Dominant position in U.S. higher-education pension market Very strong and consistent operating performance Acquisition of Nuveen Investments Inc. increases TIAA's industry risk, but favorably adds scale and broadens product offerings Extremely strong capital adequacy, with comfortable redundancy at 'AAA' level Strong earnings supported by high persistency rates, low expenses, and above-average investment returns Adequate financial flexibility, although private status limits access to capital SACP adjusted upward by one holistic notch from anchor SACP Exceptional liquidity, enhanced by barriers to early annuity withdrawal Rating limited to 'AA+' sovereign credit rating on the U.S. (group credit profile is indicatively 'aaa') Satisfactory management and governance and adequate enterprise risk management (ERM) practices given conservative product portfolio The stable outlook reflects Standard&Poor's
