A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) and has assigned issuer credit ratings (ICR) of “aaa” to Teachers Insurance and Annuity Association of America (TIAA) and its insurance operating subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF). These rating affirmations reflect TIAA’s superior capitalization, strong market position in its core higher education pension market, favorable earnings produced through its lean operating structure and significant economies of scale and its stable liability structure. Partially offsetting these strengths is the challenge TIAA will face in maintaining its historical growth rate as well as the industry standard for low expenses…..
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