Letter From the Chief Executive Officer

Fellow USAA Members,

Whether helping you put your finances in order hours before deployment, or helping you through the current financial crisis, USAA is here for you. In this period of distress and because many of you may be wondering how we’re doing financially, we’ve prepared this midyear summary to make sure you know that USAA remains strong, continues to grow and is focused on its members.

Our numbers tell the story: USAA companies include the 22nd largest bank based on deposits, the 8th largest credit card provider and auto insurer, and the 7th largest homeowners insurer in the United States. We now rank 70th in net worth among the Fortune 500 and 207th for revenue. For financial strength, USAA remains one of the strongest property and casualty insurers.

Our products and services continue to be competitively priced and available through your choice of phone, online or mobile — anywhere in the world. New this year are the free, highly rated mobile banking app and the upcoming Deposit@Mobile™ feature for the iPhone,™ which will allow qualifying members to deposit checks with a photo. Just as USAA pioneered depositing checks by scanning and sending them through your home computer, Deposit@Mobile makes banking with USAA easy wherever you may be.

Though the economy is still under stress, USAA is having a terrific year with strong operational performance. The market value of our investments, which declined significantly during 2008’s market disruption, has rebounded well. And net worth, owned and managed assets, revenue, net income and membership have all grown in the first half of 2009.

We’ve been telling you, our members, about the benefits of USAA — financial strength, stability, conservative management — and the membership has entrusted us with nearly $715 million in new mutual fund assets and nearly $1.3 billion in new annuities through the first six months of this year. This reinforces our belief that people do business with companies they trust, as evidenced by member satisfaction, which remains consistently high and is currently at 93 percent.

Many members know that USAA is not just insurance and are coming to us for banking, investments and financial planning, too. You and your family deserve to do business with a financial services provider that lives by the values of service, loyalty, honesty, integrity — and doing the right thing because it is the right thing to do. We look forward to serving you for many years to come.

Sincerely,

Signature of Josue Robles Jr.