USAA CEO receives 47% pay increase before retiring
USAA CEO Wayne Peacock received a 47% pay jump as he retired last April, the San Antonio Express News reports.
Peacock received $14.1 million in total compensation for the four months he worked in 2025, in comparison to the $9.6 million he received in salaries and bonuses in 2024, the newspaper reports. It adds this is a 74% increase from the $8.2 million he took home in 2023.
“USAA had record performance over the last two years, and our members and employees share in that success,” a company spokesperson said in a statement to the newspaper. “This year, more than half of our members will see reduced auto insurance premiums. And sharing our success with employees and leaders ensures we have top talent to serve our members.”
Peacock held the position for five years but worked for USAA in various roles for 36 years, the newspaper says.
The financial data comes from the Nebraska Department of Insurance, which requires insurers to report executive compensation. It didn’t include whether a severance package was included in Peacock’s total compensation, the article says. It adds that his predecessor, Stuart Parker, received $6.5 million in severance payments.
The Consumer Federation of America (CFA) reported in October that property and casualty insurance CEOs’ salaries and bonuses increased by 27% in 2024.
“Executives at America’s large auto and homeowners insurance companies raked in huge salaries, bonuses, and stock options in 2024, while their customers faced another year of sizable premium hikes and increasingly widespread non-renewal notices,” CFA says. “CEOs at the nation’s ten largest insurance companies received over $134 million in total compensation in 2024 and over $391 million over the past three years.”
Auto insurance costs were 7% higher in May 2025 compared to May 2024, while industry profits increased to $169 million in 2024, an Oct. 22 press release about the report says.
“2024 was a bad year for policyholders, but another great year for insurance company shareholders and their CEOs,” said Michael DeLong, CFA’s research and advocacy associate. “Insurance companies told regulators they had to charge consumers billions more in 2024 to stay afloat, but customers were just paying the price for insurer greed and executive excess.”
The report found that Allstate had the largest auto insurance rate increase among the top 10 carriers at 12.2%. Compensation for its CEO/board chairman/president increased from $16.5 million to $26.1 million in 2024.
Liberty Mutual’s auto insurance increased by 9.9%, the second largest increase, while compensation for its chairman/CEO/president dropped from $10.3 million to $10.2 million.
Farmer’s Insurance had the third-highest increase of 9.8%, with its CEO’s compensation increasing from $3.4 million to $5.1 million.
State Farm saw the fourth-highest increase in auto insurance premiums at 8%, with its CEO/president’s compensation increasing from $3.6 million to $4.4 million
Travelers Insurance had a premium increase of 7.4%, with the chairman/CEO’s compensation increasing from $22.7 million to $23 million.
Data from the report also comes from filings made with the Nebraska Department of Insurance.
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