USAA Names New Life Insurance Company President

SAN ANTONIO--March 29, 2004--USAA, a diversified financial services provider, has named Kristi A. Matus president of USAA Life Insurance Company. Matus assumed the position effective March 26 following the retirement of James M. Middleton, who was with USAA for 15 years, including four years as president of USAA Life Insurance Company.

As the new president of USAA Life, Matus will be responsible for meeting the needs of 5 million USAA members for quality life insurance, health insurance and annuity products and services. She also will be responsible for USAA Life Insurance Company's $11 billion investment portfolio.

Under Middleton's four years of leadership, USAA Life Insurance Company total assets grew nearly 29 percent and total net worth increased 37 percent. In addition, the company earned the American Council of Life Insurers "Integrity First" award for outstanding customer service, the Ward Group's "50 Benchmark Group" for outstanding financial results, number one ranking by Worth magazine as the "Best Life Insurance Company," and outstanding ratings from Moody's, S&P and A.M. Best.

"Thanks to Jim's outstanding leadership, USAA's Life Insurance Company is in a very strong position," said Bob Davis, chairman and CEO of USAA. "Under Kristi's leadership, our Life Insurance Company will continue to offer the most competitive products in the industry, along with exceptional member service."

Matus has more than 13 years of experience in the financial services industry. She joined USAA in 2002 and has been serving as vice president of Products and Regulatory Management for the Life Insurance Company. In this role, she supported product design, development and engineering for life, health and annuity products.

Previously, Matus was executive vice president and chief operating officer for Thrivent Financial Bank in Wisconsin, where she also served as a Medicare supplement actuary and product manager, product development actuary and was responsible for life insurance experience studies and illustration development.

Matus holds a bachelor's degree from the University of Wisconsin in Oshkosh. She is a member of the American Academy of Actuaries and a fellow in the Society of Actuaries.

USAA is a highly competitive financial services company known for financial strength and outstanding service to its members. USAA owns or manages assets of $73 billion, and provides insurance, banking and investment products to more than 5 million members of the U.S. military and their families. Founded in 1922, USAA has 21,000 employees in its San Antonio headquarters and regional offices, and is widely recognized as one of the best places to work in America.