Dominant competitive position in U.S. higher–education pension market Low-risk product portfolio and predictable earnings Recent acquisitions boosting scale and product offerings, albeit while raising industry risk Controlled distribution channel and salary-based sales force Capital adequacy at the 'AA' level Limited access to the capital markets as a nonprofit entity versus public peers Rating limited to 'AA+' sovereign credit rating on the U.S. (group credit profile indicatively 'aaa') S&P Global Ratings' ratings on Teachers Insurance&Annuity Assn. of America (TIAA) reflects the group's excellent business risk profile (BRP) and extremely strong financial risk profile (FRP). The ratings benefit from TIAA's excellent competitive position in the U.S. higher-education pension market and a low-risk product portfolio. The FRP is supported by our
