USAA to Lay Off 220 Employees

USAA is laying off 220 employees in an effort to reprioritize positions amid changing business needs, the San Antonio-based insurer announced this week.

This is the latest round of layoffs at USAA, which let go of nearly 1,000 employees in 2023 after reporting its first annual financial loss in nearly a century.

USAA did not specify which departments were impacted by the layoffs. The insurer did not share whether the layoffs were at the local or national level.

“USAA continues to make necessary adjustments to run a healthy business and provide members with exceptional service and competitive prices,” said Roger Wildermuth, USAA director of public relations. “After careful consideration, we made the difficult decision to eliminate approximately 220 roles.”

USAA said it continues to hire employees, including 2,900 jobs filled so far in 2024.

“Employees are treated with care and compassion and provided with assistance to find new roles inside and outside of the organization,” Wildermuth said.

USAA, a leading insurer of the military community and their families, reported a net annual loss of $1.3 billion in 2022, compared to a profit of $3.3 billion in 2021. The annual loss was USAA’s first since 1923, the year after the company was founded.

USAA has not released its annual financial report for 2023.

USAA is one of several insurers to announce layoffs in recent months. Liberty Mutual announced in October it was laying off 850 employees. Geico announced the same month it was parting ways with 2,000 associates, while Insurtech Hippo said it was laying off about 120 employees. Recent layoffs have also hit American Family Insurance and Farmers Insurance.

US property/casualty carriers laid off nearly 7,000 workers in total in 2023.