Letter From the Chief Executive Officer

Fellow USAA Members,

USAA ends the first half of 2010 with continued financial strength and new ways to serve you today and through every stage of your life. I am pleased to provide USAA’s midyear update.

Making your life easier

So far this year, many of our 7.7 million members have taken advantage of new products and services to save money and simplify their lives.

  • Our free USAA® Money Manager personal budgeting tool is helping members track their spending and keep their budgets on course.
  • Many of you continued to trust us with your hard-earned money by moving $4 billion to USAA to prepare for retirement and protect your future.
  • New updates to our USAA Mobile Apps help speed you through the auto claims process to get you back on the road quickly. Qualified members will also find easy access to USAA’s revolutionary Deposit@Mobile® and other services.
  • We also have forged several affinity relationships this year, including one with the Wounded Warrior Project to offer a credit card designed to raise awareness and help provide funding for the needs of severely injured service men and women.

Soon, you’ll see even more new ways USAA can help.

  • Added to the $28 million our members saved so far this year with our Car Buying Service, we will soon introduce USAA Auto Circle™, a seamless way for you to find, finance and insure a new car — all from your computer or iPhone®.
  • USAA Home Circle™ will make it just as easy to buy, sell, finance and insure your home — an added bonus to the $50 million our members have already saved this year by using USAA MoversAdvantage® to buy or sell their house or by refinancing their mortgages with USAA Federal Savings Bank.
  • Later this fall, our new Online Retirement Center will bring you more timesaving tools for planning and helping you invest for your future.

Our commitment to new ideas for you is reflected in the recognition we receive from trusted sources around the world. In addition to leading customer-service rankings from Bloomberg Businessweek, Forrester Research, Inc. and others, we are proud that Computerworld magazine ranked USAA No. 1 among all companies as the best place to work in Information Technology. It reflects our employees’ passion for innovative ideas that help you and your family achieve your dreams.

Ensuring financial strength

A strong financial base is the means to reinforce our commitment that USAA will always be here to serve you. Through the first half of 2010, net worth grew 6 percent to $18 billion, and assets owned and managed increased 2 percent to $139 billion. As these results indicate, we are financially and operationally ready for potential challenges, including a hurricane season that is predicted to be more active in 2010.

Beyond prudent fiscal management, we also work actively in Washington, D.C., and in statehouses around the country to help ensure USAA’s ability to continue to facilitate the financial security of our members. I want to again thank the hundreds of thousands of USAA members who contacted their U.S. Senators this year to urge sensible financial reform legislation; your voice was heard.

USAA’s mission is to do the right thing in helping you achieve and maintain your family’s financial security. We take pride in serving you through every stage of life and thank you for your membership.

Sincerely,

Signature of Josue Robles Jr.

Josue (Joe) Robles Jr.
Major General, USA (Ret.)
President and CEO