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Claim volume, high costs for auto repairs weigh on USAA '16 net income

United Services Automobile Association reported net income of about $1.78 billion in 2016, down from $2.27 billion in 2015.

Record claim volumes and the continuing industry trend of rising costs for auto repairs were factors in a lower net income figure for 2016, the company said.

The company reported total revenues of $27.13 billion in 2016, compared to $24.36 billion in 2015. Net insurance premiums for 2016 grew year over year to $18.29 billion from $16.79 billion.

USAA's total net worth as of Dec. 31, 2016, was $28.84 billion, up from $27.77 billion as of Dec. 31, 2015.