Lifetime Variable Select and Personal Annuity Select

Index to financial statements


TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
Audited financial statements
For the period or year ended December 31, 2023:

Report of independent registered public accounting firm		B-2

Statements of Assets and Liabilities		B-4

Statements of Operations		B-4

Statements of Changes in Net Assets		B-20

Notes to Financial Statements		B-59


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors of TIAA-CREF Life Insurance Company and the Contract Owners of TIAA-CREF Life Separate Account VA-1

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts of TIAA-CREF Life Separate Account VA-1 indicated in the table below as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of TIAA-CREF Life Separate Account VA-1 as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.



TIAA-CREF Life Balanced⁽¹⁾		MFS Massachusetts Investors Growth Stock Portfolio⁽¹⁾

TIAA-CREF Life Core Bond⁽¹⁾		MFS Utilities Series—Initial Class⁽¹⁾

TIAA-CREF Life Growth Equity⁽¹⁾		Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class⁽¹⁾

TIAA-CREF Life Growth & Income⁽¹⁾		Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class⁽¹⁾

TIAA-CREF Life International Equity⁽¹⁾		PIMCO VIT All Asset Portfolio—Institutional Class⁽¹⁾

TIAA-CREF Life Large-Cap Value⁽¹⁾		PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class⁽¹⁾

TIAA-CREF Life Money Market⁽¹⁾		PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class⁽¹⁾

TIAA-CREF Life Real Estate Securities⁽¹⁾		PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class⁽¹⁾

TIAA-CREF Life Small-Cap Equity⁽¹⁾		PIMCO VIT Real Return Portfolio—Institutional Class⁽¹⁾

TIAA-CREF Life Social Choice Equity⁽¹⁾		PVC Equity Income Account—Class 1⁽¹⁾

TIAA-CREF Life Stock Index⁽¹⁾		PVC MidCap Account—Class 1⁽¹⁾

Calamos Growth and Income Portfolio⁽¹⁾		PSF Natural Resources Portfolio—Class II⁽¹⁾

ClearBridge Variable Aggressive Growth Portfolio—Class I⁽¹⁾		PSF PGIM Jennison Blend Portfolio—Class II⁽²⁾

ClearBridge Variable Small Cap Growth Portfolio—Class I⁽¹⁾		PSF PGIM Jennison Focused Blend Portfolio—Class II⁽³⁾

Credit Suisse Trust-Commodity Return Strategy Portfolio⁽¹⁾		PSF PGIM Jennison Value Portfolio—Class II⁽¹⁾

Delaware VIP International Series—Standard Class⁽¹⁾		Royce Capital Fund Micro-Cap Portfolio—Investment Class⁽¹⁾

Delaware VIP Small Cap Value Series—Standard Class⁽¹⁾		Royce Capital Fund Small-Cap Portfolio—Investment Class⁽¹⁾

DFA VA Equity Allocation Portfolio⁽¹⁾		T. Rowe Price^® Health Sciences Portfolio I⁽¹⁾

DFA VA Global Bond Portfolio⁽¹⁾		T. Rowe Price^® Limited-Term Bond Portfolio⁽¹⁾

DFA VA Global Moderate Allocation Portfolio⁽¹⁾		Templeton Developing Markets VIP Fund—Class 1⁽¹⁾

DFA VA International Small Portfolio⁽¹⁾		Vanguard VIF Balanced Portfolio⁽¹⁾

DFA VA International Value Portfolio⁽¹⁾		Vanguard VIF Capital Growth Portfolio⁽¹⁾

DFA VA Short-Term Fixed Portfolio⁽¹⁾		Vanguard VIF Conservative Allocation Portfolio⁽¹⁾

DFA VA US Large Value Portfolio⁽¹⁾		Vanguard VIF Equity Index Portfolio⁽¹⁾

DFA VA US Targeted Value Portfolio⁽¹⁾		Vanguard VIF Global Bond Index Portfolio⁽¹⁾

Franklin Income VIP Fund—Class 1⁽¹⁾		Vanguard VIF High Yield Bond Portfolio⁽¹⁾

Franklin Mutual Shares VIP Fund—Class 1⁽¹⁾		Vanguard VIF International Portfolio⁽¹⁾

Franklin Small-Mid Cap Growth VIP Fund—Class 1⁽¹⁾		Vanguard VIF Mid-Cap Index Portfolio⁽¹⁾

Janus Henderson Forty Portfolio—Institutional Shares⁽¹⁾		Vanguard VIF Moderate Allocation Portfolio⁽¹⁾

Janus Henderson Overseas Portfolio—Institutional Shares⁽¹⁾		Vanguard VIF Real Estate Index Portfolio⁽¹⁾

Janus Henderson Mid Cap Value Portfolio—Institutional Shares⁽¹⁾		Vanguard VIF Small Company Growth Portfolio⁽¹⁾

John Hancock Emerging Markets Value Trust⁽¹⁾		Vanguard VIF Total Bond Market Index Portfolio⁽¹⁾

LVIP Delaware Diversified Income Fund—Standard Class⁽¹⁾		Vanguard VIF Total International Stock Market Index Portfolio⁽¹⁾

Matson Money Fixed Income VI Portfolio⁽¹⁾		Vanguard VIF Total Stock Market Index Portfolio⁽¹⁾

Matson Money International Equity VI Portfolio⁽¹⁾		VY CBRE Global Real Estate Portfolio—Class I⁽¹⁾

Matson Money U.S. Equity VI Portfolio⁽¹⁾		Wanger International⁽¹⁾

MFS Global Equity Series—Initial Class⁽¹⁾		Wanger Select⁽⁴⁾

MFS Growth Series—Initial Class⁽¹⁾		Wanger Acorn⁽¹⁾

		Western Asset Variable Global High Yield Bond Portfolio—Class I⁽¹⁾

⁽¹⁾	Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the years ended December 31, 2023 and December 31, 2022.

⁽²⁾	Statement of operations and statement of changes in net assets for the period December 8, 2023 (commencement of operations) through December 31, 2023.

⁽³⁾	Statement of operations for the period January 1, 2023 through December 8, 2023 and the statement of changes in net assets for the period January 1, 2023 through December 8, 2023 and the year ended December 31, 2022.

⁽⁴⁾	Statement of operations for the period January 1, 2023 through April 21, 2023 and the statement of changes in net assets for the period January 1, 2023 through April 21, 2023 and the year ended December 31, 2022.


B-2		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1

Basis for Opinions

These financial statements are the responsibility of the TIAA-CREF Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the sub- accounts of TIAA-CREF Life Separate Account VA-1 based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of TIAA-CREF Life Separate Account VA- 1 in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023, by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

April 26, 2024

We have served as the auditor of one or more of the sub-accounts of TIAA-CREF Life Separate Account VA-1 since 2005.


		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-3

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	TIAA-CREF Life Balanced Sub-Account		TIAA-CREF Life Core Bond Sub-Account		TIAA-CREF Life Growth Equity Sub-Account		TIAA-CREF Life Growth & Income Sub-Account		TIAA-CREF Life International Equity Sub-Account

ASSETS

Investments, at value	$	63,986,136	$	158,856,414	$	129,593,650	$	160,041,326	$	113,069,217

Total assets	$	63,986,136	$	158,856,414	$	129,593,650	$	160,041,326	$	113,069,217



LIABILITIES

Amounts due to TIAA	$	—	$	158,328	$	39,980	$	431,402	$	193,752

Total liabilities	$	—	$	158,328	$	39,980	$	431,402	$	193,752



NET ASSETS

Accumulation fund	$	63,986,136	$	158,698,086	$	116,747,008	$	138,406,892	$	107,701,627

Annuity fund		—		—		12,806,662		21,203,032		5,173,838

Net assets	$	63,986,136	$	158,698,086	$	129,553,670	$	159,609,924	$	112,875,465



Investments, at cost	$	65,565,891	$	172,863,939	$	119,784,022	$	158,904,691	$	103,125,723

Shares held in corresponding Funds		5,301,254		17,361,357		7,243,916		8,832,303		12,236,928

UNIT VALUE

Personal Annuity Select/Single Premium Immediate Annuity	$	—	$	—	$	87.96	$	124.73	$	40.57

Lifetime Variable Select Annuity		—		41.93		88.02		124.66		40.57

Intelligent Variable Annuity

Band 1		41.68		42.61		89.42		126.70		41.21

Band 2		42.30		43.65		91.60		129.79		42.21

Band 3		42.72		44.36		93.08		131.89		42.89

Band 4		43.36		45.44		95.35		135.10		43.94

Band 5		41.27		41.93		87.99		124.68		40.55

Band 6		41.89		42.95		90.14		127.72		41.54

Band 7		42.30		43.65		91.60		129.79		42.21

Band 8		42.93		44.71		93.83		132.95		43.24

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	TIAA-CREF Life Balanced Sub-Account			TIAA-CREF Life Core Bond Sub-Account			TIAA-CREF Life Growth Equity Sub-Account			TIAA-CREF Life Growth & Income Sub-Account		TIAA-CREF Life International Equity Sub-Account

INVESTMENT INCOME

Dividends	$	1,485,916		$	4,742,986		$	299,698		$	1,593,551	$	2,257,459

Expenses

Administrative expenses		60,139			175,815			189,468			250,351		148,533

Mortality and expense risk charges		122,603			246,847			348,323			449,394		262,469

Guaranteed minimum death benefits		30,941			47,268			12,898			16,372		22,275

Total expenses		213,683			469,930			550,689			716,117		433,277

Net investment income (loss)		1,272,233			4,273,056			(250,991	)		877,434		1,824,182

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(418,861	)		(6,424,126	)		(2,531,171	)		1,227,473		2,762,991

Capital gain distributions		1,656,557			—			—			31,503,518		—

Net realized gain (loss)		1,237,696			(6,424,126	)		(2,531,171	)		32,730,991		2,762,991

Net change in unrealized appreciation (depreciation) on investments		6,159,332			11,074,108			44,863,100			7,220,726		11,025,269

Net realized and unrealized gain (loss) on investments		7,397,028			4,649,982			42,331,929			39,951,717		13,788,260

Net increase (decrease) in net assets from operations	$	8,669,261		$	8,923,038		$	42,080,938		$	40,829,151	$	15,612,442


B-4		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	TIAA-CREF Life Large-Cap Value Sub-Account		TIAA-CREF Life Money Market Sub-Account		TIAA-CREF Life Real Estate Securities Sub-Account		TIAA-CREF Life Small-Cap Equity Sub-Account		TIAA-CREF Life Social Choice Equity Sub-Account

ASSETS

Investments, at value	$	69,085,115	$	106,764,093	$	63,726,506	$	58,177,742	$	85,024,884

Total assets	$	69,085,115	$	106,764,093	$	63,726,506	$	58,177,742	$	85,024,884



LIABILITIES

Amounts due to TIAA	$	108,765	$	314,457	$	56,088	$	28,902	$	148,776

Total liabilities	$	108,765	$	314,457	$	56,088	$	28,902	$	148,776



NET ASSETS

Accumulation fund	$	60,789,794	$	106,449,636	$	56,263,777	$	52,007,183	$	77,369,457

Annuity fund		8,186,556		—		7,406,641		6,141,657		7,506,651

Net assets	$	68,976,350	$	106,449,636	$	63,670,418	$	58,148,840	$	84,876,108



Investments, at cost	$	61,541,215	$	106,764,093	$	66,995,359	$	56,281,187	$	76,955,877

Shares held in corresponding Funds		3,758,711		106,764,093		4,668,608		4,268,360		4,541,928

UNIT VALUE

Personal Annuity Select/Single Premium Immediate Annuity	$	136.68	$	—	$	144.17	$	171.78	$	116.48

Lifetime Variable Select Annuity		136.71		11.96		144.28		171.88		116.92

Intelligent Variable Annuity

Band 1		138.86		12.17		146.49		174.52		118.31

Band 2		142.24		12.46		150.07		178.78		121.20

Band 3		144.55		12.67		152.50		181.67		123.16

Band 4		148.07		12.97		156.22		186.10		126.16

Band 5		136.64		11.97		144.16		171.74		116.43

Band 6		139.98		12.27		147.68		175.93		119.27

Band 7		142.24		12.46		150.07		178.78		121.20

Band 8		145.71		12.77		153.73		183.14		124.15

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	TIAA-CREF Life Large-Cap Value Sub-Account		TIAA-CREF Life Money Market Sub-Account		TIAA-CREF Life Real Estate Securities Sub-Account			TIAA-CREF Life Small-Cap Equity Sub-Account			TIAA-CREF Life Social Choice Equity Sub-Account

INVESTMENT INCOME

Dividends	$	1,110,007	$	4,933,800	$	1,609,211		$	461,394		$	1,095,398

Expenses

Administrative expenses		107,300		109,229		106,803			88,905			125,383

Mortality and expense risk charges		180,039		162,659		196,237			159,037			218,644

Guaranteed minimum death benefits		10,537		35,537		4,764			6,682			10,081

Total expenses		297,876		307,425		307,804			254,624			354,108

Net investment income (loss)		812,131		4,626,375		1,301,407			206,770			741,290

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		2,574,338		—		(1,913,369	)		(1,222,899	)		1,158,793

Capital gain distributions		975,726		—		—			1,315,506			2,249,283

Net realized gain (loss)		3,550,064		—		(1,913,369	)		92,607			3,408,076

Net change in unrealized appreciation (depreciation) on investments		4,231,694		—		7,286,170			8,737,803			11,537,605

Net realized and unrealized gain (loss) on investments		7,781,758		—		5,372,801			8,830,410			14,945,681

Net increase (decrease) in net assets from operations	$	8,593,889	$	4,626,375	$	6,674,208		$	9,037,180		$	15,686,971


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-5

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	TIAA-CREF Life Stock Index Sub-Account		Calamos Growth and Income Portfolio Sub-Account		ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account		ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account		Credit Suisse Trust— Commodity Return Strategy Portfolio Sub-Account

ASSETS

Investments, at value	$	608,774,650	$	4,527,546	$	30,789,939	$	5,341,366	$	560,867

Amounts due from TIAA		—		—		—		250		—

Total assets	$	608,774,650	$	4,527,546	$	30,789,939	$	5,341,616	$	560,867



LIABILITIES

Amounts due to TIAA	$	366,400	$	2,575	$	102,325	$	—	$	—

Total liabilities	$	366,400	$	2,575	$	102,325	$	—	$	—



NET ASSETS

Accumulation fund	$	554,986,066	$	4,524,971	$	30,687,614	$	5,341,616	$	560,867

Annuity fund		53,422,184		—		—		—		—

Net assets	$	608,408,250	$	4,524,971	$	30,687,614	$	5,341,616	$	560,867



Investments, at cost	$	430,616,953	$	3,988,998	$	35,676,355	$	5,655,317	$	727,579

Shares held in corresponding Funds		15,541,860		231,707		1,798,478		195,297		31,741

UNIT VALUE

Personal Annuity Select/Single Premium Immediate Annuity	$	146.29	$	—	$	—	$	—	$	—

Lifetime Variable Select Annuity		146.22		—		—		—		—

Intelligent Variable Annuity

Band 1		148.61		—		51.90		59.55		21.31

Band 2		152.23		—		53.17		61.01		21.64

Band 3		154.70		—		54.03		61.99		21.86

Band 4		158.47		46.41		55.34		63.50		22.19

Band 5		146.24		—		51.07		58.60		21.09

Band 6		149.81		—		52.32		60.03		21.42

Band 7		152.23		—		53.17		61.01		—

Band 8		155.94		45.67		54.46		62.49		21.97


	TIAA-CREF Life Stock Index Sub-Account		Calamos Growth and Income Portfolio Sub-Account		ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account			ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account			Credit Suisse Trust— Commodity Return Strategy Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	8,280,042	$	24,353	$	85,544		$	—		$	137,536

Expenses

Administrative expenses		845,302		4,270		28,314			5,246			700

Mortality and expense risk charges		1,567,150		—		59,564			8,919			1,464

Guaranteed minimum death benefits		106,057		1,325		13,227			1,971			184

Total expenses		2,518,509		5,595		101,105			16,136			2,348

Net investment income (loss)		5,761,533		18,758		(15,561	)		(16,136	)		135,188

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		36,753,961		55,837		(5,449,344	)		(1,031,797	)		(78,397	)

Capital gain distributions		5,178,044		117,483		2,905,896			—			—

Net realized gain (loss)		41,932,005		173,320		(2,543,448	)		(1,031,797	)		(78,397	)

Net change in unrealized appreciation (depreciation) on investments		79,942,279		589,819		8,800,096			1,471,818			(131,651	)

Net realized and unrealized gain (loss) on investments		121,874,284		763,139		6,256,648			440,021			(210,048	)

Net increase (decrease) in net assets from operations	$	127,635,817	$	781,897	$	6,241,087		$	423,885		$	(74,860	)


B-6		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Delaware VIP International Series— Standard Class Sub-Account		Delaware VIP Small Cap Value Series— Standard Class Sub-Account		DFA VA Equity Allocation Portfolio Sub-Account		DFA VA Global Bond Portfolio Sub-Account		DFA VA Global Moderate Allocation Portfolio Sub-Account

ASSETS

Investments, at value	$	42,522,510	$	32,385,580	$	11,403,425	$	56,362,508	$	44,290,042

Total assets	$	42,522,510	$	32,385,580	$	11,403,425	$	56,362,508	$	44,290,042



LIABILITIES

Amounts due to TIAA	$	118,161	$	58,045	$	—	$	11,799	$	5,469

Total liabilities	$	118,161	$	58,045	$	—	$	11,799	$	5,469



NET ASSETS

Accumulation fund	$	42,404,349	$	32,327,535	$	11,403,425	$	56,350,709	$	44,284,573

Net assets	$	42,404,349	$	32,327,535	$	11,403,425	$	56,350,709	$	44,284,573



Investments, at cost	$	42,790,678	$	30,588,435	$	10,804,590	$	59,516,018	$	42,391,159

Shares held in corresponding Funds		2,538,657		843,594		803,624		5,804,584		2,937,005

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	17.46	$	96.00	$	43.68	$	27.47	$	43.98

Band 2		17.88		98.34		44.11		27.95		44.66

Band 3		18.17		99.93		44.39		28.28		45.12

Band 4		18.61		102.37		44.83		28.78		45.81

Band 5		17.18		94.47		43.40		27.15		43.54

Band 6		17.60		96.77		43.82		27.63		44.21

Band 7		17.88		98.34		44.11		27.95		44.66

Band 8		18.32		100.74		44.54		28.45		45.35

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	Delaware VIP International Series— Standard Class Sub-Account			Delaware VIP Small Cap Value Series— Standard Class Sub-Account		DFA VA Equity Allocation Portfolio Sub-Account		DFA VA Global Bond Portfolio Sub-Account			DFA VA Global Moderate Allocation Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	604,010		$	290,644	$	233,808	$	2,216,634		$	1,131,148

Expenses

Administrative expenses		42,994			30,295		10,759		54,510			40,636

Mortality and expense risk charges		76,444			50,202		20,142		98,344			78,130

Guaranteed minimum death benefits		17,894			11,393		2,009		14,167			20,091

Total expenses		137,332			91,890		32,910		167,021			138,857

Net investment income (loss)		466,678			198,754		200,898		2,049,613			992,291

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(2,335,351	)		924,980		293,123		(829,822	)		(152,723	)

Capital gain distributions		—			1,283,947		233,189		—			460,311

Net realized gain (loss)		(2,335,351	)		2,208,927		526,312		(829,822	)		307,588

Net change in unrealized appreciation (depreciation) on investments		7,292,569			391,234		1,248,258		1,307,437			4,265,188

Net realized and unrealized gain (loss) on investments		4,957,218			2,600,161		1,774,570		477,615			4,572,776

Net increase (decrease) in net assets from operations	$	5,423,896		$	2,798,915	$	1,975,468	$	2,527,228		$	5,565,067


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-7

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	DFA VA International Small Portfolio Sub-Account		DFA VA International Value Portfolio Sub-Account		DFA VA Short-Term Fixed Portfolio Sub-Account		DFA VA US Large Value Portfolio Sub-Account		DFA VA US Targeted Value Portfolio Sub-Account

ASSETS

Investments, at value	$	48,288,191	$	98,823,747	$	78,661,796	$	72,424,146	$	50,665,162

Amounts due from TIAA		—		—		142,192		—		—

Total assets	$	48,288,191	$	98,823,747	$	78,803,988	$	72,424,146	$	50,665,162



LIABILITIES

Amounts due to TIAA	$	75,546	$	369,545	$	—	$	28,674	$	20,134

Total liabilities	$	75,546	$	369,545	$	—	$	28,674	$	20,134



NET ASSETS

Accumulation fund	$	48,212,645	$	98,454,202	$	78,803,988	$	72,395,472	$	50,645,028

Net assets	$	48,212,645	$	98,454,202	$	78,803,988	$	72,395,472	$	50,645,028



Investments, at cost	$	47,898,589	$	87,528,716	$	79,595,532	$	65,766,848	$	49,582,122

Shares held in corresponding Funds		4,064,663		7,261,113		7,842,652		2,225,696		2,241,821

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	50.77	$	46.89	$	26.33	$	78.90	$	87.73

Band 2		51.67		47.71		26.80		80.30		89.28

Band 3		52.27		48.27		27.11		81.24		90.32

Band 4		53.20		49.13		27.59		82.67		91.92

Band 5		50.18		46.34		26.03		77.99		86.71

Band 6		51.07		47.16		26.49		79.37		88.24

Band 7		51.67		47.71		26.80		80.30		89.28

Band 8		52.58		48.56		27.27		81.71		90.85


	DFA VA International Small Portfolio Sub-Account		DFA VA International Value Portfolio Sub-Account		DFA VA Short-Term Fixed Portfolio Sub-Account			DFA VA US Large Value Portfolio Sub-Account		DFA VA US Targeted Value Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	1,446,502	$	4,503,394	$	2,949,818		$	1,581,122	$	732,428

Expenses

Administrative expenses		45,990		95,308		78,565			68,200		45,514

Mortality and expense risk charges		91,360		181,466		151,959			130,951		80,232

Guaranteed minimum death benefits		16,006		33,406		28,344			22,134		14,070

Total expenses		153,356		310,180		258,868			221,285		139,816

Net investment income (loss)		1,293,146		4,193,214		2,690,950			1,359,837		592,612

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		325,999		5,144,368		(176,129	)		4,377,325		3,908,901

Capital gain distributions		—		898,721		—			963,649		3,259,158

Net realized gain (loss)		325,999		6,043,089		(176,129	)		5,340,974		7,168,059

Net change in unrealized appreciation (depreciation) on investments		4,377,187		5,201,975		1,058,485			303,728		809,696

Net realized and unrealized gain (loss) on investments		4,703,186		11,245,064		882,356			5,644,702		7,977,755

Net increase (decrease) in net assets from operations	$	5,996,332	$	15,438,278	$	3,573,306		$	7,004,539	$	8,570,367


B-8		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Franklin Income VIP Fund—Class 1 Sub-Account		Franklin Mutual Shares VIP Fund—Class 1 Sub-Account		Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account		Janus Henderson Forty Portfolio—Institutional Shares Sub-Account		Janus Henderson Overseas Portfolio—Institutional Shares Sub-Account

ASSETS

Investments, at value	$	7,889,038	$	2,370,918	$	14,029,020	$	14,690,049	$	1,762,174

Total assets	$	7,889,038	$	2,370,918	$	14,029,020	$	14,690,049	$	1,762,174



LIABILITIES

Amounts due to TIAA	$	3,207	$	—	$	8,248	$	—	$	—

Total liabilities	$	3,207	$	—	$	8,248	$	—	$	—



NET ASSETS

Accumulation fund	$	7,885,831	$	2,370,918	$	14,020,772	$	14,690,049	$	1,762,174

Net assets	$	7,885,831	$	2,370,918	$	14,020,772	$	14,690,049	$	1,762,174



Investments, at cost	$	8,236,823	$	2,560,916	$	13,816,736	$	14,102,062	$	1,386,805

Shares held in corresponding Funds		529,111		150,630		822,334		310,244		41,887

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	39.00	$	42.57	$	81.47	$	182.87	$	—

Band 2		39.95		43.61		83.46		187.32		—

Band 3		40.60		44.31		84.81		190.36		—

Band 4		41.59		45.40		86.88		195.00		87.45

Band 5		38.38		41.89		80.17		179.95		—

Band 6		39.32		42.91		82.13		184.34		—

Band 7		39.95		—		83.46		187.32		—

Band 8		40.93		44.67		85.49		191.89		86.06

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	Franklin Income VIP Fund—Class 1 Sub-Account			Franklin Mutual Shares VIP Fund—Class 1 Sub-Account			Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account			Janus Henderson Forty Portfolio—Institutional Shares Sub-Account			Janus Henderson Overseas Portfolio—Institutional Shares Sub-Account

INVESTMENT INCOME

Dividends	$	449,147		$	46,894		$	—		$	25,029		$	26,219

Expenses

Administrative expenses		8,494			2,206			12,319			12,642			1,727

Mortality and expense risk charges		6,972			1,091			21,869			9,612			7

Guaranteed minimum death benefits		3,386			1,311			4,661			5,070			334

Total expenses		18,852			4,608			38,849			27,324			2,068

Net investment income (loss)		430,295			42,286			(38,849	)		(2,295	)		24,151

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(136,644	)		(49,883	)		(2,308,084	)		(770,226	)		65,696

Capital gain distributions		517,301			188,022			—			—			—

Net realized gain (loss)		380,657			138,139			(2,308,084	)		(770,226	)		65,696

Net change in unrealized appreciation (depreciation) on investments		(135,526	)		105,780			5,335,526			4,893,024			89,429

Net realized and unrealized gain (loss) on investments		245,131			243,919			3,027,442			4,122,798			155,125

Net increase (decrease) in net assets from operations	$	675,426		$	286,205		$	2,988,593		$	4,120,503		$	179,276


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-9

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	Janus Henderson Mid Cap Value Portfolio—Institutional Shares Sub-Account		John Hancock Emerging Markets Value Trust Sub-Account		LVIP Delaware Diversified Income Fund— Standard Class Sub-Account		Matson Money Fixed Income VI Portfolio Sub-Account		Matson Money International Equity VI Portfolio Sub-Account

ASSETS

Investments, at value	$	8,836,169	$	44,387,891	$	63,527,389	$	26,036,415	$	19,123,111

Amounts due from TIAA		—		—		—		—		1,691

Total assets	$	8,836,169	$	44,387,891	$	63,527,389	$	26,036,415	$	19,124,802



LIABILITIES

Amounts due to TIAA	$	7,435	$	82,822	$	24,392	$	14,503	$	—

Total liabilities	$	7,435	$	82,822	$	24,392	$	14,503	$	—



NET ASSETS

Accumulation fund	$	8,828,734	$	44,305,069	$	63,502,997	$	26,021,912	$	19,124,802

Net assets	$	8,828,734	$	44,305,069	$	63,502,997	$	26,021,912	$	19,124,802



Investments, at cost	$	8,329,626	$	39,756,604	$	69,546,160	$	26,306,018	$	18,092,819

Shares held in corresponding Funds		504,060		4,421,105		7,124,301		1,097,657		752,286

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	47.67	$	34.68	$	17.11	$	25.32	$	33.38

Band 2		48.84		35.16		17.53		25.69		33.87

Band 3		49.63		35.48		17.81		25.95		34.21

Band 4		50.84		35.96		18.25		26.34		34.72

Band 5		46.91		34.37		16.84		25.07		33.05

Band 6		48.06		34.84		17.25		25.44		33.54

Band 7		48.84		35.16		17.53		25.69		33.87

Band 8		50.03		35.64		17.95		26.08		34.38


	Janus Henderson Mid Cap Value Portfolio—Institutional Shares Sub-Account		John Hancock Emerging Markets Value Trust Sub-Account		LVIP Delaware Diversified Income Fund— Standard Class Sub-Accounti			Matson Money Fixed Income VI Portfolio Sub-Account			Matson Money International Equity VI Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	95,033	$	687,913	$	2,499,492		$	682,220		$	576,520

Expenses

Administrative expenses		8,476		42,395		61,132			25,852			18,374

Mortality and expense risk charges		2,730		88,356		73,311			59,657			42,419

Guaranteed minimum death benefits		2,687		18,343		24,923			9,952			5,724

Total expenses		13,893		149,094		159,366			95,461			66,517

Net investment income (loss)		81,140		538,819		2,340,126			586,759			510,003

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		86,949		377,914		(3,168,858	)		(886,859	)		702,561

Capital gain distributions		233,526		—		—			—			—

Net realized gain (loss)		320,475		377,914		(3,168,858	)		(886,859	)		702,561

Net change in unrealized appreciation (depreciation) on investments		506,125		4,952,195		4,439,080			1,548,344			1,483,977

Net realized and unrealized gain (loss) on investments		826,600		5,330,109		1,270,222			661,485			2,186,538

Net increase (decrease) in net assets from operations	$	907,740	$	5,868,928	$	3,610,348		$	1,248,244		$	2,696,541


B-10		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Matson Money U.S. Equity VI Portfolio Sub-Account		MFS Global Equity Series—Initial Class Sub-Account		MFS Growth Series—Initial Class Sub-Account		MFS Massachusetts Investors Growth Stock Portfolio Sub-Account		MFS Utilities Series—Initial Class Sub-Account

ASSETS

Investments, at value	$	26,582,880	$	5,906,973	$	1,012,051	$	9,495,903	$	3,445,913

Amounts due from TIAA		9,639		6,917		—		—		—

Total assets	$	26,592,519	$	5,913,890	$	1,012,051	$	9,495,903	$	3,445,913



LIABILITIES

Amounts due to TIAA	$	—	$	—	$	—	$	—	$	6,252

Total liabilities	$	—	$	—	$	—	$	—	$	6,252



NET ASSETS

Accumulation fund	$	26,592,519	$	5,913,890	$	1,012,051	$	9,495,903	$	3,439,661

Net assets	$	26,592,519	$	5,913,890	$	1,012,051	$	9,495,903	$	3,439,661



Investments, at cost	$	26,990,881	$	5,913,862	$	985,228	$	8,941,518	$	3,675,860

Shares held in corresponding Funds		846,858		275,127		16,786		419,616		106,850

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	52.39	$	42.40	$	—	$	54.80	$	81.59

Band 2		53.17		43.43		—		56.14		83.58

Band 3		53.70		44.14		—		57.05		84.94

Band 4		54.50		45.21		132.56		58.44		87.01

Band 5		51.88		41.72		—		53.93		80.29

Band 6		52.65		42.74		—		55.24		82.25

Band 7		53.17		43.43		—		56.14		83.58

Band 8		53.96		44.49		130.45		57.51		85.62

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	Matson Money U.S. Equity VI Portfolio Sub-Account		MFS Global Equity Series—Initial Class Sub-Account			MFS Growth Series—Initial Class Sub-Account			MFS Massachusetts Investors Growth Stock Portfolio Sub-Account			MFS Utilities Series—Initial Class Sub-Account

INVESTMENT INCOME

Dividends	$	259,218	$	44,800		$	—		$	26,141		$	125,458

Expenses

Administrative expenses		25,177		5,622			884			8,729			3,678

Mortality and expense risk charges		56,646		6,170			6			9,777			3,693

Guaranteed minimum death benefits		8,135		1,517			265			3,824			1,706

Total expenses		89,958		13,309			1,155			22,330			9,077

Net investment income (loss)		169,260		31,491			(1,155	)		3,811			116,381

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		894,198		(140,094	)		(3,096	)		(1,020,457	)		(113,045	)

Capital gain distributions		1,720,639		247,597			69,755			452,241			194,127

Net realized gain (loss)		2,614,837		107,503			66,659			(568,216	)		81,082

Net change in unrealized appreciation (depreciation) on investments		1,074,918		581,605			202,513			2,404,155			(291,712	)

Net realized and unrealized gain (loss) on investments		3,689,755		689,108			269,172			1,835,939			(210,630	)

Net increase (decrease) in net assets from operations	$	3,859,015	$	720,599		$	268,017		$	1,839,750		$	(94,249	)


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-11

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio— I Class Sub-Account		Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio— I Class Sub-Account		PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account		PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account		PIMCO VIT Emerging Markets Bond Portfolio— Institutional Class Sub-Account

ASSETS

Investments, at value	$	45,148,119	$	2,256,786	$	3,779,130	$	2,925,972	$	41,403,433

Total assets	$	45,148,119	$	2,256,786	$	3,779,130	$	2,925,972	$	41,403,433



LIABILITIES

Amounts due to TIAA	$	89,001	$	—	$	—	$	—	$	73,901

Total liabilities	$	89,001	$	—	$	—	$	—	$	73,901



NET ASSETS

Accumulation fund	$	45,059,118	$	2,256,786	$	3,779,130	$	2,925,972	$	41,329,532

Net assets	$	45,059,118	$	2,256,786	$	3,779,130	$	2,925,972	$	41,329,532



Investments, at cost	$	44,500,309	$	1,975,925	$	4,179,720	$	3,778,128	$	44,596,184

Shares held in corresponding Funds		2,864,728		67,670		410,775		549,995		3,924,496

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	40.28	$	57.97	$	23.30	$	22.30	$	31.27

Band 2		41.27		59.38		23.87		22.64		31.75

Band 3		41.93		60.34		24.25		22.88		32.07

Band 4		42.96		61.81		24.84		23.23		32.56

Band 5		39.64		57.04		22.93		22.08		30.95

Band 6		40.61		58.43		23.49		22.42		31.42

Band 7		41.27		59.38		23.87		22.64		31.75

Band 8		42.27		60.83		24.45		22.99		32.23


	Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio— I Class Sub-Account		Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio— I Class Sub-Account		PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account			PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account			PIMCO VIT Emerging Markets Bond Portfolio— Institutional Class Sub-Account

INVESTMENT INCOME

Dividends	$	440,619	$	7,006	$	123,111		$	497,457		$	2,283,202

Expenses

Administrative expenses		41,759		2,031		4,041			3,158			38,940

Mortality and expense risk charges		79,667		1,777		2,377			5,234			83,090

Guaranteed minimum death benefits		18,104		554		1,228			1,254			16,455

Total expenses		139,530		4,362		7,646			9,646			138,485

Net investment income (loss)		301,089		2,644		115,465			487,811			2,144,717

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		281,089		40,024		(253,541	)		(683,919	)		(2,325,694	)

Capital gain distributions		2,223,680		33,059		—			—			—

Net realized gain (loss)		2,504,769		73,083		(253,541	)		(683,919	)		(2,325,694	)

Net change in unrealized appreciation (depreciation) on investments		1,607,814		412,014		441,266			(56,547	)		4,259,083

Net realized and unrealized gain (loss) on investments		4,112,583		485,097		187,725			(740,466	)		1,933,389

Net increase (decrease) in net assets from operations	$	4,413,672	$	487,741	$	303,190		$	(252,655	)	$	4,078,106


B-12		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)— Institutional Class Sub-Account		PIMCO VIT Real Return Portfolio— Institutional Class Sub-Account		PVC Equity Income Account— Class 1 Sub-Account		PVC MidCap Account— Class 1 Sub-Account		PSF Natural Resources Portfolio—Class II Sub-Account

ASSETS

Investments, at value	$	5,915,047	$	101,338,432	$	98,576,277	$	8,894,402	$	3,092,379

Total assets	$	5,915,047	$	101,338,432	$	98,576,277	$	8,894,402	$	3,092,379



LIABILITIES

Amounts due to TIAA	$	—	$	138,205	$	173,910	$	—	$	—

Total liabilities	$	—	$	138,205	$	173,910	$	—	$	—



NET ASSETS

Accumulation fund	$	5,915,047	$	101,200,227	$	98,402,367	$	8,894,402	$	3,092,379

Net assets	$	5,915,047	$	101,200,227	$	98,402,367	$	8,894,402	$	3,092,379



Investments, at cost	$	6,358,834	$	110,655,329	$	98,340,134	$	8,309,971	$	2,631,294

Shares held in corresponding Funds		614,870	$	8,758,724		3,583,289		141,114		76,431

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	18.44	$	19.59	$	60.17	$	—	$	61.79

Band 2		18.89		20.06		61.63		—		63.30

Band 3		19.20		20.39		62.63		—		64.32

Band 4		19.66		20.89		64.16		89.54		65.89

Band 5		18.15		19.27		59.21		—		60.81

Band 6		18.59		19.74		60.65		84.65		62.29

Band 7		18.89		20.06		61.63		—		63.30

Band 8		19.35		20.55		63.13		88.12		64.84

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)— Institutional Class Sub-Account			PIMCO VIT Real Return Portfolio— Institutional Class Sub-Account			PVC Equity Income Account— Class 1 Sub-Account		PVC MidCap Account— Class 1 Sub-Account			PSF Natural Resources Portfolio—Class II Sub-Account

INVESTMENT INCOME

Dividends	$	134,571		$	3,141,912		$	1,946,648	$	—		$	—

Expenses

Administrative expenses		5,598			99,898			92,503		7,938			3,134

Mortality and expense risk charges		5,038			173,374			148,158		1,561			2,661

Guaranteed minimum death benefits		1,080			39,616			36,804		2,888			1,066

Total expenses		11,716			312,888			277,465		12,387			6,861

Net investment income (loss)		122,855			2,829,024			1,669,183		(12,387	)		(6,861	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(330,811	)		(3,327,014	)		611,395		(152,602	)		294,657

Capital gain distributions		61,378			—			4,327,785		199,513			—

Net realized gain (loss)		(269,433	)		(3,327,014	)		4,939,180		46,911			294,657

Net change in unrealized appreciation (depreciation) on investments		433,193			3,986,087			3,246,258		1,821,100			(250,178	)

Net realized and unrealized gain (loss) on investments		163,760			659,073			8,185,438		1,868,011			44,479

Net increase (decrease) in net assets from operations	$	286,615			3,488,097		$	9,854,621	$	1,855,624		$	37,618


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-13

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	PSF PGIM Jennison Blend Portfolio—Class II Sub-Account (i)		PSF PGIM Jennison Focused Blend Portfolio— Class II Sub-Account ^†		PSF PGIM Jennison Value Portfolio—Class II Sub-Account		Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account		Royce Capital Fund Small-Cap Portfolio— Investment Class Sub-Account

ASSETS

Investments, at value	$	24,831,950	$	—	$	8,799,801	$	873,444	$	9,246,176

Amounts due from TIAA		670,304		—		—		—		—

Total assets	$	25,502,254	$	—	$	8,799,801	$	873,444	$	9,246,176



LIABILITIES

Amounts due to TIAA	$	—	$	—	$	13,296	$	—	$	2,762

Total liabilities	$	—	$	—	$	13,296	$	—	$	2,762



NET ASSETS

Accumulation fund	$	25,502,254	$	—	$	8,786,505	$	873,444	$	9,243,414

Net assets	$	25,502,254	$	—	$	8,786,505	$	873,444	$	9,243,414



Investments, at cost	$	23,925,736	$	—	$	5,906,222	$	1,019,513	$	8,302,482

Shares held in corresponding Funds		263,693		—		180,620		95,250		964,148

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	59.52	$	—	$	65.98	$	31.57	$	28.94

Band 2		60.97		—		67.59		32.34		29.65

Band 3		61.96		—		—		32.86		30.13

Band 4		63.47		—		70.36		33.66		30.86

Band 5		58.57		—		64.93		31.06		28.48

Band 6		60.00		—		66.52		31.82		29.18

Band 7		60.97		—		67.59		32.34		29.65

Band 8		62.46		—		69.24		33.12		30.37


	PSF PGIM Jennison Blend Portfolio—Class II Sub-Account (i)			PSF PGIM Jennison Focused Blend Portfolio— Class II Sub-Account ^†			PSF PGIM Jennison Value Portfolio—Class II Sub-Account			Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account			Royce Capital Fund Small-Cap Portfolio— Investment Class Sub-Account

INVESTMENT INCOME

Dividends	$	—		$	—		$	—		$	—		$	71,320

Expenses

Administrative expenses		1,436			21,703			8,242			808			7,881

Mortality and expense risk charges		1,589			31,391			2,670			469			4,405

Guaranteed minimum death benefits		479			7,215			2,949			188			2,455

Total expenses		3,504			60,309			13,861			1,465			14,741

Net investment income (loss)		(3,504	)		(60,309	)		(13,861	)		(1,465	)		56,579

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		46,633			6,596,077			176,860			(47,670	)		396,432

Capital gain distributions		—			—			—			—			740,676

Net realized gain (loss)		46,633			6,596,077			176,860			(47,670	)		1,137,108

Net change in unrealized appreciation (depreciation) on investments		906,214			(1,193,642	)		980,441			179,850			706,164

Net realized and unrealized gain (loss) on investments		952,847			5,402,435			1,157,301			132,180			1,843,272

Net increase (decrease) in net assets from operations	$	949,343		$	5,342,126		$	1,143,440		$	130,715		$	1,899,851

(i)	For the period December 8, 2023 (commencement of operations) to December 31, 2023.

^†	PSF PGIM Jennison Focused Blend Portfolio—Class II Sub-Account merged into PSF PGIM Jennison Blend Portfolio—Class II Sub-Account on December 8, 2023.


B-14		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	T. Rowe Price^® Health Sciences Portfolio I Sub-Account		T. Rowe Price^® Limited-Term Bond Portfolio Sub-Account		Templeton Developing Markets VIP Fund—Class 1 Sub-Account		Vanguard VIF Balanced Portfolio Sub-Account		Vanguard VIF Capital Growth Portfolio Sub-Account

ASSETS

Investments, at value	$	6,907,112	$	52,452,550	$	26,156,686	$	4,283,842	$	20,826,492

Total assets	$	6,907,112	$	52,452,550	$	26,156,686	$	4,283,842	$	20,826,492



LIABILITIES

Amounts due to TIAA	$	—	$	125,060	$	9,727	$	—	$	11,552

Total liabilities	$	—	$	125,060	$	9,727	$	—	$	11,552



NET ASSETS

Accumulation fund	$	6,907,112	$	52,327,490	$	26,146,959	$	4,283,842	$	20,814,940

Net assets	$	6,907,112	$	52,327,490	$	26,146,959	$	4,283,842	$	20,814,940



Investments, at cost	$	7,219,798	$	53,357,186	$	26,904,902	$	4,196,085	$	18,463,706

Shares held in corresponding Funds		124,880		11,255,912		3,151,408		183,935		449,040

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	53.45	$	27.47	$	17.68	$	34.54	$	68.18

Band 2		54.18		27.96		18.11		34.73		69.11

Band 3		54.67		28.30		18.40		34.86		69.74

Band 4		55.42		28.80		18.85		35.05		70.69

Band 5		52.96		27.15		17.40		34.41		67.57

Band 6		53.69		27.63		17.82		34.60		68.49

Band 7		54.18		27.96		18.11		—		69.11

Band 8		54.92		28.54		18.55		34.92		70.05

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	T. Rowe Price^® Health Sciences Portfolio I Sub-Account			T. Rowe Price^® Limited-Term Bond Portfolio Sub-Account			Templeton Developing Markets VIP Fund—Class 1 Sub-Account			Vanguard VIF Balanced Portfolio Sub-Account			Vanguard VIF Capital Growth Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	—		$	1,754,911		$	551,730		$	81,770		$	190,672

Expenses

Administrative expenses		6,864			52,973			23,989			4,018			18,509

Mortality and expense risk charges		11,784			97,534			41,496			7,697			21,086

Guaranteed minimum death benefits		3,983			24,646			8,174			893			2,491

Total expenses		22,631			175,153			73,659			12,608			42,086

Net investment income (loss)		(22,631	)		1,579,758			478,071			69,162			148,586

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(42,007	)		(1,248,974	)		(2,224,783	)		(395,104	)		172,137

Capital gain distributions		240,154			—			17,865			158,463			918,605

Net realized gain (loss)		198,147			(1,248,974	)		(2,206,918	)		(236,641	)		1,090,742

Net change in unrealized appreciation (depreciation) on investments		(4,476	)		2,039,932			4,534,660			688,773			3,265,123

Net realized and unrealized gain (loss) on investments		193,671			790,958			2,327,742			452,132			4,355,865

Net increase (decrease) in net assets from operations	$	171,040		$	2,370,716		$	2,805,813		$	521,294		$	4,504,451


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-15

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	Vanguard VIF Conservative Allocation Portfolio Sub-Account		Vanguard VIF Equity Index Portfolio Sub-Account		Vanguard VIF Global Bond Index Portfolio Sub-Account		Vanguard VIF High Yield Bond Portfolio Sub-Account		Vanguard VIF International Portfolio Sub-Account

ASSETS

Investments, at value	$	2,894,250	$	179,988,664	$	3,008,322	$	56,792,240	$	4,135,267

Amounts due from TIAA		—		566		—		—		—

Total assets	$	2,894,250	$	179,989,230	$	3,008,322	$	56,792,240	$	4,135,267



LIABILITIES

Amounts due to TIAA	$	—	$	—	$	—	$	57,027	$	—

Total liabilities	$	—	$	—	$	—	$	57,027	$	—



NET ASSETS

Accumulation fund	$	2,894,250	$	179,989,230	$	3,008,322	$	56,735,213	$	4,135,267

Net assets	$	2,894,250	$	179,989,230	$	3,008,322	$	56,735,213	$	4,135,267



Investments, at cost	$	3,011,846	$	143,644,782	$	2,969,287	$	56,861,003	$	3,914,912

Shares held in corresponding Funds		118,423		2,955,964		161,738		7,705,867		168,306

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	28.93	$	66.54	$	22.86	$	35.62	$	33.57

Band 2		29.09		67.45		22.98		36.10		33.76

Band 3		29.20		68.06		23.07		36.43		33.88

Band 4		29.36		68.99		23.19		36.93		34.07

Band 5		28.83		65.94		—		35.30		33.45

Band 6		28.99		66.84		22.90		35.78		33.63

Band 7		29.09		67.45		22.98		36.10		33.76

Band 8		29.25		68.37		23.11		36.60		33.94


	Vanguard VIF Conservative Allocation Portfolio Sub-Account			Vanguard VIF Equity Index Portfolio Sub-Account		Vanguard VIF Global Bond Index Portfolio Sub-Account			Vanguard VIF High Yield Bond Portfolio Sub-Account			Vanguard VIF International Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	54,153		$	2,197,541	$	39,168		$	2,603,717		$	72,045

Expenses

Administrative expenses		2,725			159,106		2,557			53,339			4,331

Mortality and expense risk charges		5,493			219,848		2,830			109,551			7,376

Guaranteed minimum death benefits		772			26,441		381			20,822			1,815

Total expenses		8,990			405,395		5,768			183,712			13,522

Net investment income (loss)		45,163			1,792,146		33,400			2,420,005			58,523

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(113,120	)		4,769,400		(166,909	)		(1,449,914	)		(854,744	)

Capital gain distributions		70,091			4,867,051		3,412			—			155,361

Net realized gain (loss)		(43,029	)		9,636,451		(163,497	)		(1,449,914	)		(699,383	)

Net change in unrealized appreciation (depreciation) on investments		309,218			25,306,767		271,975			4,775,648			1,264,923

Net realized and unrealized gain (loss) on investments		266,189			34,943,218		108,478			3,325,734			565,540

Net increase (decrease) in net assets from operations	$	311,352		$	36,735,364	$	141,878		$	5,745,739		$	624,063


B-16		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Vanguard VIF Mid-Cap Index Portfolio Sub-Account		Vanguard VIF Moderate Allocation Portfolio Sub-Account		Vanguard VIF Real Estate Index Portfolio Sub-Account		Vanguard VIF Small Company Growth Portfolio Sub-Account		Vanguard VIF Total Bond Market Index Portfolio Sub-Account

ASSETS

Investments, at value	$	94,654,377	$	5,044,191	$	36,324,154	$	21,914,547	$	276,977,817

Total assets	$	94,654,377	$	5,044,191	$	36,324,154	$	21,914,547	$	276,977,817



LIABILITIES

Amounts due to TIAA	$	69,480	$	—	$	61,180	$	14,685	$	47,405

Total liabilities	$	69,480	$	—	$	61,180	$	14,685	$	47,405



NET ASSETS

Accumulation fund	$	94,584,897	$	5,044,191	$	36,262,974	$	21,899,862	$	276,930,412

Net assets	$	94,584,897	$	5,044,191	$	36,262,974	$	21,899,862	$	276,930,412



Investments, at cost	$	91,749,114	$	4,918,292	$	38,496,945	$	22,415,125	$	296,169,829

Shares held in corresponding Funds		3,955,469		173,280		3,047,328		1,244,438		26,056,239

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	52.86	$	32.37	$	37.74	$	51.42	$	26.69

Band 2		53.58		32.55		38.26		52.12		27.05

Band 3		54.07		32.67		38.60		52.60		27.30

Band 4		54.81		—		39.13		53.32		27.67

Band 5		52.39		32.25		37.40		50.96		26.45

Band 6		53.10		32.43		37.91		51.65		26.81

Band 7		53.58		32.55		38.26		52.12		27.05

Band 8		54.32		32.73		38.78		52.84		27.42

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	Vanguard VIF Mid-Cap Index Portfolio Sub-Account			Vanguard VIF Moderate Allocation Portfolio Sub-Account			Vanguard VIF Real Estate Index Portfolio Sub-Account			Vanguard VIF Small Company Growth Portfolio Sub-Account			Vanguard VIF Total Bond Market Index Portfolio Sub-Account

INVESTMENT INCOME

Dividends	$	1,229,940		$	102,688		$	805,451		$	75,898		$	6,404,445

Expenses

Administrative expenses		86,808			4,846			33,001			19,411			262,069

Mortality and expense risk charges		170,527			10,768			62,350			34,243			521,256

Guaranteed minimum death benefits		33,598			1,937			9,687			6,903			97,551

Total expenses		290,933			17,551			105,038			60,557			880,876

Net investment income (loss)		939,007			85,137			700,413			15,341			5,523,569

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(342,904	)		(137,749	)		(787,592	)		(811,916	)		(11,255,403	)

Capital gain distributions		1,543,468			163,671			1,519,536			—			—

Net realized gain (loss)		1,200,564			25,922			731,944			(811,916	)		(11,255,403	)

Net change in unrealized appreciation (depreciation) on investments		10,756,957			596,567			2,358,673			4,264,173			19,252,977

Net realized and unrealized gain (loss) on investments		11,957,521			622,489			3,090,617			3,452,257			7,997,574

Net increase (decrease) in net assets from operations	$	12,896,528		$	707,626		$	3,791,030		$	3,467,598		$	13,521,143


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-17

Statements of Assets and Liabilities

TIAA-CREF Life Separate Account VA-1 ^∎ December 31, 2023


	Vanguard VIF Total International Stock Market Index Portfolio Sub-Account		Vanguard VIF Total Stock Market Index Portfolio Sub-Account		VY CBRE Global Real Estate Portfolio—Class I Sub-Account		Wanger International Sub-Account		Wanger Select Sub-Account

ASSETS

Investments, at value	$	21,959,709	$	29,074,568	$	8,159,150	$	12,285,785	$	—

Total assets	$	21,959,709	$	29,074,568	$	8,159,150	$	12,285,785	$	—



LIABILITIES

Amounts due to TIAA	$	—	$	—	$	13,388	$	13,093	$	—

Total liabilities	$	—	$	—	$	13,388	$	13,093	$	—

NET ASSETS

Accumulation fund	$	21,959,709	$	29,074,568	$	8,145,762	$	12,272,692	$	—

Net assets	$	21,959,709	$	29,074,568	$	8,145,762	$	12,272,692	$	—



Investments, at cost	$	22,201,387	$	27,500,291	$	8,184,722	$	12,755,448	$	—

Shares held in corresponding Funds		1,041,238		587,959		793,692		602,835		—

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	35.94	$	43.38	$	49.88	$	74.09	$	—

Band 2		36.14		43.62		50.92		75.90		—

Band 3		36.27		43.78		51.62		77.13		—

Band 4		36.47		44.02		52.69		79.01		—

Band 5		35.81		43.22		49.21		72.91		—

Band 6		36.00		43.46		50.23		74.69		—

Band 7		36.14		43.62		50.92		75.90		—

Band 8		36.34		43.86		51.97		77.75		—


	Vanguard VIF Total International Stock Market Index Portfolio Sub-Account			Vanguard VIF Total Stock Market Index Portfolio Sub-Account			VY CBRE Global Real Estate Portfolio—Class I Sub-Account			Wanger International Sub-Account			Wanger Select Sub-Account ^‡

INVESTMENT INCOME

Dividends	$	572,480		$	269,837		$	147,416		$	37,174		$	—

Expenses

Administrative expenses		19,971			24,680			7,266			11,495			553

Mortality and expense risk charges		32,743			42,762			9,409			12,639			200

Guaranteed minimum death benefits		4,660			5,375			2,690			4,253			171

Total expenses		57,374			72,817			19,365			28,387			924

Net investment income (loss)		515,106			197,020			128,051			8,787			(924	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(1,194,642	)		(1,061,597	)		(182,506	)		(1,210,319	)		(1,112,625	)

Capital gain distributions		239,726			1,315,113			75,921			—			—

Net realized gain (loss)		(954,916	)		253,516			(106,585	)		(1,210,319	)		(1,112,625	)

Net change in unrealized appreciation (depreciation) on investments		3,360,925			5,277,424			880,064			3,008,432			1,264,034

Net realized and unrealized gain (loss) on investments		2,406,009			5,530,940			773,479			1,798,113			151,409

Net increase (decrease) in net assets from operations	$	2,921,115		$	5,727,960		$	901,530		$	1,806,900		$	150,485

^‡	Wanger Select merged operations with Wanger Acorn on April 21, 2023.


B-18		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		concluded


	Wanger Acorn Sub-Account		Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account

ASSETS

Investments, at value	$	6,011,750	$	12,750,257

Amounts due from TIAA		1,874		—

Total assets	$	6,013,624	$	12,750,257



LIABILITIES

Amounts due to TIAA	$	—	$	19,363

Total liabilities	$	—	$	19,363



NET ASSETS

Accumulation fund	$	6,013,624	$	12,730,894

Net assets	$	6,013,624	$	12,730,894



Investments, at cost	$	5,386,559	$	13,834,471

Shares held in corresponding Funds		450,994		2,117,983

UNIT VALUE

Intelligent Variable Annuity

Band 1	$	109.94	$	19.02

Band 2		112.62		19.49

Band 3		114.45		19.80

Band 4		117.24		20.28

Band 5		108.19		18.72

Band 6		110.83		19.18

Band 7		112.62		19.49

Band 8		115.37		19.96

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended December 31, 2023


	Wanger Acorn Sub-Account			Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account

INVESTMENT INCOME

Dividends	$	—		$	685,625

Expenses

Administrative expenses		5,019			12,407

Mortality and expense risk charges		6,771			22,077

Guaranteed minimum death benefits		1,821			4,914

Total expenses		13,611			39,398

Net investment income (loss)		(13,611	)		646,227

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized gain (loss) on investments		(440,696	)		(920,943	)

Capital gain distributions		—			—

Net realized gain (loss)		(440,696	)		(920,943	)

Net change in unrealized appreciation (depreciation) on investments		1,390,499			1,439,060

Net realized and unrealized gain (loss) on investments		949,803			518,117

Net increase (decrease) in net assets from operations	$	936,192		$	1,164,344


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-19

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	TIAA-CREF Life Balanced Sub-Account						TIAA-CREF Life Core Bond Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	1,272,233		$	1,408,681		$	4,273,056		$	3,043,416

Net realized gain (loss)		1,237,696			4,065,029			(6,424,126	)		(3,729,037	)

Net change in unrealized appreciation (depreciation) on investments		6,159,332			(18,009,954	)		11,074,108			(23,786,256	)

Net increase (decrease) in net assets from operations		8,669,261			(12,536,244	)		8,923,038			(24,471,877	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		1,526,466			610,267			4,411,886			3,649,423

Net contractowner transfers		(2,050,246	)		(2,723,387	)		1,898,229			(411,530	)

Withdrawals and death benefits (b)		(2,720,799	)		(2,478,857	)		(8,547,608	)		(8,374,519	)

Net increase (decrease) in net assets resulting from contractowner transactions		(3,244,579	)		(4,591,977	)		(2,237,493	)		(5,136,626	)

Net increase (decrease) in net assets		5,424,682			(17,128,221	)		6,685,545			(29,608,503	)

NET ASSETS

Beginning of period		58,561,454			75,689,675			152,012,541			181,621,044

End of period	$	63,986,136		$	58,561,454		$	158,698,086		$	152,012,541



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		1,598,362			1,715,961			3,672,670			3,803,346

Units purchased		38,214			15,745			105,919			85,680

Units sold/transferred		(123,871	)		(133,344	)		(173,489	)		(216,356	)

End of period		1,512,705			1,598,362			3,605,100			3,672,670

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-20		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	TIAA-CREF Life Growth Equity Sub-Account						TIAA-CREF Life Growth & Income Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(250,991	)	$	(545,928	)	$	877,434		$	358,697

Net realized gain (loss)		(2,531,171	)		12,039,364			32,730,991			23,637,590

Net change in unrealized appreciation (depreciation) on investments		44,863,100			(59,819,441	)		7,220,726			(65,006,758	)

Net increase (decrease) in net assets from operations		42,080,938			(48,326,005	)		40,829,151			(41,010,471	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		2,230,865			2,102,118			567,129			684,607

Net contractowner transfers		2,358,101			3,089,453			565,253			(506,003	)

Annuity payments		(1,899,370	)		(2,109,834	)		(3,749,619	)		(4,257,485	)

Withdrawals and death benefits (b)		(9,401,034	)		(7,133,510	)		(8,727,667	)		(11,360,689	)

Net increase (decrease) in net assets resulting from contractowner transactions		(6,711,438	)		(4,051,773	)		(11,344,904	)		(15,439,570	)

Net increase (decrease) in net assets		35,369,500			(52,377,778	)		29,484,247			(56,450,041	)

NET ASSETS

Beginning of period		94,184,170			146,561,948			130,125,677			186,575,718

End of period	$	129,553,670		$	94,184,170		$	159,609,924		$	130,125,677



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		1,379,861			1,448,227			1,176,754			1,305,937

Units purchased		28,814			29,204			5,148			6,456

Units sold/transferred		(109,529	)		(97,570	)		(95,353	)		(135,639	)

End of period		1,299,146			1,379,861			1,086,549			1,176,754

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-21

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	TIAA-CREF Life International Equity Sub-Account						TIAA-CREF Life Large-Cap Value Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	1,824,182		$	2,712,044		$	812,131		$	564,018

Net realized gain (loss)		2,762,991			1,956,111			3,550,064			7,403,412

Net change in unrealized appreciation (depreciation) on investments		11,025,269			(24,280,244	)		4,231,694			(14,066,190	)

Net increase (decrease) in net assets from operations		15,612,442			(19,612,089	)		8,593,889			(6,098,760	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		4,333,255			5,534,919			277,662			876,144

Net contractowner transfers		116,887			4,826,178			(1,498,053	)		(2,417,772	)

Annuity payments		(762,076	)		(845,633	)		(1,341,290	)		(1,204,352	)

Withdrawals and death benefits (b)		(5,281,136	)		(5,751,953	)		(3,605,317	)		(3,769,244	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,593,070	)		3,763,511			(6,166,998	)		(6,515,224	)

Net increase (decrease) in net assets		14,019,372			(15,848,578	)		2,426,891			(12,613,984	)

NET ASSETS

Beginning of period		98,856,093			114,704,671			66,549,459			79,163,443

End of period	$	112,875,465		$	98,856,093		$	68,976,350		$	66,549,459



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		2,612,772			2,516,920			483,240			540,396

Units purchased		111,720			153,310			2,128			7,350

Units sold/transferred		(156,206	)		(57,458	)		(52,796	)		(64,506	)

End of period		2,568,286			2,612,772			432,572			483,240

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-22		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	TIAA-CREF Life Money Market Sub-Account						TIAA-CREF Life Real Estate Securities Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	4,626,375		$	1,146,045		$	1,301,407		$	778,653

Net realized gain (loss)		—			—			(1,913,369	)		8,711,400

Net change in unrealized appreciation (depreciation) on investments		—			—			7,286,170			(37,660,600	)

Net increase (decrease) in net assets from operations		4,626,375			1,146,045			6,674,208			(28,170,547	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		31,602,072			22,913,597			270,372			508,310

Net contractowner transfers		6,834,224			28,048,444			(1,591,506	)		453,901

Annuity payments		—			—			(1,195,227	)		(1,366,615	)

Withdrawals and death benefits (b)		(41,856,890	)		(28,875,182	)		(5,430,898	)		(4,943,850	)

Net increase (decrease) in net assets resulting from contractowner transactions		(3,420,594	)		22,086,859			(7,947,259	)		(5,348,254	)

Net increase (decrease) in net assets		1,205,781			23,232,904			(1,273,051	)		(33,518,801	)

NET ASSETS

Beginning of period		105,243,855			82,010,951			64,943,469			98,462,270

End of period	$	106,449,636		$	105,243,855		$	63,670,418		$	64,943,469



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		8,794,153			6,947,147			440,546			483,174

Units purchased		2,634,251			1,978,748			2,008			3,246

Units sold/transferred		(2,948,969	)		(131,742	)		(59,641	)		(45,874	)

End of period		8,479,435			8,794,153			382,913			440,546

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-23

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	TIAA-CREF Life Small-Cap Equity Sub-Account						TIAA-CREF Life Social Choice Equity Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	206,770		$	(7,163	)	$	741,290		$	609,026

Net realized gain (loss)		92,607			11,043,896			3,408,076			13,008,148

Net change in unrealized appreciation (depreciation) on investments		8,737,803			(21,475,657	)		11,537,605			(31,041,278	)

Net increase (decrease) in net assets from operations		9,037,180			(10,438,924	)		15,686,971			(17,424,104	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		397,560			503,008			245,289			767,997

Net contractowner transfers		1,601,689			(1,597,229	)		(68,269	)		101,860

Annuity payments		(902,477	)		(1,047,574	)		(1,049,756	)		(1,154,368	)

Withdrawals and death benefits (b)		(3,349,123	)		(3,215,070	)		(3,429,672	)		(6,383,212	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,252,351	)		(5,356,865	)		(4,302,408	)		(6,667,723	)

Net increase (decrease) in net assets		6,784,829			(15,795,789	)		11,384,563			(24,091,827	)

NET ASSETS

Beginning of period		51,364,011			67,159,800			73,491,545			97,583,372

End of period	$	58,148,840		$	51,364,011		$	84,876,108		$	73,491,545



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		313,109			347,124			681,123			747,930

Units purchased		2,554			3,212			2,306			7,072

Units sold/transferred		(19,877	)		(37,227	)		(37,351	)		(73,879	)

End of period		295,786			313,109			646,078			681,123

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-24		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	TIAA-CREF Life Stock Index Sub-Account						Calamos Growth and Income Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	5,761,533		$	4,975,492		$	18,758		$	24,223

Net realized gain (loss)		41,932,005			53,949,569			173,320			413,355

Net change in unrealized appreciation (depreciation) on investments		79,942,279			(189,862,304	)		589,819			(1,415,313	)

Net increase (decrease) in net assets from operations		127,635,817			(130,937,243	)		781,897			(977,735	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		4,900,698			11,436,684			5,080			35,026

Net contractowner transfers		(3,759,910	)		2,717,944			(3,185	)		(57,020	)

Annuity payments		(7,360,426	)		(8,008,697	)		—			—

Withdrawals and death benefits (b)		(35,038,112	)		(28,852,653	)		(321,044	)		(150,510	)

Net increase (decrease) in net assets resulting from contractowner transactions		(41,257,750	)		(22,706,722	)		(319,149	)		(172,504	)

Net increase (decrease) in net assets		86,378,067			(153,643,965	)		462,748			(1,150,239	)

NET ASSETS

Beginning of period		522,030,183			675,674,148			4,062,223			5,212,462

End of period	$	608,408,250		$	522,030,183		$	4,524,971		$	4,062,223



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		3,994,853			4,136,819			105,549			109,514

Units purchased		36,945			89,107			120			908

Units sold/transferred		(338,882	)		(231,073	)		(7,697	)		(4,873	)

End of period		3,692,916			3,994,853			97,972			105,549

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-25

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account						ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(15,561	)	$	30,553		$	(16,136	)	$	(18,269	)

Net realized gain (loss)		(2,543,448	)		91,133			(1,031,797	)		(570,740	)

Net change in unrealized appreciation (depreciation) on investments		8,800,096			(9,796,343	)		1,471,818			(1,646,412	)

Net increase (decrease) in net assets from operations		6,241,087			(9,674,657	)		423,885			(2,235,421	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		475,420			771,007			103,092			336,498

Net contractowner transfers		(1,006,242	)		1,200,437			(220,658	)		(252,848	)

Withdrawals and death benefits (b)		(1,647,536	)		(1,299,735	)		(316,219	)		(100,362	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,178,358	)		671,709			(433,785	)		(16,712	)

Net increase (decrease) in net assets		4,062,729			(9,002,948	)		(9,900	)		(2,252,133	)

NET ASSETS

Beginning of period		26,624,885			35,627,833			5,351,516			7,603,649

End of period	$	30,687,614		$	26,624,885		$	5,341,616		$	5,351,516



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		622,097			609,525			94,368			94,915

Units purchased		10,349			15,227			1,811			5,235

Units sold/transferred		(55,276	)		(2,655	)		(9,522	)		(5,782	)

End of period		577,170			622,097			86,657			94,368

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-26		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Credit Suisse Trust—Commodity Return Strategy Portfolio Sub-Account						Delaware VIP International Series—Standard Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	135,188		$	132,431		$	466,678		$	477,027

Net realized gain (loss)		(78,397	)		30,499			(2,335,351	)		612,127

Net change in unrealized appreciation (depreciation) on investments		(131,651	)		(65,372	)		7,292,569			(9,679,423	)

Net increase (decrease) in net assets from operations		(74,860	)		97,558			5,423,896			(8,590,269	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		25,274			9,742			394,870			640,789

Net contractowner transfers		(351,636	)		349,707			(2,779,815	)		1,891,503

Withdrawals and death benefits (b)		(36,981	)		(19,205	)		(1,955,331	)		(1,664,530	)

Net increase (decrease) in net assets resulting from contractowner transactions		(363,343	)		340,244			(4,340,276	)		867,762

Net increase (decrease) in net assets		(438,203	)		437,802			1,083,620			(7,722,507	)

NET ASSETS

Beginning of period		999,070			561,268			41,320,729			49,043,236

End of period	$	560,867		$	999,070		$	42,404,349		$	41,320,729



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		41,743			27,126			2,610,053			2,553,893

Units purchased		1,189			403			22,821			39,113

Units sold/transferred		(17,070	)		14,214			(281,929	)		17,047

End of period		25,862			41,743			2,350,945			2,610,053

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-27

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Delaware VIP Small Cap Value Series—Standard Class Sub-Account						DFA VA Equity Allocation Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	198,754		$	165,474		$	200,898		$	165,185

Net realized gain (loss)		2,208,927			4,528,868			526,312			992,767

Net change in unrealized appreciation (depreciation) on investments		391,234			(9,247,505	)		1,248,258			(2,988,846	)

Net increase (decrease) in net assets from operations		2,798,915			(4,553,163	)		1,975,468			(1,830,894	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		446,068			615,697			148,261			132,186

Net contractowner transfers		(132,813	)		(1,812,188	)		(529,769	)		(332,568	)

Withdrawals and death benefits (b)		(1,620,402	)		(1,383,270	)		(941,430	)		(733,496	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,307,147	)		(2,579,761	)		(1,322,938	)		(933,878	)

Net increase (decrease) in net assets		1,491,768			(7,132,924	)		652,530			(2,764,772	)

NET ASSETS

Beginning of period		30,835,767			37,968,691			10,750,895			13,515,667

End of period	$	32,327,535		$	30,835,767		$	11,403,425		$	10,750,895



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		340,344			367,649			291,064			314,855

Units purchased		4,955			6,650			3,835			3,894

Units sold/transferred		(19,958	)		(33,955	)		(37,143	)		(27,685	)

End of period		325,341			340,344			257,756			291,064

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-28		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	DFA VA Global Bond Portfolio Sub-Account						DFA VA Global Moderate Allocation Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	2,049,613		$	695,612		$	992,291		$	442,102

Net realized gain (loss)		(829,822	)		(1,014,112	)		307,588			1,371,840

Net change in unrealized appreciation (depreciation) on investments		1,307,437			(3,629,604	)		4,265,188			(6,868,289	)

Net increase (decrease) in net assets from operations		2,527,228			(3,948,104	)		5,565,067			(5,054,347	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		1,944,046			754,600			177,087			1,341,267

Net contractowner transfers		365,931			(42,609	)		1,711,687			(1,599,230	)

Withdrawals and death benefits (b)		(2,080,940	)		(3,535,199	)		(1,724,934	)		(1,705,102	)

Net increase (decrease) in net assets resulting from contractowner transactions		229,037			(2,823,208	)		163,840			(1,963,065	)

Net increase (decrease) in net assets		2,756,265			(6,771,312	)		5,728,907			(7,017,412	)

NET ASSETS

Beginning of period		53,594,444			60,365,756			38,555,666			45,573,078

End of period	$	56,350,709		$	53,594,444		$	44,284,573		$	38,555,666



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		1,999,143			2,102,229			987,032			1,033,984

Units purchased		72,159			28,452			4,227			32,200

Units sold/transferred		(68,035	)		(131,538	)		(1,850	)		(79,152	)

End of period		2,003,267			1,999,143			989,409			987,032

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-29

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	DFA VA International Small Portfolio Sub-Account						DFA VA International Value Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	1,293,146		$	1,032,894		$	4,193,214		$	3,351,088

Net realized gain (loss)		325,999			(344,783	)		6,043,089			3,173,064

Net change in unrealized appreciation (depreciation) on investments		4,377,187			(10,222,694	)		5,201,975			(10,101,699	)

Net increase (decrease) in net assets from operations		5,996,332			(9,534,583	)		15,438,278			(3,577,547	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		590,936			988,788			1,055,029			1,800,697

Net contractowner transfers		(1,573,369	)		2,118,370			(6,751,016	)		(2,867,053	)

Withdrawals and death benefits (b)		(2,009,044	)		(2,234,781	)		(4,534,086	)		(3,573,081	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,991,477	)		872,377			(10,230,073	)		(4,639,437	)

Net increase (decrease) in net assets		3,004,855			(8,662,206	)		5,208,205			(8,216,984	)

NET ASSETS

Beginning of period		45,207,790			53,869,996			93,245,997			101,462,981

End of period	$	48,212,645		$	45,207,790		$	98,454,202		$	93,245,997



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		993,935			971,761			2,290,830			2,397,960

Units purchased		12,370			21,557			23,815			45,300

Units sold/transferred		(75,782	)		617			(259,080	)		(152,430	)

End of period		930,523			993,935			2,055,565			2,290,830

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-30		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	DFA VA Short-Term Fixed Portfolio Sub-Account						DFA VA US Large Value Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	2,690,950		$	743,816		$	1,359,837		$	1,278,293

Net realized gain (loss)		(176,129	)		(488,577	)		5,340,974			4,663,708

Net change in unrealized appreciation (depreciation) on investments		1,058,485			(1,522,321	)		303,728			(9,735,421	)

Net increase (decrease) in net assets from operations		3,573,306			(1,267,082	)		7,004,539			(3,793,420	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		1,521,700			1,678,976			770,031			1,457,248

Net contractowner transfers		2,714,084			(3,743,898	)		997,905			(1,827,140	)

Withdrawals and death benefits (b)		(6,675,562	)		(3,239,526	)		(3,247,681	)		(2,834,109	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,439,778	)		(5,304,448	)		(1,479,745	)		(3,204,001	)

Net increase (decrease) in net assets		1,133,528			(6,571,530	)		5,524,794			(6,997,421	)

NET ASSETS

Beginning of period		77,670,460			84,241,990			66,870,678			73,868,099

End of period	$	78,803,988		$	77,670,460		$	72,395,472		$	66,870,678



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		3,027,383			3,235,121			918,693			962,246

Units purchased		58,314			66,057			10,301			20,365

Units sold/transferred		(154,511	)		(273,795	)		(31,001	)		(63,918	)

End of period		2,931,186			3,027,383			897,993			918,693

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-31

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	DFA VA US Targeted Value Portfolio Sub-Account						Franklin Income VIP Fund—Class 1 Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	592,612		$	444,889		$	430,295		$	516,111

Net realized gain (loss)		7,168,059			8,915,099			380,657			197,441

Net change in unrealized appreciation (depreciation) on investments		809,696			(11,606,845	)		(135,526	)		(1,426,858	)

Net increase (decrease) in net assets from operations		8,570,367			(2,246,857	)	$	675,426			(713,306	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		625,087			1,101,504			20,547			53,191

Net contractowner transfers		(1,480,798	)		(3,468,703	)		(289,622	)		(271,810	)

Withdrawals and death benefits (b)		(1,712,387	)		(2,453,804	)		(1,231,371	)		(1,109,203	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,568,098	)		(4,821,003	)		(1,500,446	)		(1,327,822	)

Net increase (decrease) in net assets		6,002,269			(7,067,860	)		(825,020	)		(2,041,128	)

NET ASSETS

Beginning of period		44,642,759			51,710,619			8,710,851			10,751,979

End of period	$	50,645,028		$	44,642,759		$	7,885,831		$	8,710,851



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		595,812			659,196			232,276			271,861

Units purchased		8,174			15,035			518			1,398

Units sold/transferred		(40,042	)		(78,419	)		(39,979	)		(40,983	)

End of period		563,944			595,812			192,815			232,276

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-32		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Franklin Mutual Shares VIP Fund—Class 1 Sub-Account						Franklin Small-Mid Cap Growth VIP Fund— Class 1 Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	42,286		$	44,484		$	(38,849	)	$	(38,102	)

Net realized gain (loss)		138,139			255,759			(2,308,084	)		1,282,943

Net change in unrealized appreciation (depreciation) on investments		105,780			(479,893	)		5,335,526			(6,474,257	)

Net increase (decrease) in net assets from operations		286,205			(179,650	)		2,988,593			(5,229,416	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		4,537			5,251			327,103			602,765

Net contractowner transfers		(6,767	)		(79,499	)		9,006			869,184

Withdrawals and death benefits (b)		(93,340	)		(29,351	)		(483,487	)		(342,820	)

Net increase (decrease) in net assets resulting from contractowner transactions		(95,570	)		(103,599	)		(147,378	)		1,129,129

Net increase (decrease) in net assets		190,635			(283,249	)		2,841,215			(4,100,287	)

NET ASSETS

Beginning of period		2,180,283			2,463,532			11,179,557			15,279,844

End of period	$	2,370,918		$	2,180,283		$	14,020,772		$	11,179,557



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		55,514			58,246			169,051			152,928

Units purchased		112			130			4,502			8,844

Units sold/transferred		(2,578	)		(2,862	)		(7,181	)		7,279

End of period		53,048			55,514			166,372			169,051

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-33

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Janus Henderson Forty Portfolio— Institutional Shares Sub-Account						Janus Henderson Overseas Portfolio— Institutional Shares Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(2,295	)	$	(6,030	)	$	24,151		$	27,910

Net realized gain (loss)		(770,226	)		494,465			65,696			20,857

Net change in unrealized appreciation (depreciation) on investments		4,893,024			(6,322,520	)		89,429			(217,702	)

Net increase (decrease) in net assets from operations		4,120,503			(5,834,085	)		179,276			(168,935	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		25,278			50,108			11,265			10,632

Net contractowner transfers		1,302,000			(1,722,523	)		(28,066	)		(23,955	)

Withdrawals and death benefits (b)		(810,646	)		(608,549	)		(94,440	)		(30,633	)

Net increase (decrease) in net assets resulting from contractowner transactions		516,632			(2,280,964	)		(111,241	)		(43,956	)

Net increase (decrease) in net assets		4,637,135			(8,115,049	)		68,035			(212,891	)

NET ASSETS

Beginning of period		10,052,914			18,167,963			1,694,139			1,907,030

End of period	$	14,690,049		$	10,052,914		$	1,762,174		$	1,694,139



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		73,419			88,230			21,539			22,148

Units purchased		149			313			140			138

Units sold/transferred		3,152			(15,124	)		(1,466	)		(747	)

End of period		76,720			73,419			20,213			21,539

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-34		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Janus Henderson Mid Cap Value Portfolio— Institutional Shares Sub-Account						John Hancock Emerging Markets Value Trust Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	81,140		$	98,107		$	538,819		$	1,426,512

Net realized gain (loss)		320,475			1,035,507			377,914			304,755

Net change in unrealized appreciation (depreciation) on investments		506,125			(1,679,498	)		4,952,195			(7,064,340	)

Net increase (decrease) in net assets from operations		907,740			(545,884	)		5,868,928			(5,333,073	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		38,753			28,452			578,929			1,712,337

Net contractowner transfers		(84,627	)		(119,701	)		(1,180,684	)		549,940

Withdrawals and death benefits (b)		(599,777	)		(326,854	)		(2,257,973	)		(1,703,488	)

Net increase (decrease) in net assets resulting from contractowner transactions		(645,651	)		(418,103	)		(2,859,728	)		558,789

Net increase (decrease) in net assets		262,089			(963,987	)		3,009,200			(4,774,284	)

NET ASSETS

Beginning of period		8,566,645			9,530,632			41,295,869			46,070,153

End of period	$	8,828,734		$	8,566,645		$	44,305,069		$	41,295,869



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		189,498			199,843			1,348,611			1,324,599

Units purchased		836			613			17,802			55,274

Units sold/transferred		(14,971	)		(10,958	)		(106,907	)		(31,262	)

End of period		175,363			189,498			1,259,506			1,348,611

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-35

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	LVIP Delaware Diversified Income Fund—Standard Class Sub-Account						Matson Money Fixed Income VI Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	2,340,126		$	1,952,484		$	586,759		$	218,895

Net realized gain (loss)		(3,168,858	)		(2,530,929	)		(886,859	)		(794,077	)

Net change in unrealized appreciation (depreciation) on investments		4,439,080			(9,564,649	)		1,548,344			(1,661,981	)

Net increase (decrease) in net assets from operations		3,610,348			(10,143,094	)		1,248,244			(2,237,163	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		650,186			1,139,819			502,890			851,941

Net contractowner transfers		1,651,141			1,097,617			1,194,761			(971,431	)

Withdrawals and death benefits (b)		(3,428,872	)		(2,490,914	)		(3,517,338	)		(2,187,020	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,127,545	)		(253,478	)		(1,819,687	)		(2,306,510	)

Net increase (decrease) in net assets		2,482,803			(10,396,572	)		(571,443	)		(4,543,673	)

NET ASSETS

Beginning of period		61,020,194			71,416,766			26,593,355			31,137,028

End of period	$	63,502,997		$	61,020,194		$	26,021,912		$	26,593,355



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		3,647,363			3,675,461			1,087,725			1,178,265

Units purchased		38,528			65,721			19,703			34,132

Units sold/transferred		(124,700	)		(93,819	)		(93,495	)		(124,672	)

End of period		3,561,191			3,647,363			1,013,933			1,087,725

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-36		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Matson Money International Equity VI Portfolio Sub-Account						Matson Money U.S. Equity VI Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	510,003		$	344,130		$	169,260		$	111,984

Net realized gain (loss)		702,561			268,728			2,614,837			4,066,542

Net change in unrealized appreciation (depreciation) on investments		1,483,977			(2,784,572	)		1,074,918			(7,193,799	)

Net increase (decrease) in net assets from operations		2,696,541			(2,171,714	)		3,859,015			(3,015,273	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		608,575			708,279			565,923			894,993

Net contractowner transfers		(1,563,608	)		377,443			(877,020	)		(1,259,130	)

Withdrawals and death benefits (b)		(1,700,144	)		(993,662	)		(2,489,386	)		(1,460,805	)

Net increase (decrease) in net assets resulting from contractowner transactions		(2,655,177	)		92,060			(2,800,483	)		(1,824,942	)

Net increase (decrease) in net assets		41,364			(2,079,654	)		1,058,532			(4,840,215	)

NET ASSETS

Beginning of period		19,083,438			21,163,092			25,533,987			30,374,202

End of period	$	19,124,802		$	19,083,438		$	26,592,519		$	25,533,987



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		650,171			641,126			557,467			595,705

Units purchased		19,766			24,097			11,903			19,386

Units sold/transferred		(105,054	)		(15,052	)		(69,157	)		(57,624	)

End of period		564,883			650,171			500,213			557,467

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-37

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	MFS Global Equity Series—Initial Class Sub-Account						MFS Growth Series—Initial Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	31,491		$	16,298		$	(1,155	)	$	(1,889	)

Net realized gain (loss)		107,503			329,098			66,659			62,312

Net change in unrealized appreciation (depreciation) on investments		581,605			(1,520,681	)		202,513			(429,692	)

Net increase (decrease) in net assets from operations		720,599			(1,175,285	)		268,017			(369,269	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		5,885			314,162			1,073			3,581

Net contractowner transfers		398,966			(81,566	)		(3,173	)		(27,349	)

Withdrawals and death benefits (b)		(366,211	)		(212,897	)		(8,032	)		(38,929	)

Net increase (decrease) in net assets resulting from contractowner transactions		38,640			19,699			(10,132	)		(62,697	)

Net increase (decrease) in net assets		759,239			(1,155,586	)		257,885			(431,966	)

NET ASSETS

Beginning of period		5,154,651			6,310,237			754,166			1,186,132

End of period	$	5,913,890		$	5,154,651		$	1,012,051		$	754,166



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		132,949			133,666			7,767			8,453

Units purchased		24			7,462			11			32

Units sold/transferred		442			(8,179	)		(105	)		(718	)

End of period		133,415			132,949			7,673			7,767

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-38		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	MFS Massachusetts Investors Growth Stock Portfolio Sub-Account						MFS Utilities Series—Initial Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	3,811		$	(16,551	)	$	116,381		$	88,432

Net realized gain (loss)		(568,216	)		1,003,108			81,082			353,430

Net change in unrealized appreciation (depreciation) on investments		2,404,155			(3,044,411	)		(291,712	)		(412,289	)

Net increase (decrease) in net assets from operations		1,839,750			(2,057,854	)		(94,249	)		29,573

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		32,246			146,111			37,014			16,232

Net contractowner transfers		391,053			407			(577,944	)		260,195

Withdrawals and death benefits (b)		(720,789	)		(523,868	)		(258,210	)		(35,149	)

Net increase (decrease) in net assets resulting from contractowner transactions		(297,490	)		(377,350	)		(799,140	)		241,278

Net increase (decrease) in net assets		1,542,260			(2,435,204	)		(893,389	)		270,851

NET ASSETS

Beginning of period		7,953,643			10,388,847			4,333,050			4,062,199

End of period	$	9,495,903		$	7,953,643		$	3,439,661		$	4,333,050



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		173,343			182,670			49,966			47,193

Units purchased		633			2,941			449			185

Units sold/transferred		(7,890	)		(12,268	)		(10,098	)		2,588

End of period		166,086			173,343			40,317			49,966

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-39

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account						Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	301,089		$	107,923		$	2,644		$	3,593

Net realized gain (loss)		2,504,769			8,953,075			73,083			327,206

Net change in unrealized appreciation (depreciation) on investments		1,607,814			(13,987,141	)		412,014			(803,561	)

Net increase (decrease) in net assets from operations		4,413,672			(4,926,143	)		487,741			(472,762	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		762,860			991,205			3,292			14,646

Net contractowner transfers		88,143			(3,425,272	)		(2,860	)		(86,180	)

Withdrawals and death benefits (b)		(2,008,925	)		(1,811,566	)		(139,520	)		(227,427	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,157,922	)		(4,245,633	)		(139,088	)		(298,961	)

Net increase (decrease) in net assets		3,255,750			(9,171,776	)		348,653			(771,723	)

NET ASSETS

Beginning of period		41,803,368			50,975,144			1,908,133			2,679,856

End of period	$	45,059,118		$	41,803,368		$	2,256,786		$	1,908,133



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		1,119,323			1,227,948			39,950			45,784

Units purchased		20,088			25,981			66			300

Units sold/transferred		(53,279	)		(134,606	)		(3,084	)		(6,134	)

End of period		1,086,132			1,119,323			36,932			39,950

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-40		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account						PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	115,465		$	385,787		$	487,811		$	1,083,171

Net realized gain (loss)		(253,541	)		25,492			(683,919	)		70,568

Net change in unrealized appreciation (depreciation) on investments		441,266			(1,137,251	)		(56,547	)		(1,220,002	)

Net increase (decrease) in net assets from operations		303,190			(725,972	)		(252,655	)		(66,263	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		29,880			48,925			43,011			205,184

Net contractowner transfers		(835,836	)		(504,459	)		(264,107	)		411,590

Withdrawals and death benefits (b)		(85,515	)		(208,088	)		(307,009	)		(50,839	)

Net increase (decrease) in net assets resulting from contractowner transactions		(891,471	)		(663,622	)		(528,105	)		565,935

Net increase (decrease) in net assets		(588,281	)		(1,389,594	)		(780,760	)		499,672

NET ASSETS

Beginning of period		4,367,411			5,757,005			3,706,732			3,207,060

End of period	$	3,779,130		$	4,367,411		$	2,925,972		$	3,706,732



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		193,031			225,521			149,935			140,747

Units purchased		1,285			2,041			1,910			7,721

Units sold/transferred		(40,252	)		(34,531	)		(23,128	)		1,467

End of period		154,064			193,031			128,717			149,935

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-41

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class Sub-Account						PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	2,144,717		$	1,808,589		$	122,855		$	80,476

Net realized gain (loss)		(2,325,694	)		(2,271,749	)		(269,433	)		(131,441	)

Net change in unrealized appreciation (depreciation) on investments		4,259,083			(6,726,133	)		433,193			(627,671	)

Net increase (decrease) in net assets from operations		4,078,106			(7,189,293	)		286,615			(678,636	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		843,919			1,122,731			94,529			259,966

Net contractowner transfers		175,969			1,800,519			257,278			189,995

Withdrawals and death benefits (b)		(2,214,268	)		(1,684,100	)		(402,827	)		(120,650	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,194,380	)		1,239,150			(51,020	)		329,311

Net increase (decrease) in net assets		2,883,726			(5,950,143	)		235,595			(349,325	)

NET ASSETS

Beginning of period		38,445,806			44,395,949			5,679,452			6,028,777

End of period	$	41,329,532		$	38,445,806		$	5,915,047		$	5,679,452



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		1,344,379			1,305,216			309,543			292,412

Units purchased		28,807			38,304			5,196			14,112

Units sold/transferred		(71,312	)		859			(8,973	)		3,019

End of period		1,301,874			1,344,379			305,766			309,543

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-42		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	PIMCO VIT Real Return Portfolio— Institutional Class Sub-Account						PVC Equity Income Account—Class 1 Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	2,829,024		$	7,434,679		$	1,669,183		$	1,540,423

Net realized gain (loss)		(3,327,014	)		(108,537	)		4,939,180			14,813,782

Net change in unrealized appreciation (depreciation) on investments		3,986,087			(21,543,150	)		3,246,258			(28,195,749	)

Net increase (decrease) in net assets from operations		3,488,097			(14,217,008	)		9,854,621			(11,841,544	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		1,249,243			1,816,968			1,816,136			1,779,413

Net contractowner transfers		1,435,878			(2,804,793	)		(1,514,163	)		(4,312,071	)

Withdrawals and death benefits (b)		(5,967,145	)		(4,186,981	)		(4,770,938	)		(4,302,945	)

Net increase (decrease) in net assets resulting from contractowner transactions		(3,282,024	)		(5,174,806	)		(4,468,965	)		(6,835,603	)

Net increase (decrease) in net assets		206,073			(19,391,814	)		5,385,656			(18,677,147	)

NET ASSETS

Beginning of period		100,994,154			120,385,968			93,016,711			111,693,858

End of period	$	101,200,227		$	100,994,154		$	98,402,367		$	93,016,711



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		5,184,040			5,437,375			1,663,338			1,783,581

Units purchased		63,720			88,126			32,225			31,706

Units sold/transferred		(241,931	)		(341,461	)		(116,090	)		(151,949	)

End of period		5,005,829			5,184,040			1,579,473			1,663,338

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-43

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	PVC MidCap Account—Class 1 Sub-Account						PSF Natural Resources Portfolio—Class II Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(12,387	)	$	(2,737	)	$	(6,861	)	$	(6,867	)

Net realized gain (loss)		46,911			648,900			294,657			305,539

Net change in unrealized appreciation (depreciation) on investments		1,821,100			(2,847,715	)		(250,178	)		188,500

Net increase (decrease) in net assets from operations		1,855,624			(2,201,552	)		37,618			487,172

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		18,594			31,176			182,634			23,919

Net contractowner transfers		(72,511	)		6,510			(195,813	)		813,377

Withdrawals and death benefits (b)		(143,383	)		(112,598	)		(353,765	)		(73,410	)

Net increase (decrease) in net assets resulting from contractowner transactions		(197,300	)		(74,912	)		(366,944	)		763,886

Net increase (decrease) in net assets		1,658,324			(2,276,464	)		(329,326	)		1,251,058

NET ASSETS

Beginning of period		7,236,078			9,512,542			3,421,705			2,170,647

End of period	$	8,894,402		$	7,236,078		$	3,092,379		$	3,421,705



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		103,225			104,951			53,654			41,162

Units purchased		240			429			3,019			380

Units sold/transferred		(3,504	)		(2,155	)		(8,853	)		12,112

End of period		99,961			103,225			47,820			53,654

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-44		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	PSF PGIM Jennison Blend Portfolio—Class II Sub-Account			PSF PGIM Jennison Focused Blend Portfolio— Class II Sub-Account
	December 31, 2023 i			December 31, 2023 ^†			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(3,504	)	$	(60,309	)	$	(66,400	)

Net realized gain (loss)		46,633			6,596,077			1,612,223

Net change in unrealized appreciation (depreciation) on investments		906,214			(1,193,642	)		(8,991,762	)

Net increase (decrease) in net assets from operations		949,343			5,342,126			(7,445,939	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		3,046			115,371			264,335

Net contractowner transfers		24,648,387			(25,256,029	)		313,550

Withdrawals and death benefits (b)		(98,522	)		(1,089,018	)		(797,407	)

Net increase (decrease) in net assets resulting from contractowner transactions		24,552,911			(26,229,676	)		(219,522	)

Net increase (decrease) in net assets		25,502,254			(20,887,550	)		(7,665,461	)

NET ASSETS

Beginning of period		—			20,887,550			28,553,011

End of period	$	25,502,254		$	—		$	20,887,550



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		—			444,514			448,195

Units purchased		56			2,167			5,166

Units sold/transferred		411,543			(446,681	)		(8,847	)

End of period		411,599			—			444,514

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.

^†	PSF PGIM Jennison Focused Blend Portfolio-Class II Sub-Account merged into PSF PGIM Jennison Blend Portfolio—Class II Sub-Account on December 8, 2023.

(i)	For the period December 8, 2023 (commencement of operations) to December 31, 2023.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-45

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	PSF PGIM Jennison Value Portfolio—Class II Sub-Account						Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(13,861	)	$	(14,482	)	$	(1,465	)	$	(2,069	)

Net realized gain (loss)		176,860			231,893			(47,670	)		85,808

Net change in unrealized appreciation (depreciation) on investments		980,441			(1,007,391	)		179,850			(374,700	)

Net increase (decrease) in net assets from operations		1,143,440			(789,980	)		130,715			(290,961	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		19,052			33,229			4,253			4,846

Net contractowner transfers		(52,510	)		(515,331	)		(16,897	)		(340,058	)

Withdrawals and death benefits (b)		(344,336	)		(199,879	)		(9,006	)		(76,287	)

Net increase (decrease) in net assets resulting from contractowner transactions		(377,794	)		(681,981	)		(21,650	)		(411,499	)

Net increase (decrease) in net assets		765,646			(1,471,961	)		109,065			(702,460	)

NET ASSETS

Beginning of period		8,020,859			9,492,820			764,379			1,466,839

End of period	$	8,786,505		$	8,020,859		$	873,444		$	764,379



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		132,063			143,209			27,312			41,062

Units purchased		296			537			139			167

Units sold/transferred		(6,127	)		(11,683	)		(1,275	)		(13,917	)

End of period		126,232			132,063			26,176			27,312

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-46		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Royce Capital Fund Small-Cap Portfolio— Investment Class Sub-Account						T. Rowe Price^® Health Sciences Portfolio I Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	56,579		$	15,188		$	(22,631	)	$	(23,749	)

Net realized gain (loss)		1,137,108			668,041			198,147			25,903

Net change in unrealized appreciation (depreciation) on investments		706,164			(1,521,730	)		(4,476	)		(1,092,992	)

Net increase (decrease) in net assets from operations		1,899,851			(838,501	)		171,040			(1,090,838	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		91,078			30,642			15,520			21,908

Net contractowner transfers		(150,982	)		(640,888	)		(281,853	)		302,936

Withdrawals and death benefits (b)		(272,254	)		(250,750	)		(311,315	)		(182,699	)

Net increase (decrease) in net assets resulting from contractowner transactions		(332,158	)		(860,996	)		(577,648	)		142,145

Net increase (decrease) in net assets		1,567,693			(1,699,497	)		(406,608	)		(948,693	)

NET ASSETS

Beginning of period		7,675,721			9,375,218			7,313,720			8,262,413

End of period	$	9,243,414		$	7,675,721		$	6,907,112		$	7,313,720



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		317,203			352,162			138,259			136,272

Units purchased		3,389			1,283			296			420

Units sold/transferred		(17,536	)		(36,242	)		(11,352	)		1,567

End of period		303,056			317,203			127,203			138,259

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-47

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	T. Rowe Price^® Limited-Term Bond Portfolio Sub-Account						Templeton Developing Markets VIP Fund— Class 1 Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	1,579,758		$	895,097		$	478,071		$	547,340

Net realized gain (loss)		(1,248,974	)		(573,651	)		(2,206,918	)		208,712

Net change in unrealized appreciation (depreciation) on investments		2,039,932			(3,174,642	)		4,534,660			(6,016,658	)

Net increase (decrease) in net assets from operations		2,370,716			(2,853,196	)		2,805,813			(5,260,606	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		589,446			1,400,337			1,643,319			1,993,067

Net contractowner transfers		(1,743,250	)		29,107			686,770			2,827,347

Withdrawals and death benefits (b)		(3,074,216	)		(2,546,145	)		(875,715	)		(618,903	)

Net increase (decrease) in net assets resulting from contractowner transactions		(4,228,020	)		(1,116,701	)		1,454,374			4,201,511

Net increase (decrease) in net assets		(1,857,304	)		(3,969,897	)		4,260,187			(1,059,095	)

NET ASSETS

Beginning of period		54,184,794			58,154,691			21,886,772			22,945,867

End of period	$	52,327,490		$	54,184,794		$	26,146,959		$	21,886,772



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		2,026,592			2,070,635			1,352,083			1,106,807

Units purchased		21,329			51,827			98,061			119,568

Units sold/transferred		(185,812	)		(95,870	)		(19,183	)		125,708

End of period		1,862,109			2,026,592			1,430,961			1,352,083

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-48		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Vanguard VIF Balanced Portfolio Sub-Account						Vanguard VIF Capital Growth Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	69,162		$	75,599		$	148,586		$	106,263

Net realized gain (loss)		(236,641	)		135,221			1,090,742			1,689,619

Net change in unrealized appreciation (depreciation) on investments		688,773			(919,980	)		3,265,123			(4,999,084	)

Net increase (decrease) in net assets from operations		521,294			(709,160	)		4,504,451			(3,203,202	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		157,433			151,152			153,573			705,248

Net contractowner transfers		(199,128	)		52,353			(76,288	)		(652,470	)

Withdrawals and death benefits (b)		(478,416	)		(13,261	)		(161,960	)		(446,966	)

Net increase (decrease) in net assets resulting from contractowner transactions		(520,111	)		190,244			(84,675	)		(394,188	)

Net increase (decrease) in net assets		1,183			(518,916	)		4,419,776			(3,597,390	)

NET ASSETS

Beginning of period		4,282,659			4,801,575			16,395,164			19,992,554

End of period	$	4,283,842		$	4,282,659		$	20,814,940		$	16,395,164



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		140,251			134,301			300,033			309,330

Units purchased		5,058			4,602			2,543			12,582

Units sold/transferred		(22,218	)		1,348			(4,825	)		(21,879	)

End of period		123,091			140,251			297,751			300,033

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-49

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Vanguard VIF Conservative Allocation Portfolio Sub-Account						Vanguard VIF Equity Index Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	45,163		$	117,346		$	1,792,146		$	1,672,369

Net realized gain (loss)		(43,029	)		(385,030	)		9,636,451			14,724,053

Net change in unrealized appreciation (depreciation) on investments		309,218			(480,609	)		25,306,767			(48,847,280	)

Net increase (decrease) in net assets from operations		311,352			(748,293	)		36,735,364			(32,450,858	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		200,140			118,837			5,223,411			2,956,980

Net contractowner transfers		38,741			(64,099	)		1,856,686			(1,003,213	)

Withdrawals and death benefits (b)		(13,135	)		(290,165	)		(4,470,288	)		(8,750,031	)

Net increase (decrease) in net assets resulting from contractowner transactions		225,746			(235,427	)		2,609,809			(6,796,264	)

Net increase (decrease) in net assets		537,098			(983,720	)		39,345,173			(39,247,122	)

NET ASSETS

Beginning of period		2,357,152			3,340,872			140,644,057			179,891,179

End of period	$	2,894,250		$	2,357,152		$	179,989,230		$	140,644,057



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		90,772			109,073			2,601,234			2,713,930

Units purchased		7,477			4,518			87,051			55,046

Units sold/transferred		1,172			(22,819	)		(43,162	)		(167,742	)

End of period		99,421			90,772			2,645,123			2,601,234

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-50		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Vanguard VIF Global Bond Index Portfolio Sub-Account						Vanguard VIF High Yield Bond Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	33,400		$	43,466		$	2,420,005		$	2,478,556

Net realized gain (loss)		(163,497	)		(76,946	)		(1,449,914	)		(1,224,707	)

Net change in unrealized appreciation (depreciation) on investments		271,975			(225,573	)		4,775,648			(6,881,487	)

Net increase (decrease) in net assets from operations		141,878			(259,053	)		5,745,739			(5,627,638	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		261,048			162,199			2,881,019			1,626,528

Net contractowner transfers		863,170			93,722			287,179			(873,690	)

Withdrawals and death benefits (b)		(120,394	)		(18,620	)		(2,936,265	)		(2,201,717	)

Net increase (decrease) in net assets resulting from contractowner transactions		1,003,824			237,301			231,933			(1,448,879	)

Net increase (decrease) in net assets		1,145,702			(21,752	)		5,977,672			(7,076,517	)

NET ASSETS

Beginning of period		1,862,620			1,884,372			50,757,541			57,834,058

End of period	$	3,008,322		$	1,862,620		$	56,735,213		$	50,757,541



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		85,778			75,230			1,564,779			1,609,811

Units purchased		11,703			7,462			86,417			49,493

Units sold/transferred		32,803			3,086			(81,672	)		(94,525	)

End of period		130,284			85,778			1,569,524			1,564,779

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-51

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Vanguard VIF International Portfolio Sub-Account						Vanguard VIF Mid-Cap Index Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	58,523		$	38,156		$	939,007		$	683,813

Net realized gain (loss)		(699,383	)		(692,477	)		1,200,564			11,269,931

Net change in unrealized appreciation (depreciation) on investments		1,264,923			(843,522	)		10,756,957			(31,396,423	)

Net increase (decrease) in net assets from operations		624,063			(1,497,843	)		12,896,528			(19,442,679	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		7,245			234,317			2,466,012			3,383,153

Net contractowner transfers		322,123			1,196,148			467,000			(614,644	)

Withdrawals and death benefits (b)		(1,373,412	)		(80,028	)		(4,189,881	)		(3,055,689	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,044,044	)		1,350,437			(1,256,869	)		(287,180	)

Net increase (decrease) in net assets		(419,981	)		(147,406	)		11,639,659			(19,729,859	)

NET ASSETS

Beginning of period		4,555,248			4,702,654			82,945,238			102,675,097

End of period	$	4,135,267		$	4,555,248		$	94,584,897		$	82,945,238



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		154,048			110,776			1,785,408			1,787,327

Units purchased		220			8,763			50,639			69,552

Units sold/transferred		(31,977	)		34,509			(74,529	)		(71,471	)

End of period		122,291			154,048			1,761,518			1,785,408

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-52		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Vanguard VIF Moderate Allocation Portfolio Sub-Account						Vanguard VIF Real Estate Index Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	85,137		$	89,694		$	700,413		$	573,777

Net realized gain (loss)		25,922			(88,835	)		731,944			2,289,861

Net change in unrealized appreciation (depreciation) on investments		596,567			(679,046	)		2,358,673			(14,433,130	)

Net increase (decrease) in net assets from operations		707,626			(678,187	)		3,791,030			(11,569,492	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		380,953			1,990,782			563,641			967,519

Net contractowner transfers		(300,827	)		97,041			875,710			(957,418	)

Withdrawals and death benefits (b)		(99,166	)		(564,121	)		(1,367,000	)		(1,309,202	)

Net increase (decrease) in net assets resulting from contractowner transactions		(19,040	)		1,523,702			72,351			(1,299,101	)

Net increase (decrease) in net assets		688,586			845,515			3,863,381			(12,868,593	)

NET ASSETS

Beginning of period		4,355,605			3,510,090			32,399,593			45,268,186

End of period	$	5,044,191		$	4,355,605		$	36,262,974		$	32,399,593



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		154,241			104,091			940,469			964,852

Units purchased		13,080			67,275			16,042			24,568

Units sold/transferred		(12,211	)		(17,125	)		(11,784	)		(48,951	)

End of period		155,110			154,241			944,727			940,469

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-53

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	Vanguard VIF Small Company Growth Portfolio Sub-Account						Vanguard VIF Total Bond Market Index Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	15,341		$	(12,878	)	$	5,523,569		$	4,527,789

Net realized gain (loss)		(811,916	)		3,479,804			(11,255,403	)		(6,556,491	)

Net change in unrealized appreciation (depreciation) on investments		4,264,173			(9,897,222	)		19,252,977			(37,806,838	)

Net increase (decrease) in net assets from operations		3,467,598			(6,430,296	)		13,521,143			(39,835,540	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		209,016			251,222			10,079,151			12,138,988

Net contractowner transfers		1,793,543			1,752,665			16,001,547			960,696

Withdrawals and death benefits (b)		(884,540	)		(818,857	)		(17,686,956	)		(15,035,061	)

Net increase (decrease) in net assets resulting from contractowner transactions		1,118,019			1,185,030			8,393,742			(1,935,377	)

Net increase (decrease) in net assets		4,585,617			(5,245,266	)		21,914,885			(41,770,917	)

NET ASSETS

Beginning of period		17,314,245			22,559,511			255,015,527			296,786,444

End of period	$	21,899,862		$	17,314,245		$	276,930,412		$	255,015,527



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		395,191			382,974			9,911,834			9,973,024

Units purchased		4,287			5,364			388,569			455,008

Units sold/transferred		18,842			6,853			(82,482	)		(516,198	)

End of period		418,320			395,191			10,217,921			9,911,834

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-54		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Vanguard VIF Total International Stock Market Index Portfolio Sub-Account						Vanguard VIF Total Stock Market Index Portfolio Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	515,106		$	631,096		$	197,020		$	195,498

Net realized gain (loss)		(954,916	)		(409,043	)		253,516			876,751

Net change in unrealized appreciation (depreciation) on investments		3,360,925			(3,916,025	)		5,277,424			(5,635,891	)

Net increase (decrease) in net assets from operations		2,921,115			(3,693,972	)		5,727,960			(4,563,642	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		574,148			403,374			1,645,733			2,165,329

Net contractowner transfers		369,807			987,231			892,266			1,260,531

Withdrawals and death benefits (b)		(1,565,615	)		(584,509	)		(562,989	)		(313,000	)

Net increase (decrease) in net assets resulting from contractowner transactions		(621,660	)		806,096			1,975,010			3,112,860

Net increase (decrease) in net assets		2,299,455			(2,887,876	)		7,702,970			(1,450,782	)

NET ASSETS

Beginning of period		19,660,254			22,548,130			21,371,598			22,822,380

End of period	$	21,959,709		$	19,660,254		$	29,074,568		$	21,371,598



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		625,473			600,692			614,060			525,761

Units purchased		17,125			12,553			44,396			58,567

Units sold/transferred		(36,445	)		12,228			6,538			29,732

End of period		606,153			625,473			664,994			614,060

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-55

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended


	VY CBRE Global Real Estate Portfolio— Class I Sub-Account						Wanger International Sub-Account
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	128,051		$	236,815		$	8,787		$	71,529

Net realized gain (loss)		(106,585	)		261,366			(1,210,319	)		1,453,618

Net change in unrealized appreciation (depreciation) on investments		880,064			(2,951,038	)		3,008,432			(6,860,104	)

Net increase (decrease) in net assets from operations		901,530			(2,452,857	)		1,806,900			(5,334,957	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		125,387			103,312			97,452			126,442

Net contractowner transfers		382,030			(405,484	)		(138,321	)		850,012

Withdrawals and death benefits (b)		(328,011	)		(227,132	)		(443,892	)		(423,844	)

Net increase (decrease) in net assets resulting from contractowner transactions		179,406			(529,304	)		(484,761	)		552,610

Net increase (decrease) in net assets		1,080,936			(2,982,161	)		1,322,139			(4,782,347	)

NET ASSETS

Beginning of period		7,064,826			10,046,987			10,950,553			15,732,900

End of period	$	8,145,762		$	7,064,826		$	12,272,692		$	10,950,553



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		154,406			164,710			166,064			158,024

Units purchased		2,865			2,022			1,376			1,757

Units sold/transferred		305			(12,326	)		(9,072	)		6,283

End of period		157,576			154,406			158,368			166,064

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-56		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements


		continued


	Wanger Select Sub-Account						Wanger Acorn Sub-Account
	December 31, 2023 ^‡			December 31, 2022			December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	(924	)	$	(3,324	)	$	(13,611	)	$	(10,585	)

Net realized gain (loss)		(1,112,625	)		472,551			(440,696	)		(425,841	)

Net change in unrealized appreciation (depreciation) on investments		1,264,034			(1,298,966	)		1,390,499			(908,211	)

Net increase (decrease) in net assets from operations		150,485			(829,739	)		936,192			(1,344,637	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		2,779			13,308			208,823			581,161

Net contractowner transfers		(1,779,618	)		103,640			1,643,341			507,878

Withdrawals and death benefits (b)		(13,195	)		(42,636	)		(143,659	)		(98,595	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,790,034	)		74,312			1,708,505			990,444

Net increase (decrease) in net assets		(1,639,549	)		(755,427	)		2,644,697			(354,193	)

NET ASSETS

Beginning of period		1,639,549			2,394,976			3,368,927			3,723,120

End of period	$	—		$	1,639,549		$	6,013,624		$	3,368,927



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		28,987			27,737			36,113			26,490

Units purchased		45			204			2,045			5,898

Units sold/transferred		(29,032	)		1,046			14,455			3,725

End of period		—			28,987			52,613			36,113

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.

^‡	Wanger Select merged operations with Wanger Acorn on April 21, 2023.


See notes to financial statements		TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-57

Statements of Changes in Net Assets

TIAA-CREF Life Separate Account VA-1 ^∎ For the period or year ended

concluded


	Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account
	December 31, 2023			December 31, 2022

FROM OPERATIONS

Net investment income (loss)	$	646,227		$	857,474

Net realized gain (loss)		(920,943	)		(502,016	)

Net change in unrealized appreciation (depreciation) on investments		1,439,060			(2,529,254	)

Net increase (decrease) in net assets from operations		1,164,344			(2,173,796	)

FROM CONTRACTOWNER TRANSACTIONS

Premiums (a)		151,265			188,762

Net contractowner transfers		(709,768	)		(338,457	)

Withdrawals and death benefits (b)		(713,132	)		(482,424	)

Net increase (decrease) in net assets resulting from contractowner transactions		(1,271,635	)		(632,119	)

Net increase (decrease) in net assets		(107,291	)		(2,805,915	)

NET ASSETS

Beginning of period		12,838,185			15,644,100

End of period	$	12,730,894		$	12,838,185



CHANGES IN ACCUMULATION UNITS OUTSTANDING:

Beginning of period		720,872			755,070

Units purchased		8,248			10,158

Units sold/transferred		(82,107	)		(44,356	)

End of period		647,013			720,872

(a)	Amounts presented are net of premium expense charges.

(b)	Amounts include payments for other daily and monthly fee and expense charges.


B-58		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1		See notes to financial statements

Notes to Financial Statements

TIAA-CREF Life Separate Account VA-1

Note 1—organization and significant accounting policies

TIAA-CREF Life Separate Account VA-1 (the “Separate Account”) was established by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) as a separate investment account under New York law on July 27, 1998 and is registered with the Securities and Exchange Commission (“Commission”) as a unit investment trust under the Investment Company Act of 1940, as amended (“1940 Act”). TIAA-CREF Life, as a legal reserve life insurance company under the insurance laws of the State of New York, is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”).

Investors participate in the Separate Account by purchasing one of three different variable annuity contracts: the Personal Annuity Select and Single Premium Immediate Annuity (the “Original Contract”), the Lifetime Variable Select Annuity (the “Lifetime Contract”) and the Intelligent Variable Annuity (the “Intelligent VA”). Premiums received from the contracts are allocated to investment accounts, the (“Sub-Accounts”) that invest in non-proprietary funds or TIAA-CREF Life Funds (collectively, the “Funds”). TIAA-CREF Life Funds is an open-end management investment company registered with the Commission and managed by Teachers Advisors, LLC (the, “Adviser”), a wholly owned indirect subsidiary of TIAA. Advisors is registered with the Commission as an investment adviser. The Original Contract currently offers 8 investment Sub-Account options, the Lifetime Contract currently offers 10 investment Sub-Account options and the Intelligent VA offers 76 investment Sub-Account options. Accumulation unit values are calculated daily for each investment account. Effective in 2008, the Personal Annuity Select and Lifetime Variable Select Annuity are no longer available to new customers. However, policy owners that existed prior to that date may continue to invest their premiums in the Sub-Accounts.

Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the Sub-Accounts based upon their relative daily net asset values. Annuitants bear no mortality risk under their contracts. Initial annuity payments are calculated based on the total value of a participant’s accumulation units on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance and Sub-Account expenses.

Net assets allocated to contracts in the payout period are computed according to the Annuity 2000 Mortality Table with four year setbacks for contracts issued prior to 2015 and 2012 Individual Annuity Reserving for contracts issued after 2014. The 2012 IAR Mortality Table is used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued after January 1, 2015. The mortality risk is fully borne by TIAA-CREF Life and may result in additional amounts being transferred into the variable annuity account by TIAA-CREF Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to TIAA-CREF Life.

Effective April 21, 2023, the Wanger Selected Sub-Account merged operations with Wanger Acorn Sub-Account.

Effective December 8, 2023, the PSF PGIM Jennison Focused Blend Portfolio—Class II Sub-Account merged operations with PSF PGIM Jennison Blend Portfolio—Class II Sub-Account (commenced operations on December 8, 2023).

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Separate Account is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services-Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Sub-Accounts.

Security valuation: All investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Security transactions are accounted for as of the trade date for financial reporting purposes. Dividend income and capital gain distributions are recorded on the ex-dividend date. Realized gains and losses on security transactions are based on the specific identification method.

Income taxes: TIAA-CREF Life Separate Account VA-1 is a separate account of TIAA-CREF Life, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. The Separate Account should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, the Separate Account’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. The Separate Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Separate Account’s tax positions taken for all open income tax years and has concluded that no provision for federal income tax is required in the Separate Account’s financial statements.

Cybersecurity Event: During the current fiscal period, a third-party administrative vendor to the Separate Account (the “Third-Party Vendor”) was impacted by a cybersecurity event that prevented the Third-Party Vendor’s ability to process premiums, withdrawals


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-59


Notes to financial statements

TIAA-CREF Life Separate Account VA-1

and death benefits and perform other administrative services for its clients, including TIAA, TIAA Separate Account VA-1, TIAA-CREF Life Separate Account VA-1, TIAA-CREF Life Separate Account VLI-1, and TIAA-CREF Life Separate Account VLI-2. Once the Third-Party Vendor resumed operations, transactions for the Account were processed, effective as of the date on which they were received in good order. The cybersecurity event did not have a material impact to the Account’s financial statements for the year ended December 31, 2023.

Note 2—valuation of investments

U.S. GAAP establishes a hierarchy that categorizes market inputs to valuation methods. The three levels of inputs are:

•

Level 1—quoted prices in active markets for identical securities

•

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

•

Level 3—significant unobservable inputs (including the Sub-Accounts’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Sub-Accounts’ investments follows:

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

As of December 31, 2023, all of the investments in the Sub-Accounts were investments in registered investment companies and were valued based on Level 1 inputs.

Note 3—expense charges and affiliates

TIAA-CREF Life provides all administrative services for the Sub-Accounts. Daily charges are deducted from the net assets of the Sub-Accounts for services required to administer the Separate Account and the contracts, and to cover certain insurance risks borne by TIAA-CREF Life. The following are the current administrative expense charges for the contracts:

Administrative expense

(as a percentage of average account value)


	Intelligent Variable Annuity		Personal Annuity Select		Lifetime Variable Select

Maximum contractual fee		0.30%		0.20%		0.20%

Current fee		0.10%		0.20%		0.20%

TIAA-CREF Life imposes a daily charge that is deducted from the net assets of the Sub-Accounts for bearing certain mortality and expense risks in connection with the contracts. The following are the mortality and expense risk charges for the contracts:

Mortality and expense risk charges

(as a percentage of average account value)


	Personal Annuity Select		Lifetime Variable Select

Maximum contractual fee		1.00%		1.00%

Current fee		0.40%		0.40%

Intelligent Variable Annuity


	Maximum contractual fee		Current fee

If accumulation value is less than $100,000		0.40%		0.40%

If accumulation value is between $100,000-$500,000		0.25%		0.25%

If accumulation value is greater than $500,000		0.15%		0.15%

After the first 10 contract years		0.00%		0.00%


B-60		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued

There are other daily, monthly, and annual fees and expenses that a contractowner will pay when buying, owning and surrendering the policy. These fees and expenses include as follows:


Additional expense charges	Intelligent Variable Annuity		Personal Annuity Select		Lifetime Variable Select

Maximum annual contract fees (waived for accumulation values > $25,000)	$	25	$	0	$	25

Optional guaranteed minimum death benefit charge		0.10%		None		None

Premium taxes (a)		1.00% to 3.50%		1.00% to 3.50%		1.00% to 3.50%

Maximum transfer fee	$	0	$	0	$	25

(a)	Only applicable in certain states.

The Sub-Accounts indirectly pay expenses of the underlying funds. With respect to investments in the Funds, these include management fees paid to Advisors. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a subsidiary of TIAA. Services may also enter into selling agreements with third parties to distribute the contracts.

Note 4—investments

Purchases and sales of securities for the Sub-Accounts for the year ended December 31, 2023 were as follows:


Sub-Accounts	Purchases		Sales

TIAA-CREF Life Balanced	$	16,355,481	$	16,671,270

TIAA-CREF Life Core Bond		38,034,859		35,840,968

TIAA-CREF Life Growth Equity		19,198,704		26,121,153

TIAA-CREF Life Growth & Income		50,179,863		28,712,413

TIAA-CREF Life International Equity		21,602,311		21,177,446

TIAA-CREF Life Large-Cap Value		17,426,848		21,697,224

TIAA-CREF Life Money Market		80,374,822		78,854,584

TIAA-CREF Life Real Estate Securities		10,472,700		17,062,464

TIAA-CREF Life Small-Cap Equity		12,372,914		13,074,087

TIAA-CREF Life Social Choice Equity		14,800,665		15,963,724

TIAA-CREF Life Stock Index		73,867,894		103,819,666

Calamos Growth and Income Portfolio		319,300		499,633

ClearBridge Variable Aggressive Growth Portfolio—Class I		9,430,036		8,615,735

ClearBridge Variable Small Cap Growth Portfolio—Class I		2,134,607		2,584,778

Credit Suisse Trust—Commodity Return Strategy Portfolio		259,467		487,622

Delaware VIP International Series—Standard Class		12,168,703		15,924,141

Delaware VIP Small Cap Value Series—Standard Class		10,004,304		9,770,706

DFA VA Equity Allocation Portfolio		3,607,882		4,496,733

DFA VA Global Bond Portfolio		14,134,503		11,844,054

DFA VA Global Moderate Allocation Portfolio		14,904,177		13,282,265

DFA VA International Small Portfolio		11,157,171		12,779,957

DFA VA International Value Portfolio		23,343,559		28,112,152

DFA VA Short-Term Fixed Portfolio		20,226,762		20,117,781

DFA VA US Large Value Portfolio		18,786,263		17,913,849

DFA VA US Targeted Value Portfolio		14,370,801		13,066,995

Franklin Income VIP Fund—Class 1		2,098,503		2,648,145

Franklin Mutual Shares VIP Fund—Class 1		431,735		296,996

Franklin Small-Mid Cap Growth VIP Fund—Class 1		4,034,925		4,212,904

Janus Henderson Forty Portfolio—Institutional Shares		3,450,124		2,935,788

Janus Henderson Overseas Portfolio—Institutional Shares		131,819		218,909

Janus Henderson Mid Cap Value Portfolio—Institutional Shares		1,283,373		1,606,922

John Hancock Emerging Markets Value Trust		8,390,809		10,628,896

LVIP Delaware Diversified Income Fund—Standard Class		17,752,554		16,515,581

Matson Money Fixed Income VI Portfolio		10,546,065		11,764,491

Matson Money International Equity VI Portfolio		5,763,518		7,910,383

Matson Money U.S. Equity VI Portfolio		9,804,734		10,724,957

MFS Global Equity Series—Initial Class		1,736,776		1,425,965

MFS Growth Series—Initial Class		87,271		28,803

MFS Massachusetts Investors Growth Stock Portfolio		4,976,451		4,817,889


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-61


Notes to financial statements

TIAA-CREF Life Separate Account VA-1


Sub-Accounts	Purchases		Sales

MFS Utilities Series—Initial Class	$	1,278,630	$	1,761,010

Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class		13,516,449		12,060,601

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class		1,116,497		1,219,882

PIMCO VIT All Asset Portfolio—Institutional Class		551,745		1,327,751

PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class		1,682,200		1,722,494

PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class		9,824,333		8,800,095

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class		1,803,544		1,670,331

PIMCO VIT Real Return Portfolio—Institutional Class		24,993,927		25,308,722

PVC Equity Income Account—Class 1		27,980,818		26,278,905

PVC MidCap Account—Class 1		2,033,107		2,043,281

PSF Natural Resources Portfolio—Class II		923,531		1,297,336

PSF PGIM Jennison Blend Portfolio—Class II		25,911,984		2,032,881

PSF PGIM Jennison Focused Blend Portfolio-Class II		5,805,288		32,095,273

PSF PGIM Jennison Value Portfolio—Class II		373,858		752,217

Royce Capital Fund Micro-Cap Portfolio—Investment Class		538,356		561,471

Royce Capital Fund Small-Cap Portfolio—Investment Class		2,738,725		2,270,866

T. Rowe Price^® Health Sciences Portfolio I		1,450,766		1,810,891

T. Rowe Price^® Limited-Term Bond Portfolio		18,426,685		20,949,886

Templeton Developing Markets VIP Fund—Class 1		8,448,651		6,488,614

Vanguard VIF Balanced Portfolio		2,469,565		2,762,051

Vanguard VIF Capital Growth Portfolio		6,512,916		5,518,848

Vanguard VIF Conservative Allocation Portfolio		909,236		568,236

Vanguard VIF Equity Index		32,990,586		23,722,146

Vanguard VIF Global Bond Index Portfolio		2,113,531		1,072,895

Vanguard VIF High Yield Bond Portfolio		14,656,158		11,947,193

Vanguard VIF International Portfolio		2,289,344		3,119,504

Vanguard VIF Mid-Cap Index Portfolio		22,487,717		21,192,631

Vanguard VIF Moderate Allocation Portfolio		2,074,885		1,845,118

Vanguard VIF Real Estate Index Portfolio		10,865,269		8,511,789

Vanguard VIF Small Company Growth Portfolio		5,620,984		4,472,939

Vanguard VIF Total Bond Market Index Portfolio		70,403,017		56,438,301

Vanguard VIF Total International Stock Market Index Portfolio		6,787,766		6,654,594

Vanguard VIF Total Stock Market Index Portfolio		10,996,001		7,508,858

VY CBRE Global Real Estate Portfolio—Class I		2,913,740		2,516,974

Wanger International		3,262,372		3,725,253

Wanger Select		153,984		1,944,943

Wanger Acorn		3,832,535		2,139,515

Western Asset Variable Global High Yield Bond Portfolio—Class I		4,235,153		4,841,198

Note 5—condensed financial information


											For the period ended December 31, 2023

	Period		Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

TIAA-CREF Life Balanced Sub-Account
		2023		1,513		$35.86 to $37.49		$41.27 to $43.36		$63,986		2.46%		0.10% to 0.60%		15.08% to 15.65%
		2022		1,598		$43.25 to $44.99		$35.86 to $37.49		$58,561		2.57%		0.10% to 0.60%		(17.09)% to (16.67)%
		2021		1,716		$39.64 to $41.02		$43.25 to $44.99		$75,690		1.79%		0.10% to 0.60%		9.13% to 9.67%
		2020		1,725		$34.93 to $35.97		$39.64 to $41.02		$69,519		2.04%		0.10% to 0.60%		13.48% to 14.05%
		2019		1,848		$29.57 to $30.30		$34.93 to $35.97		$65,422		2.13%		0.10% to 0.60%		5.60% to 18.69%

TIAA-CREF Life Core Bond Sub-Account
		2023		3,605		$39.69 to $42.80		$41.93 to $45.44		$158,698		3.09%		0.10% to 0.60%		5.64% to 6.17%
		2022		3,673		$46.01 to $49.36		$39.69 to $42.80		$152,013		2.20%		0.10% to 0.60%		(13.73)% to (13.30)%
		2021		3,803		$46.75 to $49.90		$46.01 to $49.36		$181,621		2.36%		0.10% to 0.60%		(1.58)% to (1.08)%
		2020		3,616		$43.60 to $46.31		$46.75 to $49.90		$174,475		2.89%		0.10% to 0.60%		7.21% to 7.75%
		2019		3,623		$40.07 to $42.35		$43.60 to $46.31		$162,200		2.93%		0.10% to 0.60%		8.82% to 9.37%


B-62		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued


											For the period ended December 31, 2023

	Period		Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

TIAA-CREF Life Growth Equity Sub-Account
		2023		1,299		$60.43 to $65.18		$87.96 to $95.35		$129,554		0.26%		0.10% to 0.60%		45.55% to 46.28%
		2022		1,380		$90.63 to $97.27		$60.43 to $65.18		$94,184		0.00%		0.10% to 0.60%		(33.32)% to (32.99)%
		2021		1,448		$78.49 to $83.82		$90.63 to $97.27		$146,562		0.28%		0.10% to 0.60%		15.47% to 16.05%
		2020		1,594		$54.85 to $58.28		$78.49 to $83.82		$139,006		0.33%		0.10% to 0.60%		43.10% to 43.82%
		2019		1,605		$42.21 to $44.63		$54.85 to $58.28		$96,280		0.41%		0.10% to 0.60%		29.95% to 30.60%

TIAA-CREF Life Growth & Income Sub-Account
		2023		1,087		$94.35 to $101.74		$124.66 to $135.10		$159,610		1.08%		0.10% to 0.60%		32.14% to 32.80%
		2022		1,177		$122.06 to $130.96		$94.35 to $101.74		$130,126		0.74%		0.10% to 0.60%		(22.70)% to (22.32)%
		2021		1,306		$98.10 to $104.73		$122.06 to $130.96		$186,576		0.90%		0.10% to 0.60%		24.42% to 25.05%
		2020		1,392		$81.94 to $87.04		$98.10 to $104.73		$156,822		1.28%		0.10% to 0.60%		19.72% to 20.32%
		2019		1,531		$63.36 to $66.97		$81.94 to $87.04		$142,666		1.02%		0.10% to 0.60%		29.32% to 29.97%

TIAA-CREF Life International Equity Sub-Account
		2023		2,568		$35.04 to $37.78		$40.55 to $43.94		$112,875		2.11%		0.10% to 0.60%		15.72% to 16.30%
		2022		2,613		$42.32 to $45.41		$35.04 to $37.78		$98,856		3.18%		0.10% to 0.60%		(17.20)% to (16.79)%
		2021		2,517		$38.41 to $41.00		$42.32 to $45.41		$114,705		1.18%		0.10% to 0.60%		10.18% to 10.73%
		2020		2,355		$33.50 to $35.59		$38.41 to $41.00		$97,294		1.64%		0.10% to 0.60%		14.65% to 15.23%
		2019		2,399		$27.39 to $28.94		$33.50 to $35.59		$85,477		2.10%		0.10% to 0.60%		22.34% to 22.95%

TIAA-CREF Life Large-Cap Value Sub-Account
		2023		433		$120.26 to $129.67		$136.64 to $148.07		$68,976		1.67%		0.10% to 0.60%		13.62% to 14.19%
		2022		483		$130.23 to $139.72		$120.26 to $129.67		$66,549		1.27%		0.10% to 0.60%		(7.65)% to (7.19)%
		2021		540		$103.28 to $110.25		$130.23 to $139.72		$79,163		1.49%		0.10% to 0.60%		26.09% to 26.72%
		2020		547		$99.90 to $106.11		$103.28 to $110.25		$62,754		2.00%		0.10% to 0.60%		3.38% to 3.90%
		2019		601		$78.11 to $82.55		$99.90 to $106.11		$64,670		1.77%		0.10% to 0.60%		27.89% to 28.53%

TIAA-CREF Life Money Market Sub-Account
		2023		8,479		$11.46 to $12.37		$11.96 to $12.97		$106,450		4.91%		0.10% to 0.60%		4.40% to 4.92%
		2022		8,794		$11.36 to $12.20		$11.46 to $12.37		$105,244		1.54%		0.10% to 0.60%		0.86% to 1.36%
		2021		6,947		$11.43 to $12.21		$11.36 to $12.20		$82,011		0.00%		0.10% to 0.60%		(0.60)% to (0.10)%
		2020		8,007		$11.45 to $12.17		$11.43 to $12.21		$94,661		0.36%		0.10% to 0.60%		(0.19)% to 0.31%
		2019		7,231		$11.29 to $11.94		$11.45 to $12.17		$85,267		2.06%		0.10% to 0.60%		1.48% to 1.99%

TIAA-CREF Life Real Estate Securities Sub-Account
		2023		383		$129.47 to $139.60		$144.16 to $156.22		$63,670		2.59%		0.10% to 0.60%		11.35% to 11.90%
		2022		441		$182.49 to $195.79		$129.47 to $139.60		$64,943		1.51%		0.10% to 0.60%		(29.05)% to (28.70)%
		2021		483		$131.58 to $140.46		$182.49 to $195.79		$98,462		1.64%		0.10% to 0.60%		38.69% to 39.39%
		2020		510		$130.71 to $138.84		$131.58 to $140.46		$73,531		2.30%		0.10% to 0.60%		0.66% to 1.17%
		2019		556		$100.12 to $105.82		$130.71 to $138.84		$78,902		1.94%		0.10% to 0.60%		30.55% to 31.20%

TIAA-CREF Life Small-Cap Equity Sub-Account
		2023		296		$145.62 to $157.01		$171.74 to $186.10		$58,149		0.86%		0.10% to 0.60%		17.94% to 18.53%
		2022		313		$173.62 to $186.27		$145.62 to $157.01		$51,364		0.48%		0.10% to 0.60%		(16.13)% to (15.71)%
		2021		347		$140.01 to $149.46		$173.62 to $186.27		$67,160		0.51%		0.10% to 0.60%		24.01% to 24.63%
		2020		350		$124.87 to $132.63		$140.01 to $149.46		$54,249		0.85%		0.10% to 0.60%		12.13% to 12.69%
		2019		355		$101.53 to $107.31		$124.87 to $132.63		$48,298		0.56%		0.10% to 0.60%		22.98% to 23.60%

TIAA-CREF Life Social Choice Equity Sub-Account
		2023		646		$95.68 to $103.17		$116.43 to $126.16		$84,876		1.39%		0.10% to 0.60%		21.68% to 22.29%
		2022		681		$117.15 to $125.68		$95.68 to $103.17		$73,492		1.23%		0.10% to 0.60%		(18.32)% to (17.91)%
		2021		748		$93.27 to $99.57		$117.15 to $125.68		$97,583		1.17%		0.10% to 0.60%		25.60% to 26.23%
		2020		760		$77.89 to $82.74		$93.27 to $99.57		$78,413		1.57%		0.10% to 0.60%		19.75% to 20.35%
		2019		815		$59.64 to $63.04		$77.89 to $82.74		$68,159		1.56%		0.10% to 0.60%		30.60% to 31.25%


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-63


Notes to financial statements

TIAA-CREF Life Separate Account VA-1


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

TIAA-CREF Life Stock Index Sub-Account
		2023			3,693		$116.83 to $125.99		$146.22 to $158.47		$608,408		1.47%		0.10% to 0.60%		25.16% to 25.78%
		2022			3,995		$145.43 to $156.05		$116.83 to $125.99		$522,030		1.33%		0.10% to 0.60%		(19.67)% to (19.26)%
		2021			4,137		$116.46 to $124.34		$145.43 to $156.05		$675,674		1.35%		0.10% to 0.60%		24.88% to 25.50%
		2020			4,294		$97.01 to $103.06		$116.46 to $124.34		$559,790		1.69%		0.10% to 0.60%		20.04% to 20.64%
		2019			4,583		$74.61 to $78.87		$97.01 to $103.06		$491,861		1.67%		0.10% to 0.60%		30.03% to 30.68%

Calamos Growth and Income Portfolio Sub-Account
		2023			98		$38.10 to $38.68		$45.67 to $46.41		$4,525		0.57%		0.10% to 0.20%		19.88% to 20.00%
		2022			106		$44.59 to $47.84		$38.10 to $38.68		$4,062		0.69%		0.10% to 0.20%		(19.23)% to (19.15)%
		2021			110		$36.95 to $39.44		$44.59 to $47.84		$5,212		0.37%		0.10% to 0.59%		20.67% to 21.28%
		2020			113		$30.36 to $32.25		$36.95 to $39.44		$4,420		0.48%		0.10% to 0.60%		21.70% to 22.31%
		2019			127		$24.33 to $25.71		$30.36 to $32.25		$3,996		1.64%		0.10% to 0.60%		24.81% to 25.44%

ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account
		2023			577		$41.29 to $44.53		$51.07 to $55.34		$30,688		0.30%		0.10% to 0.60%		23.68% to 24.30%
		2022			622		$56.45 to $60.57		$41.29 to $44.53		$26,625		0.46%		0.10% to 0.60%		(26.85)% to (26.49)%
		2021			610		$51.49 to $54.97		$56.45 to $60.57		$35,628		0.16%		0.10% to 0.60%		9.64% to 10.19%
		2020			657		$43.89 to $46.62		$51.49 to $54.97		$34,895		0.83%		0.10% to 0.60%		17.31% to 17.90%
		2019			712		$35.30 to $37.31		$43.89 to $46.62		$32,114		0.98%		0.10% to 0.60%		24.32% to 24.95%

ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account
		2023			87		$54.39 to $58.64		$58.60 to $63.50		$5,342		0.00%		0.10% to 0.60%		7.45% to 8.72%
		2022			94		$76.89 to $82.50		$54.39 to $58.64		$5,352		0.00%		0.10% to 0.60%		(29.27)% to (28.92)%
		2021			95		$68.69 to $73.33		$76.89 to $82.50		$7,604		0.00%		0.10% to 0.60%		11.94% to 12.50%
		2020			85		$48.24 to $51.24		$68.69 to $73.33		$6,049		0.00%		0.10% to 0.60%		42.41% to 43.12%
		2019			87		$38.25 to $40.43		$48.24 to $51.24		$4,333		0.00%		0.10% to 0.60%		26.11% to 26.75%

Credit Suisse Trust-Commodity Return Strategy Portfolio Sub-Account
		2023			26		$23.35 to $24.44		$21.09 to $22.19		$561		19.61%		0.10% to 0.60%		(9.66)% to (9.21)%
		2022			42		$20.24 to $21.09		$23.35 to $24.44		$999		13.80%		0.10% to 0.60%		2.64% to 15.91%
		2021			27		$15.92 to $16.50		$20.24 to $21.09		$561		5.83%		0.10% to 0.60%		(4.92)% to 27.77%
		2020			13		$16.26 to $16.77		$15.92 to $16.50		$211		3.76%		0.10% to 0.60%		(2.07)% to (1.58)%
		2019			10		$15.33 to $15.61		$16.26 to $16.77		$165		0.88%		0.10% to 0.59%		1.61% to 6.42%

Delaware VIP International Series—Standard Class Sub-Account
		2023			2,351		$15.21 to $16.41		$17.18 to $18.61		$42,404		1.40%		0.10% to 0.60%		12.90% to 13.47%
		2022			2,610		$18.52 to $19.86		$15.21 to $16.41		$41,321		1.48%		0.10% to 0.60%		(17.83)% to (17.42)%
		2021			2,554		$17.35 to $18.28		$18.52 to $19.86		$49,043		0.96%		0.10% to 0.60%		6.23% to 6.76%
		2020	(x)		2,616		$17.35 to $18.28		$17.43 to $18.61		$47,083		0.00%		0.12% to 0.71%		1.19% to 1.21%

Delaware VIP Small Cap Value Series—Standard Class Sub-Account
		2023			325		$86.84 to $93.63		$94.47 to $102.37		$32,328		0.96%		0.10% to 0.60%		8.79% to 9.33%
		2022			340		$99.37 to $106.61		$86.84 to $93.63		$30,836		0.83%		0.10% to 0.60%		(12.61)% to (12.18)%
		2021			368		$74.37 to $79.39		$99.37 to $106.61		$37,969		0.85%		0.10% to 0.60%		33.61% to 34.28%
		2020			414		$76.27 to $81.02		$74.37 to $79.39		$31,826		1.34%		0.10% to 0.60%		(2.49)% to (2.00)%
		2019			381		$59.88 to $63.29		$76.27 to $81.02		$29,919		1.04%		0.10% to 0.60%		27.37% to 28.01%

DFA VA Equity Allocation Portfolio Sub-Account
		2023			258		$36.34 to $37.35		$43.40 to $44.83		$11,403		2.17%		0.10% to 0.60%		19.43% to 20.03%
		2022			291		$42.35 to $43.31		$36.34 to $37.35		$10,751		1.74%		0.10% to 0.60%		(14.20)% to (13.77)%
		2021			315		$34.26 to $34.86		$42.35 to $43.31		$13,516		1.34%		0.10% to 0.60%		8.04% to 24.25%
		2020			875		$30.73 to $31.11		$34.26 to $34.86		$30,275		1.75%		0.10% to 0.60%		11.49% to 12.05%
		2019			941		$24.55 to $24.73		$30.73 to $31.11		$29,124		1.93%		0.10% to 0.60%		25.16% to 25.78%


B-64		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued


											For the period ended December 31, 2023

	Period		Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

DFA VA Global Bond Portfolio Sub-Account
		2023		2,003		$26.00 to $27.42		$27.15 to $28.78		$56,351		4.05%		0.10% to 0.60%		4.43% to 4.95%
		2022		1,999		$27.93 to $29.31		$26.00 to $27.42		$53,594		1.57%		0.10% to 0.60%		(6.89)% to (6.43)%
		2021		2,102		$28.39 to $29.65		$27.93 to $29.31		$60,366		0.72%		0.10% to 0.60%		(1.63)% to (1.14)%
		2020		2,151		$28.15 to $29.25		$28.39 to $29.65		$62,594		0.03%		0.10% to 0.60%		0.85% to 1.36%
		2019		2,031		$27.18 to $28.10		$28.15 to $29.25		$58,438		2.72%		0.10% to 0.60%		0.05% to 4.08%

DFA VA Global Moderate Allocation Portfolio Sub-Account
		2023		989		$38.18 to $39.97		$43.54 to $45.81		$44,285		2.77%		0.10% to 0.60%		14.04% to 14.61%
		2022		987		$43.14 to $44.93		$38.18 to $39.97		$38,556		1.44%		0.10% to 0.60%		(11.49)% to (11.05)%
		2021		1,034		$38.00 to $39.38		$43.14 to $44.93		$45,573		1.50%		0.10% to 0.60%		13.52% to 14.09%
		2020		1,040		$34.35 to $35.42		$38.00 to $39.38		$40,254		1.14%		0.10% to 0.60%		10.62% to 27.85%
		2019		1,049		$29.25 to $30.02		$34.35 to $35.42		$36,602		2.37%		0.10% to 0.60%		17.42% to 18.01%

DFA VA International Small Portfolio Sub-Account
		2023		931		$44.24 to $46.66		$50.18 to $53.20		$48,213		3.14%		0.10% to 0.60%		13.43% to 14.00%
		2022		994		$54.04 to $56.72		$44.24 to $46.66		$45,208		2.61%		0.10% to 0.60%		(18.14)% to (17.73)%
		2021		972		$47.46 to $49.56		$54.04 to $56.72		$53,870		2.56%		0.10% to 0.60%		13.88% to 14.45%
		2020		1,036		$43.63 to $45.34		$47.46 to $49.56		$50,232		2.19%		0.10% to 0.60%		8.76% to 9.30%
		2019		1,048		$35.43 to $36.63		$43.63 to $45.34		$46,598		2.82%		0.10% to 0.60%		23.16% to 23.77%

DFA VA International Value Portfolio Sub-Account
		2023		2,056		$39.56 to $41.72		$46.34 to $49.13		$98,454		4.71%		0.10% to 0.60%		17.16% to 17.74%
		2022		2,291		$41.22 to $43.26		$39.56 to $41.72		$93,246		3.89%		0.10% to 0.60%		(4.03)% to (3.55)%
		2021		2,398		$35.11 to $36.66		$41.22 to $43.26		$101,463		3.98%		0.10% to 0.60%		17.41% to 18.00%
		2020		2,572		$35.95 to $37.36		$35.11 to $36.66		$92,346		2.60%		0.10% to 0.60%		(2.35)% to (1.86)%
		2019		2,230		$31.22 to $32.28		$35.95 to $37.36		$81,784		4.14%		0.10% to 0.60%		15.17% to 15.74%

DFA VA Short-Term Fixed Portfolio Sub-Account
		2023		2,931		$24.94 to $26.31		$26.03 to $27.59		$78,804		3.74%		0.10% to 0.60%		4.36% to 4.88%
		2022		3,027		$25.38 to $26.64		$24.94 to $26.31		$77,670		1.27%		0.10% to 0.60%		(1.75)% to (1.25)%
		2021		3,235		$25.58 to $26.72		$25.38 to $26.64		$84,242		0.01%		0.10% to 0.60%		(0.79)% to (0.29)%
		2020		3,092		$25.59 to $26.59		$25.58 to $26.72		$80,902		0.64%		0.10% to 0.60%		0.00% to 0.50%
		2019		2,756		$25.11 to $25.96		$25.59 to $26.59		$71,891		2.31%		0.10% to 0.60%		1.90% to 2.41%

DFA VA US Large Value Portfolio Sub-Account
		2023		898		$70.73 to $74.61		$77.99 to $82.67		$72,395		2.31%		0.10% to 0.60%		10.26% to 10.81%
		2022		919		$74.81 to $78.51		$70.73 to $74.61		$66,871		2.19%		0.10% to 0.60%		(5.45)% to (4.97)%
		2021		962		$59.24 to $61.86		$74.81 to $78.51		$73,868		1.76%		0.10% to 0.60%		26.28% to 26.91%
		2020		970		$60.43 to $62.79		$59.24 to $61.86		$58,724		2.34%		0.10% to 0.60%		(1.97)% to (1.47)%
		2019		929		$48.33 to $49.97		$60.43 to $62.79		$57,261		2.17%		0.10% to 0.60%		25.03% to 25.66%

DFA VA US Targeted Value Portfolio Sub-Account
		2023		564		$72.67 to $76.65		$86.71 to $91.92		$50,645		1.60%		0.10% to 0.60%		19.32% to 19.91%
		2022		596		$76.33 to $80.10		$72.67 to $76.65		$44,643		1.28%		0.10% to 0.60%		(4.79)% to (4.31)%
		2021		659		$54.97 to $57.41		$76.33 to $80.10		$51,711		1.49%		0.10% to 0.60%		38.85% to 39.54%
		2020		634		$53.18 to $55.26		$54.97 to $57.41		$35,672		1.86%		0.10% to 0.60%		3.36% to 3.88%
		2019		595		$43.66 to $45.14		$53.18 to $55.26		$32,307		1.57%		0.10% to 0.60%		21.83% to 22.44%

Franklin Income VIP Fund—Class 1 Sub-Account
		2023		193		$35.47 to $38.24		$38.38 to $41.59		$7,886		5.27%		0.10% to 0.60%		8.22% to 8.76%
		2022		232		$37.65 to $40.39		$35.47 to $38.24		$8,711		5.37%		0.10% to 0.60%		(5.80)% to (5.33)%
		2021		272		$32.37 to $34.56		$37.65 to $40.39		$10,752		4.67%		0.10% to 0.60%		16.31% to 16.89%
		2020		272		$32.25 to $34.26		$32.37 to $34.56		$9,198		5.83%		0.10% to 0.60%		0.37% to 0.87%
		2019		302		$27.87 to $29.46		$32.25 to $34.26		$10,059		5.41%		0.10% to 0.60%		15.72% to 16.30%


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-65


Notes to financial statements

TIAA-CREF Life Separate Account VA-1


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

Franklin Mutual Shares VIP Fund—Class 1 Sub-Account
		2023			53		$37.06 to $39.96		$41.89 to $45.40		$2,371		2.12%		0.10% to 0.60%		13.05% to 13.62%
		2022			56		$40.15 to $43.08		$37.06 to $39.96		$2,180		2.10%		0.10% to 0.60%		(7.71)% to (7.25)%
		2021			58		$33.80 to $36.08		$40.15 to $43.08		$2,464		3.21%		0.10% to 0.60%		18.81% to 19.40%
		2020			57		$35.73 to $37.95		$33.80 to $36.08		$2,005		2.79%		0.10% to 0.60%		(5.42)% to (4.94)%
		2019			59		$29.24 to $30.91		$35.73 to $37.95		$2,177		2.09%		0.10% to 0.60%		22.19% to 22.80%

Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account
		2023			166		$63.45 to $68.41		$80.17 to $86.88		$14,021		0.00%		0.10% to 0.60%		26.37% to 27.29%
		2022			169		$96.01 to $103.01		$63.45 to $68.41		$11,180		0.00%		0.10% to 0.60%		(33.92)% to (33.59)%
		2021			153		$87.61 to $93.52		$96.01 to $103.01		$15,280		0.00%		0.10% to 0.60%		9.59% to 10.14%
		2020			186		$56.67 to $60.19		$87.61 to $93.52		$16,919		0.00%		0.10% to 0.60%		54.59% to 55.37%
		2019			170		$43.25 to $45.72		$56.67 to $60.19		$9,924		0.00%		0.10% to 0.60%		31.01% to 31.67%

Janus Henderson Forty Portfolio—Institutional Shares Sub-Account
		2023			77		$129.34 to $139.46		$179.95 to $195.00		$14,690		0.20%		0.10% to 0.60%		39.13% to 39.82%
		2022			73		$195.83 to $210.09		$129.34 to $139.46		$10,053		0.18%		0.10% to 0.60%		(33.95)% to (33.62)%
		2021			88		$160.30 to $171.12		$195.83 to $210.09		$18,168		0.00%		0.10% to 0.60%		22.16% to 22.77%
		2020			102		$115.68 to $122.88		$160.30 to $171.12		$17,101		0.27%		0.10% to 0.60%		38.57% to 39.26%
		2019			106		$84.85 to $89.68		$115.68 to $122.88		$12,707		0.15%		0.10% to 0.60%		36.34% to 37.02%

Janus Henderson Overseas Portfolio—Institutional Shares Sub-Account
		2023			20		$77.19 to $78.96		$86.06 to $87.45		$1,762		1.46%		0.10% to 0.20%		10.65% to 10.76%
		2022			22		$80.60 to $86.48		$77.19 to $78.96		$1,694		1.76%		0.10% to 0.25%		(8.83)% to (8.70)%
		2021			22		$71.39 to $76.21		$80.60 to $86.48		$1,907		1.12%		0.10% to 0.50%		13.01% to 13.47%
		2020			26		$61.75 to $65.60		$71.39 to $76.21		$1,942		1.37%		0.10% to 0.59%		15.60% to 16.18%
		2019			26		$48.91 to $51.70		$61.75 to $65.60		$1,689		1.90%		0.10% to 0.60%		26.26% to 26.89%

Janus Henderson Mid-Cap Value Portfolio—Institutional Shares Sub-Account
		2023			175		$42.37 to $45.68		$46.91 to $50.84		$8,829		1.12%		0.10% to 0.60%		10.73% to 11.29%
		2022			189		$45.13 to $48.42		$42.37 to $45.68		$8,567		1.31%		0.10% to 0.60%		(6.12)% to (5.65)%
		2021			200		$37.92 to $40.48		$45.13 to $48.42		$9,531		0.44%		0.10% to 0.60%		19.01% to 19.61%
		2020			214		$38.50 to $40.90		$37.92 to $40.48		$8,484		1.22%		0.10% to 0.60%		(1.51)% to (1.02)%
		2019			233		$29.72 to $31.41		$38.50 to $40.90		$9,264		1.18%		0.10% to 0.60%		29.57% to 30.22%

John Hancock Emerging Markets Value Trust Sub-Account
		2023			1,260		$30.03 to $31.26		$34.37 to $35.96		$44,305		1.62%		0.10% to 0.60%		14.46% to 15.04%
		2022			1,349		$34.18 to $35.41		$30.03 to $31.26		$41,296		3.76%		0.10% to 0.60%		(12.16)% to (11.72)%
		2021			1,325		$30.91 to $31.86		$34.18 to $35.41		$46,070		2.41%		0.10% to 0.60%		10.58% to 11.14%
		2020			1,415		$29.98 to $30.75		$30.91 to $31.86		$44,380		2.60%		0.10% to 0.60%		3.10% to 3.62%
		2019			1,279		$27.20 to $27.76		$29.98 to $30.75		$38,804		3.48%		0.10% to 0.60%		10.23% to 10.78%

LVIP Delaware Diversified Income Fund—Standard Class Sub-Account
		2023			3,561		$15.94 to $17.19		$16.84 to $18.25		$63,503		4.08%		0.10% to 0.60%		5.60% to 6.13%
		2022			3,647		$18.62 to $19.98		$15.94 to $17.19		$61,020		3.32%		0.10% to 0.60%		(14.37)% to (13.94)%
		2021	(af)		3,675		$18.57 to $19.85		$18.62 to $19.98		$71,417		2.76%		0.10% to 0.60%		0.30% to 0.63%

Matson Money Fixed Income VI Portfolio Sub-Account
		2023			1,014		$23.96 to $24.82		$25.07 to $26.34		$26,022		2.63%		0.09% to 0.60%		3.56% to 5.06%
		2022			1,088		$25.93 to $26.76		$23.96 to $24.82		$26,593		1.15%		0.20% to 0.60%		(7.60)% to (7.23)%
		2021			1,178		$26.44 to $27.17		$25.93 to $26.76		$31,137		0.31%		0.20% to 0.60%		(1.93)% to (1.54)%
		2020			1,014		$25.76 to $26.30		$26.44 to $27.17		$27,235		0.66%		0.20% to 0.60%		0.50% to 2.97%
		2019			1,095		$24.80 to $25.22		$25.76 to $26.30		$28,585		1.69%		0.25% to 0.60%		3.90% to 4.26%

Matson Money International Equity VI Portfolio Sub-Account
		2023			565		$28.74 to $30.05		$33.05 to $34.72		$19,125		3.13%		0.10% to 0.60%		14.98% to 15.55%
		2022			650		$32.38 to $33.68		$28.74 to $30.05		$19,083		2.18%		0.10% to 0.60%		(11.22)% to (4.02)%
		2021			641		$28.49 to $29.49		$32.38 to $33.68		$21,163		3.07%		0.10% to 0.60%		13.62% to 14.19%
		2020			647		$27.95 to $28.78		$28.49 to $29.49		$18,732		1.57%		0.25% to 0.60%		1.95% to 2.46%
		2019			671		$23.96 to $24.55		$27.95 to $28.78		$19,017		2.29%		0.10% to 0.60%		16.66% to 17.24%


B-66		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

Matson Money U.S. Equity VI Portfolio Sub-Account
		2023			500		$44.83 to $46.86		$51.88 to $54.50		$26,593		1.03%		0.10% to 0.60%		15.71% to 16.29%
		2022			557		$49.99 to $51.99		$44.83 to $46.86		$25,534		0.77%		0.10% to 0.60%		(10.31)% to (9.86)%
		2021			596		$38.31 to $39.24		$49.99 to $51.99		$30,374		0.94%		0.10% to 0.60%		7.47% to 30.93%
		2020			655		$36.50 to $37.25		$38.31 to $39.24		$25,508		1.06%		0.25% to 0.60%		1.95% to 2.46%
		2019			694		$29.93 to $30.44		$36.50 to $37.25		$25,681		0.87%		0.25% to 0.60%		21.96% to 22.39%

MFS Global Equity Series—Initial Class Sub-Account
		2023			133		$36.76 to $39.64		$41.72 to $45.21		$5,914		0.79%		0.10% to 0.59%		13.50% to 14.07%
		2022			133		$44.95 to $48.23		$36.76 to $39.64		$5,155		0.55%		0.10% to 0.60%		(18.22)% to (17.81)%
		2021			134		$38.58 to $41.19		$44.95 to $48.23		$6,310		0.62%		0.10% to 0.60%		16.51% to 17.09%
		2020			140		$34.26 to $36.39		$38.58 to $41.19		$5,621		1.19%		0.10% to 0.60%		12.61% to 13.17%
		2019			155		$26.40 to $27.90		$34.26 to $36.39		$5,506		1.11%		0.10% to 0.60%		29.79% to 30.44%

MFS Growth Series—Initial Class Sub-Account
		2023			8		$90.58 to $97.67		$130.45 to $132.56		$1,012		0.00%		0.10% to 0.20%		35.59% to 35.73%
		2022			8		$133.30 to $143.01		$90.58 to $97.67		$754		0.00%		0.10% to 0.59%		(32.04)% to (31.70)%
		2021			8		$108.55 to $115.88		$133.30 to $143.01		$1,186		0.00%		0.10% to 0.60%		22.79% to 23.41%
		2020			10		$82.82 to $87.97		$108.55 to $115.88		$1,128		0.00%		0.10% to 0.58%		31.07% to 31.73%
		2019			10		$60.31 to $63.74		$82.82 to $87.97		$889		0.00%		0.10% to 0.59%		37.32% to 38.01%

MFS Massachusetts Investors Growth Stock Portfolio Sub-Account
		2023			166		$43.75 to $47.17		$53.93 to $58.44		$9,496		0.30%		0.10% to 0.60%		23.27% to 23.88%
		2022			173		$54.51 to $58.48		$43.75 to $47.17		$7,954		0.11%		0.10% to 0.60%		(19.74)% to (19.34)%
		2021			183		$43.53 to $46.47		$54.51 to $58.48		$10,389		0.23%		0.10% to 0.60%		25.22% to 25.85%
		2020			204		$35.74 to $37.97		$43.53 to $46.47		$9,207		0.43%		0.10% to 0.60%		21.79% to 22.40%
		2019			229		$25.69 to $27.15		$35.74 to $37.97		$8,442		0.68%		0.10% to 0.60%		39.12% to 39.81%

MFS Utilities Series—Initial Class Sub-Account
		2023			40		$82.51 to $88.97		$80.29 to $87.01		$3,440		3.40%		0.10% to 0.60%		(2.69)% to (2.21)%
		2022			50		$82.39 to $88.39		$82.51 to $88.97		$4,333		2.45%		0.10% to 0.60%		0.15% to 0.65%
		2021			47		$72.65 to $77.55		$82.39 to $88.39		$4,062		1.72%		0.10% to 0.60%		13.41% to 13.98%
		2020			44		$69.01 to $73.30		$72.65 to $77.55		$3,304		2.34%		0.10% to 0.60%		5.27% to 5.80%
		2019			49		$55.51 to $58.67		$69.01 to $73.30		$3,496		4.04%		0.10% to 0.60%		24.32% to 24.94%

Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account
		2023			1,086		$35.93 to $38.74		$39.64 to $42.96		$45,059		1.05%		0.10% to 0.60%		10.34% to 10.89%
		2022			1,119		$40.05 to $42.97		$35.93 to $38.74		$41,803		0.59%		0.10% to 0.60%		(10.29)% to (9.84)%
		2021			1,228		$30.34 to $32.39		$40.05 to $42.97		$50,975		0.59%		0.10% to 0.60%		32.00% to 32.66%
		2020			1,410		$31.34 to $33.29		$30.34 to $32.39		$44,093		1.28%		0.10% to 0.60%		(3.20)% to (2.72)%
		2019			1,242		$27.01 to $28.55		$31.34 to $33.29		$39,999		0.73%		0.10% to 0.60%		16.05% to 16.63%

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class Sub-Account
		2023			37		$45.22 to $48.76		$57.04 to $61.81		$2,257		0.34%		0.10% to 0.60%		4.39% to 26.77%
		2022			40		$55.79 to $59.85		$45.22 to $48.76		$1,908		0.42%		0.10% to 0.60%		(18.94)% to (18.53)%
		2021			46		$45.45 to $48.52		$55.79 to $59.85		$2,680		0.38%		0.10% to 0.60%		22.74% to 23.35%
		2020			50		$38.24 to $40.62		$45.45 to $48.52		$2,365		0.60%		0.10% to 0.60%		18.85% to 19.44%
		2019	(w)		57		$33.59 to $36.74		$38.24 to $40.62		$2,248		0.59%		0.10% to 0.60%		10.14% to 10.51%

PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account
		2023			154		$21.30 to $22.97		$22.93 to $24.84		$3,779		3.02%		0.10% to 0.60%		7.64% to 8.17%
		2022			193		$24.26 to $26.02		$21.30 to $22.97		$4,367		7.71%		0.10% to 0.60%		(12.18)% to (11.75)%
		2021			226		$20.96 to $22.38		$24.26 to $26.02		$5,757		10.93%		0.10% to 0.60%		15.72% to 16.30%
		2020			282		$19.50 to $20.71		$20.96 to $22.38		$6,208		5.33%		0.10% to 0.60%		7.52% to 8.06%
		2019			239		$17.52 to $18.52		$19.50 to $20.71		$4,819		3.09%		0.10% to 0.60%		11.25% to 11.80%


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-67


Notes to financial statements

TIAA-CREF Life Separate Account VA-1


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account
		2023			129		$24.07 to $25.20		$22.08 to $23.23		$2,926		15.72%		0.10% to 0.60%		(8.30)% to (7.84)%
		2022			150		$22.26 to $23.19		$24.07 to $25.20		$3,707		22.74%		0.10% to 0.60%		8.14% to 8.68%
		2021			141		$16.78 to $17.39		$22.26 to $23.19		$3,207		4.50%		0.10% to 0.60%		32.67% to 33.34%
		2020			92		$16.63 to $17.15		$16.78 to $17.39		$1,579		6.13%		0.10% to 0.60%		0.89% to 1.40%
		2019			93		$14.99 to $15.38		$16.63 to $17.15		$1,574		4.56%		0.10% to 0.60%		10.97% to 11.52%

PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class Sub-Account
		2023			1,302		$27.98 to $29.29		$30.95 to $32.56		$41,330		5.84%		0.10% to 0.60%		10.61% to 11.17%
		2022			1,344		$33.34 to $34.73		$27.98 to $29.29		$38,446		4.97%		0.10% to 0.60%		(16.09)% to (15.67)%
		2021			1,305		$34.38 to $35.63		$33.34 to $34.73		$44,396		4.63%		0.10% to 0.60%		(3.00)% to (2.51)%
		2020			1,165		$32.36 to $33.37		$34.38 to $35.63		$40,719		4.73%		0.10% to 0.60%		6.23% to 6.76%
		2019			1,184		$28.32 to $29.06		$32.36 to $33.37		$38,845		4.57%		0.10% to 0.60%		14.26% to 14.83%

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class Sub-Account
		2023			306		$17.32 to $18.67		$18.15 to $19.66		$5,915		2.40%		0.10% to 0.59%		4.79% to 5.31%
		2022			310		$19.55 to $20.97		$17.32 to $18.67		$5,679		1.64%		0.10% to 0.60%		(11.40)% to (10.96)%
		2021			292		$20.49 to $21.87		$19.55 to $20.97		$6,029		5.16%		0.10% to 0.60%		(4.59)% to (4.11)%
		2020			259		$18.69 to $19.85		$20.49 to $21.87		$5,552		2.58%		0.10% to 0.60%		9.62% to 10.17%
		2019			250		$17.69 to $18.70		$18.69 to $19.85		$4,867		2.61%		0.10% to 0.60%		5.65% to 6.18%

PIMCO VIT Real Return Portfolio—Institutional Class Sub-Account
		2023			5,006		$18.68 to $20.14		$19.27 to $20.89		$101,200		3.14%		0.10% to 0.60%		3.21% to 3.72%
		2022			5,184		$21.29 to $22.85		$18.68 to $20.14		$100,994		7.14%		0.10% to 0.60%		(12.30)% to (11.86)%
		2021			5,437		$20.26 to $21.63		$21.29 to $22.85		$120,386		5.14%		0.10% to 0.60%		5.11% to 5.64%
		2020			5,162		$18.22 to $19.35		$20.26 to $21.63		$108,156		1.57%		0.10% to 0.60%		11.21% to 11.77%
		2019			5,546		$16.88 to $17.84		$18.22 to $19.35		$103,984		1.81%		0.10% to 0.60%		7.95% to 8.49%

PVC Equity Income Account—Class 1 Sub-Account
		2023			1,579		$53.56 to $57.75		$59.21 to $64.16		$98,402		2.10%		0.10% to 0.60%		10.55% to 11.10%
		2022			1,663		$60.20 to $64.58		$53.56 to $57.75		$93,017		1.90%		0.10% to 0.60%		(11.03)% to (10.59)%
		2021			1,784		$49.45 to $52.79		$60.20 to $64.58		$111,694		1.98%		0.10% to 0.60%		21.73% to 22.34%
		2020			1,903		$46.74 to $49.65		$49.45 to $52.79		$97,393		2.02%		0.10% to 0.60%		5.80% to 6.33%
		2019			1,927		$36.43 to $38.50		$46.74 to $49.65		$92,711		1.93%		0.10% to 0.60%		28.31% to 28.96%

PVC MidCap Account—Class 1 Sub-Account
		2023			100		$65.93 to $71.09		$84.65 to $89.54		$8,894		0.00%		0.10% to 0.45%		25.52% to 25.96%
		2022			103		$86.12 to $92.39		$65.93 to $71.09		$7,236		0.19%		0.10% to 0.60%		(23.44)% to (23.05)%
		2021			105		$69.02 to $73.68		$86.12 to $92.39		$9,513		0.13%		0.10% to 0.60%		24.78% to 25.40%
		2020			115		$58.68 to $62.32		$69.02 to $73.68		$8,282		0.72%		0.10% to 0.60%		17.63% to 18.22%
		2019			124		$41.25 to $43.60		$58.68 to $62.32		$7,512		0.28%		0.10% to 0.60%		42.24% to 42.95%

PSF Natural Resources Portfolio—Class II Sub-Account
		2023			48		$60.22 to $64.93		$60.81 to $65.89		$3,092		0.00%		0.10% to 0.60%		0.98% to 1.48%
		2022			54		$49.84 to $53.48		$60.22 to $64.93		$3,422		0.00%		0.10% to 0.60%		20.82% to 21.42%
		2021			41		$40.10 to $42.81		$49.84 to $53.48		$2,171		0.00%		0.10% to 0.60%		24.28% to 24.90%
		2020			47		$36.08 to $38.33		$40.10 to $42.81		$1,993		0.00%		0.10% to 0.60%		11.15% to 11.71%
		2019			42		$32.92 to $34.80		$36.08 to $38.33		$1,586		0.00%		0.10% to 0.60%		9.59% to 10.14%

PSF PGIM Jennison Blend Portfolio—Class II Sub-Account
		2023	(ag)		412		$57.32		$58.57 to $63.47		$25,502		0.00%		0.10% to 0.63%		2.96% to 3.38%

PSF PGIM Jennison Value Portfolio—Class II Sub-Account
		2023			126		$56.93 to $61.38		$64.93 to $70.36		$8,787		0.00%		0.10% to 0.60%		14.06% to 14.63%
		2022			132		$62.42 to $66.97		$56.93 to $61.38		$8,021		0.00%		0.10% to 0.60%		(8.80)% to (8.35)%
		2021			143		$49.34 to $52.67		$62.42 to $66.97		$9,493		0.00%		0.10% to 0.60%		26.52% to 27.16%
		2020			155		$48.12 to $51.11		$49.34 to $52.67		$8,058		0.00%		0.10% to 0.60%		2.53% to 3.05%
		2019			155		$38.55 to $40.74		$48.12 to $51.11		$7,723		0.00%		0.10% to 0.60%		24.83% to 25.45%


B-68		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

Royce Capital Fund Micro-Cap Portfolio—Investment Class Sub-Account
		2023			26		$26.31 to $28.37		$31.06 to $33.66		$873		0.00%		0.10% to 0.60%		7.23% to 18.66%
		2022			27		$34.12 to $36.61		$26.31 to $28.37		$764		0.00%		0.10% to 0.60%		(22.90)% to (22.51)%
		2021			41		$26.41 to $28.19		$34.12 to $36.61		$1,467		0.00%		0.10% to 0.60%		29.20% to 29.85%
		2020			24		$21.46 to $22.80		$26.41 to $28.19		$662		0.00%		0.10% to 0.60%		7.83% to 23.67%
		2019			23		$18.06 to $19.09		$21.46 to $22.80		$511		0.00%		0.10% to 0.59%		18.84% to 19.43%

Royce Capital Fund Small-Cap Portfolio—Investment Class Sub-Account
		2023			303		$22.75 to $24.53		$28.48 to $30.86		$9,243		0.90%		0.10% to 0.60%		25.17% to 25.80%
		2022			317		$25.21 to $27.05		$22.75 to $24.53		$7,676		0.39%		0.10% to 0.60%		(9.74)% to (9.29)%
		2021			352		$19.69 to $21.02		$25.21 to $27.05		$9,375		1.43%		0.10% to 0.60%		28.05% to 28.69%
		2020			346		$21.33 to $22.66		$19.69 to $21.02		$7,122		1.09%		0.10% to 0.60%		(7.71)% to (7.24)%
		2019			328		$18.08 to $19.11		$21.33 to $22.66		$7,239		0.73%		0.10% to 0.60%		17.96% to 18.55%

T. Rowe Price^® Health Sciences Portfolio I Sub-Account
		2023			127		$51.75 to $53.88		$52.96 to $55.42		$6,907		0.00%		0.10% to 0.60%		2.35% to 2.86%
		2022			138		$59.48 to $61.62		$51.75 to $53.88		$7,314		0.00%		0.10% to 0.60%		(13.00)% to (12.56)%
		2021			136		$52.91 to $54.53		$59.48 to $61.62		$8,262		0.00%		0.10% to 0.60%		12.43% to 12.99%
		2020			143		$41.06 to $42.11		$52.91 to $54.53		$7,677		0.00%		0.10% to 0.60%		28.84% to 29.49%
		2019			128		$32.04 to $32.69		$41.06 to $42.11		$5,309		0.00%		0.10% to 0.60%		28.17% to 28.82%

T. Rowe Price^® Limited-Term Bond Portfolio Sub-Account
		2023			1,862		$26.03 to $27.47		$27.15 to $28.80		$52,327		3.30%		0.10% to 0.60%		4.31% to 4.84%
		2022			2,027		$27.42 to $28.80		$26.03 to $27.47		$54,185		1.94%		0.10% to 0.60%		(5.09)% to (4.61)%
		2021			2,071		$27.55 to $28.79		$27.42 to $28.80		$58,155		1.33%		0.10% to 0.60%		(0.47)% to 0.03%
		2020			1,877		$26.47 to $27.53		$27.55 to $28.79		$52,806		1.97%		0.10% to 0.60%		4.08% to 4.61%
		2019			1,824		$25.52 to $26.40		$26.47 to $27.53		$49,144		2.40%		0.10% to 0.60%		3.73% to 4.25%

Templeton Developing Markets VIP Fund—Class 1 Sub-Account
		2023			1,431		$15.52 to $16.73		$17.40 to $18.85		$26,147		2.29%		0.10% to 0.60%		12.10% to 12.66%
		2022			1,352		$19.94 to $21.39		$15.52 to $16.73		$21,887		2.94%		0.10% to 0.60%		(22.17)% to (21.78)%
		2021			1,107		$21.23 to $22.66		$19.94 to $21.39		$22,946		1.05%		0.10% to 0.60%		(6.07)% to (5.60)%
		2020			931		$18.19 to $19.32		$21.23 to $22.66		$20,469		4.39%		0.10% to 0.60%		16.69% to 17.27%
		2019			899		$14.42 to $15.24		$18.19 to $19.32		$16,856		1.24%		0.10% to 0.60%		26.16% to 26.79%

Vanguard VIF Balanced Portfolio Sub-Account
		2023			123		$30.28 to $30.69		$34.41 to $35.05		$4,284		2.02%		0.10% to 0.60%		13.64% to 14.21%
		2022			140		$35.55 to $35.85		$30.28 to $30.69		$4,283		2.02%		0.10% to 0.60%		(14.81)% to (14.39)%
		2021			134		$25.95 to $27.58		$35.55 to $35.85		$4,802		0.71%		0.10% to 0.60%		2.83% to 19.06%
		2020	(y)		25		$25.95 to $27.58		$30.07 to $30.15		$742		0.00%		0.11% to 0.51%		9.44% to 15.20%

Vanguard VIF Capital Growth Portfolio Sub-Account
		2023			298		$53.11 to $55.29		$67.57 to $70.69		$20,815		1.03%		0.10% to 0.60%		27.22% to 27.85%
		2022			300		$63.22 to $65.49		$53.11 to $55.29		$16,395		0.89%		0.10% to 0.60%		(15.99)% to (15.57)%
		2021			309		$52.33 to $53.93		$63.22 to $65.49		$19,993		0.88%		0.10% to 0.60%		20.81% to 21.42%
		2020			272		$44.81 to $45.96		$52.33 to $53.93		$14,529		1.49%		0.10% to 0.60%		16.77% to 17.36%
		2019			309		$35.64 to $36.37		$44.81 to $45.96		$14,047		1.08%		0.10% to 0.60%		10.16% to 26.37%

Vanguard VIF Conservative Allocation Portfolio Sub-Account
		2023			99		$25.78 to $26.12		$28.83 to $29.36		$2,894		2.01%		0.10% to 0.61%		6.85% to 12.40%
		2022			91		$30.47 to $30.73		$25.78 to $26.12		$2,357		3.46%		0.10% to 0.60%		(15.40)% to (14.98)%
		2021			109		$28.92 to $29.02		$30.47 to $30.73		$3,341		0.62%		0.10% to 0.56%		4.34% to 5.88%
		2020	(z)		29		$24.93 to $27.33		$28.92 to $29.02		$843		0.00%		0.10% to 0.51%		6.07% to 15.62%

Vanguard VIF Equity Index Portfolio Sub-Account
		2023			2,645		$52.60 to $54.76		$65.94 to $68.99		$179,989		1.38%		0.10% to 0.60%		25.36% to 25.99%
		2022			2,601		$64.71 to $67.04		$52.60 to $54.76		$140,644		1.35%		0.10% to 0.60%		(18.72)% to (18.31)%
		2021			2,714		$50.64 to $52.20		$64.71 to $67.04		$179,891		1.22%		0.10% to 0.60%		27.78% to 28.42%
		2020			2,602		$43.10 to $44.21		$50.64 to $52.20		$134,497		1.65%		0.10% to 0.60%		17.49% to 18.08%
		2019			2,511		$33.03 to $33.70		$43.10 to $44.21		$110,048		1.79%		0.10% to 0.60%		11.44% to 31.17%


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-69


Notes to financial statements

TIAA-CREF Life Separate Account VA-1


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

Vanguard VIF Global Bond Index Portfolio Sub-Account
		2023			130		$21.57 to $21.80		$22.86 to $23.19		$3,008		1.50%		0.10% to 0.50%		3.77% to 6.41%
		2022			86		$24.95 to $25.12		$21.57 to $21.80		$1,863		2.63%		0.10% to 0.50%		(13.56)% to (13.21)%
		2021			75		$25.54 to $25.61		$24.95 to $25.12		$1,884		1.34%		0.10% to 0.50%		(2.33)% to (1.94)%
		2020	(aa)		48		$24.87 to $25.43		$25.54 to $25.61		$1,238		0.00%		0.11% to 0.50%		0.50% to 2.73%

Vanguard VIF High Yield Bond Portfolio Sub-Account
		2023			1,570		$31.80 to $33.10		$35.30 to $36.93		$56,735		4.87%		0.10% to 0.60%		11.00% to 11.55%
		2022			1,565		$35.29 to $36.56		$31.80 to $33.10		$50,758		5.06%		0.10% to 0.60%		(9.90)% to (9.45)%
		2021			1,610		$34.25 to $35.30		$35.29 to $36.56		$57,834		4.03%		0.10% to 0.60%		3.06% to 3.57%
		2020			1,447		$32.60 to $33.44		$34.25 to $35.30		$50,273		5.59%		0.10% to 0.60%		5.04% to 5.57%
		2019			1,503		$28.36 to $28.94		$32.60 to $33.44		$49,592		5.63%		0.10% to 0.60%		14.98% to 15.56%

Vanguard VIF International Portfolio Sub-Account
		2023			122		$29.35 to $29.74		$33.45 to $34.07		$4,135		1.66%		0.10% to 0.60%		13.97% to 14.54%
		2022			154		$42.25 to $42.61		$29.35 to $29.74		$4,555		1.24%		0.10% to 0.60%		(30.54)% to (30.19)%
		2021			111		$43.17 to $43.32		$42.25 to $42.61		$4,703		0.27%		0.10% to 0.60%		(2.13)% to (1.64)%
		2020	(ab)		48		$27.47 to $36.04		$43.17 to $43.32		$2,059		0.00%		0.10% to 0.61%		19.95% to 56.75%

Vanguard VIF Mid-Cap Index Portfolio Sub-Account
		2023			1,762		$45.50 to $47.37		$52.39 to $54.81		$94,585		1.41%		0.10% to 0.60%		15.14% to 15.71%
		2022			1,785		$56.38 to $58.41		$45.50 to $47.37		$82,945		1.12%		0.10% to 0.60%		(19.31)% to (18.90)%
		2021			1,787		$45.61 to $47.01		$56.38 to $58.41		$102,675		1.07%		0.10% to 0.60%		23.61% to 24.23%
		2020			1,782		$38.86 to $39.86		$45.61 to $47.01		$82,556		1.46%		0.10% to 0.60%		17.37% to 17.95%
		2019			1,754		$29.87 to $30.49		$38.86 to $39.86		$69,007		1.39%		0.10% to 0.60%		30.09% to 30.74%

Vanguard VIF Moderate Allocation Portfolio Sub-Account
		2023			155		$28.08 to $28.46		$32.25 to $32.73		$5,044		2.11%		0.20% to 0.60%		10.80% to 15.26%
		2022			154		$33.60 to $33.88		$28.08 to $28.46		$4,356		2.58%		0.10% to 0.60%		(16.43)% to (16.01)%
		2021			104		$30.71 to $30.81		$33.60 to $33.88		$3,510		1.21%		0.10% to 0.60%		9.42% to 9.96%
		2020	(ac)		48		$25.04 to $30.25		$30.71 to $30.81		$1,469		0.00%		0.10% to 0.62%		1.58% to 22.65%

Vanguard VIF Real Estate Index Portfolio Sub-Account
		2023			945		$33.69 to $35.07		$37.40 to $39.13		$36,263		2.43%		0.10% to 0.60%		11.03% to 11.59%
		2022			940		$45.98 to $47.63		$33.69 to $35.07		$32,400		1.90%		0.10% to 0.60%		(26.74)% to (26.37)%
		2021			965		$32.99 to $34.00		$45.98 to $47.63		$45,268		1.79%		0.10% to 0.60%		39.37% to 40.07%
		2020			847		$34.88 to $35.77		$32.99 to $34.00		$28,404		2.49%		0.10% to 0.60%		(5.42)% to (4.95)%
		2019			793		$27.24 to $27.80		$34.88 to $35.77		$28,008		2.66%		0.10% to 0.60%		28.04% to 28.68%

Vanguard VIF Small Company Growth Portfolio Sub-Account
		2023			418		$42.85 to $44.61		$50.96 to $53.32		$21,900		0.39%		0.10% to 0.60%		18.93% to 19.53%
		2022			395		$57.74 to $59.82		$42.85 to $44.61		$17,314		0.25%		0.10% to 0.60%		(25.80)% to (25.43)%
		2021			383		$50.86 to $52.42		$57.74 to $59.82		$22,560		0.36%		0.10% to 0.60%		13.53% to 14.10%
		2020			475		$41.54 to $42.60		$50.86 to $52.42		$24,568		0.65%		0.10% to 0.60%		22.45% to 23.06%
		2019			476		$32.62 to $33.29		$41.54 to $42.60		$20,052		0.46%		0.10% to 0.60%		27.34% to 27.98%

Vanguard VIF Total Bond Market Index Portfolio Sub-Account
		2023			10,218		$25.20 to $26.23		$26.45 to $27.67		$276,930		2.44%		0.10% to 0.60%		4.95% to 5.47%
		2022			9,912		$29.21 to $30.26		$25.20 to $26.23		$255,016		2.04%		0.10% to 0.60%		(13.73)% to (13.30)%
		2021			9,973		$29.90 to $30.82		$29.21 to $30.26		$296,786		1.94%		0.10% to 0.60%		(2.30)% to (1.82)%
		2020			7,980		$27.96 to $28.67		$29.90 to $30.82		$242,375		2.36%		0.10% to 0.60%		6.94% to 7.47%
		2019			6,630		$25.88 to $26.41		$27.96 to $28.67		$187,721		2.32%		0.10% to 0.60%		8.02% to 8.57%

Vanguard VIF Total International Stock Market Index Portfolio Sub-Account
		2023			606		$31.18 to $31.59		$35.81 to $36.47		$21,960		2.86%		0.10% to 0.63%		14.85% to 15.43%
		2022			625		$37.41 to $37.66		$31.18 to $31.59		$19,660		3.44%		0.10% to 0.70%		(16.43)% to 12.65%
		2021			601		$34.64 to $34.73		$37.41 to $37.66		$22,548		0.66%		0.10% to 0.50%		7.99% to 8.42%
		2020	(ad)		95		$24.95 to $29.59		$34.64 to $34.73		$3,295		0.00%		0.10% to 0.50%		16.98% to 34.81%


B-70		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1


		continued


												For the period ended December 31, 2023

	Period			Accumulation units outstanding, end of period (000’s)		Accumulation unit value, beginning of period lowest to highest		Accumulation unit value, end of period lowest to highest		Net assets, end of period (000’s)		Ratio of investment income to average net assets(c)(f)		Ratio of expenses to average net assets lowest to highest(a)(c)(g)		Total return(b)(h)

Vanguard VIF Total Stock Market Index Portfolio Sub-Account
		2023			665		$34.52 to $34.99		$43.22 to $44.02		$29,075		1.09%		0.10% to 0.60%		25.20% to 25.82%
		2022			614		$43.19 to $43.56		$34.52 to $34.99		$21,372		1.26%		0.10% to 0.60%		(20.07)% to (19.67)%
		2021			526		$34.59 to $34.70		$43.19 to $43.56		$22,822		0.67%		0.10% to 0.60%		11.74% to 25.51%
		2020	(ae)		125		$25.21 to $28.95		$34.59 to $34.70		$4,317		0.00%		0.10% to 0.60%		20.76% to 38.95%

VY CBRE Global Real Estate Portfolio—Class I Sub-Account
		2023			158		$43.97 to $46.84		$49.21 to $52.69		$8,146		2.02%		0.10% to 0.60%		11.92% to 12.97%
		2022			154		$58.93 to $62.47		$43.97 to $46.84		$7,065		3.27%		0.10% to 0.60%		(25.40)% to (25.02)%
		2021			165		$44.09 to $46.51		$58.93 to $62.47		$10,047		2.89%		0.10% to 0.60%		33.66% to 34.33%
		2020			177		$46.61 to $48.92		$44.09 to $46.51		$8,024		5.90%		0.10% to 0.60%		(5.40)% to (4.92)%
		2019			177		$37.59 to $39.25		$46.61 to $48.92		$8,431		2.84%		0.10% to 0.60%		23.99% to 24.61%

Wanger International Sub-Account
		2023			158		$62.71 to $67.62		$72.91 to $79.01		$12,273		0.32%		0.10% to 0.60%		16.26% to 17.43%
		2022			166		$95.37 to $102.32		$62.71 to $67.62		$10,951		0.91%		0.10% to 0.60%		(34.24)% to (33.91)%
		2021			158		$80.75 to $86.21		$95.37 to $102.32		$15,733		0.55%		0.10% to 0.60%		18.10% to 18.69%
		2020			178		$71.04 to $75.45		$80.75 to $86.21		$14,878		2.03%		0.10% to 0.60%		13.68% to 14.25%
		2019			183		$54.98 to $58.10		$71.04 to $75.45		$13,400		0.83%		0.10% to 0.60%		29.21% to 29.86%

Wanger Acorn Sub-Account
		2023			53		$89.41 to $96.40		$108.19 to $117.24		$6,014		0.00%		0.10% to 0.60%		21.01% to 21.61%
		2022			36		$135.18 to $145.03		$89.41 to $96.40		$3,369		0.00%		0.10% to 0.60%		(33.86)% to (33.53)%
		2021			26		$124.88 to $133.31		$135.18 to $145.03		$3,723		0.83%		0.10% to 0.60%		8.25% to 8.79%
		2020			27		$101.13 to $107.42		$124.88 to $133.31		$3,510		0.00%		0.10% to 0.60%		23.49% to 24.10%
		2019			25		$77.60 to $82.02		$101.13 to $107.42		$2,601		0.28%		0.10% to 0.59%		30.32% to 30.97%

Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account
		2023			647		$17.08 to $18.41		$18.72 to $20.28		$12,731		5.51%		0.10% to 0.60%		9.60% to 10.15%
		2022			721		$19.91 to $21.36		$17.08 to $18.41		$12,838		6.63%		0.10% to 0.60%		(14.24)% to (13.81)%
		2021			755		$19.77 to $21.11		$19.91 to $21.36		$15,644		4.49%		0.10% to 0.60%		0.72% to 1.22%
		2020			724		$18.53 to $19.69		$19.77 to $21.11		$14,828		4.06%		0.10% to 0.60%		6.67% to 7.21%
		2019			756		$16.30 to $17.23		$18.53 to $19.69		$14,454		5.21%		0.10% to 0.60%		13.70% to 14.27%

(a)	Does not include expenses of underlying fund.

(b)	Not annualized for periods less than one year. Certain bands for some Sub-Accounts were activated in 2023. The commencement date of the activated bands varies across Sub-Accounts. The total return presented for the activated bands represents the return from commencement to December 31, 2023.

(c)	Periods less than one year are annualized and are not necessarily indicative of a full year of operations.

(f)

These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the underlying fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contractowner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Account invests.

(g)

These amounts represent the annualized expenses of the Sub-Account, consisting primarily of administration and mortality and expense charges, for each period indicated. These ratios include only these expenses that result in a direct reduction to unit values. Charges made directly to contractowner accounts through the redemption of units and expenses of the underlying fund have been excluded.

(h)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the Sub-Account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contractowners total returns may not be within the ranges presented.

(w)	Sub-account commenced operations on April 30, 2019.

(x)	Sub-account commenced operations on December 11, 2020.

(y)	Sub-account commenced operations on June 3, 2020.

(z)	Sub-account commenced operations on May 13, 2020.

(aa)	Sub-account commenced operations on May 12, 2020.

(ab)	Sub-account commenced operations on May 27, 2020.

(ac)	Sub-account commenced operations on May 14, 2020.

(ad)	Sub-account commenced operations on May 15, 2020.

(ae)	Sub-account commenced operations on May 12, 2020.

(af)	Sub-account commenced operations on April 30, 2021.

(ag)	Sub-account commenced operations on December 8, 2023.


TIAA-CREF Life Separate Account VA-1 ∎ Statement of Additional Information			B-71


Notes to financial statements		concluded

TIAA-CREF Life Separate Account VA-1

Note 6—Subsequent Events

Effective April 26, 2024, the Delaware VIP International Series-Standard Class merged into the Delaware Ivy VIP International Core Equity Series—Standard Class. This fund is closed to new investors.

Effective May 1, 2024, the following Fund names have changed:


Current Fund		New Fund

TIAA-CREF Life Balanced Fund TIAA-CREF Life Core Bond Fund TIAA-CREF Life Growth Equity Fund TIAA-CREF Life Growth & Income Fund TIAA-CREF Life International Equity Fund TIAA-CREF Life Large-Cap Value Fund TIAA-CREF Life Money Market Fund TIAA-CREF Life Real Estate Securities Fund TIAA-CREF Life Small-Cap Equity Fund TIAA-CREF Life Social Choice Equity Fund TIAA-CREF Life Stock Index Fund ClearBridge Variable Aggressive Growth Portfolio—Class I Delaware Ivy VIP International Core Equity Series—Standard Class Delaware VIP Small Cap Value Series—Standard Class LVIP Delaware Diversified Income—Standard Class		Nuveen Life Balanced Fund Nuveen Life Core Bond Fund Nuveen Life Growth Equity Fund Nuveen Life Core Equity Fund Nuveen Life International Equity Fund Nuveen Life Large Cap Value Fund Nuveen Life Money Market Fund Nuveen Life Real Estate Securities Select Fund Nuveen Life Small Cap Equity Fund Nuveen Life Large Cap Responsible Equity Fund Nuveen Life Stock Index Fund ClearBridge Variable Growth Portfolio—Class I Macquarie VIP International Core Equity Series—Standard Class Macquarie VIP Small Cap Value Series—Standard Class LVIP Macquarie Diversified Income—Standard Class


B-72		Statement of Additional Information ∎ TIAA-CREF Life Separate Account VA-1

Table of contents to statutory—basis financial statements


TIAA-CREF LIFE INSURANCE COMPANY December 31, 2023
		Page

Report of Independent Auditors		B-2

Statutory–Basis Financial Statements:

Statements of Admitted Assets, Liabilities and Capital and Surplus		B-4

Statements of Operations		B-5

Statements of Changes in Capital and Surplus		B-6

Statements of Cash Flows		B-7

Notes to Financial Statements		B-8


TC Life Insurance Company Financials			B-1

Report of independent auditors

To the Board of Directors of TIAA-CREF Life Insurance Company

Opinions

We have audited the accompanying statutory-basis financial statements of TIAA-CREF Life Insurance Company (the “Company”), which comprise the statutory-basis statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, and the related statutory-basis statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified opinion on statutory basis of accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 2.

Adverse opinion on U.S. generally accepted accounting principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for adverse opinion on U.S. generally accepted accounting principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Emphasis of matters

As discussed in Note 9 to the financial statements, the Company has entered into significant transactions with Teachers Insurance and Annuity Association of America (“TIAA”), its parent, and other subsidiaries of TIAA, which are related parties. Our opinion is not modified with respect to this matter.

As discussed in Note 1 to the financial statements, the Company no longer manufactures life insurance products for new customers and continues to service all existing life insurance contracts. Our opinion is not modified with respect to this matter.

Responsibilities of management for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting


B-2		TC Life Insurance Company Financials

from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 14, 2024


		TC Life Insurance Company Financials			B-3

Statutory–basis statements of admitted assets, liabilities and capital and surplus

TIAA-CREF Life Insurance Company


	December 31,
(in thousands, except share amounts)	2023		2022

ADMITTED ASSETS

Bonds	$	13,137,142	$	13,355,205

Preferred stocks		9,755		9,376

Cash, cash equivalents and short-term investments		263,877		97,648

Contract loans		62,247		48,211

Other invested assets		10,704		4,690

Total cash and invested assets		13,483,725		13,515,130

Investment income due and accrued		103,762		100,958

Federal income tax recoverable from TIAA		8,486		—

Net deferred federal income tax asset		14,540		16,300

Reinsurance amounts receivable		7,524		8,529

Other assets		26,641		25,345

Separate account assets		4,465,616		3,966,298

Total admitted assets	$	18,110,294	$	17,632,560



LIABILITIES, CAPITAL AND SURPLUS

Liabilities

Reserves for life and health insurance, annuities and deposit-type contracts	$	12,671,770	$	12,610,944

Asset valuation reserve		89,743		77,801

Interest maintenance reserve		16,138		46,736

Federal income tax payable to TIAA		—		5,033

Other amounts payable on reinsurance		10,494		7,630

Other liabilities		36,792		32,524

Separate account liabilities		4,453,431		3,954,476

Total liabilities		17,278,368		16,735,144

Capital and surplus

Capital stock (2,500 shares of $1,000 par value common stock authorized, issued and outstanding)		2,500		2,500

Additional paid-in capital		777,500		777,500

Surplus (deficit)		51,926		117,416

Total capital and surplus		831,926		897,416

Total liabilities, capital and surplus	$	18,110,294	$	17,632,560


B-4		TC Life Insurance Company Financials		See notes to statutory-basis financial statements

Statutory–basis statements of operations

TIAA-CREF Life Insurance Company


	For the Years Ended December 31,
(in thousands)	2023			2022			2021

REVENUES

Insurance and annuity premiums and other considerations	$	217,076		$	258,298		$	435,313

Net investment income		435,795			404,485			362,614

Commissions and expense allowances on reinsurance ceded		6,249			7,410			9,732

Reserve adjustments on reinsurance ceded		(27,409	)		(11,453	)		(7,468	)

Separate account fees and other revenues		19,578			21,059			22,141

Total revenues	$	651,289		$	679,799		$	822,332



EXPENSES

Policy and contract benefits	$	561,980		$	394,462		$	398,599

Increase (decrease) in policy and contract reserves		(165,330	)		3,237			46,123

Insurance expenses and taxes (excluding federal income taxes)		78,483			74,088			71,026

Commissions on premiums		3,153			4,209			5,649

Interest on deposit-type contracts		231,510			98,778			90,088

Net transfers to (from) separate accounts		(132,915	)		(77,274	)		58,877

Total expenses	$	576,881		$	497,500		$	670,362



Income before federal income tax and net realized capital (losses)		74,408			182,299			151,970

Federal income tax expense		14,064			34,780			29,067

Net realized capital gains (losses) less capital gains taxes, after transfers to the interest maintenance reserve		476			(842	)		(1,093	)

Net income	$	60,820		$	146,677		$	121,810


See notes to statutory-basis financial statements		TC Life Insurance Company Financials			B-5

Statutory–basis statements of changes in capital and surplus

TIAA-CREF Life Insurance Company


(in thousands)	Capital Stock		Additional Paid-In Capital		Surplus (Deficit)			Total

Balance, December 31, 2020	$	2,500	$	777,500	$	38,783		$	818,783

Net income (loss)		—		—		121,810			121,810

Change in net unrealized capital gains (losses) on investments, net of $302 in taxes						1,137			1,137

Change in reserve on account of change in valuation basis		—		—		1,568			1,568

Change in asset valuation reserve		—		—		(8,956	)		(8,956	)

Change in surplus in separate accounts		—		—		(719	)		(719	)

Change in liability for reinsurance in unauthorized companies		—		—		(11,600	)		(11,600	)

Change in net deferred income tax		—		—		3,346			3,346

Change in non-admitted assets:

Deferred federal income tax asset		—		—		(3,418	)		(3,418	)

Deferred premium asset limitation		—		—		1,304			1,304

Other assets		—		—		2			2

Dividends to stockholders		—		—		(81,600	)		(81,600	)

Balance, December 31, 2021	$	2,500	$	777,500	$	61,657		$	841,657



Net income (loss)		—		—		146,677			146,677

Change in net unrealized capital gains (losses) on investments, net of $179 in taxes		—		—		(825	)		(825	)

Change in asset valuation reserve		—		—		(12,844	)		(12,844	)

Change in surplus in separate accounts		—		—		(1,011	)		(1,011	)

Change in liability for reinsurance in unauthorized companies		—		—		5,260			5,260

Change in net deferred income tax		—		—		(1,282	)		(1,282	)

Change in non-admitted assets:

Deferred federal income tax asset		—		—		348			348

Deferred premium asset limitation		—		—		4,032			4,032

Other assets		—		—		(696	)		(696	)

Dividends to stockholders		—		—		(83,900	)		(83,900	)

Balance, December 31, 2022	$	2,500	$	777,500	$	117,416		$	897,416



Net income (loss)		—		—		60,820			60,820

Change in net unrealized capital gains (losses) on investments, net of $80 in taxes		—		—		299			299

Change in asset valuation reserve		—		—		(11,942	)		(11,942	)

Change in surplus in separate accounts		—		—		345			345

Change in liability for reinsurance in unauthorized companies		—		—		1,362			1,362

Change in net deferred income tax		—		—		(393	)		(393	)

Change in non-admitted assets:

Deferred federal income tax asset		—		—		(1,287	)		(1,287	)

Deferred premium asset limitation		—		—		3,607			3,607

Other assets		—		—		(201	)		(201	)

Dividends to stockholders		—		—		(118,100	)		(118,100	)

Balance, December 31, 2023	$	2,500	$	777,500	$	51,926		$	831,926


B-6		TC Life Insurance Company Financials		See notes to statutory-basis financial statements

Statutory–basis statements of cash flows

TIAA-CREF Life Insurance Company


	For the Years Ended December 31,
(in thousands)	2023			2022			2021

CASH FROM OPERATIONS

Insurance and annuity premiums and other considerations	$	216,975		$	263,068		$	435,901

Net investment income		424,010			384,536			362,285

Separate account fees and other revenues		25,808			27,061			31,658

Total Receipts		666,793			674,665			829,844

Policy and contract benefits		582,665			403,507			416,205

Commissions and expenses paid		81,484			77,751			76,745

Federal income taxes paid		19,761			40,213			34,054

Net transfers to/(from) separate accounts		(133,946	)		(82,172	)		57,632

Total Disbursements		549,964			439,299			584,636

Net cash from operations		116,829			235,366			245,208

CASH FROM INVESTMENTS

Proceeds from long-term investments sold, matured, or repaid:

Bonds		973,560			2,010,817			1,222,345

Net gains on cash, cash equivalents and short-term investments		20			27			4

Miscellaneous proceeds		—			5,968			—

Cost of investments acquired:

Bonds		784,515			2,907,565			1,697,286

Net increase in contract loans		14,036			3,372			1,750

Stocks		—			—			8,400

Miscellaneous applications		6,133			—			7,468

Net cash used in investments		168,896			(894,125	)		(492,555	)

CASH FROM FINANCING AND OTHER

Net deposits/(withdrawals) on deposit-type contracts funds		(7,113	)		677,713			192,558

Dividends to stockholders		(118,100	)		(83,900	)		(81,600	)

Other cash provided (applied)		5,717			(3,306	)		19,945

Net cash from financing and other		(119,496	)		590,507			130,903

NET CHANGE IN CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS		166,229			(68,252	)		(116,444	)

CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS, BEGINNING OF YEAR		97,648			165,900			282,344



CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS, END OF YEAR	$	263,877		$	97,648		$	165,900


See notes to statutory-basis financial statements		TC Life Insurance Company Financials			B-7


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

Note 1—organization and operations

TIAA-CREF Life Insurance Company commenced operations as a stock life insurance company under the insurance laws of the State of New York on December 18, 1996, under its former name, TIAA Life Insurance Company, and changed its name to TIAA-CREF Life Insurance Company (“TIAA Life” or the “Company”) on May 1, 1998. TIAA Life is a direct wholly-owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA” or the “Parent”), a stock life insurance company established under the insurance laws of the State of New York in 1918.

The Company issues non-qualified annuity contracts with fixed and variable components, funding agreements issued directly to states in support of state sponsored 529 college savings and scholarship plans, and single premium immediate annuities.

The Company no longer manufactures life insurance products for new customers, but continues to offer an existing universal life policy as a permanent life insurance conversion option for owners of TIAA Life term life insurance policies with conversion privileges. The Company continues to service all existing contracts on life insurance products.

Note 2—significant accounting policies

Basis of presentation:

The accompanying financial statements have been prepared on the basis of statutory accounting principles prescribed or permitted by the New York State Department of Financial Services (“NYDFS” or the “Department”); a comprehensive basis of accounting that differs from accounting principles generally accepted in the United States (“GAAP”). The Department requires insurance companies domiciled in the State of New York to prepare their statutory-basis financial statements in accordance with the National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”), subject to any deviation prescribed or permitted by the Department (“New York SAP”).

The table below provides a reconciliation of the Company’s net income and capital and surplus between NAIC SAP and the New York SAP annual statement filed with the Department.


	For the Years Ended December 31,
(in thousands)	NAIC SAP#	Financial Statement Line	2023			2022		2021

Net income (loss), New York SAP			$	60,820		$	146,677	$	121,810

New York SAP Prescribed Practices that are an increase/(decrease) to NAIC SAP:

Additional Reserves for term conversions	51R	Increase/(decrease) in policy and contract reserves		(631	)		19		(377	)

Additional Reserves for Variable Annuities	51R	Increase/(decrease) in policy and contract reserves		(31	)		10		27

Net income (loss), NAIC SAP			$	60,158		$	146,706	$	121,460



Capital and surplus, New York SAP			$	831,926			897,416	$	841,657

New York SAP Prescribed Practices that are an increase/(decrease) to NAIC SAP:

Deferred premium asset limitation	51R, 61R	Other assets		509			589		669

Additional Reserves for term conversions	51R	Reserves for life and health insurance, annuities and deposit-type contracts		5,487			6,118		6,099

Additional Reserves for Variable Annuities	51R	Reserves for life and health insurance, annuities and deposit-type contracts		6			37		27

Capital and surplus, NAIC SAP			$	837,928		$	904,160	$	848,452

The deferred premium asset limitation results from the NYDFS Circular Letter No. 11 (2010), which prescribed the calculation and clarified the accounting for deferred premium assets when reinsurance is involved.

The additional reserve for the term conversions results from the Department requiring in Regulation No. 147 (11 NYCRR 98) Valuation of Life Insurance Reserves Section 98.4 for any policy which guarantees renewal, or conversion to another policy, without evidence of insurability, additional reserves shall be held that account for excess mortality due to anti-selection with appropriate margins to cover expenses and risk of moderately adverse deviations in experience.

The additional reserve for variable annuities results from the Department prescribing a floor under Regulation No. 213 (11 NYCRR 103), Principle-Based Reserving. Therefore, the Company’s reported reserve for variable annuities is the greater of those prescribed under the NAIC Valuation Manual (“VM”) in section VM-21 Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”), and Regulation No. 213.


B-8		TC Life Insurance Company Financials


		continued

The Company’s risk based capital as of December 31, 2023 and 2022 would not have triggered a regulatory event without the use of the New York SAP prescribed practices.

Accounting Principles Generally Accepted in the United States: The Financial Accounting Standards Board (“FASB”) dictates the accounting principles for financial statements that are prepared in conformity with GAAP with applicable authoritative accounting pronouncements. As a result, the Company cannot refer to financial statements prepared in accordance with NAIC SAP and New York SAP as having been prepared in accordance with GAAP.

The primary differences between GAAP and NAIC SAP can be summarized as follows:

Under GAAP:

•

Investments in bonds considered to be “available for sale” are carried at fair value rather than at amortized cost under NAIC SAP;

•

Impairments on securities (other than loan-backed and structured securities) due to credit losses are recorded as other-than-temporary impairments (“OTTI”) through earnings for the difference between amortized cost and discounted cash flows when a security is deemed impaired. Other declines in fair value related to factors other than credit are recorded as other comprehensive income, which is a separate component of stockholder’s equity. Under NAIC SAP, an impairment for such securities is recorded through earnings for the difference between amortized cost and fair value;

•

For loan-backed and structured securities that are other-than-temporarily impaired, declines in fair value related to factors other than credit are recorded as other comprehensive income, which is a separate component of stockholder’s equity. Under NAIC SAP, non-interest related other-than-temporary impairment losses shall be recorded through the asset valuation reserve (“AVR”), while interest related other-than-temporary impairment losses may be recorded through the Interest Maintenance Reserve (“IMR”) in certain circumstances;

•

If in the aggregate, the Company has a net negative cash balance, the negative cash is recorded as a liability rather than as a negative asset under NAIC SAP;

•

Changes in the allowance for estimated uncollectible amounts related to mortgage loans are recorded through earnings rather than as unrealized losses on impairments included in the AVR, which is a component of surplus under NAIC SAP;

•

Changes in the value of certain other invested assets accounted for under the equity method of accounting are recorded through earnings rather than as unrealized gains (losses), which is a component of surplus under NAIC SAP;

•

Investments in wholly-owned subsidiaries, other entities under the control of the parent, and certain variable interest entities are consolidated in the parent’s financial statements rather than being carried at the parent’s share of the underlying GAAP equity or statutory surplus of a domestic insurance subsidiary under NAIC SAP;

•

Contracts that contain an embedded derivative are bifurcated from the host contract and accounted for separately under GAAP, whereas under NAIC SAP, the embedded derivative is not bifurcated between components and is accounted for as part of the host contract;

•

All derivative instruments are carried at fair value under GAAP, whereas under NAIC SAP, certain derivative instruments are carried at amortized cost;

•

Changes in the fair value of derivative instruments are generally reported through earnings unless they qualify and are designated for cash flow or net investment hedge accounting, whereas under NAIC SAP, changes in the fair value of derivative instruments not carried at amortized cost are recorded as unrealized capital gains or losses and reported as changes in surplus;

•

Certain assets designated as “non-admitted assets” and excluded from assets in the statutory balance sheet are included in the GAAP balance sheet;

•

Surplus notes are reported as a liability rather than a component of capital and contingency reserves under NAIC SAP;

•

The AVR is not recognized under GAAP. The AVR is established under NAIC SAP with changes recorded as a direct charge to surplus;

•

The IMR is not recognized under GAAP. The realized gains and losses resulting from changes in interest rates are reported as a component of net income under GAAP rather than being deferred and subsequently amortized into income over the remaining expected life of the investment sold under NAIC SAP;

•

Dividends on participating policies are accrued when earned under GAAP rather than being recognized for the year when they are approved under NAIC SAP;

•

Policy acquisition costs, such as commissions, and other costs incurred in connection with acquiring new business, are deferred and amortized over the expected lives of the policies issued rather than being expensed when incurred under NAIC SAP;


TC Life Insurance Company Financials			B-9


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

•

Policy and contract reserves are based on management’s best estimates of expected mortality, morbidity, persistency and interest rather than being based on statutory mortality, morbidity and interest requirements under NAIC SAP;

•

Deferred income taxes, subject to valuation allowance, include federal and state income taxes and changes in the deferred tax are reflected in earnings. Under NAIC SAP, deferred taxes exclude state income taxes and are admitted to the extent they can be realized within three years subject to a 15% limitation of capital and surplus with changes in the net deferred tax reflected as a component of surplus;

•

Contracts that do not subject the Company to risks arising from policyholder mortality or morbidity are reported as a deposit liability. Under NAIC SAP, an annuity contract containing a life contingency is required to be classified as a life insurance contract, regardless of the significance of any mortality and morbidity risk, and amounts received and paid under these contracts are reported as revenue and benefits, respectively;

•

Assets and liabilities are reported gross of reinsurance under GAAP and net of reinsurance under NAIC SAP. Certain reinsurance transactions are accounted for as financing transactions under GAAP and as reinsurance under NAIC SAP. Transactions recorded as financing have no impact on premiums or losses incurred, while under NAIC SAP, premiums paid to the reinsurer are recorded as ceded premiums (a reduction in revenue) and expected reimbursement for losses from the reinsurer are recorded as a reduction in losses;

•

When reserves ceded to an unauthorized reinsurer exceed the assets or letters of credit supporting the reserves no liability is established under GAAP. Under NAIC SAP, a liability is established and changes to these amounts are credited or charged directly to unassigned surplus (deficit).

The effects of these differences, while not determined, are presumed to be material.

Use of Estimates: The preparation of statutory-basis financial statements requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities at the date of the financial statements. Management is also required to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates.

The most significant estimates include those used in the recognition of OTTIs, reserves for life and health insurance, annuities and deposit-type contracts and the valuation of deferred tax assets.

The Russian invasion of Ukraine and the conflict in the Middle East have created significant uncertainties in the global financial markets and economies. The duration and extent of these uncertainties and the related impact over the long-term cannot be reasonably estimated at this time. While not currently expected to be material, TIAA Life will continue to monitor the impact on the Company’s business, results of operations, investments, and cash flows.

Reclassifications: Certain prior year amounts within these financial statement footnotes have been reclassified to conform to the current year presentation. No reclassifications were made to the Statements of Admitted Assets, Liabilities, and Capital and Surplus and the related Statements of Operations, Changes in Capital and Surplus, and Cash Flows.

Accounting policies:

The following is a summary of the significant accounting policies followed by the Company:

Bonds: Bonds are stated at amortized cost using the constant yield method. Bonds in or near default (rated NAIC 6) are stated at the lower of amortized cost or fair value. NAIC ratings are applied to bonds and other securities. Categories 1 and 2 are considered investment grade, while Categories 3 through 6 are considered below investment grade. Bonds are recorded on a trade date basis, except for private placement bonds, which are recorded on the funding date. Bonds the Company intends to sell prior to maturity (“held for sale”) are stated at the lower of amortized cost or fair value.

Included within bonds are loan-backed and structured securities. Estimated future cash flows and expected prepayment speeds are used to determine the amortization of loan-backed and structured securities under the prospective method. Expected future cash flows and prepayment speeds are evaluated quarterly. Certain loan-backed and structured securities are reported at the lower of amortized cost or fair value as a result of the NAIC modeling process.

If it is determined that a decline in the fair value of a bond, excluding loan-backed and structured securities, is other-than-temporary, the cost basis of the bond is written down to fair value and the amount of the write down is accounted for as a realized loss. The new cost basis is not changed for subsequent recoveries in fair value. Future declines in fair value which are determined to be other-than-temporary are recorded as realized losses.

For loan-backed and structured securities which the Company has the intent and ability to hold for a period of time sufficient to recover the amortized cost bases, when an OTTI has occurred because the Company does not expect to recover the entire amortized cost basis of the security, the amount of the OTTI recognized as a realized loss is the difference between the security’s amortized cost basis and the present value of cash flows expected to be collected, discounted at the loan-backed or structured security’s effective interest rate.


B-10		TC Life Insurance Company Financials


		continued

For loan-backed and structured securities, when an OTTI has occurred because the Company intends to sell the security or the Company does not have the intent and ability to retain the security for a period of time sufficient to recover the amortized cost basis, the amount of the OTTI realized is the difference between the security’s amortized cost basis and fair value at the balance sheet date.

In periods subsequent to the recognition of an OTTI loss for a loan-backed or structured security, the Company accounts for the other-than-temporarily impaired security as if the security had been purchased on the measurement date of the impairment. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in future periods based on prospective changes in cash flow estimates.

Preferred Stocks: Non-perpetual preferred stocks are stated at amortized cost unless they have an NAIC rating designation of 4, 5, or 6, which are stated at the lower of amortized cost or fair value. Perpetual and mandatory convertible preferred stocks are carried at fair value. The fair values of preferred stocks are determined using prices provided by independent pricing services or internally developed pricing models and the fair value is capped by any currently effective call price. When it is determined that a decline in fair value of an investment is other-than-temporary, the cost basis of the investment is reduced to its fair value and the amount of the reduction is accounted for as a realized loss.

Other Invested Assets: Other invested assets include the Company’s investments in surplus notes, which are stated at amortized cost and receivables for securities. All of the Company’s investments in surplus notes have an NAIC 1 rating designation.

The Company monitors the effects of current and expected market conditions and other factors on these investments to identify and quantify any impairment in value. The Company assesses the investments for potential impairment by performing analysis between the fair value and the cost basis of the investments. The Company evaluates recoverability of the Company’s direct investment to determine if OTTI is warranted. When it is determined that a decline in fair value of an investment is other-than-temporary, the cost basis of the investment is reduced to its fair value and the amount of the reduction is accounted for as a realized loss.

Cash and Cash Equivalents: Cash includes cash on deposit and cash equivalents. Cash equivalents are short-term, highly liquid investments, with original maturities of three months or less at the date of purchase and are stated at amortized cost. If in the aggregate, the Company has a net negative cash balance, the negative cash is recorded as a negative asset.

Short-Term Investments: Short-term investments (investments with remaining maturities of one year or less at the time of acquisition, excluding those investments classified as cash equivalents) that are not impaired are stated at amortized cost using the straight line interest method. Short-term investments that are impaired are stated at the lower of amortized cost or fair value.

Contract Loans: Contract loans are stated at outstanding principal balances. Interest income accrued on contract loans past due 90 days or more are included in the unpaid balance of the loan. The excess of unpaid contract loan balances over the cash surrender value, if any, is non-admitted and reflected as an adjustment to surplus. Interest income on such contract loans is recorded as earned using the contractually agreed upon interest rate.

Investment Income Due and Accrued: Investment income due is investment income earned and legally due to be paid to the Company at the reporting date. Investment income accrued is investment income earned but not legally due to be paid to the Company until subsequent to the reporting date. The Company writes off amounts deemed uncollectible as a charge against investment income in the period such determination is made. Amounts deemed collectible, but over 90 days past due for any invested asset except mortgage loans in default are non-admitted. Amounts deemed collectible, but over 180 days past due for mortgage loans in default are non-admitted. The Company accrues interest income on impaired loans to the extent it is deemed collectible.

Separate Accounts: Separate Accounts are established in conformity with insurance laws and are maintained for the benefit of separate account contract holders. In accordance with the provisions of the separate account products, some separate account assets are considered legally insulated, which prevents such assets from being generally available to satisfy claims resulting from the general account. The Company’s separate accounts are legally insulated from the general account with the exception of the Separate Account MVA-1, which is not legally insulated. Separate account assets are accounted for at fair value. Separate account liabilities reflect the contractual obligations of the insurer arising out of the provisions of the insurance contract.

Non-Admitted Assets: For statutory accounting purposes, certain assets are designated as non-admitted assets. Changes in non-admitted assets are reported as a direct adjustment to surplus in the accompanying Statements of Changes in Capital and Surplus.


TC Life Insurance Company Financials			B-11


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

At December 31, the major categories of assets that are non-admitted are as follows (in thousands):


	2023		2022		Change

Net deferred tax assets	$	35,344	$	34,057	$	1,287

Deferred premium assets		26,285		29,892		(3,607	)

Sundry receivables		921		720		201

Total	$	62,550	$	64,669	$	(2,119	)

Insurance and Annuity Premiums: Life insurance premiums are recognized as revenue over the premium-paying period of the related policies. Annuity considerations are recognized as revenue when received. Deposits on deposit-type contracts are recorded directly as a liability when received. Expenses incurred when acquiring new business are charged to operations as incurred.

Reserves for Life and Health Insurance, Annuities and Deposit-type Contracts: Policy and contract reserves are determined in accordance with standard valuation methods approved by the Department and are computed in accordance with standard actuarial methodology. The reserves established utilize assumptions for interest, mortality and other risks insured. Such reserves are established to provide for adequate contractual benefits guaranteed under policy and contract provisions.

Liabilities for deposit-type contracts, which do not contain any life contingencies, are equal to deposits received and interest credited to the benefit of contract holders, less surrenders or withdrawals (that represent a return to the contract holders) plus additional reserves (if any) necessitated by actuarial regulations. The Company’s funding agreements that are issued directly to states in support of state sponsored 529 college savings and scholarship plans do not contain life contingencies and are accounted for as deposit-type contracts.

Reinsurance: The Company enters into reinsurance agreements in the normal course of its insurance business to reduce overall risk. The Company remains liable for reinsurance ceded if the reinsurer fails to meet its obligation on the business assumed. All reinsurance is placed with unaffiliated reinsurers. A liability is established for reserves ceded to unauthorized reinsurers which are not secured by or in excess of letters of credit or trust agreements. The Company does not have reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. Reinsurance premiums, benefits and reserves are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company records a receivable for reinsured benefits paid but not yet reimbursed by the reinsurer and reduces policyholders’ reserves for the portion of insurance liabilities that are reinsured. Commissions and expense allowances on reinsurance ceded are reported as income in the summary of operations, and the balance sheet provision for due and accrued amounts is reported as an asset. Amounts shown in the financial statements are reported net of the impact of reinsurance.

Asset Valuation Reserve and Interest Maintenance Reserve: Mandatory reserves have been established for the General Account and Separate Account investments, where required. Such reserves consist of the AVR for potential credit-related losses on applicable General Account and Separate Account invested assets. Changes to the AVR are reported as direct additions to or deductions from surplus. An IMR is established for interest-related realized capital gains (losses) resulting from changes in the general level of interest rates for the General Account, as well as any Separate Accounts not carried at fair value. Transfers to the IMR are deducted from realized capital gains and losses and are net of related federal income tax. IMR amortization, as calculated under the grouped method, is included in net investment income. Net realized capital gains (losses) are presented net of federal income tax expense or benefit and IMR transfer.

Net Realized Capital Gains (Losses): Realized capital gains (losses), net of taxes, exclude gains (losses) deferred into the IMR and gains (losses) of the separate accounts. Realized capital gains (losses), including OTTI, are recognized in net income and are determined using the specific identification method.

Federal Income Taxes: Current federal income taxes are charged or credited based upon amounts estimated to be payable or recoverable as a result of operations for the current year and any adjustments to such estimates from prior years. Deferred federal income tax assets (“DTAs”) and deferred federal income tax liabilities (“DTLs”) are recognized for expected future tax consequences of temporary differences between statutory and taxable income. Temporary differences are identified and measured using a balance sheet approach whereby statutory and tax balance sheets are compared. Changes in DTAs and DTLs are recognized as a separate component of surplus except for net deferred taxes related to the unrealized appreciation or depreciation on investments, which are included in the change in unrealized capital gains (losses) on investments. Net DTAs are admitted to the extent permissible. Gross DTAs are reduced by a statutory valuation allowance if it is more likely than not that some portion or all of the gross DTA will not be realized. The Company is required to establish a tax loss contingency if it is more likely than not that a tax position will not be sustained. The amount of the contingency reserve is management’s best estimate of the amount of the original tax benefit that could be reversed upon audit, unless the best estimate is greater than 50% of the original tax benefit, in which case the reserve is equal to the entire tax benefit.


B-12		TC Life Insurance Company Financials


		continued

The Company files a consolidated federal income tax return with its parent, TIAA, and its subsidiaries. The consolidating companies participate in tax allocation agreements. The tax allocation agreements provide that each member of the group is allocated its share of the consolidated tax provision or benefit, determined generally on a separate company basis, but may, where applicable, recognize the tax benefits of net operating losses or capital losses utilizable by the consolidated group. Intercompany tax balances are settled quarterly on an estimated basis with a final settlement occurring within 30 days of the filing of the consolidated return.

Statements of Cash Flows: Noncash activities are excluded from the Statutory—Basis Statements of Cash Flows. These noncash activities for the years ended December 31, include the following (in thousands):


	2023		2022		2021

Exchange/restructure/transfer of bond investments	$	120,845	$	152,152	$	58,809

Capitalized interest on bonds	$	2,625	$	2,796	$	2,682

Interest credited on deposit-type contracts	$	230,650	$	97,992	$	89,488

Deposits of bond investments on deposit-type contracts	$	—	$	—	$	783,824

Application of new accounting pronouncements:

Recently issued accounting pronouncements:

In August 2023, the NAIC adopted revisions to SSAP 26R, Bonds, SSAP 43R, Loan-Backed and Structured Securities and other SSAPs as part of the principles-based bond definition project. These revisions incorporate principle concepts on what should be reported as a long-term bond, and the accounting and reporting guidance for such bonds. Eligible bonds must qualify as either an issuer credit obligation or an asset backed security. The revisions are effective January 1, 2025. Investments that were reported as a bond within the investment reporting schedules within the Annual Statement as of December 31, 2024, that do not qualify under the principle-based bond concepts shall be reported as a disposal from the bond schedule, with a reacquisition on the appropriate reporting schedule and a corresponding change in accounting treatment as of January 1, 2025. The Company is still evaluating the impact of the adoption of the principles-based bond definition.

In December 2023, the NAIC adopted revisions to the Annual Statement Instructions related to specific allocations to the IMR and AVR. The principal concept of the IMR and AVR is that interest-related losses go to IMR, and non-interest-related losses go to AVR. The current annual statement instructions have permitted unintended allocations that appear to direct an entity to allocate non-interest-related losses to IMR rather than correctly to the AVR. The updated guidance requires an entity to consider downgrades of debt securities within a reasonable period after sale or disposal to determine whether realized losses should go to IMR or AVR. Additionally, the revised guidance has added loans with an established valuation allowance to the criteria for losses reported to AVR. These revisions are effective on January 1, 2024. The Company is still evaluating the impact of this adoption.

In December 2023, the NAIC proposed revisions to SSAP No. 2R, Cash, Cash Equivalents, Drafts, and Short-Term Investments which explicitly preclude all investments reported as Other Invested Assets within the investment reporting schedules within the Annual Statement and mortgage loans in the scope of SSAP No. 37, Mortgage Loans from being classified as cash equivalents or short-term investments. These amendments are effective on January 1, 2025. The Company is still evaluating the impact of this adoption.

Recently adopted accounting pronouncements:

In March 2023, the NAIC adopted revisions to SSAP No. 34, Investment Income Due and Accrued. The revisions provided additional disclosures for interest income due and PIK interest included in current principal balances. The revisions are effective December 31, 2023 and did not have a material impact to the financial statements.

In March 2023, the NAIC adopted revisions to SSAP No. 100R, Fair Value. The revisions adopt ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions to provide clarity in situations involving equity securities that have restrictions related to the sale of the asset. The adoption does not incorporate the GAAP disclosures on sales restrictions, but clarifies that items restricted as to sale would be captured as restricted assets and subject to admittance considerations. The revisions are effective immediately and did not have a material impact to the Company.

In August 2023, the NAIC adopted Interpretation 23-01, Net Negative (Disallowed) Interest Maintenance Reserves (“INT 23-01”), which provides a temporary option to allow reporting entities with risk-based capital (“RBC”) greater than 300% of authorized control level (after certain adjustments) to admit net negative IMR. This admittance of net negative (disallowed) IMR is limited to 10% of adjusted capital and surplus. INT 23-01 also includes guidance on the accounting for losses from fair value derivatives and negative IMR at separate accounts, and specific reporting and disclosure requirements. INT 23-01 is effective immediately and will remain in effect until December 31, 2025. The Company adopted INT 23-01 and it did not have a material impact to the financial statements.


TC Life Insurance Company Financials			B-13


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

In August 2023, the NAIC adopted revisions to clarify how paid-in-kind (“PIK”) interest is calculated for relevant disclosures. The revisions also provide a practical expedient for determining the PIK interest in the cumulative balance by subtracting the original principal or par value from the current principal or par value. The guidance is effective for 2023 year-end reporting and did not have a material impact to the financial statements.

In September 2023, the NAIC adopted revisions to SSAP No. 43R, Loan-Backed and Structured Securities, and SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, to clarify the scope and reporting for investment structures that represent residual interests or a residual security tranche (collectively referred to as residuals). The revisions are effective for year-end December 31, 2023 and did not have a material impact to the financial statements.

In September 2023, the NAIC adopted certain accounting practices within Interpretation 2023-03, Inflation Reduction Act (“the Act”)—Corporate Alternative Minimum Tax (“CAMT”) (“INT 23-03”). The Act imposes a CAMT to the excess of 15% of a corporation’s adjusted financial statement income over its corporate alternative minimum foreign tax credit. INT 23-03 provides guidance for CAMT reporting on or after year-end 2023 and includes accounting, the statutory valuation allowance, admissibility, and transition. Pursuant to the guidance in INT 23-03, the Company has determined as of the reporting date that it will not be an applicable entity and will not be liable for CAMT in 2023.

In December 2023, the NAIC proposed revisions to SSAP No. 30R, Unaffiliated Common Stock and SSAP No. 32R, Preferred Stock. These revisions added language to explicitly clarify that investments that are in the form of either common or preferred stock but that are in-substance residual interests or a residual security tranche (that is, meeting the definition of such residuals in SSAP No. 43R, Loan-Backed and Structured Securities or SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies) must be reported as Other Invested Assets and included as residuals within the investment reporting schedules within the Annual Statement. These revisions are effective December 31, 2023 and did not have a material impact on the financial statements.

Note 3—long-term bonds

The book/adjusted carrying value, estimated fair value, excess of fair value over book/adjusted carrying value and excess of book/adjusted carrying value over fair value of long-term bonds at December 31, are shown below (in thousands):


	2023
			Excess of
	Book/ Adjusted Carrying Value		Fair Value Over Book/Adjusted Carrying Value		Book/Adjusted Carrying Value Over Fair Value			Estimated Fair Value

Bonds:

U.S. governments	$	109,902	$	76	$	(11,569	)	$	98,409

All other governments		89,759		283		(2,211	)		87,831

States, territories & possessions		74,833		383		(1,479	)		73,737

Political subdivisions of states, territories, & possessions		109,479		201		(10,238	)		99,442

Special revenue & special assessment, non-guaranteed agencies & government		1,122,560		1,520		(134,553	)		989,527

Industrial & miscellaneous		11,630,609		43,910		(1,149,680	)		10,524,839

Hybrids		—		—		—			—

Total	$	13,137,142	$	46,373	$	(1,309,730	)	$	11,873,785


	2022
			Excess of
	Book/ Adjusted Carrying Value		Fair Value Over Book/Adjusted Carrying Value		Book/Adjusted Carrying Value Over Fair Value			Estimated Fair Value

Bonds:

U.S. governments	$	161,329	$	21	$	(15,527	)	$	145,823

All other governments		66,644		—		(3,262	)		63,382

States, territories & possessions		48,408		98		(2,933	)		45,573

Political subdivisions of states, territories, & possessions		81,936		56		(13,077	)		68,915

Special revenue & special assessment, non-guaranteed agencies & government		1,169,852		223		(182,059	)		988,016

Industrial & miscellaneous		11,822,035		15,993		(1,530,589	)		10,307,439

Hybrids		5,000		—		(88	)		4,912

Total	$	13,355,204	$	16,391	$	(1,747,535	)	$	11,624,060


B-14		TC Life Insurance Company Financials


		continued

Impairment Review Process: All securities are subjected to the Company’s process for identifying OTTI. The Company writes down securities that it deems to have an OTTI in value in the period that the securities are deemed to be impaired, based on management’s case-by-case evaluation of the decline in value and prospects for recovery. Management considers a wide range of factors in the impairment evaluation process, including, but not limited to, the following: (a) the length of time the fair value has been below amortized cost; (b) the financial condition and near-term prospects of the issuer; (c) whether the debtor is current on contractually obligated interest and principal payments; (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value or repayment; (e) information obtained from regulators, ratings agencies and various public sources; (f) the potential for impairments in an entire industry sector or sub-sector; (g) the potential for impairments in certain economically-depressed geographic locations; and (h) the potential for impairment based on an estimated discounted cash flow analysis for loan-backed and structured securities. Where impairment is considered to be other-than-temporary, the Company recognizes a realized loss and adjusts the cost basis of the security accordingly. The Company does not change the revised cost basis for subsequent recoveries in value.

Unrealized Losses on Bonds: The gross unrealized losses and estimated fair values for bonds by the length of time that individual securities had been in a continuous unrealized loss position are shown in the table below (in thousands):


	Less than twelve months							Twelve months or more
	Amortized Cost		Gross Unrealized Loss			Estimated Fair Value		Amortized Cost		Gross Unrealized Loss			Estimated Fair Value

December 31, 2023

All other bonds	$	216,957	$	(6,820	)	$	210,137	$	10,133,840	$	(1,122,655	)	$	9,011,185

Loaned-backed and structured bonds		21,676		(471	)		21,205		1,412,665		(179,784	)		1,232,881

Total	$	238,633	$	(7,291	)	$	231,342	$	11,546,505	$	(1,302,439	)	$	10,244,066





	Less than twelve months							Twelve months or more
	Amortized Cost		Gross Unrealized Loss			Estimated Fair Value		Amortized Cost		Gross Unrealized Loss			Estimated Fair Value

December 31, 2022

All other bonds	$	8,250,652	$	(938,074	)	$	7,312,578	$	3,114,164	$	(598,227	)	$	2,515,937

Loaned-backed and structured bonds		936,198		(89,278	)		846,920		662,224		(121,958	)		540,266

Total	$	9,186,850	$	(1,027,352	)	$	8,159,498	$	3,776,388	$	(720,185	)	$	3,056,203

Estimated fair values for bonds are subject to market fluctuations, including changes in interest rates. Generally, if interest rates increase, the value of bonds will decrease, and conversely a decline in general interest rates will tend to increase the value of bonds. During 2022, the rise in interest rates drove declines in the estimated fair values for bonds seen in the less than twelve months amount as of December 31, 2022. During 2023, interest rates stabilized which resulted in bonds continuing to be in unrealized loss positions. As a result, the majority of the bonds with unrealized losses in the less than twelve months amount as of December 31, 2022 migrated to the twelve months or more amount as of December 31, 2023. Based upon the Company’s current evaluation of these securities in accordance with its impairment policy, the Company has concluded that these securities are not other-than-temporarily impaired. Additionally, the Company currently intends and has the ability to hold the securities with unrealized losses for a period of time sufficient for them to recover.


TC Life Insurance Company Financials			B-15


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

Scheduled Maturities of Bonds: The carrying value and estimated fair value of bonds, categorized by contractual maturity, are shown below. Bonds not due at a single maturity date have been included in the following table based on the year of final maturity. Actual maturities may differ from contractual maturities because borrowers may prepay obligations with or without call or prepayment penalties. Mortgage-backed and asset-backed securities are shown separately in the table below, as they are not due at a single maturity date (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value

Due in one year or less	$	249,044	$	246,233	$	359,227	$	356,127

Due after one year through five years		3,221,609		3,071,351		2,841,696		2,657,983

Due after five years through ten years		4,479,762		4,025,555		4,732,489		4,038,504

Due after ten years		3,607,444		3,129,452		3,793,724		3,154,122

Subtotal		11,557,859		10,472,591		11,727,136		10,206,736

Residential mortgage-backed securities		491,665		439,790		519,888		459,229

Commercial mortgage-backed securities		746,466		641,442		687,433		570,939

Asset-backed securities		341,152		319,963		420,748		387,156

Subtotal		1,579,283		1,401,195		1,628,069		1,417,324

Total	$	13,137,142	$	11,873,786	$	13,355,205	$	11,624,060

The following table presents the carrying value of the long-term bond portfolio by investment grade as of December 31, (in thousands):


	2023				2022

NAIC 1 and 2	$	13,069,532	99.5	%	$	13,312,393	99.7	%

NAIC 3 through 6		67,610	0.5			42,812	0.3

Total	$	13,137,142	100.0	%	$	13,355,205	100.0	%

Bond Diversification: The carrying values of long-term bond investments were diversified by the following classification at December 31, as follows:


	2023			2022

Finance and financial services		24.4	%		26.4	%

Manufacturing		15.3			16.7

Public Utilities		11.2			12.3

Services		8.3			5.1

Revenue and special obligations		7.7			7.2

Commercial mortgage-backed securities		5.7			5.1

Real estate investment trusts		5.3			5.3

Oil and gas		4.8			3.6

Residential mortgage-backed securities		3.7			3.9

Communications		3.2			3.4

Retail & Wholesale Trade		3.2			3.0

Transportation		2.7			3.3

Asset-backed securities		2.6			3.2

Other governments		0.7			0.3

Mining		0.6			0.4

U.S. governments		0.3			0.4

Other		0.3			0.4

Total		100.0	%		100.0	%

Loan-backed and Structured Securities: The near-term prepayment assumptions for loan-backed and structured securities are based on historical averages drawing from performance experience for a particular transaction and may vary by security type. The long-term assumptions are adjusted based on expected performance.


B-16		TC Life Insurance Company Financials


		continued

Note 4—investment income and capital gains and losses

Net Investment Income: The components of net investment income for the years ended December 31, are as follows (in thousands):


	2023			2022			2021

Bonds	$	439,192		$	406,788		$	368,507

Stocks		357			357			180

Other invested assets		335			336			338

Cash, cash equivalents and short-term investments		2,578			606			26

Contract loans		2,567			2,115			2,017

Total gross investment income		445,029			410,202			371,068

Investment expenses		(12,172	)		(11,984	)		(13,297	)

Net investment income before amortization/(accretion) of IMR		432,857			398,218			357,771

Amortization/(accretion) of IMR		2,938			6,267			4,843

Net investment income	$	435,795		$	404,485		$	362,614

The gross, nonadmitted and admitted amounts for interest income due and accrued for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


Interest Income Due and Accrued	2023		2022

Gross	$	103,762	$	100,958

Nonadmitted	$	—	$	—

Total Admitted	$	103,762	$	100,958

Realized Capital Gains and Losses: The net realized capital gains (losses) on sales, redemptions of investments and write-downs due to OTTI for the years ended December 31, are as follows (in thousands):


	2023			2022			2021

Bonds	$	(35,025	)	$	17,455		$	14,835

Cash, cash equivalent and short-term investments		20			27			4

Total before capital gain (loss) tax and transfers to IMR, net of taxes		(35,005	)		17,482			14,839

Transfers to IMR, net of taxes		27,660			(13,848	)		(11,658	)

Capital gain/loss tax benefit (expense)		7,821			(4,476	)		(4,274	)

Net realized capital gains (losses) less capital gains tax, after transfers to IMR	$	476		$	(842	)	$	(1,093	)

Write-downs of investments resulting from OTTI, included in the preceding table, are as follows for the years ended December 31 (in thousands):


	2023		2022		2021

Other-than-temporary impairments:

Bonds	$	2,954	$	2,713	$	1,048

Information related to the sales of long term bonds for the years ended December 31 are as follows (in thousands):


	2023		2022		2021

Proceeds from sales	$	353,109	$	1,479,024	$	272,978

Gross gains on sales	$	645	$	27,902	$	9,640

Gross losses on sales	$	26,235	$	4,130	$	596

The Company generally holds its investments until maturity. The Company performs periodic reviews of its portfolio to identify investments which may have deteriorated in credit quality to determine if any are candidates for sale in order to maintain a quality portfolio of investments. Investments which are deemed candidates for sale are continually monitored until sold and carried at the lower of amortized cost or fair value. In accordance with the Company’s valuation and impairment process the investment will be monitored quarterly for further declines in fair value at which point an OTTI will be recorded until actual disposal of the investment.


TC Life Insurance Company Financials			B-17


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

Note 5—disclosures about fair value of financial instruments

Fair value of financial instruments

Included in the Company’s financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or for certain bonds and preferred stock when carried at the lower of cost or fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values of financial instruments are based on quoted market prices when available. When market prices are not available, fair values are primarily provided by a third party-pricing service for identical or comparable assets, or through the use of valuation methodologies using observable market inputs. These fair values are generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price in a hypothetical market. These valuation techniques involve management estimation and judgment for many factors including market bid/ask spreads, and such estimations may become significant with increasingly complex instruments or pricing models.

The Company’s financial assets and liabilities have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value Measurements. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and Level 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date.

Level 2—Other than quoted prices within Level 1 inputs are observable for the asset or liability, either directly or indirectly.

Level 2 inputs include:

•

Quoted prices for similar assets or liabilities in active markets,

•

Quoted prices for identical or similar assets or liabilities in markets that are not active,

•

Inputs other than quoted prices that are observable for the asset or liability,

•

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3—Inputs are unobservable inputs for the asset or liability supported by little or no market activity. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The Company’s data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.


B-18		TC Life Insurance Company Financials


		continued

The following table provides information about the aggregate fair value for all financial instruments and the level within the fair value hierarchy, with no fair values approximated by net asset value (“NAV”), at December 31, 2023 (in thousands):


	Aggregate Fair Value		Statement Value		Level 1		Level 2		Level 3

Assets:

Bonds	$	11,873,785	$	13,137,142	$	—	$	11,869,309	$	4,476

Preferred stock		7,746		9,755		1,355		6,391		—

Other invested assets		4,741		4,596		—		4,741		—

Separate account assets		4,465,616		4,465,616		4,443,608		22,008		—

Contract loans		62,247		62,247		—		—		62,247

Cash, cash equivalent & short term investments		263,878		263,877		—		263,878		—

Total	$	16,678,013	$	17,943,233	$	4,444,963	$	12,166,327	$	66,723



	Aggregate Fair Value		Statement Value		Level 1		Level 2		Level 3

Liabilities:

Deposit-type contracts	$	9,024,907	$	9,024,907	$	—	$	—	$	9,024,907

Separate account liabilities		4,453,431		4,453,431		—		—		4,453,431

Total	$	13,478,338	$	13,478,338	$	—	$	—	$	13,478,338


	Aggregate Fair Value		Statement Value		Level 1		Level 2		Level 3

Assets:

Bonds	$	11,624,060	$	13,355,205	$	—	$	11,618,711	$	5,349

Preferred stock		6,990		9,376		976		6,014		—

Other invested assets		4,821		4,621		—		4,821		—

Separate account assets		3,966,298		3,966,298		3,950,875		15,423		—

Contract loans		48,211		48,211		—		—		48,211

Cash, cash equivalent & short term investments		97,666		97,648		1,679		95,987		—

Total	$	15,748,046	$	17,481,359	$	3,953,530	$	11,740,956	$	53,560



	Aggregate Fair Value		Statement Value		Level 1		Level 2		Level 3

Liabilities:

Deposit-type contracts	$	8,801,780	$	8,801,780	$	—	$	—	$	8,801,780

Separate account liabilities		3,954,476		3,954,476		—		—		3,954,476

Total	$	12,756,256	$	12,756,256	$	—	$	—	$	12,756,256

The estimated fair values of the financial instruments presented above were determined by the Company using market information available as of December 31, 2023 and 2022. Considerable judgment is required to interpret market data in developing the estimates of fair value for financial instruments for which there are no available market value quotations. The estimates presented are not necessarily indicative of the amounts the Company could have realized in a market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

Level 1 financial instruments

Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Preferred stocks and separate account assets in Level 1 primarily include exchange traded equities and mutual fund investments valued by the respective mutual fund companies. Cash in Level 1 represents cash on hand.

Level 2 financial instruments

Bonds in Level 2 are valued principally by third party pricing services using market observable inputs. Because most bonds do not trade daily, independent pricing services regularly derive fair values using recent trades of securities with similar features. When


TC Life Insurance Company Financials			B-19


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

recent trades are not available, pricing models are used to estimate the fair values of securities by discounting future cash flows at estimated market interest rates. Typical inputs to models used by independent pricing services include but are not limited to benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, and industry and economic events. Additionally, for loan-backed and structured securities, valuation is based primarily on market inputs including benchmark yields, expected prepayment speeds, loss severity, delinquency rates, weighted average coupon, weighted average maturity and issuance specific information. Issuance specific information includes collateral type, payment terms of underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

Preferred stocks included in Level 2 include those which are traded in an inactive market for which prices for identical securities are not available. Valuations are based principally on observable inputs including quoted prices in markets that are not considered active.

Other invested assets in Level 2 represent surplus notes and are valued by a third party pricing vendor using primarily observable market inputs. Observable inputs include benchmark yields, reported trades, market dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

Separate account assets in Level 2 consist principally of corporate bonds, short term government agency notes and commercial paper.

Cash included in Level 2 consist of outstanding disbursements in excess of cash on hand and are valued based on the carrying value of the outstanding disbursement, which approximates fair value. Cash equivalents and short term investments in Level 2 are valued principally by third party services using market observable inputs.

Level 3 financial instruments

Valuation techniques for bonds included in Level 3 are generally the same as those described in Level 2 except that the techniques utilize inputs that are not readily observable in the market, including illiquidity premiums and spread adjustments to reflect industry trends or specific credit-related issues. The Company assesses the significance of unobservable inputs for each security and classifies that security in Level 3 as a result of the significance of unobservable inputs.

Contract loans are fully collateralized by the cash surrender value of underlying insurance policies and are valued based on the carrying value of the loan, which approximates fair value, and are classified as Level 3.

Separate account liabilities are accounted for at fair value, except for deposit-type contracts, and reflect the contractual obligations of the insurer arising out of the provisions of the insurance contract.

Deposit-type contracts are valued based on the accumulated account value, which approximates fair value, and are classified as Level 3.

Assets and liabilities measured and reported at fair value

The following table provides information about the Company’s financial assets and liabilities measured and reported at fair value, with no fair values approximated by NAV, at December 31 (in thousands):


	2023
	Level 1		Level 2		Level 3		Total

Assets at fair value:

Preferred stock	$	1,355	$	—	$	—	$	1,355

Separate account assets		4,443,608		22,008		—		4,465,616

Total assets at fair value	$	4,444,963	$	22,008	$	—	$	4,466,971



Total liabilities at fair value	$	—	$	—	$	—	$	—



	2022
	Level 1		Level 2		Level 3		Total

Assets at fair value:

Preferred Stock	$	976	$	—	$	—	$	976

Separate account assets		3,950,875		15,423		—		3,966,298

Total assets at fair value	$	3,951,851	$	15,423	$	—	$	3,967,274



Total liabilities at fair value	$	—	$	—	$	—	$	—


B-20		TC Life Insurance Company Financials


		continued

Reconciliation of Level 3 assets and liabilities measured and reported at fair value:

At December 31, 2023 and 2022, there are no assets or liabilities measured and reported at fair value using Level 3 inputs. The Company’s policy is to recognize transfers into and out of Level 3 at the actual date of the event or change in circumstances that caused the transfer.

Note 6—restricted assets

The following table provides information on amounts and the nature of assets pledged to others as collateral or otherwise restricted by the Company as of December 31 (in thousands):


	2023
	1		2		3		4		5		6		7			8		9		10		11
Restricted Asset Category	Total General Account (G/A)		G/A Supporting (S/A) Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		Total (1 plus 3)		Total From Prior Year		Increase / (Decrease) (5 minus 6)			Total Non admitted Restricted		Total Admitted Restricted (5 minus 8)		Gross (Admitted & Nonadmitted) Restricted to Total Assets		Admitted Restricted to Total Admitted Assets

On deposit with states	$	3,300	$	—	$	—	$	—	$	3,300	$	7,897	$	(4,597	)	$	—	$	3,300		0.018%		0.018%


	2022
	1		2		3		4		5		6		7			8		9		10		11
Restricted Asset Category	Total General Account (G/A)		G/A Supporting (S/A) Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		Total (1 plus 3)		Total From Prior Year		Increase / (Decrease) (5 minus 6)			Total Non admitted Restricted		Total Admitted Restricted (5 minus 8)		Gross (Admitted & Nonadmitted) Restricted to Total Assets		Admitted Restricted to Total Admitted Assets

On deposit with states	$	7,897	$	—	$	—	$	—	$	7,897	$	7,972	$	(75	)	$	—	$	7,897		0.045%		0.045%

Note 7—premiums and annuity considerations deferred and uncollected

Premium and annuity considerations deferred and uncollected at December 31 (in thousands):


	2023				2022
	Gross		Net of Loading		Gross		Net of Loading

Ordinary renewal	$	21,083	$	49,620	$	19,514	$	50,420

Total	$	21,083	$	49,620	$	19,514	$	50,420

Deferred premium is the portion of the annual premium not earned at the reporting date. Loading of deferred premium is an amount obtained by subtracting the net deferred premium from the gross deferred premium and generally includes allowances for acquisition costs and other expenses.

Uncollected premium is gross premium that is due and unpaid at the reporting date. Net premium is the amounts used in the calculation of reserves.

Note 8—separate accounts

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2023, the Company reported separate account assets and liabilities for the following products: variable life, variable annuity, fixed annuity, and group life.

The Company’s Separate Account VLI-1 (“VLI-1”) was established under New York law on May 23, 2001, for the purpose of issuing and funding flexible premium variable universal life insurance policies and is registered with the Securities and Exchange Commission (“Commission”) as a unit investment trust under the Investment Company Act of 1940, as amended (“1940 Act”). The assets of this account are carried at fair value.

The Company’s Separate Account VLI-2 (“VLI-2”) was established under New York law on February 15, 2012, for the purpose of issuing and funding group and individual variable life insurance policies and is registered with the Commission as a unit investment trust under the 1940 Act. The assets of this account are carried at fair value.


TC Life Insurance Company Financials			B-21


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

The Company’s Separate Account VA-1 (“VA-1”) was established under New York law on July 27, 1998, for the purpose of funding individual non-qualified variable annuities and is registered with the Commission as a unit investment trust under the 1940 Act. The assets of this account are carried at fair value.

The Company’s Separate Account MVA-1 (“MVA-1”) was established on July 23, 2008, as a non-unitized Separate Account that supports flexible premium deferred fixed annuity contracts subject to withdrawal charges and a market value adjustment feature. The assets of this account are carried at fair value.

In accordance with the domiciliary state procedures for approving items within the separate account, the separate account classifications of the following items are supported by a specific state statute:


Product Identification	Product Classification	State Statute Reference

TIAA Life VLI-1	Variable life	Section 4240 of the New York Insurance Law

TIAA Life VLI-2	Variable life	Section 4240 of the New York Insurance Law

TIAA Life VA-1	Variable annuity	Section 4240 of the New York Insurance Law

TIAA Life MVA-1	Fixed annuity	Section 4240 of the New York Insurance Law

In accordance with the provisions of the separate account products, some assets are considered legally insulated while others are not legally insulated from the general account. Legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

The Company’s “Separate account” assets includes both assets legally insulated and not legally insulated from the general account at December 31, as follows (in thousands):


	2023				2022
	Separate Account Assets				Separate Account Assets
Product	Legally Insulated		Not Legally Insulated		Legally Insulated		Not Legally Insulated

TIAA Life VLI-1	$	480,535	$	—	$	398,868	$	—

TIAA Life VLI-2		274,544		—		238,252		—

TIAA Life VA-1		3,682,926		—		3,302,294		—

TIAA Life MVA-1		—		27,611		—		26,884

Total	$	4,438,005	$	27,611	$	3,939,414	$	26,884

In accordance with the specific rules for products recorded within the separate account, some separate account liabilities are guaranteed by the general account.

The amount paid for risk charges is not explicit, but rather embedded within the mortality and expense charges. The separate accounts had no reserves for asset default risk that were recorded in lieu of contributions to AVR.

Although the Company owns the assets of these separate accounts, the separate accounts’ income, investment gains and investment losses are credited to or charged against the assets of the separate accounts without regard to the Company’s other income, gains or losses.


B-22		TC Life Insurance Company Financials


		continued

Additional information regarding separate accounts of the Company is as follows for the years ended December 31, (in thousands):


	2023
	Non-indexed Guarantee less than/equal to 4%		Non-indexed Guarantee more than 4%		Non-guaranteed Separate Accounts		Total

Premiums, considerations or deposits	$	810	$	—	$	151,027	$	151,837

Reserves

For accounts with assets at:

Fair value	$	12,603	$	2,824	$	4,438,051	$	4,453,478

Amortized cost		—		—		—		—

Total reserves	$	12,603	$	2,824	$	4,438,051	$	4,453,478



By withdrawal characteristics:

Subject to discretionary withdrawal:

With market value adjustment	$	12,103	$	2,824	$	—	$	14,926

At fair value		—		—		4,438,051		4,438,051

Not subject to discretionary withdrawal		500		—		—		500

Total reserves	$	12,603	$	2,824	$	4,438,051	$	4,453,477



	2022
	Non-indexed Guarantee less than/equal to 4%		Non-indexed Guarantee more than 4%		Non-guaranteed Separate Accounts		Total

Premiums, considerations, or deposits	$	259	$	—	$	165,168	$	165,427

Reserves

For accounts with assets at:

Fair value	$	15,101	$	—	$	3,937,593	$	3,952,694

Amortized cost		—		—		—		—

Total reserves	$	15,101	$	—	$	3,937,593	$	3,952,694



By withdrawal characteristics:

Subject to discretionary withdrawal:

With market value adjustment	$	14,751	$	—	$	—	$	14,751

At fair value		—		—		3,937,593		3,937,593

Not subject to discretionary withdrawal		350		—		—		350

Total reserves	$	15,101	$	—	$	3,937,593	$	3,952,694


	2021
	Non-indexed Guarantee less than/equal to 4%		Non-indexed Guarantee more than 4%		Non-guaranteed Separate Accounts		Total

Premiums, considerations, or deposits	$	116	$	—	$	318,357	$	318,473

Reserves

For accounts with assets at:

Fair value	$	16,693	$	—	$	4,775,690	$	4,792,383

Amortized cost		—		—		—		—

Total reserves	$	16,693	$	—	$	4,775,690	$	4,792,383



By withdrawal characteristics:

Subject to discretionary withdrawal:

With market value adjustment	$	16,383	$	—	$	—	$	16,383

At fair value		—		—		4,775,690		4,775,690

Not subject to discretionary withdrawal		310		—		—		310

Total reserves	$	16,693	$	—	$	4,775,690	$	4,792,383


TC Life Insurance Company Financials			B-23


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

The following is a reconciliation of transfers to (from) the Company to the Separate Accounts (in thousands):


	2023			2022			2021

Transfers as reported in the Summary of Operations of the separate accounts statement:

Transfers to separate accounts	$	151,074		$	164,515		$	319,598

Transfers from separate accounts		(284,116	)		(241,408	)		(259,869	)

Net transfers to (from) separate accounts		(133,042	)		(76,893	)		59,729


Reconciling adjustments:

Fund transfer exchange gain (loss)		127			(381	)		(852	)

Transfers as reported in the Company’s Statements of Operations	$	(132,915	)	$	(77,274	)	$	58,877

Note 9—related party transactions

The majority of services for the operation of the Company are provided at cost by TIAA pursuant to a Service Agreement. Expense payments under the Service Agreement are made monthly by the Company to TIAA based on TIAA’s costs for providing such services. TIAA’s costs include employee benefit expenses, which are allocated based on salaries attributable to the Company. The Company also pays TIAA for investment advisory services and other administrative services for the Company’s insurance general account (the “General Account”) in accordance with an Investment Management Agreement. Further, TIAA entered into Investment Management Agreements with Teachers Advisors, LLC (“TAL”) and Nuveen Alternatives Advisors, LLC, each an indirect wholly-owned subsidiary of TIAA, appointing such affiliated advisors with authority to manage investments held within the Company’s General Account. The Company made payments to TIAA for the years ended December 31, as follows (in thousands):


	2023		2022		2021

Payments to TIAA

Operating expenses	$	50,057	$	49,846	$	45,886

Investment expenses		10,674		11,400		13,156

Total	$	60,731	$	61,246	$	59,042

TIAA-CREF Individual & Institutional Services, LLC (“Services”), a subsidiary of TIAA, is authorized to distribute contracts for the Separate Accounts. Expenses associated with the distribution services agreement for the years ended December 31, are as follows (in thousands):


	2023		2022		2021

Payments to Services	$	535	$	1,441	$	3,113

The Company has a services agreement for certain funding agreements for qualified state tuition programs for which TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly-owned subsidiary of TIAA, is the program manager, are provided to the Company by TFI pursuant to a service agreement between the Company and TFI. Payments associated with this service agreement for the years ended December 31, are as follows (in thousands):


	2023		2022		2021

Payments to TFI	$	32,658	$	25,351	$	21,489

The Company has a financial support agreement with TIAA. Under this agreement, TIAA will provide support so that the Company will have the greater of (a) capital and surplus of $250,000 thousand or (b) the amount of capital and surplus necessary to maintain the Company’s capital and surplus at a level not less than 150% of the NAIC Risk Based Capital model or such other amount as necessary to maintain the Company’s financial strength ratings at least the same as TIAA’s rating. This agreement is not an evidence of indebtedness or an obligation or liability of TIAA and does not provide any creditor of the Company with recourse to TIAA. During 2023, 2022, and 2021, there were no contributions from TIAA to the Company.

The Company maintains a $100,000 thousand unsecured 364-day revolving line of credit with TIAA. This line has an expiration date of June 28, 2024. As of December 31, 2023, $75,000 thousand of this facility was maintained on a committed basis and there was no balance outstanding.


B-24		TC Life Insurance Company Financials


		continued

At December 31, 2023 or 2022, respectively, the Company has the following as amounts due to Parent and affiliates, which are reported in “Other liabilities” (in thousands):


	2023		2022

Amounts due to Parent and affiliates	$	9,201	$	7,496

Note 10—federal income taxes

The application of SSAP No. 101 Income Taxes requires a company to evaluate the recoverability of DTAs and to establish a valuation allowance if necessary to reduce the DTA to an amount which is more likely than not to be realized. Based on the weight of all available evidence, the Company has not recorded a valuation allowance on DTAs at December 31, 2023 or December 31, 2022.

The components of net DTAs and DTLs at December 31, are as follows (in thousands):


	2023						2022						Change
	(1) Ordinary		(2) Capital		(3) (Col 1+2) Total		(4) Ordinary		(5) Capital		(6) (Col 4+5) Total		(7) (Col 1–4) Ordinary			(8) (Col 2–5) Capital			(9) (Col 7+8) Total

a) Gross deferred tax assets	$	48,491	$	4,374	$	52,865	$	49,284	$	4,984	$	54,268	$	(793	)	$	(610	)	$	(1,403	)

b) Statutory valuation allowance adjustments		—		—		—		—		—		—		—			—			—

c) Adjusted gross deferred tax assets (a–b)		48,491		4,374		52,865		49,284		4,984		54,268		(793	)		(610	)		(1,403	)

d) Deferred tax assets non-admitted		31,271		4,073		35,344		29,290		4,766		34,056		1,981			(693	)		1,288
e) Subtotal net admitted deferred tax asset (c-d)		17,220		301		17,521		19,994		218		20,212		(2,774	)		83			(2,691	)
f) Deferred tax liabilities		2,680		301		2,981		3,694		218		3,912		(1,014	)		83			(931	)

g) Net admitted deferred tax assets/(net deferred tax liability) (e–f)	$	14,540	$	—	$	14,540	$	16,300	$	—	$	16,300	$	(1,760	)	$	—		$	(1,760	)



	2023						2022						Change
	(1) Ordinary		(2) Capital		(3) (Col 1+2) Total		(4) Ordinary		(5) Capital		(6) (Col 4+5) Total		(7) (Col 1–4) Ordinary			(8) (Col 2–5) Capital			(9) (Col 7+8) Total

Admission calculation components SSAP No. 101 (in thousands)

a) Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—

b) Adjusted gross DTA expected to be realized (excluding the amount of DTA from (a) above after application of the threshold limitation. (The lesser of (b)1 and (b)2 below)		14,540		—		14,540		16,300		—		16,300		(1,760	)		—			(1,760	)
1. Adjusted gross DTA expected to be realized following the balance sheet date		14,540		—		14,540		16,300		—		16,300		(1,760	)		—			(1,760	)
2. Adjusted gross DTA allowed per limitation threshold		XXX		XXX		122,608		XXX		XXX		132,167		XXX			XXX			(9,559	)

c) Adjusted gross DTA (excluding the amount of DTA from (a) and (b) above) offset by gross DTL		2,680		301		2,981		3,694		218		3,912		(1,014	)		83			(931	)

d) DTA admitted as the result of application of SSAP No. 101. Total ((a)+(b)+(c))	$	17,220	$	301	$	17,521	$	19,994	$	218	$	20,212	$	(2,774	)	$	83		$	(2,691	)


	2023			2022

(a) Ratiopercentage used to determinerecovery period and threshold limitation amount		1,082	%		1,154	%

(b) Amount of adjusted capital and surplus used to determine the threshold limitation in (b)2 above (in thousands)	$	817,386		$	881,116


TC Life Insurance Company Financials			B-25


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023



	12/31/2023						12/31/2022						Change
	(1) Ordinary			(2) Capital			(3) Ordinary			(4) Capital			(5) (Col 1–3) Ordinary			(6) (Col 2–4) Capital

Impact of Tax Planning Strategies: (in thousands)

Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage

Adjusted gross DTA	$	48,491		$	4,374		$	49,284		$	4,984		$	(793	)	$	(610	)

Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

Net admitted adjusted gross DTA	$	17,220		$	301		$	19,994		$	218		$	(2,774	)	$	83

Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

The Company does not have DTLs that are not recognized.

The Company does not use reinsurance in its tax planning strategies.

Current income taxes incurred consist of the following major components (in thousands):


	2023			2022		2021

Curret income tax:

Federal income tax expense	$	13,284		$	34,060	$	28,238

Foreign taxes		—			—		—

Subtotal	$	13,284		$	34,060	$	28,238

Federal income taxes expense/(benefit) on net capital gains/(losses)		(7,821	)		4,256		4,274

Other		780			940		829


Federal and foreign income tax expense	$	6,243		$	39,256	$	33,341


	12/31/2023			12/31/2022		Change

Deferred tax assets:

Ordinary:

Policyholder reserves	$	10,304		$	8,685	$	1,619

Deferred acquisition costs		36,818			38,898		(2,080	)

Other		1,369			1,701		(332	)

Subtotal	$	48,491		$	49,284	$	(793	)

Non-admitted		31,271			29,290		1,981

Admitted ordinary deferred tax assets	$	17,220		$	19,994	$	(2,774	)



Capital:

Investments	$	4,374		$	4,984	$	(610	)

Net capital loss carry-forward		—			—		—

Subtotal	$	4,374		$	4,984	$	(610	)

Statutory valuation allowance adjustment	$	—		$	—	$	—

Non-admitted		4,073			4,766		(693	)

Admitted capital deferred tax assets		301			218		83



Admitted deferred tax assets	$	17,521		$	20,212	$	(2,691	)



Deferred tax liabilities:

Ordinary:

Reserve transition adjustment	$	1,359		$	2,039	$	(680	)

Investments		1,266			1,500		(234	)

Other		55			155		(100	)

Subtotal	$	2,680		$	3,694	$	(1,014	)

Capital:

Investments	$	301		$	218	$	83

Deferred tax liabilities	$	2,981		$	3,912	$	(931	)



Net admitted deferred tax assets/liabilities	$	14,540		$	16,300	$	(1,760	)


B-26		TC Life Insurance Company Financials


		continued

The provision for federal and foreign income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference at December 31, 2023, are as follows (in thousands):


Description	Tax Effect			Effective Tax Rate

Provision computed at statutory rate	$	8,275			21.00	%

Dividends received deduction		(1,560	)		(3.96	)

Amortization of interest maintenance reserve		(617	)		(1.57	)

Tax-exempt interest		(38	)		(0.10	)

Liability for unauthorized reinsurance		286			0.73

Prior year true-up		192			0.49

Nonadmitted assets and other permanent differences		98			0.25

Total statutory income taxes	$	6,636			16.84	%



Federal and foreign income tax expense—ordinary	$	14,064			35.69	%

Federal and foreign income tax expense—capital		(7,821	)		(19.85	)

Change in net deferred income tax charge (benefit)		393			1.00

Total statutory income taxes	$	6,636			16.84	%

At December 31, 2023, the Company had no net operating loss (“NOL”) carry forwards or capital loss carry forwards.

Income tax, ordinary and capital available for recoupment from its parent, TIAA, in the event of future net losses include (in thousands):


Year Incurred	Ordinary		Capital		Total

2021	$	—	$	4,494	$	4,494

2022		—		4,256		4,256

2023		—		—		—

Total	$	—	$	8,750	$	8,750

There were no deposits to suspend interest on potential underpayments reported as admitted assets under IRC Section 6603 as the Company maintains NOL carryforwards.

The Company files a consolidated federal income tax return with its Parent and its affiliates:

1) 730 Texas Forest Holdings, Inc.

2) Seven30 Insurance (Bermuda) Co. Limited

3) AMC Holding, Inc.**

4) Business Property Lending Inc.**

5) CustomerOne Financial Network, Inc.**

6) GreenWood Resources, Inc.

7) MyVest Corporation

8) NIS/R&T, Inc.*

9) Nuveen Holdings, Inc.*

10) Nuveen Holdings 1, Inc.*

11) Nuveen Investments, Inc.*

12) Nuveen Investments Holdings, Inc.*

13) Nuveen Securities, LLC*

14) T-C Europe Holding, Inc.

15) T-C SP, Inc.

16) Teachers Insurance and Annuity Association of America

17) Terra Land Company

18) TIAA Board of Governors

19) TIAA-CREF Tuition Financing, Inc.

20) TIAA Commerical Finance, Inc.**

21) TIAA FSB Holdings, Inc.**

22) TIAA, FSB**


TC Life Insurance Company Financials			B-27


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

23) TIAA Trust, N.A.

24) Westchester Group Farm Management, Inc.

25) Westchester Group Investment Management Holding Company, Inc.

26) Westchester Group Investment Management, Inc.

27) Westchester Group Real Estate, Inc.

All consolidating companies, excluding those denoted with an asterisk (*) above, participate in a tax sharing agreement under the following criteria. Under the agreement, current federal income tax expense (benefit) is computed on a separate return basis and provides that members shall make payments or receive reimbursements to the extent that their income (loss) contributes to or reduces consolidated federal tax expense. The consolidating companies included in this agreement are reimbursed for net operating losses or other tax attributes they have generated when utilized in the consolidated return.

The companies denoted with an asterisk above (collectively, “Nuveen subgroup”), are subject to a separate tax sharing agreement, under which current federal income tax expense (benefit) is computed on a separate subgroup return basis. Under the Agreement, Nuveen Holdings 1, Inc (“Nuveen”) makes payments to TIAA for amounts equal to the federal income payments that the Nuveen subgroup would be obliged to pay the federal government if the Nuveen subgroup had actually filed a separate consolidated tax return. Nuveen is reimbursed for the subgroup losses to the extent that the subgroup tax return reflects a tax benefit that the Nuveen subgroup could have carried back to a prior consolidated return year.

The companies denoted with a double asterisk above (collectively “Bank subgroup”) are subject to a separate tax matters agreement. Under the agreement, current federal income tax expense (benefit) is computed on an adjusted separate subgroup return basis in accordance with the agreement.

The Company’s tax years 2018 through 2022 are open to examination by the Internal Revenue Service (“IRS’).

Corporate Alternative Minimum Taxes

The Act was enacted on August 16, 2022. The Act included a new CAMT which is a 15 percent tax on an applicable corporation’s adjusted financial statement income for the tax year, reduced by corporate alternative minimum foreign tax credits. The tax is effective for tax years beginning after 2022.

Under general statutory accounting principles, reporting entities filing statutory financial statements would normally have to consider the applicability of the CAMT, and if applicable, determine the impact on the statutory valuation allowance as well as assess DTAs for admissibility. Pursuant to guidance released by the Statutory Accounting Principles Working Group (“SAPWG”) within INT 23-03, the Company has determined as of the reporting date that it will not be an applicable entity and it will not be liable for CAMT in 2023.

Note 11—policy and contract reserves

Policy and contract reserves are determined in accordance with standard valuation methods approved by the Department and are computed in accordance with standard actuarial methodology. The reserves are based on assumptions for interest, mortality and other risks insured.

For annuities and supplementary contracts, policy and contract reserves are calculated using Commissioner’s Annuity Reserve Valuation Method (“CARVM”) in accordance with New York State Regulation 151 and Actuarial Guideline 33 as applicable.

The Company maintains excess reserves based on VM-21 and Regulation 213 at the level of $1,577 thousand and $3,622 thousand as of December 31, 2023 and 2022, respectively. On this basis, the Company determined that the Company’s reserves are sufficient to meet its obligations.

The Company performed asset adequacy analysis to test the adequacy of its reserves in light of the assets supporting such reserves. This analysis reflected the requirements of the NYDFS and the NYDFS Special Considerations Letter, which specifies certain requirements related to reserves and asset adequacy analysis. The Company determined that its reserves are sufficient to meet its obligations for the years ending December 31, 2023 and 2022.

For the years ended December 31, 2023 and 2022, the Company did not have any Group Annuity reserves.


B-28		TC Life Insurance Company Financials


		continued

Withdrawal characteristics of individual annuity reserves and deposit-type contracts at December 31 are as follows (in thousands):


	2023
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		% of Total

INDIVIDUAL ANNUITIES:

Subject to Discretionary Withdrawal:

With Market Value Adjustment	$	—	$	14,926	$	—	$	14,926		0.4	%

At fair value		—		—		3,622,778		3,622,778		78.0	%

Total with market value adjustment or at fair value	$	—	$	14,926	$	3,622,778	$	3,637,704		78.4	%

At book value without adjustment (minimal or no charge or adjustment)		864,978		—		—		864,978		18.6	%

Not subject to discretionary withdrawal		139,502		—		—		139,502		3.0	%

Total (direct + assumed)	$	1,004,480	$	14,926	$	3,622,778	$	4,642,184		100.0	%



Reinsurance ceded		—		—		—		—

Total (net)	$	1,004,480	$	14,926	$	3,622,778	$	4,642,184


	2022
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		% of Total

INDIVIDUAL ANNUITIES:

Subject to Discretionary Withdrawal:

With Market Value Adjustment	$	—	$	14,751	$	—	$	14,751		0.3	%

At fair value		—		—		3,253,612		3,253,612		74.3	%

Total with market value adjustment or at fair value	$	—	$	14,751	$	3,253,612	$	3,268,363		74.6	%

At book value without adjustment (minimal or no charge or adjustment)		979,990		—		—		979,990		22.4	%

Not subject to discretionary withdrawal		130,371		—		—		130,371		3.0	%

Total (direct + assumed)	$	1,110,361	$	14,751	$	3,253,612	$	4,378,724		100.0	%



Reinsurance ceded		—		—		—		—

Total (net)	$	1,110,361	$	14,751	$	3,253,612	$	4,378,724


	2023
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		% of Total

DEPOSIT-TYPE CONTRACTS (no life contingencies):

Subject to Discretionary Withdrawal:

At fair value	$	—	$	—	$	62,402	$	62,402		0.7	%

At book value without adjustment (minimal or no charge or adjustment)		8,863,586		—		—		8,863,586		97.5	%

Not subject to discretionary withdrawal		161,321		—		—		161,321		1.8	%

Total (direct + assumed)	$	9,024,907	$	—	$	62,402	$	9,087,309		100.0	%



Reinsurance ceded		—		—		—		—

Total (net)	$	9,024,907	$	—	$	62,402	$	9,087,309


TC Life Insurance Company Financials			B-29


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023


	2022
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		% of Total

DEPOSIT-TYPE CONTRACTS (no life contingencies):

Subject to Discretionary Withdrawal:

At fair value	$	—	$	—	$	49,942	$	49,942		0.6	%

At book value without adjustment (minimal or no charge or adjustment)		8,653,636		—		—		8,653,636		97.7	%

Not subject to discretionary withdrawal		148,144		—		—		148,144		1.7	%

Total (direct + assumed)	$	8,801,780	$	—	$	49,942	$	8,851,722		100.0	%



Reinsurance ceded		—		—		—		—

Total (net)	$	8,801,780	$	—	$	49,942	$	8,851,722

The following tables provide the life actuarial reserves by withdrawal characteristics for the years ended December 31, (in thousands):


			2023
	General Account
	Account Value		Cash Value		Reserve

Subject to discretionary withdrawal, surrender values, or policy loans:

Universal Life	$	2,027,931	$	2,027,987	$	2,057,285

Variable Universal Life		363,262		362,288		373,344

Not subject to discretionary withdrawal or no cash values:

Term Policies without Cash Value		—		—		588,263

Disability—Active Lives		—		—		12,484

Disability—Disabled Lives		—		—		2,605

Miscellaneous Reserves		—		—		21,214

Total (direct + assumed)	$	2,391,193	$	2,390,275	$	3,055,195



Reinsurance Ceded		—		—		428,055

Total (net)	$	2,391,193	$	2,390,275	$	2,627,140


	2022
	General Account
	Account Value		Cash Value		Reserve

Subject to discretionary withdrawal, surrender values, or policy loans:

Universal Life	$	2,089,115	$	2,089,192	$	2,113,221

Variable Universal Life		363,677		361,818		373,157

Not subject to discretionary withdrawal or no cash values:

Term Policies without Cash Value		—		—		609,526

Disability—Active Lives		—		—		12,327

Disability—Disabled Lives		—		—		2,103

Miscellaneous Reserves		—		—		23,577

Total (direct + assumed)	$	2,452,792	$	2,451,010	$	3,133,911



Reinsurance Ceded		—		—		449,366

Total (net)	$	2,452,792	$	2,451,010	$	2,684,545


B-30		TC Life Insurance Company Financials


		continued


			2023
	Separate Account Nonguaranteed
	Account Value		Cash Value		Reserve

Subject to discretionary withdrawal, surrender values, or policy loans:

Variable Universal Life		$755,230		$752,871		$752,871

Reinsurance Ceded		—		—		—

Total (net)		$755,230		$752,871		$752,871



	2022
	Separate Account Nonguaranteed
	Account Value		Cash Value		Reserve

Subject to discretionary withdrawal, surrender values, or policy loans:

Variable Universal Life		$637,230		$634,039		$634,039

Reinsurance Ceded		—		—		—

Total (net)		$ 637,230		$ 634,039		$ 634,039

For Ordinary Life Insurance (including term plans, universal life and variable universal life), reserves for all policies are calculated in accordance with New York State Insurance Regulation 147 using the 1980 CSO Table, 2001 CSO Table, or 2017 CSO Table and interest rates of 3% through 5%. Term conversion reserves are based on the Company’s term conversion mortality experience and interest at 4%.

Substandard extra reserves on Traditional Life contracts are calculated for policies issued with substandard ratings in accordance with higher mortality factors and premiums. The reserves are calculated on the basis of the higher mortality rates that correspond with the higher charged premiums.

Liabilities for incurred but not reported life insurance claims are based on historical experience and are set equal to a percentage of expected claims. Reserves for amounts not yet due for incurred but not reported disability waiver of premium claims are a percentage of the total Active Lives Disability Waiver of Premium Reserve.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the date of death. The Company has no policies where the surrender values were in excess of the legally computed reserves as of December 31, 2023 or 2022. The Company has $33,288,012 thousand and $37,360,794 thousand of insurance in force for which the gross premiums are less than the net premiums according to the standard of valuation set by the State of New York as of December 31, 2023 and 2022, respectively. Premium deficiency reserves related to the above insurance total $5,273 thousand and $6,517 thousand at December 31, 2023 and 2022, respectively.

For retained assets, an accumulation account issued from the proceeds of annuity and life insurance policies, reserves are held equal to the current account balances.

The Tabular Interest, Tabular Less Actual Reserve Released and Tabular Cost have all been determined by formulae as prescribed by the NAIC except for deferred annuities, for which tabular interest has been determined from the basic data.

Note 12—reinsurance

Reinsurance transactions included in the statutory—basis statements of operations within “Insurance and annuity premiums and other considerations” are as follows for the years ended December 31 (in thousands):


	2023			2022			2021

Direct premiums	$	298,430		$	345,006		$	525,018

Ceded premiums		(81,354	)		(86,708	)		(89,705	)

Net premiums	$	217,076		$	258,298		$	435,313


TC Life Insurance Company Financials			B-31


Notes to statutory–basis financial statements

TIAA-CREF Life Insurance Company

December 31, 2023

The major lines in the accompanying financial statements that were reduced (increased) by the effect of these reinsurance agreements include the following for the years ended December 31 (in thousands):


	2023		2022			2021

Reinsurance ceded:

Insurance and annuity premiums and other considerations	$	81,354	$	86,708		$	89,705

Policy and contract benefits		92,460		60,233			62,808

Increase/(decrease) in policy and contract reserves		40,894		(19,195	)		(9,129	)

Reserves for life and health, annuities and deposit-type contracts		631,521		586,225			610,407

Note 13—capital and surplus and shareholders’ dividends restrictions

The portion of unassigned surplus (deficit) increased or (reduced) by each item below as of December 31 are as follows (in thousands):


	2023			2022			2021

Change in net unrealized capital gains (losses), net of taxes	$	299		$	(825	)	$	1,137

Change in reserve on account of change in valuation basis		—			—			1,568

Change in asset valuation reserve		(11,942	)		(12,844	)		(8,956	)

Change in net deferred federal income tax		(393	)		(1,282	)		3,346

Change in non-admitted assets		2,119			3,684			(2,112	)

Change in liability for reinsurance of unauthorized companies		1,362			5,260			(11,600	)

Change in surplus of separate accounts		345			(1,011	)		(719	)

Dividends to stockholders		(118,100	)		(83,900	)		(81,600	)

As of December 31, 2023 and 2022, the portion of unassigned surplus (deficit) represented by cumulative net unrealized gains and losses, gross of deferred taxes, was $1,172 thousand and $793 thousand, respectively.

The Company received no additional paid-in capital contributions for the years ended December 31, 2023, 2022 and 2021.

Capital: The Company has 2,500 shares of common stock authorized, issued and outstanding. All shares are Class A. The Company has no preferred stock outstanding.

Dividend Restrictions: Under the NYIL, the Company is permitted without prior insurance regulatory clearance to pay a stockholder dividend under the earned surplus standard or the surplus only standard, but not both. The earned surplus standard allows a dividend to be paid out of earned surplus as long as the aggregated amount of all such dividends in any calendar year does not exceed the greater of (i) 10% of its surplus to policyholders as of the immediately preceding calendar year or (ii) its net income for the immediately preceding calendar year (excluding realized capital gains), provided the dividends do not exceed 30% of its surplus to policyholders as of the immediately preceding calendar year. Earned surplus is the positive surplus excluding 85% of the change in net unrealized capital gains (losses) on investments, net of taxes, for the immediately preceding calendar year. The surplus only standard allows a dividend to be paid when the Company does not have earned surplus as long as the aggregate amount of all such dividends in any calendar year does not exceed the lessor of (i) 10% of its surplus to policyholders as of the immediately preceding calendar year or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized investment gains). The Company paid an ordinary dividend to TIAA, its shareholder, in the amount of $118,100 thousand, $83,900 thousand and $81,600 thousand for the years ended December 31, 2023, 2022, and 2021, respectively. The Company’s dividends are not on a cumulative basis.

Note 14—contingencies

It is the opinion of management that any liabilities which might arise from litigation, state guaranty fund assessments, and other matters, over and above amounts already provided for in the financial statements, are not considered material in relation to the Company’s financial position or the results of its operations.

The Company receives and responds to subpoenas, examinations, or other inquiries from state and federal regulators, including state insurance commissioners; state attorneys general and other state governmental authorities; the SEC and federal governmental authorities. The Company cooperates in connection with these inquiries and believes the ultimate liability that could result from litigation and proceedings would not have a material adverse effect on the Company’s financial position.

Note 15—subsequent events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through March 14, 2024, the date the financial statements were available to be issued.


B-32		TC Life Insurance Company Financials