This report does not constitute a rating action. Overview Key strengths Key risks Dominant position in the U.S. higher education pension market and strong affinity relationships within the markets it serves, including the higher education institution market. Significant exposure to a single sector (higher education) leaves the company susceptible to any material sector-related changes. Solid asset management capability supports business diversity. Net income volatility partially driven by losses from its real estate portfolio. Low-risk product portfolio. Higher aggregate industry risk if noninsurance segment growth outpaces insurance operations. Excellent capital and earnings. Macroeconomic uncertainty, including government spending plans, could pressure the business. Strengthening asset management capabilities support TIAA's competitive position. The company's core business is complemented by its asset management arm,
