TIAA Due Diligence

Run due diligence on TIAA: check compliance and get alerts when suppliers change.

United States · www.tiaa.org · 25 vendors

TIAA is an American financial services organization founded in 1918 by Andrew Carnegie. It specializes in retirement solutions, including annuities, wealth management, and asset management, primarily serving individuals in the academic, medical, cultural, and public sectors.

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Last updated 2026-08-16 · revision 9

25 direct vendors, 232 subvendors

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Financials

Three-year financials

Financial Resilience Score: 9/10

TIAA demonstrates exceptional financial resilience underpinned by top-tier financial strength ratings from all four major rating agencies (A.M. Best A++, Fitch AAA, Moody's Aaa, S&P AA+), placing it among a very small handful of U.S. insurers with such ratings. Its very large General Account (~$300B) is dominated by long-duration fixed-income assets matched to long-dated annuity liabilities, providing structural stability against interest-rate volatility. Statutory surplus reached record levels of approximately $47B in 2023, reflecting rebuilt capital strength following the 2022 market drawdown. The company's non-profit heritage and mission-driven focus on higher-education and nonprofit participants creates an unusually sticky, low-turnover client base of universities, hospitals, museums, and government entities. Its diversified franchise across insurance/annuities, asset management (Nuveen with ~$1.1T+ AUM), and advisory reduces single-line concentration risk. The 2023 divestiture of TIAA Bank to EverBank further refocused the group on its core strengths. Key risks include commercial real estate exposure in the General Account (both mortgages and equity CRE via Nuveen Real Estate), particularly given the office-sector downturn in 2023-2024. The company also faces concentration in the U.S. 403(b) retirement market amid competitive pressure from lower-fee competitors like Fidelity, Vanguard, and Empower. Past regulatory scrutiny (including a 2021 SEC settlement of ~$97M over rollover practices) and lower transparency versus SEC registrants are additional considerations.

Key strengths: Top-tier ratings from all four major agencies (A.M. Best A++, Fitch AAA, Moody's Aaa, S&P AA+), Record statutory surplus of ~$47B in 2023, Very large General Account (~$300B) with long-duration fixed-income matching, Sticky, low-turnover client base in higher education and nonprofits, Diversified franchise across annuities, asset management (Nuveen ~$1.1T+ AUM), and advisory, Over $500B in lifetime income paid to participants since inception

Risk factors: Commercial real estate exposure in General Account and Nuveen Real Estate, Concentration in U.S. 403(b) higher-education retirement market, Competitive pressure from lower-fee competitors (Fidelity, Vanguard, Empower), Past regulatory issues including 2021 SEC settlement (~$97M) over rollover practices, Lower transparency than SEC-registered public companies, Interest-rate and credit risk in long-duration fixed-income portfolio

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