https://www.usaa.com/inet/wc/annual-report-to-members
"Persistent inflation, continued supply chain and labor disruptions, volatile equity
markets, and rising interest rates created one of the most difficult
operating environments in decades and significantly impacted profitability,
resulting in our first loss since 1923"
"Although our net worth declined 32% year-over-year, USAA’s strong and
resilient balance sheet continued to weather the volatile macroeconomic
environment."
Thank goodness for RTO, huh.