TIAA-CREF, the leading provider of retirement services in the academic, medical and cultural fields, today announced that the nation's leading independent insurance rating agencies have all affirmed the highest possible insurance financial strength ratings for Teachers Insurance Annuity Association of America (TIAA) and its insurance operating subsidiary, TIAA-CREF Life Insurance Company.
TIAA-CREF serves 3.4 million individuals and over 15,000 institutions1 with an investment philosophy that seeks consistent growth over the long term, personalized, objective advice and superior value for the money.
"These independent ratings affirm that TIAA has the financial strength and stability clients count on for guaranteed lifetime income," said Roger W. Ferguson, Jr., President and CEO of TIAA-CREF.2 "We know what it means to honor long-term commitments to clients. We've been honoring commitments for nearly a century on behalf of the individuals and institutions whose financial needs we serve."
TIAA is one of just three U.S. insurance companies to receive the highest ratings from all four major rating agencies. TIAA's insurance financial strength (IFS) ratings are:
The ratings reflect TIAA's strong capital base, leading position in providing retirement services in the education and research institution market, unique liability structure and TIAA-CREF's position as one of the largest retirement systems in the United States.
According to Fitch, "the long-term nature of TIAA's pension-product liabilities allows the company to take a long-term investment approach that Fitch believes is a competitive advantage."3
Moody's also makes note of TIAA-CREF's expanded customer relationships through additional products and services including mutual funds, Section 529 college-saving plans, and trust company.
The outlook for all of the ratings is stable.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with more than $420 billion in combined assets under management (6/30/08) and the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 1 877-518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
Insurance and annuity products issued by TIAA (Teachers Insurance and Annuity Association of America), New York, NY and TIAA-CREF Life Insurance Co., New York, NY.
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 1 212 916-4808 Cell: 1 917 715-9083
Abby Aylman Cohen, Manager, Corporate Media Relations
aacohen@tiaa-cref.org, 1 212 916-4381 Cell: 1 917 596-4758
1 As of July 2008
2 Guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Payments under CREF and the TIAA Real Estate Account are variable and will rise or fall based on investment performance and are not considered by the ratings agencies or backed by TIAA's claims-paying ability.
3 "Fitch Affirms Teachers Insurance & Annuity at 'AAA'," Business Wire, August 26, 2008 and http://www.fitchratings.com.
© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
