Compensation soars for USAA CEO
Peacock received $4.8 million in 2022, up 157% from what he made the previous year
The compensation of USAA’S top executive more than doubled last year but was still less than the pay of his predecessor.
President and CEO Wayne Peacock received $4.8 million in total compensation from five
USAA insurance companies last year. That was up 157 percent from $1.9 million in 2021, according to figures the San Antonio-based insurance and financial services company reported to the Nebraska Department of Insurance.
It’s still slightly less than the nearly $4.9 million Peacock’s predecessor Stuart Parker collected in 2019, his last full year as CEO before he retired in January 2020.
USAA does not disclose total compensation for its executives because it is a private company, but Nebraska requires insurers who do business in the state to report such pay.
The five USAA companies that report pay to Nebraska are United Services Automobile Association, USAA Life Insurance Co., USAA General Indemnity Co., USAA Casualty Insurance Co. and Garrison Property and Casualty Insurance Co.
The figures may not fully capture executives’ compensation, as some might also collect pay from USAA’S noninsurance operations that is not publicly disclosed.
“Recruiting top, diverse talent at USAA allows us to provide members with highly competitive products and exceptional service they expect and deserve,” the company said in a statement. “Diverse talent helps us meet our mission to empower the financial security of the military community and their families.”
Randy Termeer, president of USAA Property and Casualty
Insurance Group, received $1.6 million last year, up from $1.4 million in 2021.
Termeer succeeded James Syring, who left USAA in March 2022, according to his Linkedin profile. Syring collected $4.4 million last year — including $1.6 million in severance — compared with $3.7 million in 2021.
Brandon Carter, president of USAA Life Insurance Co., received $1.8 million last year, up from $1.2 million in 2021.
Chief Risk Officer and Executive Vice President Neeraj Singh, who joined USAA from Citigroup in 2021, pulled in $1.4 million last year, up from $1.2 million in 2021.
Chief Accounting Officer Brad Weber collected $235,771, up from $106,310 in 2021, when he came to USAA from Bank of America.
Jason Witty was named chief security officer and senior vice president early last year, joining USAA from J.P. Morgan Chase, and he pulled in $2 million.
Amala Duggirala also joined USAA in 2022, as enterprise chief information officer and executive vice president after previously working for Regions Bank. She received $1.3 million, which included sign-on payments.
Chief Financial Officer Jeff Wallace received $423,066 last year, up from $288,147 in 2021. He came to USAA from Bank of America in 2020 and succeeded Laura Bishop, who retired early that year.
“Compensation for executives, which includes base and incentive pay, can vary based on performance, market conditions and other factors,” USAA said.
USAA companies increased auto insurance rates in Texas from 3.5 percent to 12.5 percent last year, according to the Texas Department of Insurance.
Data on premiums is not yet available for 2022. USAA companies wrote $1.99 billion in personal auto premiums in 2021 and had a combined market share of 8.4 percent, according to TDI.
In private passenger auto insurance sales in Texas in 2021, United Services Automobile Association ranked seventh, USAA Casualty Insurance Co. ranked eighth, USAA General Indemnity Co. ranked 11th and Garrison Property and Casualty Insurance Co. ranked 13th.
USAA has not reported its financial performance for 2022.
Its net worth dipped slightly to $40.1 billion in 2021 from an all-time high of $40.4 billion in 2020, the first decline since 1999, which USAA attributed to rising interest rates.
The company posted net income of $3.3 billion, down 14 percent from 2020, and record revenue of $37.5 billion, up 3 percent from the previous alltime high in 2020.
Membership rose slightly. USAA serves serves more than 13 million members — military personnel, veterans and their families.
USAA is one of San Antonio’s biggest employers, with about 19,000 of its employees based in the area.
Amid the cooling housing market, USAA Federal Savings Bank recently laid off 130 employees in its mortgage group. It previously issued pink slips to more than 90 employees in that division in March 2022.
The bank also cut an unspecified number of jobs across various departments last August.