We Know What It Means To Serve - USAA

USAA HIGHLIGHTSconsolidated balance sheetsYears Ended December 31 2007 2006 2005» TOTAL MEMBERS (In millions) 6.4 5.9 5.5» TOTAL PRODUCTS (In millions) 26.7 23.9 21.8» TOTAL EMPLOYEES (In thousands) 22.7 21.7 21.8USAA Consolidated (Dollars in millions)Revenue $14,418 $13,416 $11,980Expenses 12,563 11,086 10,592Net Income 1,855 2,330 1,388Assets owned$67,177 $60,269 $51,038Assets owned and managed 125,140 113,475 96,094Total liabilities 52,810 47,145 39,882Net worth 14,367 13,124 11,156member distributionsYears Ended December 31 (Dollars in millions) 2007 2006 2005AssetsInvestments $23,708 $25,884 $18,922Bank loans, net 25,874 20,159 17,536Real estate investments, net 1,111 1,195 1,287Cash and cash equivalents 5,580 2,191 3,376Premiums due from policyholders 1,692 1,681 1,612Property and equipment, net 1,461 1,398 1,383Securities lending collateral 2,759 2,688 1,455Other assets 4,992 5,073 5,467» Total assets 67,177 60,269 51,038LiabilitiesInsurance reserves $11,502 $10,641 $10,214Life insurance — funds on deposit 8,444 8,095 7,740Bank deposits 26,886 22,061 16,407Borrowings 449 808 991Securities lending payable 2,759 2,688 1,455Other liabilities 2,770 2,852 3,075» Total liabilities 52,810 47,145 39,882Years Ended December 31 (Dollars in millions) 2007 2006 2005Subscriber’s Savings Account (SSA) distributions $255 $221 $208Automobile policyholder dividends 108 105 103Total automobile policyholder dividends and SSA distributions 363 326 311SSA senior bonus 104 88 80SSA terminations 71 62 58Net WorthTotal net worth 14,367 13,124 11,156» Total liabilities and net worth $67,177 $60,269 $51,038Total property and casualty distributions 538 476 449Life Insurance Company policyholder dividends 45 44 45Federal Savings Bank rebates and rewards 327 275 200» Total distributions to members $910 $795 $69428 USAA 2007 REPORT TO MEMBERSUSAA 2007 REPORT TO MEMBERS 29