-megawatt solar installation that generated 1.9M kilowatt hours in 2023.
Social Achievements
- Returned almost $1.9 billion to members through distributions, dividends, and bank rebates and rewards.
- Launched Face the Fight™ initiative to address the veteran suicide epidemic, committing $50 million and inspiring $34 million in additional commitments.
- Supported numerous nonprofits that help individuals gain the skills and tools to improve their financial opportunity.
- Provided emergency financial assistance and counseling to 20,000 families through TAPS.
- USAA employees logged more than 267,000 volunteer hours and contributed more than $7 million to nonprofits (a total of $13 million with USAA matching) in 2023.
Governance Achievements
- Maintained strong capital and liquidity, enabling the company to withstand economic pressures.
- Implemented robust cybersecurity measures, blocking more than 700 million attacks per month and 3,200 phishing websites.
- Regularly evaluates the effectiveness of its cybersecurity program through assessments, simulations, and testing.
- Complies with applicable data security laws, regulatory guidance, and industry frameworks.
Climate Goals & Targets
Environmental Challenges
- Historic catastrophes and inflationary pressures drove elevated P&C losses.
- Government shutdowns and potential debt ceiling default.
- Elevated interest rates, record inflation, and a banking industry crisis.
- Deteriorating commercial real estate values.
Mitigation Strategies
- Raised rates in both auto and homeowners’ insurance.
- Reduced operating expenses.
- Created no-interest loans for members potentially impacted by government shutdowns.
- Disciplined expense management.
- Proactively mitigated financial risk and actively managed capital and liquidity.
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Wildfires
- Floods