Teachers Insurance&Annuity Assn. of America

The outlook is stable, reflecting S&P Global Ratings' expectation that the group will maintain its excellent competitive position while sustaining its excellent capital and exceptional liquidity. It also reflects our stable outlook on the U.S. long-term sovereign credit rating. We could lower the ratings if: TIAA's unique competitive position in the U.S. higher education pension market erodes significantly or challenges emerge within its asset management or banking businesses; Its operating performance or capital adequacy deteriorates; or We lower our sovereign credit rating on the U.S. We do not expect to raise our ratings on TIAA in the next two years, given our current view of the U.S. sovereign's credit quality, which constrains our ratings on insurers. Real GDP growth of

...We expect Teachers Insurance & Annuity Assn. of America (TIAA) to maintain its dominant market position in the U.S. higher education pension market. TIAA is one of the nation's largest private retirement systems, with assets under administration of about $1.58 trillion as of Dec. 31, 2021. We anticipate it will remain the market leader in the U.S. higher education pension market, benefiting from its solid reputation of providing quality service and advice, which it has built over many years; a controlled, salaried sales force; a low cost structure; and good operating performance. We anticipate TIAA's financial risk profile will remain excellent. Capitalization is likely to remain redundant at the '###' level per our risk-based capital (RBC) model and is a key credit strength. As with the rest of the industry, the company will need to navigate through the capital market volatility resulting from geopolitical conditions and inflation, but we believe TIAA's capital position and organic earnings...

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