USAA this week posted its first annual loss since 1923, blaming a challenging economic environment, including inflation, continued supply chain woes, labor disruptions and rising interest rates.
The insurance and financial services giant reported a $1.3 billion net loss for 2022, according to its annual report, down from a $3.3 billion profit in 2021, and just over $36 billion in revenue in 2022, a 3% decline from last year.
I hear Geico had the best year ever after 5 consecutive years of profit. Wayne, maybe they don't face these issues? or do they operate in different landscape/environment? LOL
They can blame a challenging economic environment, inflation, supply chain woes, labor disruptions and rising interest rates, but the fact is, this loss was caused by mismanagement/poor management/ineffective leadership, and a departure from traditional USAA values.
And I've been waiting for this moment for all my life, oh Lord
Can you feel it coming in the air tonight? oh Lord, oh Lord