| TIAA-CREF LIFE SEPARATE ACCOUNT VLI-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-18 | |
| Notes to Financial Statements | B-54 | |
| TIAA-CREF Life Separate Account VLI-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 VLI-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 VLI-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 VLI-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) |
Matson Money International Equity VI Portfolio(1) | |
| TIAA-CREF Life Core Bond(1) |
Matson Money U.S. Equity VI Portfolio(1) | |
| TIAA-CREF Life Growth Equity(1) |
MFS Global Equity Series—Initial Class(1) | |
| TIAA-CREF Life Growth & Income(1) |
MFS Growth Series—Initial Class(1) | |
| TIAA-CREF Life International Equity(1) |
MFS Massachusetts Investors Growth Stock Portfolio–Initial Class(1) | |
| TIAA-CREF Life Large-Cap Value(1) |
MFS Utilities Series—Initial Class(1) | |
| TIAA-CREF Life Money Market(1) |
Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class(1) | |
| TIAA-CREF Life Real Estate Securities(1) |
Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class(1) | |
| TIAA-CREF Life Small-Cap Equity(1) |
PIMCO VIT All Asset Portfolio—Institutional Class(1) | |
| TIAA-CREF Life Social Choice Equity(1) |
PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class(1) | |
| TIAA-CREF Life Stock Index(1) |
PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class(1) | |
| Calamos Growth & Income Portfolio(1) |
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)-Institutional Class(1) | |
| ClearBridge Variable Aggressive Growth Portfolio—Class I(1) |
PIMCO VIT Real Return Portfolio—Institutional Class(1) | |
| ClearBridge Variable Small Cap Growth Portfolio—Class I(1) |
PVC Equity Income Account—Class 1(1) | |
| Credit Suisse Trust-Commodity Return Strategy Portfolio(1) |
PVC MidCap Account—Class 1(1) | |
| Delaware VIP International Series—Standard Class(1) |
PSF PGIM Jennison Blend Portfolio—Class II(2) | |
| Delaware VIP Small Cap Value Series—Standard Class(1) |
PSF PGIM Jennison Focused Blend Portfolio—Class II(3) | |
| DFA VA Equity Allocation Portfolio(1) |
PSF Natural Resources Portfolio—Class II(1) | |
| DFA VA Global Bond Portfolio(1) |
PSF PGIM Jennison Value Portfolio—Class II(1) | |
| DFA VA Global Moderate Allocation Portfolio(1) |
Royce Capital Fund Micro-Cap Portfolio—Investment Class(1) | |
| DFA VA International Small Portfolio(1) |
Royce Capital Fund Small-Cap Portfolio—Investment Class(1) | |
| DFA VA International Value Portfolio(1) |
T. Rowe Price® Health Sciences Portfolio I(1) | |
| DFA VA Short-Term Fixed Portfolio(1) |
T. Rowe Price® Limited-Term Bond Portfolio(1) | |
| DFA VA US Large Value Portfolio(1) |
Templeton Developing Markets VIP Fund—Class 1(1) | |
| DFA VA US Targeted Value Portfolio(1) |
Vanguard VIF Capital Growth Portfolio(1) | |
| DFA VIT Inflation Protected Securities Portfolio(1) |
Vanguard VIF Equity 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 Mid-Cap Index Portfolio(1) | |
| Franklin Small-Mid Cap Growth VIP Fund—Class 1(1) |
Vanguard VIF Real Estate Index Portfolio(1) | |
| Janus Henderson Forty Portfolio—Institutional Shares(1) |
Vanguard VIF Small Company Growth Portfolio(1) | |
| Janus Henderson Mid Cap Value Portfolio—Institutional Shares(1) |
Vanguard VIF Total Bond Market Index Portfolio(1) | |
| Janus Henderson Overseas Portfolio—Institutional Shares(1) |
VY CBRE Global Real Estate Portfolio—Class I(1) | |
| John Hancock Emerging Markets Value Trust(1) |
Wanger International(1) | |
| LVIP Delaware Diversified Income Fund—Standard Class(1) |
Wanger Select(4) | |
| Matson Money Fixed Income VI Portfolio(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. |
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 VLI-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 VLI-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.
| B-2 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
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 VLI-1 since 2005.
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-3 |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-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 |
$ | 2,072,053 | $ | 5,029,611 | $ | 13,407,299 | $ | 11,849,302 | $ | 13,758,280 | ||||||||||
| Total assets |
$ | 2,072,053 | $ | 5,029,611 | $ | 13,407,299 | $ | 11,849,302 | $ | 13,758,280 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ |
— |
|
$ | — | $ | — | $ | 15,055 | $ | 45,190 | |||||||||
| Total liabilities |
$ |
— |
|
$ | — | $ | — | $ | 15,055 | $ | 45,190 | |||||||||
| NET ASSETS—Accumulation fund |
$ | 2,072,053 | $ | 5,029,611 | $ | 13,407,299 | $ | 11,834,247 | $ | 13,713,090 | ||||||||||
| Investments, at cost |
$ | 2,041,007 | $ | 5,419,251 | $ | 11,517,121 | $ | 11,720,625 | $ | 12,808,258 | ||||||||||
| Shares held in corresponding Funds |
171,670 | 549,684 | 749,430 | 653,935 | 1,488,991 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | 93.68 | $ | 132.66 | $ | 43.17 | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
39.87 | 36.29 | 81.60 | 111.28 | 35.64 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
41.07 | 38.31 | 86.11 | 117.49 | 37.63 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
— | 40.45 | 90.88 | 124.05 | 39.73 | |||||||||||||||
TIAA-CREF Life Separate Account VLI-1 ∎ For the period 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 |
$ | 47,941 | $ | 151,992 | $ | 31,284 | $ | 112,098 | $ | 273,262 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | 11,202 | 11,306 | 3,252 | |||||||||||||||
| Mortality and expense risk charges |
13,303 | 27,531 | 41,473 | 39,237 | 60,057 | |||||||||||||||
| Total expenses |
13,303 | 27,531 | 52,675 | 50,543 | 63,309 | |||||||||||||||
| Net investment income (loss) |
34,638 | 124,461 | (21,391 | ) | 61,555 | 209,953 | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
3,022 | (258,680 | ) | (572,915 | ) | 28,099 | 366,662 | |||||||||||||
| Capital gain distributions |
53,446 | — | — | 2,216,100 | — | |||||||||||||||
| Net realized gain (loss) |
56,468 | (258,680 | ) | (572,915 | ) | 2,244,199 | 366,662 | |||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
180,145 | 404,461 | 4,908,297 | 614,647 | 1,269,463 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
236,613 | 145,781 | 4,335,382 | 2,858,846 | 1,636,125 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 271,251 | $ | 270,242 | $ | 4,313,991 | $ | 2,920,401 | $ | 1,846,078 | ||||||||||
| B-4 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ 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 |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 4,079,403 | $ | 14,660,774 | $ | 4,804,547 | $ | 3,550,303 | $ | 3,131,887 | ||||||||||
| Total assets |
$ | 4,079,403 | $ | 14,660,774 | $ | 4,804,547 | $ | 3,550,303 | $ | 3,131,887 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | 67,602 | $ | 14,032 | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | — | $ | 67,602 | $ | 14,032 | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 4,079,403 | $ | 14,593,172 | $ | 4,790,515 | $ | 3,550,303 | $ | 3,131,887 | ||||||||||
| Investments, at cost |
$ | 3,621,333 | $ | 14,660,774 | $ | 5,325,233 | $ | 3,454,905 | $ | 2,761,619 | ||||||||||
| Shares held in corresponding Funds |
221,948 | 14,660,774 | 351,981 | 260,477 | 167,302 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | 123.99 | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
99.01 | 1.07 | 86.08 | 106.50 | 100.50 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
104.53 | 1.13 | 90.89 | 112.44 | 106.11 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
110.37 | 1.19 | 95.96 | 118.72 | 112.03 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period 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 |
$ | 64,607 | $ | 723,286 | $ | 120,460 | $ | 26,601 | $ | 39,659 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | 2,528 | |||||||||||||||
| Mortality and expense risk charges |
23,192 | 94,397 | 24,808 | 17,968 | 14,210 | |||||||||||||||
| Total expenses |
23,192 | 94,397 | 24,808 | 17,968 | 16,738 | |||||||||||||||
| Net investment income (loss) |
41,415 | 628,889 | 95,652 | 8,633 | 22,921 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
198,306 | — | (218,711 | ) | 6,504 | (15,065 | ) | |||||||||||||
| Capital gain distributions |
56,791 | — | — | 75,844 | 81,435 | |||||||||||||||
| Net realized gain (loss) |
255,097 | — | (218,711 | ) | 82,348 | 66,370 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
207,252 | — | 614,625 | 419,369 | 494,448 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
462,349 | — | 395,914 | 501,717 | 560,818 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 503,764 | $ | 628,889 | $ | 491,566 | $ | 510,350 | $ | 583,739 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-5 |
| continued |
| TIAA-CREF Life Stock Index Sub-Account |
Calamos Growth & Income Portfolio Sub-Account |
ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account |
ClearBridge Class I |
Credit Suisse Commodity |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 126,207,055 | $ | 367,569 | $ | 3,335,440 | $ | 1,129,571 | $ | 320,877 | ||||||||||
| Total assets |
$ | 126,207,055 | $ | 367,569 | $ | 3,335,440 | $ | 1,129,571 | $ | 320,877 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | 18,857 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | 18,857 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 126,188,198 | $ | 367,569 | $ | 3,335,440 | $ | 1,129,571 | $ | 320,877 | ||||||||||
| Investments, at cost |
$ | 109,949,906 | $ | 361,221 | $ | 3,505,268 | $ | 1,138,873 | $ | 422,905 | ||||||||||
| Shares held in corresponding Funds |
3,222,034 | 18,811 | 194,827 | 41,301 | 18,159 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | 155.63 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
122.43 | 43.94 | 28.24 | 57.54 | 20.36 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
129.26 | 46.39 | 29.69 | 60.72 | 20.99 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
136.48 | — | 31.21 | 63.72 | — | |||||||||||||||
| TIAA-CREF Life Stock Index Sub-Account |
Calamos Growth & Income Portfolio Sub-Account |
ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account |
ClearBridge Class I |
Credit Suisse Commodity |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 1,673,915 | $ | 1,979 | $ | 9,151 | $ | — | $ | 76,907 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
15,459 | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
589,238 | 2,688 | 18,184 | 5,567 | 2,958 | |||||||||||||||
| Total expenses |
604,697 | 2,688 | 18,184 | 5,567 | 2,958 | |||||||||||||||
| Net investment income (loss) |
1,069,218 | (709 | ) | (9,033 | ) | (5,567 | ) | 73,949 | ||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
4,641,282 | (3,052 | ) | (925,652 | ) | (287,172 | ) | (48,792 | ) | |||||||||||
| Capital gain distributions |
1,046,807 | 9,271 | 305,809 | — | — | |||||||||||||||
| Net realized gain (loss) |
5,688,089 | 6,219 | (619,843 | ) | (287,172 | ) | (48,792 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
18,480,242 | 55,781 | 1,272,626 | 358,578 | (62,615 | ) | ||||||||||||||
| Net realized and unrealized gain (loss) on investments |
24,168,331 | 62,000 | 652,783 | 71,406 | (111,407 | ) | ||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 25,237,549 | $ | 61,291 | $ | 643,750 | $ | 65,839 | $ | (37,458 | ) | |||||||||
| B-6 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
| Delaware VIP International Series— Standard Class Sub-Account |
Delaware VIP Standard Class |
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 |
$ | 3,154,793 | $ | 4,079,306 | $ | 21,708,777 | $ | 4,476,179 | $ | 8,407,023 | ||||||||||
| Total assets |
$ | 3,154,793 | $ | 4,079,306 | $ | 21,708,777 | $ | 4,476,179 | $ | 8,407,023 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | 9,631 | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | — | $ | 9,631 | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 3,154,793 | $ | 4,069,675 | $ | 21,708,777 | $ | 4,476,179 | $ | 8,407,023 | ||||||||||
| Investments, at cost |
$ | 3,155,758 | $ | 4,116,717 | $ | 20,418,825 | $ | 4,608,438 | $ | 8,102,218 | ||||||||||
| Shares held in corresponding Funds |
188,346 | 106,260 | 1,529,864 | 460,987 | 557,495 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
26.38 | 95.55 | 42.43 | 26.07 | 42.02 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
27.83 | 100.83 | 43.26 | 26.99 | 43.32 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
29.37 | 106.41 | 44.11 | 27.95 | 44.66 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period 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 |
$ | 45,051 | $ | 36,354 | $ | 437,564 | $ | 174,849 | $ | 214,128 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
18,875 | 19,860 | 87,129 | 22,449 | 44,308 | |||||||||||||||
| Total expenses |
18,875 | 19,860 | 87,129 | 22,449 | 44,308 | |||||||||||||||
| Net investment income (loss) |
26,176 | 16,494 | 350,435 | 152,400 | 169,820 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(195,902 | ) | 183,819 | 437,879 | (44,517 | ) | (51,096 | ) | ||||||||||||
| Capital gain distributions |
— | 160,597 | 436,404 | — | 87,138 | |||||||||||||||
| Net realized gain (loss) |
(195,902 | ) | 344,416 | 874,283 | (44,517 | ) | 36,042 | |||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
552,418 | (21,128 | ) | 2,294,738 | 73,342 | 799,333 | ||||||||||||||
| Net realized and unrealized gain (loss) on investments |
356,516 | 323,288 | 3,169,021 | 28,825 | 835,375 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 382,692 | $ | 339,782 | $ | 3,519,456 | $ | 181,225 | $ | 1,005,195 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-7 |
| continued |
| DFA VA International Small Portfolio Sub-Account |
DFA VA International Value Portfolio Sub-Account |
Portfolio |
DFA VA US Large Value Portfolio Sub-Account |
DFA VA US Targeted Value Portfolio Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 7,977,226 | $ | 21,790,832 | $ | 5,648,277 | $ | 16,761,864 | $ | 12,170,821 | ||||||||||
| Amounts due from TIAA |
— | — | 7 | 59 | 10 | |||||||||||||||
| Total assets |
$ | 7,977,226 | $ | 21,790,832 | $ | 5,648,284 | $ | 16,761,923 | $ | 12,170,831 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | 8 | $ | 42 | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | 8 | $ | 42 | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 7,977,218 | $ | 21,790,790 | $ | 5,648,284 | $ | 16,761,923 | $ | 12,170,831 | ||||||||||
| Investments, at cost |
$ | 7,997,960 | $ | 20,748,264 | $ | 5,707,145 | $ | 15,980,123 | $ | 11,742,036 | ||||||||||
| Shares held in corresponding Funds |
671,484 | 1,601,090 | 563,138 | 515,116 | 538,532 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
48.18 | 44.49 | 24.99 | 74.87 | 83.24 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
49.89 | 46.07 | 25.88 | 77.54 | 86.21 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
51.67 | 47.71 | 26.80 | 80.30 | 89.28 | |||||||||||||||
| 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 |
$ | 236,118 | $ | 980,347 | $ | 211,486 | $ | 358,739 | $ | 173,500 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
40,414 | 108,784 | 21,315 | 82,317 | 55,694 | |||||||||||||||
| Total expenses |
40,414 | 108,784 | 21,315 | 82,317 | 55,694 | |||||||||||||||
| Net investment income (loss) |
195,704 | 871,563 | 190,171 | 276,422 | 117,806 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(351,696 | ) | 752,988 | (15,980 | ) | 602,276 | 345,073 | |||||||||||||
| Capital gain distributions |
— | 195,643 | — | 218,641 | 772,041 | |||||||||||||||
| Net realized gain (loss) |
(351,696 | ) | 948,631 | (15,980 | ) | 820,917 | 1,117,114 | |||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,119,282 | 1,347,883 | 13,795 | 460,060 | 748,093 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
767,586 | 2,296,514 | (2,185 | ) | 1,280,977 | 1,865,207 | ||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 963,290 | $ | 3,168,077 | $ | 187,986 | $ | 1,557,399 | $ | 1,983,013 | ||||||||||
| B-8 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
| DFA VIT Inflation Protected Securities Portfolio Sub-Account |
Franklin Income Class 1 |
Franklin Mutual Shares VIP Fund—Class 1 Sub-Account |
Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account |
Institutional |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 966,930 | $ | 1,977,090 | $ | 973,075 | $ | 2,551,570 | $ | 3,780,338 | ||||||||||
| Total assets |
$ | 966,930 | $ | 1,977,090 | $ | 973,075 | $ | 2,551,570 | $ | 3,780,338 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | 12,349 | $ | — | $ | 11,176 | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | 12,349 | $ | — | $ | 11,176 | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 954,581 | $ | 1,977,090 | $ | 961,899 | $ | 2,551,570 | $ | 3,780,338 | ||||||||||
| Investments, at cost |
$ | 998,824 | $ | 2,048,383 | $ | 992,765 | $ | 2,845,127 | $ | 3,274,271 | ||||||||||
| Shares held in corresponding Funds |
106,725 | 132,602 | 61,822 | 149,564 | 79,838 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
27.30 | 38.71 | 42.94 | 79.89 | 167.72 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
27.93 | 40.86 | 45.33 | 84.30 | 177.07 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
28.57 | 43.14 | 47.86 | 88.97 | 186.94 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period ended December 31, 2023
| DFA VIT Inflation Protected Securities Portfolio Sub-Account |
Franklin Income Class 1 |
Franklin Mutual Shares VIP Fund—Class 1 Sub-Account |
Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account |
Institutional |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 37,093 | $ | 101,878 | $ | 19,334 | $ | — | $ | 6,487 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
6,263 | 8,323 | 5,632 | 11,823 | 19,683 | |||||||||||||||
| Total expenses |
6,263 | 8,323 | 5,632 | 11,823 | 19,683 | |||||||||||||||
| Net investment income (loss) |
30,830 | 93,555 | 13,702 | (11,823 | ) | (13,196 | ) | |||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(205,166 | ) | (41,008 | ) | (16,423 | ) | (341,185 | ) | (330,628 | ) | ||||||||||
| Capital gain distributions |
— | 117,337 | 77,519 | — | — | |||||||||||||||
| Net realized gain (loss) |
(205,166 | ) | 76,329 | 61,096 | (341,185 | ) | (330,628 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
198,203 | (18,817 | ) | 38,802 | 853,445 | 1,367,347 | ||||||||||||||
| Net realized and unrealized gain (loss) on investments |
(6,963 | ) | 57,512 | 99,898 | 512,260 | 1,036,719 | ||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 23,867 | $ | 151,067 | $ | 113,600 | $ | 500,437 | $ | 1,023,523 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-9 |
| continued |
| Janus Henderson Institutional |
Janus Henderson Institutional |
John Hancock Emerging Markets Value Trust Sub-Account |
LVIP
Delaware Sub-Account |
Matson Money Fixed Income VI Portfolio Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 1,721,065 | $ | 596,988 | $ | 6,836,888 | $ | 4,040,918 | $ | 1,512,873 | ||||||||||
| Amounts due from TIAA |
— | — | 2 | — | 508 | |||||||||||||||
| Total assets |
$ | 1,721,065 | $ | 596,988 | $ | 6,836,890 | $ | 4,040,918 | $ | 1,513,381 | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 1,721,065 | $ | 596,988 | $ | 6,836,890 | $ | 4,040,918 | $ | 1,513,381 | ||||||||||
| Investments, at cost |
$ | 1,628,446 | $ | 555,575 | $ | 6,493,454 | $ | 4,492,690 | $ | 1,585,242 | ||||||||||
| Shares held in corresponding Funds |
98,178 | 14,190 | 680,965 | 453,170 | 63,780 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
48.82 | 76.63 | 33.30 | 16.18 | 24.22 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
51.54 | 80.90 | 34.22 | 17.08 | 24.94 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
54.42 | 85.41 | 35.16 | 18.02 | 25.69 | |||||||||||||||
| Janus Henderson Institutional |
Janus Henderson Institutional |
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 |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 18,342 | $ | 8,810 | $ | 104,885 | $ | 159,057 | $ | 39,705 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
8,965 | 3,250 | 34,333 | 20,841 | 9,339 | |||||||||||||||
| Total expenses |
8,965 | 3,250 | 34,333 | 20,841 | 9,339 | |||||||||||||||
| Net investment income (loss) |
9,377 | 5,560 | 70,552 | 138,216 | 30,366 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(25,478 | ) | 37,655 | 141,954 | (81,406 | ) | (8,129 | ) | ||||||||||||
| Capital gain distributions |
44,851 | — | — | — | — | |||||||||||||||
| Net realized gain (loss) |
19,373 | 37,655 | 141,954 | (81,406 | ) | (8,129 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
139,713 | 15,650 | 636,340 | 153,680 | 44,407 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
159,086 | 53,305 | 778,294 | 72,274 | 36,278 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 168,463 | $ | 58,865 | $ | 848,846 | $ | 210,490 | $ | 66,644 | ||||||||||
| B-10 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
| Matson Money International Equity VI Portfolio Sub-Account |
Matson Money U.S. Equity VI Portfolio Sub-Account |
MFS Global Equity Series—Initial Class Sub-Account |
MFS Growth Series—Initial Class Sub-Account |
Initial Class |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 2,072,374 | $ | 2,660,209 | $ | 2,915,618 | $ | 118,683 | $ | 1,761,926 | ||||||||||
| Total assets |
$ | 2,072,374 | $ | 2,660,209 | $ | 2,915,618 | $ | 118,683 | $ | 1,761,926 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | 70 | $ | 438 | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | 70 | $ | 438 | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 2,072,304 | $ | 2,659,771 | $ | 2,915,618 | $ | 118,683 | $ | 1,761,926 | ||||||||||
| Investments, at cost |
$ | 1,814,935 | $ | 2,347,872 | $ | 2,945,320 | $ | 103,700 | $ | 1,734,436 | ||||||||||
| Shares held in corresponding Funds |
81,525 | 84,747 | 135,800 | 1,969 | 77,858 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
31.93 | 50.12 | 42.25 | 113.42 | 50.24 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
32.89 | 51.62 | 44.59 | 119.75 | 53.02 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
33.87 | 53.17 | 47.05 | 126.43 | 55.95 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period ended December 31, 2023
| Matson Money International Equity VI Portfolio Sub-Account |
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 Massachsetts Initial Class |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 62,234 | $ | 25,746 | $ | 21,519 | $ | — | $ | 4,490 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
11,929 | 14,905 | 13,850 | 690 | 7,840 | |||||||||||||||
| Total expenses |
11,929 | 14,905 | 13,850 | 690 | 7,840 | |||||||||||||||
| Net investment income (loss) |
50,305 | 10,841 | 7,669 | (690 | ) | (3,350 | ) | |||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
93,940 | 110,798 | (86,550 | ) | (18,671 | ) | (11,794 | ) | ||||||||||||
| Capital gain distributions |
— | 170,897 | 118,928 | 8,200 | 77,683 | |||||||||||||||
| Net realized gain (loss) |
93,940 | 281,695 | 32,378 | (10,471 | ) | 65,889 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
132,351 | 76,895 | 315,942 | 44,794 | 213,554 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
226,291 | 358,590 | 348,320 | 34,323 | 279,443 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 276,596 | $ | 369,431 | $ | 355,989 | $ | 33,633 | $ | 276,093 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-11 |
| continued |
| MFS Utilities Series—Initial Class Sub-Account |
Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account |
Neuberger Berman I Class |
PIMCO VIT All Asset Institutional Class |
PIMCO VIT Commodity Real Return Strategy Portfolio— Institutional Class Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 930,881 | $ | 3,056,695 | $ | 362,788 | $ | 480,199 | $ | 834,663 | ||||||||||
| Total assets |
$ | 930,881 | $ | 3,056,695 | $ | 362,788 | $ | 480,199 | $ | 834,663 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | — | $ | — | $ | 2 | $ | — | ||||||||||
| Total liabilities |
$ | — | $ | — | $ | — | $ | 2 | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 930,881 | $ | 3,056,695 | $ | 362,788 | $ | 480,197 | $ | 834,663 | ||||||||||
| Investments, at cost |
$ | 1,048,577 | $ | 3,165,921 | $ | 334,052 | $ | 494,695 | $ | 1,068,442 | ||||||||||
| Shares held in corresponding Funds |
28,865 | 193,953 | 10,878 | 52,196 | 156,892 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
80.82 | 40.35 | 66.97 | 23.13 | 21.30 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
85.33 | 42.59 | 70.68 | 24.42 | 21.96 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
90.09 | 44.95 | 74.61 | — | 22.64 | |||||||||||||||
| MFS Utilities Series—Initial Class Sub-Account |
Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account |
Neuberger Berman I Class |
PIMCO VIT All Asset Institutional Class |
PIMCO VIT Commodity Real Return Strategy Portfolio— Institutional Class Sub-Account |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 36,577 | $ | 30,001 | $ | 1,113 | $ | 13,561 | $ | 160,078 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
5,631 | 16,754 | 2,139 | 3,245 | 5,810 | |||||||||||||||
| Total expenses |
5,631 | 16,754 | 2,139 | 3,245 | 5,810 | |||||||||||||||
| Net investment income (loss) |
30,946 | 13,247 | (1,026 | ) | 10,316 | 154,268 | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(12,247 | ) | 111,859 | 4,637 | (43,624 | ) | (122,191 | ) | ||||||||||||
| Capital gain distributions |
56,597 | 151,405 | 5,253 | — | — | |||||||||||||||
| Net realized gain (loss) |
44,350 | 263,264 | 9,890 | (43,624 | ) | (122,191 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(107,992 | ) | 5,263 | 66,452 | 66,068 | (117,195 | ) | |||||||||||||
| Net realized and unrealized gain (loss) on investments |
(63,642 | ) | 268,527 | 76,342 | 22,444 | (239,386 | ) | |||||||||||||
| Net increase (decrease) in net assets from operations |
$ | (32,696 | ) | $ | 281,774 | $ | 75,316 | $ | 32,760 | $ | (85,118 | ) | ||||||||
| B-12 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
| PIMCO
VIT Emerging Markets Bond Portfolio— Institutional Class Sub-Account |
PIMCO VIT Global Institutional Class |
PIMCO VIT Real Institutional Class |
PVC Equity Income Account—Class 1 Sub-Account |
PVC MidCap Account—Class 1 Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 2,971,832 | $ | 406,442 | $ | 6,639,048 | $ | 8,266,900 | $ | 644,635 | ||||||||||
| Amounts due from TIAA |
11 | — | 43 | — | — | |||||||||||||||
| Total assets |
$ | 2,971,843 | $ | 406,442 | $ | 6,639,091 | $ | 8,266,900 | $ | 644,635 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 2,971,843 | $ | 406,441 | $ | 6,639,091 | $ | 8,266,900 | $ | 644,635 | ||||||||||
| Investments, at cost |
$ | 3,065,620 | $ | 412,120 | $ | 7,249,749 | $ | 8,441,370 | $ | 604,768 | ||||||||||
| Shares held in corresponding Funds |
281,690 | 42,250 | 573,816 | 300,505 | 10,227 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
29.87 | 17.74 | 19.28 | 62.33 | 94.00 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
30.79 | 18.73 | 20.34 | 65.80 | 99.25 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
31.75 | 19.77 | 21.47 | 69.48 | 104.78 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period ended December 31, 2023
| PIMCO VIT Emerging Markets Bond Portfolio— Institutional Class Sub-Account |
PIMCO VIT Global Institutional Class |
PIMCO VIT Real Institutional Class |
PVC Equity Income Account—Class 1 Sub-Account |
PVC MidCap Account—Class 1 Sub-Account |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 162,702 | $ | 8,803 | $ | 203,622 | $ | 163,305 | $ | — | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
15,992 | 2,145 | 37,239 | 41,517 | 3,248 | |||||||||||||||
| Total expenses |
15,992 | 2,145 | 37,239 | 41,517 | 3,248 | |||||||||||||||
| Net investment income (loss) |
146,710 | 6,658 | 166,383 | 121,788 | (3,248 | ) | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(251,349 | ) | (10,022 | ) | (253,659 | ) | 146,174 | (7,172 | ) | |||||||||||
| Capital gain distributions |
— | 3,848 | — | 363,059 | 14,375 | |||||||||||||||
| Net realized gain (loss) |
(251,349 | ) | (6,174 | ) | (253,659 | ) | 509,233 | 7,203 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
396,527 | 18,340 | 296,282 | 162,606 | 130,870 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
145,178 | 12,166 | 42,623 | 671,839 | 138,073 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 291,888 | $ | 18,824 | $ | 209,006 | $ | 793,627 | $ | 134,825 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-13 |
| continued |
|
PSF PGIM Class II |
PSF PGIM |
PSF Natural Class II |
PSF PGIM Jennison Value Portfolio—Class II Sub-Account |
Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 1,838,105 | $ | — | $ | 970,013 | $ | 237,397 | $ | 561,857 | ||||||||||
| Total assets |
$ | 1,838,105 | $ | — | $ | 970,013 | $ | 237,397 | $ | 561,857 | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 1,838,105 | $ | — | $ | 970,013 | $ | 237,397 | $ | 561,857 | ||||||||||
| Investments, at cost |
$ | 1,771,145 | $ | — | $ | 938,434 | $ | 167,827 | $ | 618,362 | ||||||||||
| Shares held in corresponding Funds |
19,519 | — | 23,975 | 4,873 | 61,271 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
54.31 | — | 56.39 | 60.78 | 30.48 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
57.34 | — | 59.53 | 64.17 | 32.17 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
60.54 | — | 62.85 | 67.75 | 33.95 | |||||||||||||||
|
PSF PGIM Class II |
PSF PGIM |
PSF Natural Class II |
PSF
PGIM Jennison Value Portfolio—Class II Sub-Account |
Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
603 | 8,939 | 6,491 | 1,315 | 3,219 | |||||||||||||||
| Total expenses |
603 | 8,939 | 6,491 | 1,315 | 3,219 | |||||||||||||||
| Net investment income (loss) |
(603 | ) | (8,939 | ) | (6,491 | ) | (1,315 | ) | (3,219 | ) | ||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
1,059 | 354,939 | 81,669 | 17,280 | (79,053 | ) | ||||||||||||||
| Capital gain distributions |
— | — | — | — | — | |||||||||||||||
| Net realized gain (loss) |
1,059 | 354,939 | 81,669 | 17,280 | (79,053 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
66,960 | 20,299 | (96,070 | ) | 12,891 | 171,318 | ||||||||||||||
| Net realized and unrealized gain (loss) on investments |
68,019 | 375,238 | (14,401 | ) | 30,171 | 92,265 | ||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 67,416 | $ | 366,299 | $ | (20,892 | ) | $ | 28,856 | $ | 89,046 | |||||||||
| i | For the period December 8, 2023 (commencement of operations) to December 31, 2023. |
| ^ | PSF PGIM Jennison Focused Blend Portfolio - Class II merged operations with PSF PGIM Jennison Blend Portfolio- Class II on December 8, 2023. |
| B-14 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
| Royce Capital Fund Investment
Class |
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 Capital Growth Portfolio Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 1,245,652 | $ | 2,328,524 | $ | 2,815,453 | $ | 3,564,849 | $ | 6,799,327 | ||||||||||
| Total assets |
$ | 1,245,652 | $ | 2,328,524 | $ | 2,815,453 | $ | 3,564,849 | $ | 6,799,327 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | 7,918 | $ | — | $ | — | $ | 7,342 | $ | — | ||||||||||
| Total liabilities |
$ | 7,918 | $ | — | $ | — | $ | 7,342 | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 1,237,734 | $ | 2,328,524 | $ | 2,815,453 | $ | 3,557,507 | $ | 6,799,327 | ||||||||||
| Investments, at cost |
$ | 1,152,112 | $ | 2,337,219 | $ | 2,833,482 | $ | 3,808,267 | $ | 6,202,293 | ||||||||||
| Shares held in corresponding Funds |
129,891 | 42,100 | 604,174 | 429,500 | 146,600 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
27.70 | 51.31 | 26.05 | 18.17 | 65.46 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
29.23 | 52.68 | 26.99 | 19.19 | 67.26 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
30.85 | 54.18 | 27.96 | 20.26 | 69.11 | |||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period ended December 31, 2023
| Royce Capital Fund Investment
Class |
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 Capital Growth Portfolio Sub-Account |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 9,213 | $ | — | $ | 89,915 | $ | 82,087 | $ | 59,555 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
6,524 | 14,896 | 15,252 | 19,049 | 34,276 | |||||||||||||||
| Total expenses |
6,524 | 14,896 | 15,252 | 19,049 | 34,276 | |||||||||||||||
| Net investment income (loss) |
2,689 | (14,896 | ) | 74,663 | 63,038 | 25,279 | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
94,493 | (92,066 | ) | (65,388 | ) | (443,883 | ) | (155,592 | ) | |||||||||||
| Capital gain distributions |
95,679 | 80,886 | — | 2,658 | 286,920 | |||||||||||||||
| Net realized gain (loss) |
190,172 | (11,180 | ) | (65,388 | ) | (441,225 | ) | 131,328 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
46,971 | 77,470 | 103,073 | 748,306 | 1,254,331 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
237,143 | 66,290 | 37,685 | 307,081 | 1,385,659 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 239,832 | $ | 51,394 | $ | 112,348 | $ | 370,119 | $ | 1,410,938 | ||||||||||
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-15 |
| continued |
| Vanguard VIF Equity Index Portfolio Sub-Account |
Vanguard VIF |
Vanguard VIF Mid-Cap Index Portfolio Sub-Account |
Vanguard VIF Real Estate Index Portfolio Sub-Account |
Vanguard VIF Small Company Growth Portfolio Sub-Account |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Investments, at value |
$ | 34,268,073 | $ | 4,391,880 | $ | 15,516,914 | $ | 6,808,575 | $ | 5,368,754 | ||||||||||
| Amounts due from TIAA |
— | — | 28 | 34 | 7 | |||||||||||||||
| Total assets |
$ | 34,268,073 | $ | 4,391,880 | $ | 15,516,942 | $ | 6,808,609 | $ | 5,368,761 | ||||||||||
|
LIABILITIES |
||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | 7,231 | $ | — | $ | — | $ | — | ||||||||||
| Total liabilities |
$ | — | $ | 7,231 | $ | — | $ | — | $ | — | ||||||||||
| NET ASSETS—Accumulation fund |
$ | 34,268,073 | $ | 4,384,649 | $ | 15,516,942 | $ | 6,808,609 | $ | 5,368,761 | ||||||||||
| Investments, at cost |
$ | 30,944,603 | $ | 4,341,191 | $ | 15,336,219 | $ | 7,300,040 | $ | 5,648,946 | ||||||||||
| Shares held in corresponding Funds |
562,787 | 595,913 | 648,429 | 571,189 | 304,870 | |||||||||||||||
| UNIT VALUE |
||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
63.89 | 34.20 | 50.75 | 36.24 | 49.37 | |||||||||||||||
| Mortality & Expense Charge Band 2 |
65.64 | 35.14 | 52.15 | 37.23 | 50.73 | |||||||||||||||
| Mortality & Expense Charge Band 3 |
67.45 | 36.10 | 53.58 | 38.26 | 52.12 | |||||||||||||||
| Vanguard VIF Equity Index Portfolio Sub-Account |
Vanguard VIF |
Vanguard VIF Mid-Cap Index Portfolio Sub-Account |
Vanguard VIF Real Estate Index Portfolio Sub-Account |
Vanguard VIF Small Company Growth Portfolio Sub-Account |
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||
| Dividends |
$ | 390,566 | $ | 195,785 | $ | 199,240 | $ | 140,311 | $ | 18,772 | ||||||||||
| EXPENSES |
||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | |||||||||||||||
| Mortality and expense risk charges |
151,865 | 23,004 | 76,560 | 30,931 | 25,364 | |||||||||||||||
| Total expenses |
151,865 | 23,004 | 76,560 | 30,931 | 25,364 | |||||||||||||||
| Net investment income (loss) |
238,701 | 172,781 | 122,680 | 109,380 | (6,592 | ) | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
| Realized gain (loss) on investments |
(113,463 | ) | (55,286 | ) | (728,032 | ) | (118,999 | ) | (440,762 | ) | ||||||||||
| Capital gain distributions |
865,014 | — | 250,028 | 264,705 | — | |||||||||||||||
| Net realized gain (loss) |
751,551 | (55,286 | ) | (478,004 | ) | 145,706 | (440,762 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
5,652,079 | 313,168 | 2,411,143 | 428,812 | 1,267,913 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
6,403,630 | 257,882 | 1,933,139 | 574,518 | 827,151 | |||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 6,642,331 | $ | 430,663 | $ | 2,055,819 | $ | 683,898 | $ | 820,559 | ||||||||||
| B-16 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Assets and Liabilities
TIAA-CREF Life Separate Account VLI-1 ∎ December 31, 2023 |
concluded |
|
Vanguard VIF Total Portfolio |
VY CBRE Global Class I |
Wanger International Sub-Account |
Wanger Select Sub-Account‡ |
Wanger Acorn Sub-Account |
Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account |
|||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Investments, at value |
$ | 17,025,856 | $ | 798,943 | $ | 1,314,252 | $ | — | $ | 1,064,942 | $ | 655,636 | ||||||||||||
| Amounts due from TIAA |
7 | — | — | — | — | — | ||||||||||||||||||
| Total assets |
$ | 17,025,863 | $ | 798,943 | $ | 1,314,252 | $ | — | $ | 1,064,942 | $ | 655,636 | ||||||||||||
|
LIABILITIES |
||||||||||||||||||||||||
| Amounts due to TIAA |
$ | — | $ | — | $ | 4 | $ | — | $ | 5 | $ | — | ||||||||||||
| Total liabilities |
$ | — | $ | — | $ | 4 | $ | — | $ | 5 | $ | — | ||||||||||||
| NET ASSETS—Accumulation fund |
$ | 17,025,863 | $ | 798,943 | $ | 1,314,248 | $ | — | $ | 1,064,937 | $ | 655,636 | ||||||||||||
| Investments, at cost |
$ | 17,462,717 | $ | 792,268 | $ | 1,205,659 | $ | — | $ | 947,329 | $ | 723,883 | ||||||||||||
| Shares held in corresponding Funds |
1,601,680 | 77,718 | 64,487 | — | 79,891 | 108,910 | ||||||||||||||||||
| UNIT VALUE |
||||||||||||||||||||||||
| Flexible Premium Variable Universal Life |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Intelligent Life VUL/ Intelligent Life Survivorship VUL |
||||||||||||||||||||||||
| Mortality & Expense Charge Band 1 |
25.62 | 46.91 | 74.57 | — | 106.00 | 17.28 | ||||||||||||||||||
| Mortality & Expense Charge Band 2 |
26.33 | 48.87 | 78.73 | — | 111.92 | 18.17 | ||||||||||||||||||
| Mortality & Expense Charge Band 3 |
27.05 | 50.92 | 83.13 | — | 118.17 | 19.10 | ||||||||||||||||||
Statements of Operations
TIAA-CREF Life Separate Account VLI-1 ∎ For the period ended December 31, 2023
| Vanguard VIF Total Portfolio |
VY CBRE Global Class I |
Wanger International Sub-Account |
Wanger Select Sub-Account ‡ |
Wanger Acorn Sub-Account |
Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account |
|||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||
| Dividends |
$ | 348,997 | $ | 15,181 | $ | 4,013 | $ | — | $ | — | $ | 34,828 | ||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Administrative expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Mortality and expense risk charges |
84,993 | 4,277 | 7,338 | 915 | 4,786 | 3,411 | ||||||||||||||||||
| Total expenses |
84,993 | 4,277 | 7,338 | 915 | 4,786 | 3,411 | ||||||||||||||||||
| Net investment income (loss) |
264,004 | 10,904 | (3,325 | ) | (915 | ) | (4,786 | ) | 31,417 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||||||
| Realized gain (loss) on investments |
(937,969 | ) | (57,045 | ) | (253,466 | ) | (152,561 | ) | (36,948 | ) | (26,711 | ) | ||||||||||||
| Capital gain distributions |
— | 7,818 | — | — | — | — | ||||||||||||||||||
| Net realized gain (loss) |
(937,969 | ) | (49,227 | ) | (253,466 | ) | (152,561 | ) | (36,948 | ) | (26,711 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,457,955 | 137,692 | 447,713 | 189,797 | 193,981 | 52,275 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments |
519,986 | 88,465 | 194,247 | 37,236 | 157,033 | 25,564 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 783,990 | $ | 99,369 | $ | 190,922 | $ | 36,321 | $ | 152,247 | $ | 56,981 | ||||||||||||
| ‡ | Wanger Select merged operations with Wanger Acorn on April 21, 2023. |
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-17 |
Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-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) |
$ | 34,638 | $ | 62,778 | $ | 124,461 | $ | 85,752 | ||||||||
| Net realized gain (loss) |
56,468 | 6,265 | (258,680 | ) | (134,545 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
180,145 | (677,428 | ) | 404,461 | (717,345 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
271,251 | (608,385 | ) | 270,242 | (766,138 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
28,707 | 38,249 | 180,307 | 304,751 | ||||||||||||
| Net contractowner transfers between accounts |
(11,695 | ) | (1,035,936 | ) | (223,186 | ) | 88,348 | |||||||||
| Withdrawals and death benefits (b) |
(26,086 | ) | 19,648 | (250,529 | ) | (139,444 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(9,074 | ) | (978,039 | ) | (293,408 | ) | 253,655 | |||||||||
| Net increase (decrease) in net assets |
262,177 | (1,586,424 | ) | (23,166 | ) | (512,483 | ) | |||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,809,876 | 3,396,300 | 5,052,777 | 5,565,260 | ||||||||||||
| End of period |
$ | 2,072,053 | $ | 1,809,876 | $ | 5,029,611 | $ | 5,052,777 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
50,875 | 78,247 | 136,441 | 129,789 | ||||||||||||
| Units purchased |
768 | 1,071 | 4,893 | 7,857 | ||||||||||||
| Units sold/transferred |
(982 | ) | (28,443 | ) | (12,645 | ) | (1,205 | ) | ||||||||
| End of period |
50,661 | 50,875 | 128,689 | 136,441 | ||||||||||||
| (a) | Amounts presented are net of premium expense charges. |
| (b) | Amounts include payments for other daily and monthly fee and expense charges. |
| B-18 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| 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) |
$ | (21,391 | ) | $ | (48,984 | ) | $ | 61,555 | $ | 26,634 | ||||||
| Net realized gain (loss) |
(572,915 | ) | 613,114 | 2,244,199 | 1,411,053 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
4,908,297 | (5,394,336 | ) | 614,647 | (4,121,900 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
4,313,991 | (4,830,206 | ) | 2,920,401 | (2,684,213 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
222,299 | 246,826 | 223,017 | 327,234 | ||||||||||||
| Net contractowner transfers between accounts |
175,148 | (310,006 | ) | 170,280 | (54,700 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(660,779 | ) | (576,583 | ) | (585,684 | ) | (317,609 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(263,332 | ) | (639,763 | ) | (192,387 | ) | (45,075 | ) | ||||||||
| Net increase (decrease) in net assets |
4,050,659 | (5,469,969 | ) | 2,728,014 | (2,729,288 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
9,356,640 | 14,826,609 | 9,106,233 | 11,835,521 | ||||||||||||
| End of period |
$ | 13,407,299 | $ | 9,356,640 | $ | 11,834,247 | $ | 9,106,233 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
151,119 | 159,889 | 96,729 | 96,925 | ||||||||||||
| Units purchased |
3,044 | 3,741 | 2,097 | 3,353 | ||||||||||||
| Units sold/transferred |
(5,534 | ) | (12,511 | ) | (3,850 | ) | (3,549 | ) | ||||||||
| End of period |
148,629 | 151,119 | 94,976 | 96,729 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-19 |
| continued |
| 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) |
$ | 209,953 | $ | 314,150 | $ | 41,415 | $ | 28,254 | ||||||||
| Net realized gain (loss) |
366,662 | 282,686 | 255,097 | 449,654 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,269,463 | (3,065,974 | ) | 207,252 | (834,264 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
1,846,078 | (2,469,138 | ) | 503,764 | (356,356 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
587,495 | 535,764 | 130,154 | 156,679 | ||||||||||||
| Net contractowner transfers between accounts |
824,090 | (568,637 | ) | (185,661 | ) | 299,649 | ||||||||||
| Withdrawals and death benefits (b) |
(585,714 | ) | (349,715 | ) | (425,766 | ) | (424,551 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
825,871 | (382,588 | ) | (481,273 | ) | 31,777 | ||||||||||
| Net increase (decrease) in net assets |
2,671,949 | (2,851,726 | ) | 22,491 | (324,579 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
11,041,141 | 13,892,867 | 4,056,912 | 4,381,491 | ||||||||||||
| End of period |
$ | 13,713,090 | $ | 11,041,141 | $ | 4,079,403 | $ | 4,056,912 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
328,024 | 339,167 | 43,566 | 43,376 | ||||||||||||
| Units purchased |
16,305 | 16,584 | 1,406 | 1,699 | ||||||||||||
| Units sold/transferred |
6,076 | (27,727 | ) | (6,353 | ) | (1,509 | ) | |||||||||
| End of period |
350,405 | 328,024 | 38,619 | 43,566 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| 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) |
$ | 628,889 | $ | 128,883 | $ | 95,652 | $ | 53,401 | ||||||||
| Net realized gain (loss) |
— | — | (218,711 | ) | 958,781 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
— | — | 614,625 | (3,100,406 | ) | |||||||||||
| Net increase (decrease) in net assets from operations |
628,889 | 128,883 | 491,566 | (2,088,224 | ) | |||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
1,562,633 | 3,134,125 | 137,028 | 220,961 | ||||||||||||
| Net contractowner transfers between accounts |
(1,164,028 | ) | 2,208,250 | (41,799 | ) | (818,368 | ) | |||||||||
| Withdrawals and death benefits (b) |
(1,124,571 | ) | (2,601,460 | ) | (241,824 | ) | (181,396 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(725,966 | ) | 2,740,915 | (146,595 | ) | (778,803 | ) | |||||||||
| Net increase (decrease) in net assets |
(97,077 | ) | 2,869,798 | 344,971 | (2,867,027 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
14,690,249 | 11,820,451 | 4,445,544 | 7,312,571 | ||||||||||||
| End of period |
$ | 14,593,172 | $ | 14,690,249 | $ | 4,790,515 | $ | 4,445,544 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
13,606,694 | 11,049,268 | 53,748 | 62,259 | ||||||||||||
| Units purchased |
1,414,257 | 3,007,502 | 1,651 | 2,267 | ||||||||||||
| Units sold/transferred |
(2,061,443 | ) | (450,076 | ) | (3,644 | ) | (10,778 | ) | ||||||||
| End of period |
12,959,508 | 13,606,694 | 51,755 | 53,748 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-21 |
| continued |
| 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) |
$ | 8,633 | $ | (2,961 | ) | $ | 22,921 | $ | 20,176 | |||||||
| Net realized gain (loss) |
82,348 | 746,070 | 66,370 | 396,399 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
419,369 | (1,293,146 | ) | 494,448 | (1,101,435 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
510,350 | (550,037 | ) | 583,739 | (684,860 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
115,981 | 138,464 | 56,481 | 72,025 | ||||||||||||
| Net contractowner transfers between accounts |
249,699 | (208,887 | ) | (41,164 | ) | (35,485 | ) | |||||||||
| Withdrawals and death benefits (b) |
(222,307 | ) | (101,396 | ) | (368,367 | ) | (249,942 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
143,373 | (171,819 | ) | (353,050 | ) | (213,402 | ) | |||||||||
| Net increase (decrease) in net assets |
653,723 | (721,856 | ) | 230,689 | (898,262 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
2,896,580 | 3,618,436 | 2,901,198 | 3,799,460 | ||||||||||||
| End of period |
$ | 3,550,303 | $ | 2,896,580 | $ | 3,131,887 | $ | 2,901,198 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
30,119 | 31,476 | 31,611 | 33,474 | ||||||||||||
| Units purchased |
1,168 | 1,446 | 602 | 821 | ||||||||||||
| Units sold/transferred |
(154 | ) | (2,803 | ) | (4,082 | ) | (2,684 | ) | ||||||||
| End of period |
31,133 | 30,119 | 28,131 | 31,611 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| TIAA-CREF Life Stock Index Sub-Account |
Calamos Growth & Income Portfolio Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 1,069,218 | $ | 823,628 | $ | (709 | ) | $ | 134 | |||||||
| Net realized gain (loss) |
5,688,089 | 11,454,333 | 6,219 | 47,160 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
18,480,242 | (35,723,449 | ) | 55,781 | (157,747 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
25,237,549 | (23,445,488 | ) | 61,291 | (110,453 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
6,032,415 | 8,159,615 | 13,181 | 105,811 | ||||||||||||
| Net contractowner transfers between accounts |
(2,099,968 | ) | (799,580 | ) | 12,593 | 10,584 | ||||||||||
| Withdrawals and death benefits (b) |
(3,761,048 | ) | (1,773,718 | ) | (33,864 | ) | (227,035 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
171,399 | 5,586,317 | (8,090 | ) | (110,640 | ) | ||||||||||
| Net increase (decrease) in net assets |
25,408,948 | (17,859,171 | ) | 53,201 | (221,093 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
100,779,250 | 118,638,421 | 314,368 | 535,461 | ||||||||||||
| End of period |
$ | 126,188,198 | $ | 100,779,250 | $ | 367,569 | $ | 314,368 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
952,716 | 899,320 | 8,259 | 11,239 | ||||||||||||
| Units purchased |
52,069 | 74,720 | 327 | 2,478 | ||||||||||||
| Units sold/transferred |
(55,614 | ) | (21,324 | ) | (474 | ) | (5,458 | ) | ||||||||
| End of period |
949,171 | 952,716 | 8,112 | 8,259 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-23 |
| continued |
| 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) |
$ | (9,033 | ) | $ | (4,218 | ) | $ | (5,567 | ) | $ | (6,011 | ) | ||||
| Net realized gain (loss) |
(619,843 | ) | (11,880 | ) | (287,172 | ) | (88,035 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,272,626 | (975,197 | ) | 358,578 | (325,996 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
643,750 | (991,295 | ) | 65,839 | (420,042 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
153,197 | 157,452 | 58,206 | 77,879 | ||||||||||||
| Net contractowner transfers between accounts |
(173,797 | ) | 63,579 | (54,356 | ) | (4,001 | ) | |||||||||
| Withdrawals and death benefits (b) |
(103,628 | ) | (62,282 | ) | 18,681 | (30,982 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(124,228 | ) | 158,749 | 22,531 | 42,896 | |||||||||||
| Net increase (decrease) in net assets |
519,522 | (832,546 | ) | 88,370 | (377,146 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
2,815,918 | 3,648,464 | 1,041,201 | 1,418,347 | ||||||||||||
| End of period |
$ | 3,335,440 | $ | 2,815,918 | $ | 1,129,571 | $ | 1,041,201 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
116,654 | 110,038 | 18,226 | 17,530 | ||||||||||||
| Units purchased |
6,007 | 6,164 | 1,003 | 1,268 | ||||||||||||
| Units sold/transferred |
(11,023 | ) | 452 | (894 | ) | (572 | ) | |||||||||
| End of period |
111,638 | 116,654 | 18,335 | 18,226 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| 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) |
$ | 73,949 | $ | 106,204 | $ | 26,176 | $ | 30,949 | ||||||||
| Net realized gain (loss) |
(48,792 | ) | 1,358 | (195,902 | ) | (24,065 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(62,615 | ) | (66,140 | ) | 552,418 | (694,872 | ) | |||||||||
| Net increase (decrease) in net assets from operations |
(37,458 | ) | 41,422 | 382,692 | (687,988 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
20,223 | 13,342 | 155,745 | 218,270 | ||||||||||||
| Net contractowner transfers between accounts |
(43,537 | ) | 50,517 | (260,698 | ) | (12,584 | ) | |||||||||
| Withdrawals and death benefits (b) |
(9,540 | ) | 18,129 | (157,800 | ) | (98,939 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(32,854 | ) | 81,988 | (262,753 | ) | 106,747 | ||||||||||
| Net increase (decrease) in net assets |
(70,312 | ) | 123,410 | 119,939 | (581,241 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
391,189 | 267,779 | 3,034,854 | 3,616,095 | ||||||||||||
| End of period |
$ | 320,877 | $ | 391,189 | $ | 3,154,793 | $ | 3,034,854 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
17,054 | 13,473 | 121,862 | 118,806 | ||||||||||||
| Units purchased |
963 | 565 | 5,757 | 8,549 | ||||||||||||
| Units sold/transferred |
(2,407 | ) | 3,016 | (15,475 | ) | (5,493 | ) | |||||||||
| End of period |
15,610 | 17,054 | 112,144 | 121,862 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-25 |
| continued |
| 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) |
$ | 16,494 | $ | 11,854 | $ | 350,435 | $ | 237,677 | ||||||||
| Net realized gain (loss) |
344,416 | 530,247 | 874,283 | 1,221,037 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(21,128 | ) | (1,110,098 | ) | 2,294,738 | (4,090,244 | ) | |||||||||
| Net increase (decrease) in net assets from operations |
339,782 | (567,997 | ) | 3,519,456 | (2,631,530 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
115,585 | 98,317 | 350,776 | 860,203 | ||||||||||||
| Net contractowner transfers between accounts |
(156,377 | ) | 94,585 | (72,183 | ) | 354,120 | ||||||||||
| Withdrawals and death benefits (b) |
(124,277 | ) | (90,474 | ) | 853,954 | (2,285 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(165,069 | ) | 102,428 | 1,132,547 | 1,212,038 | |||||||||||
| Net increase (decrease) in net assets |
174,713 | (465,569 | ) | 4,652,003 | (1,419,492 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
3,894,962 | 4,360,531 | 17,056,774 | 18,476,266 | ||||||||||||
| End of period |
$ | 4,069,675 | $ | 3,894,962 | $ | 21,708,777 | $ | 17,056,774 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
41,194 | 40,224 | 466,012 | 433,084 | ||||||||||||
| Units purchased |
1,228 | 1,040 | 9,015 | 22,508 | ||||||||||||
| Units sold/transferred |
(3,030 | ) | (70 | ) | 19,920 | 10,420 | ||||||||||
| End of period |
39,392 | 41,194 | 494,947 | 466,012 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| 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) |
$ | 152,400 | $ | 37,803 | $ | 169,820 | $ | 68,281 | ||||||||
| Net realized gain (loss) |
(44,517 | ) | (149,634 | ) | 36,042 | 500,132 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
73,342 | (154,310 | ) | 799,333 | (1,491,414 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
181,225 | (266,141 | ) | 1,005,195 | (923,001 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
558,328 | 305,382 | 495,683 | 258,374 | ||||||||||||
| Net contractowner transfers between accounts |
66,645 | (11,801 | ) | 255,987 | 167,525 | |||||||||||
| Withdrawals and death benefits (b) |
(91,321 | ) | (123,262 | ) | (781,040 | ) | (292,629 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
533,652 | 170,319 | (29,370 | ) | 133,270 | |||||||||||
| Net increase (decrease) in net assets |
714,877 | (95,822 | ) | 975,825 | (789,731 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
3,761,302 | 3,857,124 | 7,431,198 | 8,220,929 | ||||||||||||
| End of period |
$ | 4,476,179 | $ | 3,761,302 | $ | 8,407,023 | $ | 7,431,198 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
144,116 | 137,823 | 194,810 | 190,118 | ||||||||||||
| Units purchased |
20,611 | 11,527 | 12,093 | 6,827 | ||||||||||||
| Units sold/transferred |
(1,176 | ) | (5,234 | ) | (14,950 | ) | (2,135 | ) | ||||||||
| End of period |
163,551 | 144,116 | 191,953 | 194,810 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-27 |
| continued |
| 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) |
$ | 195,704 | $ | 159,301 | $ | 871,563 | $ | 622,375 | ||||||||
| Net realized gain (loss) |
(351,696 | ) | 323,215 | 948,631 | 1,902,716 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,119,282 | (1,925,534 | ) | 1,347,883 | (3,116,430 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
963,290 | (1,443,018 | ) | 3,168,077 | (591,339 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
332,946 | 421,267 | 1,442,607 | 1,718,648 | ||||||||||||
| Net contractowner transfers between accounts |
(600,601 | ) | 580,354 | (324,266 | ) | 429,722 | ||||||||||
| Withdrawals and death benefits (b) |
(192,757 | ) | (124,247 | ) | (766,486 | ) | (952,721 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(460,412 | ) | 877,374 | 351,855 | 1,195,649 | |||||||||||
| Net increase (decrease) in net assets |
502,878 | (565,644 | ) | 3,519,932 | 604,310 | |||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
7,474,340 | 8,039,984 | 18,270,858 | 17,666,548 | ||||||||||||
| End of period |
$ | 7,977,218 | $ | 7,474,340 | $ | 21,790,790 | $ | 18,270,858 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
167,955 | 147,888 | 459,934 | 426,853 | ||||||||||||
| Units purchased |
7,185 | 9,491 | 33,423 | 44,913 | ||||||||||||
| Units sold/transferred |
(17,458 | ) | 10,576 | (26,927 | ) | (11,832 | ) | |||||||||
| End of period |
157,682 | 167,955 | 466,430 | 459,934 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| 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) |
$ | 190,171 | $ | 31,022 | $ | 276,422 | $ | 270,918 | ||||||||
| Net realized gain (loss) |
(15,980 | ) | (28,825 | ) | 820,917 | 2,353,537 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
13,795 | (57,435 | ) | 460,060 | (3,391,651 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
187,986 | (55,238 | ) | 1,557,399 | (767,196 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
210,166 | 519,871 | 700,176 | 883,350 | ||||||||||||
| Net contractowner transfers between accounts |
1,483,838 | 29,398 | (276,404 | ) | 15,581 | |||||||||||
| Withdrawals and death benefits (b) |
159,021 | (275,695 | ) | (667,381 | ) | (165,959 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
1,853,025 | 273,574 | (243,609 | ) | 732,972 | |||||||||||
| Net increase (decrease) in net assets |
2,041,011 | 218,336 | 1,313,790 | (34,224 | ) | |||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
3,607,273 | 3,388,937 | 15,448,133 | 15,482,357 | ||||||||||||
| End of period |
$ | 5,648,284 | $ | 3,607,273 | $ | 16,761,923 | $ | 15,448,133 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
143,729 | 132,633 | 216,910 | 205,541 | ||||||||||||
| Units purchased |
8,309 | 20,887 | 9,719 | 12,744 | ||||||||||||
| Units sold/transferred |
61,976 | (9,791 | ) | (13,759 | ) | (1,375 | ) | |||||||||
| End of period |
214,014 | 143,729 | 212,870 | 216,910 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-29 |
| continued |
| DFA VA US Targeted Value Portfolio Sub-Account |
DFA VIT Inflation Protected Securities Portfolio Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 117,806 | $ | 78,623 | $ | 30,830 | $ | 100,176 | ||||||||
| Net realized gain (loss) |
1,117,114 | 2,704,690 | (205,166 | ) | (30,379 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
748,093 | (3,258,220 | ) | 198,203 | (250,315 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
1,983,013 | (474,907 | ) | 23,867 | (180,518 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
731,878 | 531,076 | 33,645 | 18,575 | ||||||||||||
| Net contractowner transfers between accounts |
(190,734 | ) | (282,815 | ) | (234,014 | ) | 42,796 | |||||||||
| Withdrawals and death benefits (b) |
(272,777 | ) | (93,749 | ) | (75,443 | ) | (37,824 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
268,367 | 154,512 | (275,812 | ) | 23,547 | |||||||||||
| Net increase (decrease) in net assets |
2,251,380 | (320,395 | ) | (251,945 | ) | (156,971 | ) | |||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
9,919,451 | 10,239,846 | 1,206,526 | 1,363,497 | ||||||||||||
| End of period |
$ | 12,170,831 | $ | 9,919,451 | $ | 954,581 | $ | 1,206,526 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
135,684 | 133,399 | 44,433 | 43,633 | ||||||||||||
| Units purchased |
9,749 | 7,402 | 1,233 | 645 | ||||||||||||
| Units sold/transferred |
(6,462 | ) | (5,117 | ) | (11,774 | ) | 155 | |||||||||
| End of period |
138,971 | 135,684 | 33,892 | 44,433 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Franklin Income VIP Fund—Class 1 Sub-Account |
Franklin Mutual Shares VIP Fund—Class 1 Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 93,555 | $ | 45,509 | $ | 13,702 | $ | 15,280 | ||||||||
| Net realized gain (loss) |
76,329 | 44,283 | 61,096 | 54,815 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(18,817 | ) | (124,309 | ) | 38,802 | (148,666 | ) | |||||||||
| Net increase (decrease) in net assets from operations |
151,067 | (34,517 | ) | 113,600 | (78,571 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
17,315 | 16,113 | 38,488 | 28,529 | ||||||||||||
| Net contractowner transfers between accounts |
48,923 | 789,385 | (80,048 | ) | (5,281 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(31,933 | ) | (16,181 | ) | (57,318 | ) | (26,232 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
34,305 | 789,317 | (98,878 | ) | (2,984 | ) | ||||||||||
| Net increase (decrease) in net assets |
185,372 | 754,800 | 14,722 | (81,555 | ) | |||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,791,718 | 1,036,918 | 947,177 | 1,028,732 | ||||||||||||
| End of period |
$ | 1,977,090 | $ | 1,791,718 | $ | 961,899 | $ | 947,177 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
45,800 | 25,206 | 23,416 | 23,458 | ||||||||||||
| Units purchased |
456 | 437 | 933 | 703 | ||||||||||||
| Units sold/transferred |
319 | 20,157 | (3,278 | ) | (745 | ) | ||||||||||
| End of period |
46,575 | 45,800 | 21,071 | 23,416 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-31 |
| continued |
| Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account |
Janus Henderson Forty Portfolio—Institutional Shares Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (11,823 | ) | $ | (11,824 | ) | $ | (13,196 | ) | $ | (11,780 | ) | ||||
| Net realized gain (loss) |
(341,185 | ) | 233,833 | (330,628 | ) | 84,791 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
853,445 | (1,259,163 | ) | 1,367,347 | (1,397,661 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
500,437 | (1,037,154 | ) | 1,023,523 | (1,324,650 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
81,438 | 74,117 | 117,824 | 281,102 | ||||||||||||
| Net contractowner transfers between accounts |
150,326 | (139,931 | ) | 38,568 | 13,267 | |||||||||||
| Withdrawals and death benefits (b) |
(55,290 | ) | (72,542 | ) | (47,783 | ) | (133,911 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
176,474 | (138,356 | ) | 108,609 | 160,458 | |||||||||||
| Net increase (decrease) in net assets |
676,911 | (1,175,510 | ) | 1,132,132 | (1,164,192 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,874,659 | 3,050,169 | 2,648,206 | 3,812,398 | ||||||||||||
| End of period |
$ | 2,551,570 | $ | 1,874,659 | $ | 3,780,338 | $ | 2,648,206 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
27,636 | 29,607 | 20,611 | 19,581 | ||||||||||||
| Units purchased |
1,117 | 1,034 | 769 | 1,905 | ||||||||||||
| Units sold/transferred |
953 | (3,005 | ) | (235 | ) | (875 | ) | |||||||||
| End of period |
29,706 | 27,636 | 21,145 | 20,611 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Janus Henderson Mid Cap Value 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) |
$ | 9,377 | $ | 11,444 | $ | 5,560 | $ | 7,115 | ||||||||
| Net realized gain (loss) |
19,373 | 176,945 | 37,655 | 20,998 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
139,713 | (277,317 | ) | 15,650 | (84,142 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
168,463 | (88,928 | ) | 58,865 | (56,029 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
42,232 | 42,424 | 36,066 | 54,387 | ||||||||||||
| Net contractowner transfers between accounts |
(77,137 | ) | 212,273 | (59,799 | ) | 527 | ||||||||||
| Withdrawals and death benefits (b) |
(83,765 | ) | (41,773 | ) | (24,545 | ) | (20,090 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(118,670 | ) | 212,924 | (48,278 | ) | 34,824 | ||||||||||
| Net increase (decrease) in net assets |
49,793 | 123,996 | 10,587 | (21,205 | ) | |||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,671,272 | 1,547,276 | 586,401 | 607,606 | ||||||||||||
| End of period |
$ | 1,721,065 | $ | 1,671,272 | $ | 596,988 | $ | 586,401 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
35,326 | 30,788 | 7,855 | 7,380 | ||||||||||||
| Units purchased |
916 | 936 | 470 | 734 | ||||||||||||
| Units sold/transferred |
(3,485 | ) | 3,602 | (1,078 | ) | (259 | ) | |||||||||
| End of period |
32,757 | 35,326 | 7,247 | 7,855 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-33 |
| continued |
| John Hancock Emerging Markets Value Trust Sub-Account |
LVIP Delaware Diversified Income Fund—Standard Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 70,552 | $ | 188,721 | $ | 138,216 | $ | 103,737.00 | ||||||||
| Net realized gain (loss) |
141,954 | 302,443 | (81,406 | ) | (97,673.00 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
636,340 | (1,168,675 | ) | 153,680 | (560,030.00 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
848,846 | (677,511 | ) | 210,490 | (553,966 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
465,421 | 562,416 | 173,725 | 206,818 | ||||||||||||
| Net contractowner transfers between accounts |
68,812 | 386,911 | 216,152 | 121,613 | ||||||||||||
| Withdrawals and death benefits (b) |
(253,921 | ) | (171,190 | ) | (89,923 | ) | (80,735 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
280,312 | 778,137 | 299,954 | 247,696 | ||||||||||||
| Net increase (decrease) in net assets |
1,129,158 | 100,626 | 510,444 | (306,270 | ) | |||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
5,707,732 | 5,607,106 | 3,530,474 | 3,836,744 | ||||||||||||
| End of period |
$ | 6,836,890 | $ | 5,707,732 | $ | 4,040,918 | $ | 3,530,474 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
189,561 | 163,712 | 215,360 | 199,999 | ||||||||||||
| Units purchased |
14,572 | 18,354 | 10,633 | 12,548 | ||||||||||||
| Units sold/transferred |
(6,211 | ) | 7,495 | 6,704 | 2,813 | |||||||||||
| End of period |
197,922 | 189,561 | 232,697 | 215,360 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Matson Money Fixed Income VI Portfolio Sub-Account |
Matson Money International Equity VI Portfolio Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 30,366 | $ | 7,876 | $ | 50,305 | $ | 29,719 | ||||||||
| Net realized gain (loss) |
(8,129 | ) | (19,332 | ) | 93,940 | 57,935 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
44,407 | (114,472 | ) | 132,351 | (314,166 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
66,644 | (125,928 | ) | 276,596 | (226,512 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
33,260 | 37,148 | 87,685 | 88,798 | ||||||||||||
| Net contractowner transfers between accounts |
55,561 | (107,675 | ) | (89,131 | ) | 92,236 | ||||||||||
| Withdrawals and death benefits (b) |
(72,619 | ) | (45,481 | ) | (125,228 | ) | (46,954 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
16,202 | (116,008 | ) | (126,674 | ) | 134,080 | ||||||||||
| Net increase (decrease) in net assets |
82,846 | (241,936 | ) | 149,922 | (92,432 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,430,535 | 1,672,471 | 1,922,382 | 2,014,814 | ||||||||||||
| End of period |
$ | 1,513,381 | $ | 1,430,535 | $ | 2,072,304 | $ | 1,922,382 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
59,901 | 64,538 | 67,018 | 62,233 | ||||||||||||
| Units purchased |
1,387 | 1,534 | 2,896 | 3,094 | ||||||||||||
| Units sold/transferred |
(730 | ) | (6,171 | ) | (7,183 | ) | 1,691 | |||||||||
| End of period |
60,558 | 59,901 | 62,731 | 67,018 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-35 |
| continued |
| Matson Money U.S. Equity VI Portfolio Sub-Account |
MFS Global Equity Series—Initial Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 10,841 | $ | 4,124 | $ | 7,669 | $ | 478 | ||||||||
| Net realized gain (loss) |
281,695 | 292,184 | 32,378 | 281,743 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
76,895 | (567,688 | ) | 315,942 | (877,376 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
369,431 | (271,380 | ) | 355,989 | (595,155 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
92,564 | 97,179 | 55,442 | 85,198 | ||||||||||||
| Net contractowner transfers between accounts |
37,027 | (75,460 | ) | 102,518 | (183,847 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(155,733 | ) | (61,766 | ) | (32,174 | ) | (62,424 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(26,142 | ) | (40,047 | ) | 125,786 | (161,073 | ) | |||||||||
| Net increase (decrease) in net assets |
343,289 | (311,427 | ) | 481,775 | (756,228 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
2,316,482 | 2,627,909 | 2,433,843 | 3,190,071 | ||||||||||||
| End of period |
$ | 2,659,771 | $ | 2,316,482 | $ | 2,915,618 | $ | 2,433,843 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
51,787 | 52,578 | 60,597 | 64,652 | ||||||||||||
| Units purchased |
2,014 | 2,154 | 1,316 | 2,124 | ||||||||||||
| Units sold/transferred |
(2,510 | ) | (2,945 | ) | 1,779 | (6,179 | ) | |||||||||
| End of period |
51,291 | 51,787 | 63,692 | 60,597 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| MFS Growth Series—Initial Class Sub-Account |
MFS Massachusetts Investors Growth Stock Portfolio—Initial Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (690 | ) | $ | (832 | ) | $ | (3,350 | ) | $ | (5,162 | ) | ||||
| Net realized gain (loss) |
(10,471 | ) | 12,272 | 65,889 | (5,040 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
44,794 | (75,801 | ) | 213,554 | (301,930 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
33,633 | (64,361 | ) | 276,093 | (312,132 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
5,822 | 5,415 | 60,492 | 65,494 | ||||||||||||
| Net contractowner transfers between accounts |
(56,367 | ) | — | 437,497 | (597,524 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(2,455 | ) | (2,811 | ) | 42,681 | (18,692 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(53,000 | ) | 2,604 | 540,670 | (550,722 | ) | ||||||||||
| Net increase (decrease) in net assets |
(19,367 | ) | (61,757 | ) | 816,763 | (862,854 | ) | |||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
138,050 | 199,807 | 945,163 | 1,808,017 | ||||||||||||
| End of period |
$ | 118,683 | $ | 138,050 | $ | 1,761,926 | $ | 945,163 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
1,527 | 1,503 | 21,963 | 33,212 | ||||||||||||
| Units purchased |
56 | 52 | 1,302 | 1,481 | ||||||||||||
| Units sold/transferred |
(593 | ) | (28 | ) | 9,431 | (12,730 | ) | |||||||||
| End of period |
990 | 1,527 | 32,696 | 21,963 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-37 |
| continued |
| MFS Utilities Series—Initial Class Sub-Account |
Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 30,946 | $ | 27,120 | $ | 13,247 | $ | 680 | ||||||||
| Net realized gain (loss) |
44,350 | 141,247 | 263,264 | 585,070 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(107,992 | ) | (175,929 | ) | 5,263 | (904,823 | ) | |||||||||
| Net increase (decrease) in net assets from operations |
(32,696 | ) | (7,562 | ) | 281,774 | (319,073 | ) | |||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
20,235 | 22,678 | 136,874 | 123,731 | ||||||||||||
| Net contractowner transfers between accounts |
(195,101 | ) | 33,291 | (40,081 | ) | (2,109 | ) | |||||||||
| Withdrawals and death benefits (b) |
(18,597 | ) | (22,626 | ) | (118,630 | ) | (77,986 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(193,463 | ) | 33,343 | (21,837 | ) | 43,636 | ||||||||||
| Net increase (decrease) in net assets |
(226,159 | ) | 25,781 | 259,937 | (275,437 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,157,040 | 1,131,259 | $ | 2,796,758 | 3,072,195 | |||||||||||
| End of period |
$ | 930,881 | $ | 1,157,040 | $ | 3,056,695 | $ | 2,796,758 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
12,964 | 12,686 | 71,764 | 70,541 | ||||||||||||
| Units purchased |
255 | 272 | 3,492 | 3,194 | ||||||||||||
| Units sold/transferred |
(2,525 | ) | 6 | (4,418 | ) | (1,971 | ) | |||||||||
| End of period |
10,694 | 12,964 | 70,838 | 71,764 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class Sub-Account |
PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (1,026 | ) | $ | (801 | ) | $ | 10,316 | $ | 31,265 | ||||||
| Net realized gain (loss) |
9,890 | 60,322 | (43,624 | ) | 40,612 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
66,452 | (137,044 | ) | 66,068 | (136,035 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
75,316 | (77,523 | ) | 32,760 | (64,158 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
7,567 | 7,472 | 27,919 | 39,269 | ||||||||||||
| Net contractowner transfers between accounts |
(4,026 | ) | (5,509 | ) | (5,267 | ) | 11,620 | |||||||||
| Withdrawals and death benefits (b) |
(8,002 | ) | (19,248 | ) | (11,319 | ) | (118,647 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(4,461 | ) | (17,285 | ) | 11,333 | (67,758 | ) | |||||||||
| Net increase (decrease) in net assets |
70,855 | (94,808 | ) | 44,093 | (131,916 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
$ | 291,933 | 386,741 | 436,104 | 568,020 | |||||||||||
| End of period |
$ | 362,788 | $ | 291,933 | $ | 480,197 | $ | 436,104 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
5,248 | 5,602 | 19,623 | 22,176 | ||||||||||||
| Units purchased |
125 | 128 | 1,232 | 1,715 | ||||||||||||
| Units sold/transferred |
(265 | ) | (482 | ) | (893 | ) | (4,268 | ) | ||||||||
| End of period |
5,108 | 5,248 | 19,962 | 19,623 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-39 |
| continued |
| PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account |
PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 154,268 | $ | 200,407 | $ | 146,710 | $ | 118,649 | ||||||||
| Net realized gain (loss) |
(122,191 | ) | (130,644 | ) | (251,349 | ) | (175,631 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(117,195 | ) | (129,513 | ) | 396,527 | (438,573 | ) | |||||||||
| Net increase (decrease) in net assets from operations |
(85,118 | ) | (59,750 | ) | 291,888 | (495,555 | ) | |||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
28,279 | 36,266 | 223,924 | 260,032 | ||||||||||||
| Net contractowner transfers between accounts |
(97,681 | ) | 414,403 | (508,046 | ) | 422,363 | ||||||||||
| Withdrawals and death benefits (b) |
(42,410 | ) | 28,439 | (158,240 | ) | (134,164 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(111,812 | ) | 479,108 | (442,362 | ) | 548,231 | ||||||||||
| Net increase (decrease) in net assets |
(196,930 | ) | 419,358 | (150,474 | ) | 52,676 | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,031,593 | 612,235 | 3,122,317 | 3,069,641 | ||||||||||||
| End of period |
$ | 834,663 | $ | 1,031,593 | $ | 2,971,843 | $ | 3,122,317 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
42,865 | 27,605 | 111,097 | 91,851 | ||||||||||||
| Units purchased |
1,242 | 1,405 | 7,779 | 9,272 | ||||||||||||
| Units sold/transferred |
(6,310 | ) | 13,855 | (23,137 | ) | 9,974 | ||||||||||
| End of period |
37,797 | 42,865 | 95,739 | 111,097 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class Sub-Account |
PIMCO VIT Real Return Portfolio— Institutional Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 6,658 | $ | 3,347 | $ | 166,383 | $ | 452,601 | ||||||||
| Net realized gain (loss) |
(6,174 | ) | (38,778 | ) | (253,659 | ) | (110,130 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on investments |
18,340 | (5,090 | ) | 296,282 | (1,241,981 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
18,824 | (40,521 | ) | 209,006 | (899,510 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
21,844 | 18,286 | 398,635 | 483,053 | ||||||||||||
| Net contractowner transfers between accounts |
35,871 | 29,373 | (218,221 | ) | (140,547 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(18,477 | ) | (8,437 | ) | (301,043 | ) | (302,428 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
39,238 | 39,222 | (120,629 | ) | 40,078 | |||||||||||
| Net increase (decrease) in net assets |
58,062 | (1,299 | ) | 88,377 | (859,432 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
348,379 | 349,678 | 6,550,714 | 7,410,146 | ||||||||||||
| End of period |
$ | 406,441 | $ | 348,379 | $ | 6,639,091 | $ | 6,550,714 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
19,377 | 17,192 | 328,294 | 324,898 | ||||||||||||
| Units purchased |
1,220 | 992 | 20,005 | 23,485 | ||||||||||||
| Units sold/transferred |
737 | 1,193 | (26,660 | ) | (20,089 | ) | ||||||||||
| End of period |
21,334 | 19,377 | 321,639 | 328,294 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-41 |
| continued |
| PVC Equity Income Account—Class 1 Sub-Account |
PVC MidCap Account—Class 1 Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | 121,788 | $ | 96,503 | $ | (3,248 | ) | $ | (2,124 | ) | ||||||
| Net realized gain (loss) |
509,233 | 983,401 | 7,203 | 67,342 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
162,606 | (1,956,433 | ) | 130,870 | (232,860 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
793,627 | (876,529 | ) | 134,825 | (167,642 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
266,660 | 259,680 | 6,571 | 11,259 | ||||||||||||
| Net contractowner transfers between accounts |
615,593 | (270,064 | ) | (25,232 | ) | 179 | ||||||||||
| Withdrawals and death benefits (b) |
(231,763 | ) | (212,886 | ) | (15,019 | ) | (22,136 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
650,490 | (223,270 | ) | (33,680 | ) | (10,698 | ) | |||||||||
| Net increase (decrease) in net assets |
1,444,117 | (1,099,799 | ) | 101,145 | (178,340 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
6,822,783 | 7,922,582 | 543,490 | 721,830 | ||||||||||||
| End of period |
$ | 8,266,900 | $ | 6,822,783 | $ | 644,635 | $ | 543,490 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
113,107 | 116,489 | 6,763 | 6,858 | ||||||||||||
| Units purchased |
4,401 | 4,381 | 80 | 144 | ||||||||||||
| Units sold/transferred |
5,759 | (7,763 | ) | (458 | ) | (239 | ) | |||||||||
| End of period |
123,267 | 113,107 | 6,385 | 6,763 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| PSF PGIM Jennison Blend Portfolio—Class II Sub-Account |
PSF PGIM Jennison Focused Blend Portfolio—Class II Sub-Account |
|||||||||||
| December 31, 2023i | December 31, 2023^ | December 31, 2022 | ||||||||||
| FROM OPERATIONS |
||||||||||||
| Net investment income (loss) |
$ | (603 | ) | $ | (8,939 | ) | $ | (9,025 | ) | |||
| Net realized gain (loss) |
1,059 | 354,939 | 76,170 | |||||||||
| Net change in unrealized appreciation (depreciation) on investments |
66,960 | 20,299 | (566,191 | ) | ||||||||
| Net increase (decrease) in net assets from operations |
67,416 | 366,299 | (499,046 | ) | ||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||
| Premiums (a) |
3,046 | 51,451 | 37,966 | |||||||||
| Net contractowner transfers between accounts |
1,769,138 | (1,805,618 | ) | 40,475 | ||||||||
| Withdrawals and death benefits (b) |
(1,495 | ) | (31,364 | ) | (38,910 | ) | ||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
1,770,689 | (1,785,531 | ) | 39,531 | ||||||||
| Net increase (decrease) in net assets |
1,838,105 | (1,419,232 | ) | (459,515 | ) | |||||||
| NET ASSETS |
||||||||||||
| Beginning of period |
— | 1,419,232 | 1,878,747 | |||||||||
| End of period |
$ | 1,838,105 | $ | — | $ | 1,419,232 | ||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||
| Beginning of period |
— | 32,062 | 31,016 | |||||||||
| Units purchased |
56 | 1,024 | 814 | |||||||||
| Units sold/transferred |
31,605 | (33,086 | ) | 232 | ||||||||
| End of period |
31,661 | — | 32,062 | |||||||||
| (a) | Amounts presented are net of premium expense charges. |
| (b) | Amounts include payments for other daily and monthly fee and expense charges. |
| (i) | For the period December 8, 2023 (commencement of operations) to December 31, 2023. |
| ^ | PSF PGIM Jennison Focused Blend Portfolio—Class II merged operations with PSF PGIM Jennison Focused Blend Portfolio—Class II on December 8, 2023. |
| See notes to financial statements | TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-43 |
| continued |
| PSF Natural Resources Portfolio—Class II Sub-Account |
PSF PGIM Jennison Value Portfolio—Class II Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (6,491 | ) | $ | (8,513 | ) | $ | (1,315 | ) | $ | (1,214 | ) | ||||
| Net realized gain (loss) |
81,669 | 130,795 | 17,280 | 16,498 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(96,070 | ) | 33,455 | 12,891 | (22,500 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
(20,892 | ) | 155,737 | 28,856 | (7,216 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
68,970 | 53,870 | 5,235 | 4,075 | ||||||||||||
| Net contractowner transfers between accounts |
(3,909 | ) | 95,478 | (46,090 | ) | 115,716 | ||||||||||
| Withdrawals and death benefits (b) |
(237,180 | ) | (32,216 | ) | (23,041 | ) | (34,449 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(172,119 | ) | 117,132 | (63,896 | ) | 85,342 | ||||||||||
| Net increase (decrease) in net assets |
(193,011 | ) | 272,869 | (35,040 | ) | 78,126 | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
1,163,024 | 890,155 | 272,437 | 194,311 | ||||||||||||
| End of period |
$ | 970,013 | $ | 1,163,024 | $ | 237,397 | $ | 272,437 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
19,738 | 18,240 | 4,764 | 3,169 | ||||||||||||
| Units purchased |
1,208 | 992 | 92 | 73 | ||||||||||||
| Units sold/transferred |
(4,716 | ) | 506 | (1,203 | ) | 1,522 | ||||||||||
| End of period |
16,230 | 19,738 | 3,653 | 4,764 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Royce Capital Fund Micro-Cap Portfolio— Investment Class Sub-Account |
Royce Capital Fund Small-Cap Portfolio— Investment Class Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (3,219 | ) | $ | (3,196 | ) | $ | 2,689 | (2,145 | ) | ||||||
| Net realized gain (loss) |
(79,053 | ) | 169,193 | 190,172 | 114,233 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
171,318 | (315,880 | ) | 46,971 | (223,320 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
89,046 | (149,883 | ) | 239,832 | (111,232 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
24,686 | 49,788 | 30,965 | 25,042 | ||||||||||||
| Net contractowner transfers between accounts |
(53,591 | ) | (123,465 | ) | 37,828 | (40,547 | ) | |||||||||
| Withdrawals and death benefits (b) |
(20,148 | ) | (16,060 | ) | (91,052 | ) | (43,866 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(49,053 | ) | (89,737 | ) | (22,259 | ) | (59,371 | ) | ||||||||
| Net increase (decrease) in net assets |
39,993 | (239,620 | ) | 217,573 | (170,603 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
521,864 | 761,484 | 1,020,161 | 1,190,764 | ||||||||||||
| End of period |
$ | 561,857 | $ | 521,864 | $ | 1,237,734 | $ | 1,020,161 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
19,055 | 21,397 | 43,368 | 45,574 | ||||||||||||
| Units purchased |
853 | 1,717 | 1,258 | 1,106 | ||||||||||||
| Units sold/transferred |
(2,521 | ) | (4,059 | ) | (2,641 | ) | (3,312 | ) | ||||||||
| End of period |
17,387 | 19,055 | 41,985 | 43,368 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-45 |
| continued |
| T. Rowe
Price® Health Sciences Portfolio I Sub-Account |
T. Rowe
Price® Limited-Term Bond
Portfolio Sub-Account |
|||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
| FROM OPERATIONS |
||||||||||||||||
| Net investment income (loss) |
$ | (14,896 | ) | $ | (15,698 | ) | $ | 74,663 | $ | 34,996 | ||||||
| Net realized gain (loss) |
(11,180 | ) | 33,630 | (65,388 | ) | (34,402 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments |
77,470 | (361,214 | ) | 103,073 | (132,687 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
51,394 | (343,282 | ) | 112,348 | (132,093 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
145,830 | 350,370 | 143,967 | 144,997 | ||||||||||||
| Net contractowner transfers between accounts |
(426,860 | ) | (74,120 | ) | 20,472 | 74,643 | ||||||||||
| Withdrawals and death benefits (b) |
(194,871 | ) | (38,060 | ) | (51,211 | ) | (62,875 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(475,901 | ) | 238,190 | 113,228 | 156,765 | |||||||||||
| Net increase (decrease) in net assets |
(424,507 | ) | (105,092 | ) | 225,576 | 24,672 | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
2,753,031 | 2,858,123 | $ | 2,589,877 | 2,565,205 | |||||||||||
| End of period |
$ | 2,328,524 | $ | 2,753,031 | $ | 2,815,453 | $ | 2,589,877 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
53,234 | 48,062 | 99,229 | 93,262 | ||||||||||||
| Units purchased |
2,864 | 6,977 | 5,491 | 5,582 | ||||||||||||
| Units sold/transferred |
(12,133 | ) | (1,805 | ) | (1,470 | ) | 385 | |||||||||
| End of period |
43,965 | 53,234 | 103,250 | 99,229 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Templeton Developing Markets VIP Fund— Class 1 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) |
$ | 63,038 | $ | 76,611 | $ | 25,279 | $ | 12,320 | ||||||||
| Net realized gain (loss) |
(441,225 | ) | 90,802 | 131,328 | 675,816 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
748,306 | (1,038,518 | ) | 1,254,331 | (1,544,644 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
370,119 | (871,105 | ) | 1,410,938 | (856,508 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
165,602 | 175,503 | 283,501 | 511,738 | ||||||||||||
| Net contractowner transfers between accounts |
106,239 | (39,057 | ) | 500,471 | 58,786 | |||||||||||
| Withdrawals and death benefits (b) |
(99,626 | ) | (76,053 | ) | (121,866 | ) | (225,053 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
172,215 | 60,393 | 662,106 | 345,471 | ||||||||||||
| Net increase (decrease) in net assets |
542,334 | (810,712 | ) | 2,073,044 | (511,037 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
3,015,173 | 3,825,885 | 4,726,283 | 5,237,320 | ||||||||||||
| End of period |
$ | 3,557,507 | $ | 3,015,173 | $ | 6,799,327 | $ | 4,726,283 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
174,036 | 171,123 | 89,038 | 82,870 | ||||||||||||
| Units purchased |
8,963 | 9,642 | 4,775 | 9,389 | ||||||||||||
| Units sold/transferred |
(845 | ) | (6,729 | ) | 6,479 | (3,221 | ) | |||||||||
| End of period |
182,154 | 174,036 | 100,292 | 89,038 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-47 |
| continued |
| Vanguard VIF Equity 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) |
$ | 238,701 | $ | 207,282 | $ | 172,781 | $ | 160,074 | ||||||||
| Net realized gain (loss) |
751,551 | 2,941,637 | (55,286 | ) | (132,911 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
5,652,079 | (8,623,600 | ) | 313,168 | (413,556 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
6,642,331 | (5,474,681 | ) | 430,663 | (386,393 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
1,210,434 | 1,408,218 | 288,887 | 319,803 | ||||||||||||
| Net contractowner transfers between accounts |
2,124,044 | 238,872 | 235,685 | (155,329 | ) | |||||||||||
| Withdrawals and death benefits (b) |
3,612 | (969,731 | ) | (170,547 | ) | (94,751 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
3,338,090 | 677,359 | 354,025 | 69,723 | ||||||||||||
| Net increase (decrease) in net assets |
9,980,421 | (4,797,322 | ) | 784,688 | (316,670 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
24,287,652 | 29,084,974 | 3,599,961 | 3,916,631 | ||||||||||||
| End of period |
$ | 34,268,073 | $ | 24,287,652 | $ | 4,384,649 | $ | 3,599,961 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
459,538 | 446,822 | 113,185 | 110,878 | ||||||||||||
| Units purchased |
20,589 | 25,215 | 8,731 | 10,000 | ||||||||||||
| Units sold/transferred |
35,508 | (12,499 | ) | 1,936 | (7,693 | ) | ||||||||||
| End of period |
515,635 | 459,538 | 123,852 | 113,185 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-1 ∎ For the period or year ended |
| Vanguard VIF Mid-Cap Index 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) |
$ | 122,680 | $ | 66,631 | $ | 109,380 | $ | 83,138 | ||||||||
| Net realized gain (loss) |
(478,004 | ) | 1,904,861 | 145,706 | 671,360 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
2,411,143 | (4,882,564 | ) | 428,812 | (2,762,913 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
2,055,819 | (2,911,072 | ) | 683,898 | (2,008,415 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
1,067,356 | 1,196,403 | 308,844 | 321,017 | ||||||||||||
| Net contractowner transfers between accounts |
(338,682 | ) | 519,593 | 263,172 | (291,710 | ) | ||||||||||
| Withdrawals and death benefits (b) |
(451,786 | ) | (343,082 | ) | (145,510 | ) | 5,580 | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
276,888 | 1,372,914 | 426,506 | 34,887 | ||||||||||||
| Net increase (decrease) in net assets |
2,332,707 | (1,538,158 | ) | 1,110,404 | (1,973,528 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
13,184,235 | 14,722,393 | 5,698,205 | 7,671,733 | ||||||||||||
| End of period |
$ | 15,516,942 | $ | 13,184,235 | $ | 6,808,609 | $ | 5,698,205 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
288,992 | 260,417 | 168,322 | 165,944 | ||||||||||||
| Units purchased |
22,164 | 25,492 | 9,056 | 8,610 | ||||||||||||
| Units sold/transferred |
(16,589 | ) | 3,083 | 3,169 | (6,232 | ) | ||||||||||
| End of period |
294,567 | 288,992 | 180,547 | 168,322 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-49 |
| continued |
| 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) |
$ | (6,592 | ) | $ | (12,976 | ) | $ | 264,004 | $ | 201,336 | ||||||
| Net realized gain (loss) |
(440,762 | ) | 1,143,180 | (937,969 | ) | (747,830 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments |
1,267,913 | (2,495,460 | ) | 1,457,955 | (1,567,791 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
820,559 | (1,365,256 | ) | 783,990 | (2,114,285 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
270,216 | 338,765 | 1,627,412 | 2,170,127 | ||||||||||||
| Net contractowner transfers between accounts |
154,969 | 189,540 | 109,841 | (1,929,238 | ) | |||||||||||
| Withdrawals and death benefits (b) |
(101,685 | ) | (102,894 | ) | 344,618 | (651,691 | ) | |||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
323,500 | 425,411 | 2,081,871 | (410,802 | ) | |||||||||||
| Net increase (decrease) in net assets |
1,144,059 | (939,845 | ) | 2,865,861 | (2,525,087 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
4,224,702 | 5,164,547 | 14,160,002 | 16,685,089 | ||||||||||||
| End of period |
$ | 5,368,761 | $ | 4,224,702 | $ | 17,025,863 | $ | 14,160,002 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
98,215 | 89,104 | 561,039 | 570,144 | ||||||||||||
| Units purchased |
5,741 | 7,413 | 63,763 | 83,441 | ||||||||||||
| Units sold/transferred |
790 | 1,698 | 16,186 | (92,546 | ) | |||||||||||
| End of period |
104,746 | 98,215 | 640,988 | 561,039 | ||||||||||||
| (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 VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-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) |
$ | 10,904 | $ | 21,882 | $ | (3,325 | ) | $ | 3,894 | |||||||
| Net realized gain (loss) |
(49,227 | ) | 20,501 | (253,466 | ) | 133,052 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
137,692 | (281,358 | ) | 447,713 | (730,130 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
99,369 | (238,975 | ) | 190,922 | (593,184 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
30,962 | 41,405 | 74,067 | 72,963 | ||||||||||||
| Net contractowner transfers between accounts |
(21,767 | ) | 10,365 | (109,339 | ) | 29,392 | ||||||||||
| Withdrawals and death benefits (b) |
(25,919 | ) | (22,932 | ) | (47,664 | ) | (32,240 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(16,724 | ) | 28,838 | (82,936 | ) | 70,115 | ||||||||||
| Net increase (decrease) in net assets |
82,645 | (210,137 | ) | 107,986 | (523,069 | ) | ||||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
716,298 | 926,435 | 1,206,262 | 1,729,331 | ||||||||||||
| End of period |
$ | 798,943 | $ | 716,298 | $ | 1,314,248 | $ | 1,206,262 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
16,251 | 15,667 | 17,673 | 16,576 | ||||||||||||
| Units purchased |
687 | 820 | 1,013 | 1,023 | ||||||||||||
| Units sold/transferred |
(770 | ) | (236 | ) | (2,202 | ) | 74 | |||||||||
| End of period |
16,168 | 16,251 | 16,484 | 17,673 | ||||||||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-51 |
| 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) |
$ | (915 | ) | $ | (2,891 | ) | $ | (4,786 | ) | $ | (2,603 | ) | ||||
| Net realized gain (loss) |
(152,561 | ) | (12,396 | ) | (36,948 | ) | (118,817 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on investments |
189,797 | (226,456 | ) | 193,981 | (99,332 | ) | ||||||||||
| Net increase (decrease) in net assets from operations |
36,321 | (241,743 | ) | 152,247 | (220,752 | ) | ||||||||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||||||||||
| Premiums (a) |
5,066 | 34,343 | 43,883 | 16,450 | ||||||||||||
| Net contractowner transfers between accounts |
(479,107 | ) | 7,219 | 463,571 | 11,709 | |||||||||||
| Withdrawals and death benefits (b) |
(5,375 | ) | (40,586 | ) | (29,115 | ) | (16,009 | ) | ||||||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
(479,416 | ) | 976 | 478,339 | 12,150 | |||||||||||
| Net increase (decrease) in net assets |
(443,095 | ) | (240,767 | ) | 630,586 | (208,602 | ) | |||||||||
| NET ASSETS |
||||||||||||||||
| Beginning of period |
443,095 | 683,862 | $ | 434,351 | 642,953 | |||||||||||
| End of period |
$ | — | $ | 443,095 | $ | 1,064,937 | $ | 434,351 | ||||||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||||||||||
| Beginning of period |
8,327 | 8,272 | 4,613 | 4,496 | ||||||||||||
| Units purchased |
91 | 592 | 434 | 169 | ||||||||||||
| Units sold/transferred |
(8,418 | ) | (537 | ) | 4,316 | (52 | ) | |||||||||
| End of period |
— | 8,327 | 9,363 | 4,613 | ||||||||||||
| (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. |
| B-52 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 | See notes to financial statements |
| Statements of Changes in Net Assets
TIAA-CREF Life Separate Accounts VLI-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) |
$ | 31,417 | $ | 36,980 | ||||
| Net realized gain (loss) |
(26,711 | ) | (15,748 | ) | ||||
| Net change in unrealized appreciation (depreciation) on investments |
52,275 | (124,325 | ) | |||||
| Net increase (decrease) in net assets from operations |
56,981 | (103,093 | ) | |||||
| FROM CONTRACTOWNER TRANSACTIONS |
||||||||
| Premiums (a) |
36,607 | 22,635 | ||||||
| Net contractowner transfers between accounts |
2,172 | (35,906 | ) | |||||
| Withdrawals and death benefits (b) |
(22,623 | ) | (39,981 | ) | ||||
| Net increase (decrease) in net assets resulting from contractowner transactions |
16,156 | (53,252 | ) | |||||
| Net increase (decrease) in net assets |
73,137 | (156,345 | ) | |||||
| NET ASSETS |
||||||||
| Beginning of period |
$ | 582,499 | 738,844 | |||||
| End of period |
$ | 655,636 | $ | 582,499 | ||||
| CHANGES IN ACCUMULATION UNITS OUTSTANDING: |
||||||||
| Beginning of period |
34,664 | 37,619 | ||||||
| Units purchased |
2,143 | 1,328 | ||||||
| Units sold/transferred |
(1,275 | ) | (4,283 | ) | ||||
| End of period |
35,532 | 34,664 | ||||||
| (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 VLI-1 ∎ Statement of Additional Information | B-53 |
TIAA-CREF Life Separate Account VLI-1
Note 1—organization and significant accounting policies
TIAA-CREF Life Separate Account VLI-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 May 23, 2001 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, a legal reserve life insurance company under the insurance laws of the State of New York on December 18, 1996, is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”).
Investors participate in the Separate Account by purchasing one of two different variable life insurance policies: the Intelligent Life Flexible Premium Individual Variable Universal Life Insurance Policy (referred to as “Intelligent Life VUL”) and the Intelligent Life Flexible Premium Last Survivor Variable Universal Life Insurance Policy (referred to as “Intelligent Life SVUL”). Premiums received from the policies are allocated to the investment accounts (“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. Accumulation Unit Values are calculated daily for each Sub-Account. The Intelligent Life products offer over 60 Sub-Accounts.
Effective April 21, 2023, Wanger Select merged operations with Wanger Acorn: this fund is closed to new investors.
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: this fund is closed to new investors.
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 gains 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 VLI-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 Fund for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. The Separate Account’s 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 federal income tax years and has concluded that no provision for 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 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 prioritizes 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 risk, 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
| B-54 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
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 follow:
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
Daily charges are deducted from the net assets of the Flexible Premium Individual Variable Universal Life Sub-Accounts for services required to administer the Sub-Accounts and the contracts and to cover certain insurance risks borne by TIAA-CREF Life. The administrative expense charge is currently set at an annual rate of 0.20% of the net assets of the Flexible Premium Individual Variable Universal Life Sub-Accounts. TIAA-CREF Life imposes a daily charge for bearing certain mortality and expense risks in connection with the contracts equivalent to an annual rate of 0.10% of the net assets of the Flexible Premium Individual Variable Universal Life Sub-Accounts. TIAA-CREF Life also imposes a daily charge for bearing certain mortality and expense risks within the Intelligent Life Flexible Premium Variable Universal Life Sub-Accounts at an annual rate of 0.95% if the total investment value is less than $100,000; 0.65% if the investment value is $100,000 to $500,000; and 0.35% if the total investment value exceeds $500,000. For Policy Years 21 and greater, the annual rate will be 0.35% regardless of the value.
There are other daily, monthly, and annual fees and costs that a contractowner will pay when buying, owning and surrendering the policy. These fees and costs are assessed through redemption of units and include the following:
Flexible Premium Individual Variable Universal Life Expense Charges
TRANSACTION FEES
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| Premium Expense Charge1 |
Upon receipt of each Premium payment | 6.0% of each Premium payment | 4.0% of each Premium payment | |||
| Surrender Charge |
Not applicable | None | None | |||
| Transfer Charge2 |
Upon transfer | $25 per transfer | $0 | |||
| 1 | TIAA-CREF Life reserves the right to reduce or waive the Premium Expense Charge for particular contracts when we anticipate that our administration expenses will be lower. In addition, we reserve the right to waive the Premium Expense Charge for particular contracts when no premium tax is incurred. |
| 2 | TIAA-CREF Life does not assess a transfer charge for the first 12 transfers each Policy Year. We do not currently charge for transfers, but we reserve the right to charge $25 for each transfer in excess of 12 in a Policy Year. |
The following table describes the fees and expenses that an owner will pay periodically during the time that he or she owns the Policy, not including the fees and expenses of the portfolios.
PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| Policy Unit Charge:3 |
||||||
| SINGLE LIFE POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.24–$1.20 per $1,000 of Face Amount (or increase in Face Amount) | Annual rate of $0.60 per $1,000 of Face Amount (or increase in Face Amount)4 | |||
| Charge for an Insured with Issue Age of 46 and a Face Amount of $250,000 during the first Policy Year |
Monthly | $270 annually | $150 annually | |||
| LAST SURVIVOR POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.00–$1.50 per $1,000 of Face Amount (or increase in Face Amount) | Annual rate of $0.96 per $1,000 of Face Amount (or increase in Face Amount)5 | |||
| Charge for Insureds with Issue Ages of 62 and a Face Amount of $1,000,000 during the first Policy Year |
Monthly | $1,500 annually | $960 annually | |||
| 3 | The maximum guaranteed Policy Unit Charge varies based on the Issue Age, Face Amount, Policy Year, and whether the Policy is a Single Life or Last Survivor policy. The maximum guaranteed Policy Unit Charge shown in the table may not be typical of the charges you will pay. We reserve the right to reduce or waive the Policy Unit Charge for particular contracts when we anticipate that our administration expenses will be lower. For more information regarding the maximum guaranteed Policy Unit Charge, please see “Charges and Deductions—Monthly Charge—Policy Unit Charge.” |
| 4 | Currently, the Policy Unit Charge is deducted from single life Policies only during the first 15 Policy Years (or 15 years following an increase in Face Amount). |
| 5 | Currently, the Policy Unit Charge is deducted from last survivor Policies only during the first 20 Policy Years (or 20 years following an increase in Face Amount). |
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-55 |
| continued |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| Policy Fee:6 |
||||||
| SINGLE LIFE POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | $72-$600 annually | $72-$600 annually | |||
| Charge for an Insured with Issue Age of 46 and during the first Policy Year |
Monthly | $300 annually | $300 annually | |||
| LAST SURVIVOR POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | $72–$996 annually | $72–$996 annually | |||
| Charge for Insureds with Issue Ages of 62 during the first Policy Year |
Monthly | $996 annually | $996 annually | |||
| Cost of Insurance:7 |
||||||
| SINGLE LIFE POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.68–$1,000 per $1,000 of net amount at risk | Annual rate of $0.19–$265.428 per $1,000 of net amount at risk | |||
| Charge for a Preferred Non-Tobacco Male Insured selecting Death Benefit Option 1 with an Issue Age of 46 during the First Policy Year |
Monthly | Annual rate of $3.73 per $1,000 of net amount at risk | Annual rate of $1.72 per $1,000 of net amount at risk | |||
| 6 | Policy fees vary based on Issue Age, Policy Year, and whether the policy is a Single Life or Last Survivor policy. We reserve the right to reduce or waive the Policy Fee for particular contracts when we anticipate that our administration expenses will be lower. The policy fees shown in the table may not be typical of the charges you will pay. For more information regarding the policy fees, please see “Charges and Deductions.” |
| 7 | Cost of insurance charges vary based on the Issue Age, sex (in most states), Underwriting Class, Policy Year, Policy Value, death benefit option, Face Amount and whether the policy is a Single Life or Last Survivor policy. The charge generally increases as the Issue Age increases. The net amount at risk is equal to: the death benefit divided by an interest discount factor on the Monthly Charge Date; minus the Policy Value on the Monthly Charge Date. The cost of insurance charges shown in the table may not be typical of the charges you will pay. Your Policy’s data page will indicate the guaranteed cost of insurance charge applicable to your Policy, and more detailed information concerning your cost of insurance charges is available on request from our Administrative Office. Also, before you purchase the Policy, you may request personalized illustrations of hypothetical future benefits under the Policy based upon the Insured’s age and Underwriting Class, the death benefit option, Face Amount, planned Premiums, and Riders requested. |
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| LAST SURVIVOR POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.00 to $1,000 per $1,000 of net amount at risk | Annual rate of $0.00 to $265.428 per $1,000 of net amount at risk | |||
| Charge for a Select Non-Tobacco Male/Female couple selecting Death Benefit Option 1 with Issue Ages of 62 during the First Policy Year |
Monthly | Annual rate of $0.17 per $1,000 of net amount at risk | Annual rate of $0.07 per $1,000 of net amount at risk | |||
| Mortality and Expense Risk Charge |
Daily | The sum of the Mortality and Expense Risk and Administrative Expense Charges will not exceed 1.20% annually | Annual rate of 0.10% | |||
| Administrative Expense Charge |
Daily | The sum of the Mortality and Expense Risk and Administrative Expense Charges will not exceed 1.20% annually | Annual rate of 0.20% | |||
| Loan Interest Spread |
Daily | 2.0% annually of Loan Account Value for the first 15 Policy Years, and 0.5% thereafter9 | 2.0% annually of Loan Account Value for the first 15 Policy Years, and 0.5% thereafter | |||
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| 9 | The guaranteed maximum loan interest spread is the maximum difference between the interest we charge you for a loan and the interest rate we credit on loan collateral held in the Loan Account. For a complete discussion of how loan interest is calculated see “Loans” and “Charges and Deductions—Loan Interest Charge.” |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| LAST SURVIVOR POLICY |
||||||
| Optional Charges:10 |
||||||
| Accelerated Death Benefit Charge |
At the time accelerated death benefit is paid | $200.11 In addition, the proceeds of the Accelerated Death Benefit are discounted for 1 year of interest. | $0. In addition, the proceeds of the Accelerated Death Benefit are discounted for 1 year of interest. | |||
| B-56 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| Automatic Increase Rider:12 |
||||||
| SINGLE LIFE POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Policy Unit Charge: Annual rate of $0.24–$1.20 per $1,000 increase in Face Amount Cost of Insurance Charge: Annual rate of $0.68–$1,000 per $1,000 increase in net amount at risk | Policy Unit Charge: Annual rate of $0.60 per $1,000 increase in Face Amount Cost of Insurance Charge: Annual rate of $0.19–$265.4288 per $1,000 increase in net amount at risk | |||
| Charge for a Preferred Non-Tobacco Male Insured selecting Death Benefit Option 1 with an Issue Age of 46 and an increase in Face Amount of $12,500 during the Second Policy Year |
Monthly | Policy Unit Charge: $13.50 annually Cost of Insurance Charge: Annual rate of $4.03 per $1,000 of increase in net amount at risk | Policy Unit Charge: $7.50 annually Cost of Insurance Charge: Annual rate of $1.92 per $1,000 of increase in net amount at risk | |||
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| 10 | The charges for these Riders may vary based on the Insured’s Issue Age, sex (in most states), Underwriting Class, Policy Value, Policy Year, Face Amount, death benefit option, net amount at risk, and whether the policy is a Single Life or Last Survivor policy. The charges shown in the table may not be typical of the charges you will pay. Your Policy’s data page will indicate the guaranteed charges applicable to your Policy, and more detailed information concerning your charges is available on request from our Administrative Office. |
| 11 | This amount may be lower depending on the laws of your state. |
| 12 | The costs of the Automatic Increase Rider are the incremental Cost of Insurance and Policy Unit Charges associated with the increases. These charges will be at the same rate as the base Policy. |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| LAST SURVIVOR POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Policy Unit Charge: Annual rate of $0.00–$1.50 per $1,000 increase in Face Amount Cost of Insurance Charge: Annual rate of $0.00–$1,000 per $1,000 increase in net amount at risk | Policy Unit Charge: Annual rate of $0.96 per $1,000 increase in Face Amount Cost of Insurance Charge: Annual rate of $0.00–$265.428 per $1,000 increase in net amount at risk | |||
| Charge for a Select Non-Tobacco Male/Female couple selecting Death Benefit Option 1 with Issue Ages of 62 and an increase in Face Amount of $50,000 during the Second Policy Year |
Monthly | Policy Unit Charge: $75.00 annually Cost of Insurance Charge: Annual rate of $0.58 per $1,000 increase in net amount at risk | Policy Unit Charge: $48 annually Cost of Insurance Charge: Annual rate of $0.23 per $1,000 increase in net amount at risk | |||
| Four-Year Term Benefit Rider:13 |
||||||
| SINGLE LIFE POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.68–$156.298 per $1,000 of increased net amount at risk | Annual rate of $0.20–$74.828 per $1,000 of increased net amount at risk | |||
| Charge for a Preferred Non-Tobacco Male Insured selecting Death Benefit Option 1 with an Issue Age of 46 during the First Policy Year. |
Monthly | Annual rate of $3.73 per $1,000 of increased net amount at risk | Annual rate of $1.72 per $1,000 of increased net amount at risk | |||
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| 13 | The costs of the Four-Year Term Benefit Rider are the Cost of Insurance Charges arising from the four-year term insurance. These Cost of Insurance charges will be at a rate equal to the greater of the Cost of Insurance rate of the base policy or an annual rate of $0.20 per $1,000 of net amount at risk. The Cost of Insurance Charges for the Four-Year Term Benefit Rider will not exceed the guaranteed maximum rate for the base Policy. |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| LAST SURVIVOR POLICY |
||||||
| Minimum and Maximum Charge |
Monthly | Annual rate of $0.00 to $93.318 per $1,000 of increased net amount at risk | Annual rate of $0.00 to $16.188 per $1,000 of increased net amount at risk | |||
| Charge for a Select Non-Tobacco Male/Female couple selecting Death Benefit Option 1 with Issue Ages of 62 during the First Policy Year. |
Monthly | Annual rate of $0.17 per $1,000 of increased net amount at risk | Annual rate of $0.17 per $1,000 of increased net amount at risk | |||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-57 |
| continued |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| SINGLE LIFE POLICY |
||||||
| Waiver of Monthly Charges Rider: |
||||||
| Minimum and Maximum Charge |
Monthly | 3.0%–10.0% of monthly deduction | 3.0%–10.0% of monthly deduction | |||
| Charge for a male Insured with Issue |
Monthly | 5.5% of monthly deduction | 5.5% of monthly deduction | |||
| LAST SURVIVOR POLICY |
||||||
| Policy Split Rider |
No Charge | No Charge | ||||
| Guaranteed Minimum Death Rider |
No Charge | No Charge | ||||
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| Amount Deducted | ||||||
| Charge | When Charge Is Deducted | Maximum Guaranteed Charge | Current Charge | |||
| Single Life Term Rider: |
||||||
| Minimum and Maximum Charge |
Monthly | The maximum Policy Unit Charge is the same as on the base Policy ($0.00–$1.50 per $1,000 of Face Amount). The maximum annual Cost of Insurance Charge ranges from $1.25 to $125.718 per $1,000 of increased net amount at risk | The current Policy Unit Charge is the same as on the base Policy ($0.96 per $1,000 of Face Amount)14. The current annual Cost of Insurance Charge ranges from $0.52 to $87.008 per $1,000 of increased net amount at risk | |||
| Charge for a Select Non-Tobacco Male Insured with an Issue Age of 62 and a Face Amount of $500,000 during the First Policy Year. |
Monthly | The maximum Policy Unit Charge is $750 annually. The maximum Cost of Insurance Charge is an annual rate of $16.26 per $1,000 of increased net amount at risk | The current Policy Unit Charge is $480 annually. The current Cost of Insurance Charge is an annual rate of $9.74 per $1,000 of increased net amount at risk | |||
| 8 | Insureds with substandard classifications can have cost of insurance charges as high as $1,000 per $1,000 of net amount at risk. |
| 14 | Currently, the Policy Unit Charge on the Single Life Term Rider is deducted only during the first 20 Policy Years. |
There are other daily, monthly, and annual fees and costs that a contractowner will pay when buying, owning and surrendering the policy. These fees and costs are assessed through redemption of units and include the following:
Intelligent Life Flexible Premium Variable Universal Life Expense Charges
TRANSACTION FEES
The following table describes the fees and expenses that an owner will pay at the time he or she buys the policy, surrenders the policy, or transfers policy value among the allocation options.
| Amount Deducted | ||||||
| Charge | When charge is deducted | Maximum guaranteed charge | Current Charge | |||
| Premium Tax Charge |
Upon receipt of each Premium payment | Applicable state premium tax rate as a percentage of premium—Depending upon the state of issue, the range is 0.00% to 3.50% | Applicable state premium tax rate as a percentage of premium—Depending upon the state of issue, the range is 0.00% to 3.50% | |||
| Surrender Charge |
Not Applicable | $0 | $0 | |||
| Partial Withdrawal Charge |
At the time of each withdrawal | $20 | $20 | |||
| Transfer Charge* |
Upon transfer | $25 per transfer | $0 | |||
| * | We do not assess a transfer charge for the first 12 transfers each Policy Year. We do not currently charge for transfers, but we reserve the right to charge $25 for each transfer in excess of 12 in a Policy Year. |
| B-58 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES
The following table describes the fees and expenses that an owner will pay periodically during the time he or she owns the policy, not including the fees and expenses of the Portfolios.
| Amount Deducted | ||||||
| Charge | When charge is deducted | Maximum guaranteed charge | Current Charge | |||
| Policy Fee: |
||||||
| SINGLE LIFE POLICY |
Monthly | $10 for Issue Ages 0–17; $0 for Issue Ages 18 and later |
$10 for Issue Ages 0–17; $0 for Issue Ages 18 and later | |||
| LAST SURVIVOR POLICY |
Not Applicable | Not Applicable | Not Applicable | |||
| Cost of Insurance:1 |
||||||
| SINGLE LIFE POLICY |
||||||
| Base Policy Cost of Insurance (Rate is an annual amount per $1,000 of the Net Amount at Risk) |
Monthly | Minimum $0.18 Maximum $1,000 Example2 $2.67 |
Minimum $0.18 Maximum $1,000 Example2 $1.22 | |||
| LAST SURVIVOR POLICY |
||||||
| Base Policy Cost of Insurance (Rate is an annual amount per $1,000 of the Net Amount at Risk) |
Monthly | Minimum $1.20 ($0.36 in MD) Maximum $1,000 Example3 $1.20 |
Minimum $0.20 Maximum $1,000 Example3 $0.26 | |||
| 1 | The Cost of Insurance charges vary based on Issue Age, gender (in most states), Underwriting Class, Policy Year, Policy Value, death benefit option, Face Amount, and whether the Policy is a single life or last survivor Policy. The charge generally increases as the Issue Age(s) increase. The Net Amount at Risk is equal to: the death benefit discounted for a month of interest minus the Policy Value on the Monthly Charge Date. The cost of insurance charges shown in the table may not be typical of the charges You will pay. Your Policy’s data page will indicate the guaranteed cost of insurance charge applicable to Your Policy, and more detailed information concerning your cost of insurance charges is discussed in the “Charges and Deductions—Monthly Charge” section of this prospectus and is available on request from our Administrative Office. Also, before you purchase the Policy, you may request personalized illustrations of hypothetical future benefits under the Policy based upon the Insureds’ ages and Underwriting Classes, the death benefit option, Face Amount, planned Premiums, and requested Riders. Substandard classifications provide for higher rates with a maximum guaranteed annual rate of $1,000 per $1,000 of Net Amount at Risk and a maximum current annual rate of $1,000 per $1,000 of Net Amount at Risk. |
| 2 | Charge for a preferred non-tobacco underwriting risk Male insured with Issue Age of 46 and $750,000 of Face Amount, during the First Policy Year (Rate is per $1,000 of the Net Amount at Risk). |
| 3 | Charge for a preferred non-tobacco underwriting risk Male/Female couple with Issue Ages of 58 & 55, respectively, and $1.5 million of Face Amount, during the First Policy Year (Rate is per $1,000 of the Net Amount at Risk). |
| Amount Deducted | ||||||
| Charge | When charge is deducted | Maximum guaranteed charge | Current Charge | |||
| Mortality and Expense Risk Charge |
Daily, applied to total value in all Investment Accounts | Annual rate of 0.95% for Policy Years 1–20 and 0.35% for Policy Years 21 and later | Annual rate is4 : · 0.95% if total value in all Investment Accounts is less than $100,000; · 0.65% if total value in all Investment Accounts is from $100,000 to $500,000; and · 0.35% if total value in all Investment Accounts is over $500,000. Regardless of value, the annual rate will be 0.35% in Policy Years 21 and later. | |||
| Loan Interest Charge |
Daily, charged against the Outstanding Loan Amount plus accrued interest | Annual rate of 5.00%5 | Annual rate of 5.00%5 | |||
| Extended Maturity Benefit |
No Charge | No Charge | ||||
| Reinstatement Interest Charge |
Upon reinstatement of a lapsed Policy | 6%, assessed against and added to unpaid Monthly Charges from the date the Policy lapsed to the date it is reinstated. | 6%, assessed against and added to unpaid Monthly Charges from the date the Policy lapsed to the date it is reinstated. | |||
| Optional Charges:7 |
||||||
| Accelerated Death Benefit Charge |
At the time the accelerated death benefit is paid | $200.8 In addition, the proceeds of the accelerated death benefit are discounted for 1 year of interest equal to the yield on a 90-day Treasury bill on the date we approve your application. | $0. In addition, the proceeds of the accelerated death benefit are discounted for 1 year of interest equal to the yield on a 90-day Treasury bill on the date we approve your application. | |||
| Charitable Giving Benefit Rider |
No Charge | No Charge | ||||
| Over loan Protection Endorsement |
No Charge9 | No Charge9 | ||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-59 |
| continued |
| Amount Deducted | ||||||
| Charge | When charge is deducted | Maximum guaranteed charge | Current Charge | |||
| Waiver of Monthly Charges Rider: |
||||||
| SINGLE LIFE POLICY |
Monthly. (Rate is a percentage of the monthly COI deduction) | Minimum 3.00% Maximum 18.39% Example3 7.46% |
Minimum 3.00% Maximum 18.39% Example3 7.46% | |||
| LAST SURVIVOR POLICY |
Not Applicable | Not Applicable | Not Applicable | |||
| Level Cost of Insurance (“COI”) Endorsement: |
||||||
| SINGLE LIFE POLICY |
Monthly. (Cost of Insurance rate is an annual amount per $1,000 of the Net Amount at Risk.) | Minimum $0.26 Maximum $133.60 Example10 $2.67 |
Minimum $0.26 Maximum $59.43 Example10 $1.16 | |||
| LAST SURVIVOR POLICY |
Not Applicable | Not Applicable | Not Applicable | |||
| Policy Split Rider: |
||||||
| SINGLE LIFE POLICY |
Not Applicable | Not Applicable | Not Applicable | |||
| LAST SURVIVOR POLICY |
No Charge | No Charge | ||||
| Estate Transfer Protection Rider: |
||||||
| SINGLE LIFE POLICY |
Not Applicable | Not Applicable | Not Applicable | |||
| LAST SURVIVOR POLICY |
||||||
| Cost of Insurance1 |
||||||
| (Rate is an annual amount per $1,000 of the Net Amount at Risk) |
Monthly | Minimum $1.20 ($0.36 in MD) Maximum $1,000 Example3 $1.20 |
Minimum $0.20 Maximum $1,000 Example3 $0.26 | |||
| 4 | The rate will be reviewed on each Monthly Charge Date. The value in the Fixed Account is not included. |
| 5 | The guaranteed maximum loan interest spread is therefore 0.65% annually. This is the maximum difference between the interest we charge You for a loan and the interest rate we credit on loan collateral held in the Loan Account. For a complete discussion of how loan interest is calculated, please see “Loans” and “Charges and Deductions—Loan Interest Charge.” |
| 6 | Your current loan interest spread will vary based upon your Policy Year. The loan interest spread for Policy Years 1–10 is 0.65% annually and the loan interest spread for Policy Years 11 and later is 0.20% annually. Due to the reduced loan interest spread, the tax consequences associated with loans outstanding after Policy Year 10 are unclear and a tax adviser should be consulted about these consequences. |
| 7 | These charges may vary based on the Issue Age(s) of the Insured(s), gender (in most states), Underwriting Class(es), Policy Value, Policy Year, Face Amount, death benefit option, Net Amount at Risk, and whether the Policy is a single life or last survivor Policy. The charges shown in the table may not be typical of the charges You will pay. Your Policy’s data page will indicate the guaranteed charges applicable to Your Policy, and more detailed information concerning Your charges is available upon request from our Administrative Office. |
| 8 | This amount may be lower depending on the laws of your state. |
| 9 | There is no specific charge but the Policy Value will be reduced when the Overloan conditions are met. |
| 10 | Charge for a preferred non-tobacco underwriting risk Male insured with Issue Age of 46 and $750,000 of Face Amount, during the First Policy Year (Rate is per $1,000 of the Net Amount at Risk), under a 10-year option. |
The Sub-Accounts indirectly pay expenses of the underlying funds. With respect to investments in the Funds, these include management fees paid to Advisors. TIAA-CREF Life provides all administrative services for the Sub-Accounts. TIAA-CREF Individual & Institutional Services, LLC, a subsidiary of TIAA, performs distribution functions for the contracts pursuant to a Principal Underwriting and Administrative Services Agreement.
Note 4—investments
Purchases and sales of securities for the Sub-Accounts for the period or year ended December 31, 2023 were as follows:
| Sub-Accounts | Purchases | Sales | ||||||
| TIAA-CREF Life Balanced |
$ | 137,258 | $ | 58,248 | ||||
| TIAA-CREF Life Core Bond |
1,156,846 | 1,325,793 | ||||||
| TIAA-CREF Life Growth Equity |
2,201,074 | 2,485,797 | ||||||
| TIAA-CREF Life Growth & Income |
4,069,169 | 1,968,846 | ||||||
| TIAA-CREF Life International Equity |
3,899,771 | 2,818,757 | ||||||
| TIAA-CREF Life Large-Cap Value |
572,637 | 955,704 | ||||||
| TIAA-CREF Life Money Market |
6,184,801 | 6,214,276 | ||||||
| TIAA-CREF Life Real Estate |
791,664 | 828,575 | ||||||
| TIAA-CREF Life Small Cap Equity |
985,375 | 757,525 | ||||||
| TIAA-CREF Life Social Choice Equity |
1,066,201 | 1,314,895 | ||||||
| TIAA-CREF Life Stock Index |
27,180,858 | 24,874,577 | ||||||
| Calamos Growth & Income Portfolio |
52,170 | 51,698 | ||||||
| ClearBridge Variable Aggressive Growth Portfolio—Class I |
1,357,978 | 1,185,430 | ||||||
| ClearBridge Variable Small Cap Growth Portfolio—Class I |
769,170 | 752,206 | ||||||
| Credit Suisse Trust-Commodity Return Strategy Portfolio |
158,438 | 117,343 | ||||||
| B-60 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| Sub-Accounts | Purchases | Sales | ||||||
| Delaware VIP International Series—Standard Class |
$ | 967,066 | $ | 1,203,643 | ||||
| Delaware VIP Small Cap Value Series—Standard Class |
904,386 | 882,733 | ||||||
| DFA VA Equity Allocation Portfolio |
9,211,805 | 7,292,419 | ||||||
| DFA VA Global Bond Portfolio |
1,258,672 | 572,620 | ||||||
| DFA VA Global Moderate Allocation Portfolio |
6,870,172 | 6,642,584 | ||||||
| DFA VA International Small Portfolio |
2,183,434 | 2,448,134 | ||||||
| DFA VA International Value Portfolio |
7,426,416 | 6,007,313 | ||||||
| DFA VA Short-Term Fixed Portfolio |
3,146,908 | 1,103,719 | ||||||
| DFA VA US Large Value Portfolio |
4,990,207 | 4,738,812 | ||||||
| DFA VA US Targeted Value Portfolio |
3,972,865 | 2,814,661 | ||||||
| DFA VIT Inflation Protected Securities Portfolio |
843,340 | 1,075,973 | ||||||
| Franklin Income VIP Fund—Class 1 |
560,055 | 314,858 | ||||||
| Franklin Mutual Shares VIP Fund—Class 1 |
647,825 | 644,306 | ||||||
| Franklin Small-Mid Cap Growth VIP Fund—Class 1 |
581,845 | 417,194 | ||||||
| Janus Henderson Forty Portfolio—Institutional Shares |
998,741 | 903,328 | ||||||
| Janus Henderson Mid Cap Value Portfolio—Institutional Shares |
519,320 | 583,762 | ||||||
| Janus Henderson Overseas Portfolio—Institutional Shares |
124,508 | 167,226 | ||||||
| John Hancock Emerging Markets Value Trust |
1,566,213 | 1,215,351 | ||||||
| LVIP Delaware Diversified Income Fund—Standard Class |
855,194 | 417,024 | ||||||
| Matson Money Fixed Income VI Portfolio |
184,723 | 138,663 | ||||||
| Matson Money International Equity VI Portfolio |
260,479 | 336,778 | ||||||
| Matson Money US Equity VI Portfolio |
473,551 | 317,517 | ||||||
| MFS Global Equity Series—Initial Class |
1,150,179 | 897,796 | ||||||
| MFS Growth Series—Initial Class |
13,804 | 59,294 | ||||||
| MFS Massachusetts Investors Growth Stock Portfolio—Initial Class |
946,572 | 331,569 | ||||||
| MFS Utilities Series—Initial Class |
202,842 | 308,762 | ||||||
| Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class |
1,115,388 | 972,573 | ||||||
| Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class |
190,803 | 191,037 | ||||||
| PIMCO VIT All Asset Portfolio—Institutional Class |
233,648 | 211,997 | ||||||
| PIMCO VIT Commodity Real Return Strategy Portfolio-Institutional Class |
293,214 | 250,758 | ||||||
| PIMCO VIT Emerging Markets Bond Portfolio-Institutional Class |
747,905 | 1,043,568 | ||||||
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class |
111,300 | 61,555 | ||||||
| PIMCO VIT Real Return Portfolio—Institutional Class |
1,547,058 | 1,501,347 | ||||||
| PVC Equity Income Account—Class 1 |
2,448,542 | 1,313,205 | ||||||
| PVC MidCap Account—Class 1 |
88,540 | 111,093 | ||||||
| PSF PGIM Jennison Blend Portfolio—Class II |
1,803,942 | 33,854 | ||||||
| PSF Natural Resources Portfolio—Class II |
1,218,112 | 1,396,722 | ||||||
| PSF PGIM Jennison Focused Blend Portfolio—Class II |
243,004 | 2,037,474 | ||||||
| PSF PGIM Jennison Value Portfolio—Class II |
5,867 | 71,078 | ||||||
| Royce Capital Fund Micro-Cap Portfolio—Investment Class |
74,692 | 126,964 | ||||||
| Royce Capital Fund Small-Cap Portfolio—Investment Class |
1,014,534 | 930,507 | ||||||
| T. Rowe Price® Health Sciences Portfolio I |
508,276 | 918,187 | ||||||
| T. Rowe Price® Limited-Term Bond Portfolio |
1,301,507 | 1,113,616 | ||||||
| Templeton Developing Markets VIP Fund—Class 1 |
1,332,876 | 1,087,623 | ||||||
| Vanguard VIF Capital Growth Portfolio |
2,890,503 | 1,916,198 | ||||||
| Vanguard VIF Equity Index Portfolio |
10,944,569 | 6,502,764 | ||||||
| Vanguard VIF High Yield Bond Portfolio |
1,499,062 | 965,025 | ||||||
| Vanguard VIF Mid-Cap Index Portfolio |
4,886,783 | 4,237,215 | ||||||
| Vanguard VIF Real Estate Index Portfolio |
2,202,260 | 1,401,703 | ||||||
| Vanguard VIF Small Company Growth Portfolio |
1,187,110 | 870,209 | ||||||
| Vanguard VIF Total Bond Market Index Portfolio |
6,579,181 | 4,233,313 | ||||||
| VY CBRE Global Real Estate Portfolio—Class I |
545,243 | 543,245 | ||||||
| Wanger International |
510,095 | 596,352 | ||||||
| Wanger Select |
94,249 | 581,624 | ||||||
| Wanger Acorn |
746,544 | 272,986 | ||||||
| Western Asset Variable Global High Yield Bond Portfolio—Class I |
184,492 | 136,919 | ||||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-61 |
| continued |
Note 5—condensed financial information
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| TIAA-CREF Life Balanced Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 51 | $34.77 to $35.70 | $39.87 to $41.07 | $2,072 | 2.48% | 0.65% to 0.95% | 14.68% to 15.02% | |||||||||||||||||||||||||
| 2022 | 51 | $42.08 to $44.11 | $34.77 to $35.70 | $1,810 | 2.60% | 0.65% to 0.95% | (17.38)% to (17.13)% | |||||||||||||||||||||||||
| 2021 | 78 | $38.69 to $40.32 | $42.08 to $44.11 | $3,396 | 1.83% | 0.35% to 0.95% | 8.75% to 9.40% | |||||||||||||||||||||||||
| 2020 | 75 | $34.22 to $35.44 | $38.69 to $40.32 | $2,999 | 2.32% | 0.35% to 0.95% | 13.08% to 13.76% | |||||||||||||||||||||||||
| 2019 | 51 | $29.07 to $29.94 | $34.22 to $35.44 | $1,780 | 2.31% | 0.36% to 0.95% | 17.69% to 18.40% | |||||||||||||||||||||||||
| TIAA-CREF Life Core Bond Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 129 | $34.47 to $38.20 | $36.29 to $40.45 | $5,030 | 2.88% | 0.35% to 0.95% | 5.27% to 5.90% | |||||||||||||||||||||||||
| 2022 | 136 | $40.10 to $44.17 | $34.47 to $38.20 | $5,053 | 2.21% | 0.35% to 0.95% | (14.03)% to (13.51)% | |||||||||||||||||||||||||
| 2021 | 130 | $40.88 to $44.76 | $40.10 to $44.17 | $5,565 | 2.15% | 0.35% to 0.95% | (1.92)% to (1.33)% | |||||||||||||||||||||||||
| 2020 | 94 | $38.27 to $41.65 | $40.88 to $44.76 | $4,023 | 2.97% | 0.35% to 0.95% | 6.84% to 7.48% | |||||||||||||||||||||||||
| 2019 | 105 | $35.29 to $38.18 | $38.27 to $41.65 | $4,176 | 2.92% | 0.35% to 0.95% | 8.44% to 9.09% | |||||||||||||||||||||||||
| TIAA-CREF Life Growth Equity Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 149 | $56.26 to $64.17 | $81.60 to $93.68 | $13,407 | 0.27% | 0.30% to 0.95% | 45.05% to 45.99% | |||||||||||||||||||||||||
| 2022 | 151 | $84.67 to $95.95 | $56.26 to $64.17 | $9,357 | 0.00% | 0.30% to 0.95% | (33.55)% to (33.12)% | |||||||||||||||||||||||||
| 2021 | 160 | $73.58 to $82.85 | $84.67 to $95.95 | $14,827 | 0.26% | 0.30% to 0.95% | 15.07% to 15.82% | |||||||||||||||||||||||||
| 2020 | 149 | $51.60 to $57.72 | $73.58 to $82.85 | $11,921 | 0.34% | 0.30% to 0.95% | 42.61% to 43.53% | |||||||||||||||||||||||||
| 2019 | 134 | $39.85 to $44.28 | $51.60 to $57.72 | $7,453 | 0.43% | 0.30% to 0.95% | 29.49% to 30.34% | |||||||||||||||||||||||||
| TIAA-CREF Life Growth & Income Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 95 | $84.51 to $100.10 | $111.28 to $132.66 | $11,834 | 1.07% | 0.30% to 0.95% | 31.68% to 32.53% | |||||||||||||||||||||||||
| 2022 | 97 | $109.72 to $129.11 | $84.51 to $100.10 | $9,106 | 0.75% | 0.30% to 0.95% | (22.97)% to (22.47)% | |||||||||||||||||||||||||
| 2021 | 97 | $88.49 to $103.46 | $109.72 to $129.11 | $11,836 | 0.79% | 0.30% to 0.95% | 23.99% to 24.80% | |||||||||||||||||||||||||
| 2020 | 97 | $74.17 to $86.16 | $88.49 to $103.46 | $9,437 | 1.31% | 0.30% to 0.95% | 19.30% to 20.08% | |||||||||||||||||||||||||
| 2019 | 95 | $57.56 to $66.42 | $74.17 to $86.16 | $7,686 | 1.01% | 0.30% to 0.95% | 28.87% to 29.71% | |||||||||||||||||||||||||
| TIAA-CREF Life International Equity Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 350 | $30.90 to $37.20 | $35.64 to $43.17 | $13,713 | 2.10% | 0.30% to 0.95% | 15.32% to 16.06% | |||||||||||||||||||||||||
| 2022 | 328 | $37.46 to $44.79 | $30.90 to $37.20 | $11,041 | 3.21% | 0.30% to 0.95% | (17.49)% to (16.95)% | |||||||||||||||||||||||||
| 2021 | 339 | $34.11 to $40.53 | $37.46 to $44.79 | $13,893 | 1.11% | 0.30% to 0.95% | 9.80% to 10.51% | |||||||||||||||||||||||||
| 2020 | 308 | $29.86 to $35.25 | $34.11 to $40.53 | $11,410 | 1.67% | 0.30% to 0.95% | 14.25% to 14.94% | |||||||||||||||||||||||||
| 2019 | 299 | $24.49 to $28.72 | $29.86 to $35.25 | $9,635 | 2.10% | 0.30% to 0.95% | 21.91% to 22.70% | |||||||||||||||||||||||||
| TIAA-CREF Life Large-Cap Value Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 39 | $87.44 to $96.89 | $99.01 to $110.37 | $4,079 | 1.64% | 0.35% to 0.95% | 13.23% to 13.91% | |||||||||||||||||||||||||
| 2022 | 44 | $95.02 to $104.66 | $87.44 to $96.89 | $4,057 | 1.28% | 0.35% to 0.95% | (7.97)% to (7.42)% | |||||||||||||||||||||||||
| 2021 | 43 | $75.62 to $82.80 | $95.02 to $104.66 | $4,381 | 1.37% | 0.35% to 0.95% | 25.65% to 26.41% | |||||||||||||||||||||||||
| 2020 | 44 | $73.40 to $79.89 | $75.62 to $82.80 | $3,523 | 2.04% | 0.35% to 0.95% | 3.02% to 3.64% | |||||||||||||||||||||||||
| 2019 | 41 | $57.59 to $62.31 | $73.40 to $79.89 | $3,166 | 1.75% | 0.35% to 0.95% | 27.45% to 28.21% | |||||||||||||||||||||||||
| TIAA-CREF Life Money Market Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 12,960 | $1.03 to $1.13 | $1.07 to $1.19 | $14,593 | 4.89% | 0.35% to 0.95% | 4.03% to 4.65% | |||||||||||||||||||||||||
| 2022 | 13,607 | $1.02 to $1.12 | $1.03 to $1.13 | $14,690 | 1.50% | 0.35% to 0.95% | 0.51% to 1.11% | |||||||||||||||||||||||||
| 2021 | 11,049 | $1.03 to $1.13 | $1.02 to $1.12 | $11,820 | 0.00% | 0.35% to 0.95% | (0.95)% to (0.36)% | |||||||||||||||||||||||||
| 2020 | 10,547 | $1.04 to $1.13 | $1.03 to $1.13 | $11,317 | 0.48% | 0.35% to 0.95% | (0.54)% to 0.06% | |||||||||||||||||||||||||
| 2019 | 14,488 | $1.03 to $1.11 | $1.04 to $1.13 | $15,723 | 2.05% | 0.35% to 0.95% | 1.13% to 1.73% | |||||||||||||||||||||||||
| TIAA-CREF Life Real Estate Securities Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 52 | $77.58 to $85.97 | $86.08 to $95.96 | $4,791 | 2.72% | 0.35% to 0.95% | 10.96% to 11.62% | |||||||||||||||||||||||||
| 2022 | 54 | $109.73 to $120.87 | $77.58 to $85.97 | $4,446 | 1.50% | 0.35% to 0.95% | (29.30)% to (28.87)% | |||||||||||||||||||||||||
| 2021 | 62 | $79.40 to $86.93 | $109.73 to $120.87 | $7,313 | 1.50% | 0.35% to 0.95% | 38.21% to 39.04% | |||||||||||||||||||||||||
| 2020 | 60 | $79.15 to $86.14 | $79.40 to $86.93 | $5,052 | 2.38% | 0.35% to 0.95% | 0.31% to 0.91% | |||||||||||||||||||||||||
| 2019 | 48 | $60.84 to $65.82 | $79.15 to $86.14 | $3,987 | 2.05% | 0.35% to 0.95% | 30.09% to 30.88% | |||||||||||||||||||||||||
| B-62 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| TIAA-CREF Life Small-Cap Equity Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 31 | $90.61 to $100.41 | $106.50 to $118.72 | $3,550 | 0.86% | 0.35% to 0.95% | 17.53% to 18.23% | |||||||||||||||||||||||||
| 2022 | 30 | $108.42 to $119.42 | $90.61 to $100.41 | $2,897 | 0.49% | 0.35% to 0.95% | (16.42)% to (15.92)% | |||||||||||||||||||||||||
| 2021 | 31 | $87.73 to $96.06 | $108.42 to $119.42 | $3,618 | 0.48% | 0.35% to 0.95% | 23.58% to 24.32% | |||||||||||||||||||||||||
| 2020 | 30 | $78.52 to $85.46 | $87.73 to $96.06 | $2,761 | 0.86% | 0.35% to 0.95% | 11.73% to 12.41% | |||||||||||||||||||||||||
| 2019 | 29 | $64.07 to $69.31 | $78.52 to $85.46 | $2,351 | 0.57% | 0.35% to 0.95% | 22.55% to 23.29% | |||||||||||||||||||||||||
| TIAA-CREF Life Social Choice Equity Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 28 | $82.88 to $101.60 | $100.50 to $123.99 | $3,132 | 1.36% | 0.30% to 0.95% | 21.26% to 22.04% | |||||||||||||||||||||||||
| 2022 | 32 | $101.83 to $124.01 | $82.88 to $101.60 | $2,901 | 1.21% | 0.30% to 0.95% | (18.61)% to (18.07)% | |||||||||||||||||||||||||
| 2021 | 33 | $81.36 to $98.44 | $101.83 to $124.01 | $3,799 | 1.07% | 0.30% to 0.95% | 25.16% to 25.97% | |||||||||||||||||||||||||
| 2020 | 32 | $68.18 to $81.97 | $81.36 to $98.44 | $2,855 | 1.64% | 0.30% to 0.95% | 19.33% to 20.11% | |||||||||||||||||||||||||
| 2019 | 31 | $52.39 to $62.57 | $68.18 to $81.97 | $2,330 | 1.58% | 0.30% to 0.95% | 16.11% to 30.99% | |||||||||||||||||||||||||
| TIAA-CREF Life Stock Index Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 949 | $98.16 to $123.98 | $122.43 to $155.63 | $126,188 | 1.50% | 0.30% to 0.95% | 24.72% to 25.53% | |||||||||||||||||||||||||
| 2022 | 953 | $122.62 to $153.86 | $98.16 to $123.98 | $100,779 | 1.35% | 0.30% to 0.95% | (19.95)% to (19.43)% | |||||||||||||||||||||||||
| 2021 | 899 | $98.54 to $122.85 | $122.62 to $153.86 | $118,638 | 1.26% | 0.30% to 0.95% | 24.44% to 25.25% | |||||||||||||||||||||||||
| 2020 | 843 | $82.38 to $102.03 | $98.54 to $122.85 | $88,414 | 1.76% | 0.30% to 0.95% | 19.62% to 20.40% | |||||||||||||||||||||||||
| 2019 | 747 | $63.57 to $78.23 | $82.38 to $102.03 | $65,004 | 1.72% | 0.30% to 0.95% | 29.58% to 30.42% | |||||||||||||||||||||||||
| Calamos Growth & Income Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 8 | $36.93 to $38.87 | $43.94 to $46.39 | $368 | 0.57% | 0.65% to 0.95% | 18.99% to 19.34% | |||||||||||||||||||||||||
| 2022 | 8 | $46.07 to $48.34 | $36.93 to $38.87 | $314 | 0.68% | 0.65% to 0.95% | (19.83)% to (19.59)% | |||||||||||||||||||||||||
| 2021 | 11 | $38.31 to $40.08 | $46.07 to $48.34 | $535 | 0.39% | 0.65% to 0.95% | 20.25% to 20.61% | |||||||||||||||||||||||||
| 2020 | 8 | $31.59 to $32.95 | $38.31 to $40.08 | $294 | 0.46% | 0.65% to 0.95% | 21.27% to 21.64% | |||||||||||||||||||||||||
| 2019 | 13 | $25.40 to $27.47 | $31.59 to $32.95 | $436 | 1.51% | 0.65% to 0.95% | 24.37% to 24.75% | |||||||||||||||||||||||||
| ClearBridge Variable Aggressive Growth Portfolio—Class I Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 112 | $22.91 to $25.17 | $28.24 to $31.21 | $3,335 | 0.31% | 0.35% to 0.95% | 23.25% to 23.99% | |||||||||||||||||||||||||
| 2022 | 117 | $31.43 to $34.32 | $22.91 to $25.17 | $2,816 | 0.46% | 0.35% to 0.95% | (27.11)% to (26.67)% | |||||||||||||||||||||||||
| 2021 | 110 | $28.77 to $31.23 | $31.43 to $34.32 | $3,648 | 0.16% | 0.35% to 0.95% | 9.26% to 9.91% | |||||||||||||||||||||||||
| 2020 | 114 | $24.61 to $26.55 | $28.77 to $31.23 | $3,439 | 0.84% | 0.35% to 0.95% | 16.90% to 17.61% | |||||||||||||||||||||||||
| 2019 | 113 | $19.86 to $21.30 | $24.61 to $26.55 | $2,914 | 1.02% | 0.35% to 0.95% | 23.89% to 24.64% | |||||||||||||||||||||||||
| ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 18 | $53.58 to $58.99 | $57.54 to $63.72 | $1,130 | 0.00% | 0.35% to 0.95% | 7.38% to 8.03% | |||||||||||||||||||||||||
| 2022 | 18 | $76.02 to $83.65 | $53.58 to $58.99 | $1,041 | 0.00% | 0.35% to 0.95% | (29.52)% to (29.31)% | |||||||||||||||||||||||||
| 2021 | 18 | $68.15 to $74.54 | $76.02 to $83.65 | $1,418 | 0.00% | 0.35% to 0.95% | 11.55% to 12.22% | |||||||||||||||||||||||||
| 2020 | 22 | $48.03 to $52.21 | $68.15 to $74.54 | $1,585 | 0.00% | 0.35% to 0.95% | 41.91% to 42.76% | |||||||||||||||||||||||||
| 2019 | 13 | $38.22 to $41.30 | $48.03 to $52.21 | $647 | 0.00% | 0.35% to 0.95% | 25.67% to 26.43% | |||||||||||||||||||||||||
| Credit Suisse Trust—Commodity Return Strategy Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 16 | $22.61 to $23.24 | $20.36 to $20.99 | $321 | 21.78% | 0.65% to 0.95% | (9.97)% to (9.70)% | |||||||||||||||||||||||||
| 2022 | 17 | $19.67 to $20.16 | $22.61 to $23.24 | $391 | 17.24% | 0.65% to 0.95% | 14.94% to 15.28% | |||||||||||||||||||||||||
| 2021 | 13 | $15.53 to $15.87 | $19.67 to $20.16 | $268 | 1.68% | 0.65% to 0.95% | 26.69% to 27.07% | |||||||||||||||||||||||||
| 2020 | 6 | $15.91 to $16.21 | $15.53 to $15.87 | $87 | 5.49% | 0.65% to 0.95% | (2.41)% to (2.12) | |||||||||||||||||||||||||
| 2019 | 1 | $15.06 to $15.29 | $15.91 to $16.21 | $17 | 0.87% | 0.65% to 0.95% | 5.68% to 6.00% | |||||||||||||||||||||||||
| Delaware VIP International Series—Standard Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2021 | 112 | $23.44 to $25.95 | $26.38 to $29.37 | $3,155 | 1.42% | 0.35% to 0.95% | 12.51% to 13.18% | |||||||||||||||||||||||||
| 2021 | 122 | $28.63 to $31.51 | $23.44 to $25.95 | $3,035 | 1.53% | 0.35% to 0.95% | (18.11)% to (17.62)% | |||||||||||||||||||||||||
| 2021 | 119 | $27.05 to $29.58 | $28.63 to $31.51 | $3,616 | 0.92% | 0.35% to 0.95% | 5.86% to 6.49% | |||||||||||||||||||||||||
| 2020 | (u) | 109 | $26.58 to $29.06 | $27.05 to $29.58 | $3,117 | 0.00% | 0.41% to 1.12% | 1.17% to 1.20% | ||||||||||||||||||||||||
| Delaware VIP Small Cap Value Series—Standard Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 39 | $88.14 to $97.57 | $95.55 to $106.41 | $4,070 | 0.95% | 0.35% to 0.95% | 8.41% to 9.06% | |||||||||||||||||||||||||
| 2022 | 41 | $101.21 to $111.38 | $88.14 to $97.57 | $3,895 | 0.82% | 0.35% to 0.95% | (12.92)% to (12.40)% | |||||||||||||||||||||||||
| 2021 | 40 | $76.02 to $83.15 | $101.21 to $111.38 | $4,361 | 0.81% | 0.35% to 0.95% | 33.15% to 33.95% | |||||||||||||||||||||||||
| 2020 | 42 | $78.23 to $85.06 | $76.02 to $83.15 | $3,374 | 1.34% | 0.35% to 0.95% | (2.83)% to (2.25)% | |||||||||||||||||||||||||
| 2019 | 41 | $61.63 to $66.61 | $78.23 to $85.06 | $3,411 | 1.05% | 0.35% to 0.95% | 26.93% to 27.69% | |||||||||||||||||||||||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-63 |
| continued |
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| DFA VA Equity Allocation Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 495 | $35.65 to $36.84 | $42.43 to $44.11 | $21,709 | 2.27% | 0.35% to 0.95% | 19.01% to 19.73% | |||||||||||||||||||||||||
| 2022 | 466 | $41.69 to $42.83 | $35.65 to $36.84 | $17,057 | 1.86% | 0.35% to 0.95% | (14.50)% to (13.98)% | |||||||||||||||||||||||||
| 2021 | 433 | $33.84 to $34.56 | $41.69 to $42.83 | $18,476 | 2.18% | 0.35% to 0.95% | 23.20% to 23.94% | |||||||||||||||||||||||||
| 2020 | 434 | $30.46 to $30.92 | $33.84 to $34.56 | $14,918 | 1.78% | 0.35% to 0.95% | 11.10% to 11.77% | |||||||||||||||||||||||||
| 2019 | 420 | $24.42 to $24.64 | $30.46 to $30.92 | $12,929 | 1.90% | 0.35% to 0.95% | 24.72% to 25.47% | |||||||||||||||||||||||||
| DFA VA Global Bond Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 164 | $25.05 to $26.70 | $26.07 to $27.95 | $4,476 | 4.24% | 0.35% to 0.95% | 4.06% to 4.69% | |||||||||||||||||||||||||
| 2022 | 144 | $27.00 to $28.61 | $25.05 to $26.70 | $3,761 | 1.60% | 0.35% to 0.95% | (7.22)% to (6.66)% | |||||||||||||||||||||||||
| 2021 | 138 | $27.54 to $29.01 | $27.00 to $28.61 | $3,857 | 0.75% | 0.35% to 0.95% | (1.98)% to (1.39)% | |||||||||||||||||||||||||
| 2020 | 129 | $27.40 to $28.69 | $27.54 to $29.01 | $3,655 | 0.03% | 0.35% to 0.95% | 0.50% to 1.10% | |||||||||||||||||||||||||
| 2019 | 118 | $26.55 to $27.64 | $27.40 to $28.69 | $3,307 | 2.86% | 0.35% to 0.95% | 3.20% to 3.82% | |||||||||||||||||||||||||
| DFA VA Global Moderate Allocation Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 192 | $36.97 to $39.06 | $42.02 to $44.66 | $8,407 | 2.84% | 0.35% to 0.95% | 13.64% to 14.32% | |||||||||||||||||||||||||
| 2022 | 195 | $41.92 to $44.03 | $36.97 to $39.06 | $7,431 | 1.53% | 0.35% to 0.95% | (11.80)% to (11.27)% | |||||||||||||||||||||||||
| 2021 | 190 | $37.06 to $38.68 | $41.92 to $44.03 | $8,221 | 1.52% | 0.35% to 0.95% | 13.12% to 13.80% | |||||||||||||||||||||||||
| 2020 | 181 | $33.62 to $34.88 | $37.06 to $38.68 | $6,880 | 1.24% | 0.35% to 0.95% | 10.24% to 10.90% | |||||||||||||||||||||||||
| 2019 | 182 | $28.73 to $29.63 | $33.62 to $34.88 | $6,247 | 2.46% | 0.35% to 0.95% | 17.01% to 17.71% | |||||||||||||||||||||||||
| DFA VA International Small Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 158 | $42.62 to $45.44 | $48.18 to $51.67 | $7,977 | 3.18% | 0.35% to 0.95% | 13.04% to 13.71% | |||||||||||||||||||||||||
| 2022 | 168 | $52.24 to $55.36 | $42.62 to $45.44 | $7,474 | 2.83% | 0.35% to 0.95% | (18.42)% to (17.93)% | |||||||||||||||||||||||||
| 2021 | 148 | $46.04 to $48.49 | $52.24 to $55.36 | $8,040 | 2.65% | 0.35% to 0.95% | 13.48% to 14.16% | |||||||||||||||||||||||||
| 2020 | 151 | $42.48 to $44.48 | $46.04 to $48.49 | $7,179 | 2.12% | 0.35% to 0.95% | 8.38% to 9.03% | |||||||||||||||||||||||||
| 2019 | 161 | $34.61 to $36.02 | $42.48 to $44.48 | $7,053 | 2.93% | 0.35% to 0.95% | 22.73% to 23.47% | |||||||||||||||||||||||||
| DFA VA International Value Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 466 | $38.11 to $40.63 | $44.49 to $47.71 | $21,791 | 4.90% | 0.35% to 0.95% | 16.75% to 17.45% | |||||||||||||||||||||||||
| 2022 | 460 | $39.85 to $42.23 | $38.11 to $40.63 | $18,271 | 4.15% | 0.35% to 0.95% | (4.37)% to (3.79)% | |||||||||||||||||||||||||
| 2021 | 427 | $34.06 to $35.88 | $39.85 to $42.23 | $17,667 | 4.21% | 0.35% to 0.95% | 17.00% to 17.70% | |||||||||||||||||||||||||
| 2020 | 401 | $35.00 to $36.65 | $34.06 to $35.88 | $14,088 | 2.63% | 0.35% to 0.95% | (2.69)% to (2.11)% | |||||||||||||||||||||||||
| 2019 | 342 | $30.50 to $31.74 | $35.00 to $36.65 | $12,314 | 4.34% | 0.35% to 0.95% | 14.76% to 15.45% | |||||||||||||||||||||||||
| DFA VA Short-Term Fixed Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 214 | $24.03 to $25.61 | $24.99 to $26.80 | $5,648 | 4.98% | 0.35% to 0.95% | 3.99% to 4.62% | |||||||||||||||||||||||||
| 2022 | 144 | $24.54 to $26.00 | $24.03 to $25.61 | $3,607 | 1.43% | 0.35% to 0.95% | (2.09)% to (1.50)% | |||||||||||||||||||||||||
| 2021 | 133 | $24.82 to $26.15 | $24.54 to $26.00 | $3,389 | 0.01% | 0.35% to 0.95% | (1.13)% to (0.54)% | |||||||||||||||||||||||||
| 2020 | 164 | $24.91 to $26.08 | $24.82 to $26.15 | $4,233 | 0.60% | 0.35% to 0.95% | (0.35)% to 0.25% | |||||||||||||||||||||||||
| 2019 | 155 | $24.53 to $25.53 | $24.91 to $26.08 | $3,993 | 2.40% | 0.35% to 0.95% | 1.55% to 2.16% | |||||||||||||||||||||||||
| DFA VA US Large Value Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 213 | $68.14 to $72.64 | $74.87 to $80.30 | $16,762 | 2.29% | 0.35% to 0.95% | 9.88% to 10.54% | |||||||||||||||||||||||||
| 2022 | 217 | $72.32 to $76.64 | $68.14 to $72.64 | $15,448 | 2.35% | 0.35% to 0.95% | (5.78)% to (5.21)% | |||||||||||||||||||||||||
| 2021 | 206 | $57.47 to $60.54 | $72.32 to $76.64 | $15,482 | 1.73% | 0.35% to 0.95% | 25.84% to 26.59% | |||||||||||||||||||||||||
| 2020 | 216 | $58.83 to $61.60 | $57.47 to $60.54 | $12,823 | 2.24% | 0.35% to 0.95% | (2.31)% to (1.72)% | |||||||||||||||||||||||||
| 2019 | 220 | $47.22 to $49.14 | $58.83 to $61.60 | $13,314 | 2.31% | 0.35% to 0.95% | 24.60% to 25.35% | |||||||||||||||||||||||||
| DFA VA US Targeted Value Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 139 | $70.01 to $74.64 | $83.24 to $89.28 | $12,171 | 1.65% | 0.35% to 0.95% | 18.90% to 19.61% | |||||||||||||||||||||||||
| 2022 | 136 | $73.79 to $78.19 | $70.01 to $74.64 | $9,919 | 1.35% | 0.35% to 0.95% | (5.12)% to (4.55)% | |||||||||||||||||||||||||
| 2021 | 133 | $53.33 to $56.18 | $73.79 to $78.19 | $10,240 | 1.43% | 0.35% to 0.95% | 38.36% to 39.19% | |||||||||||||||||||||||||
| 2020 | 143 | $51.78 to $54.21 | $53.33 to $56.18 | $7,894 | 1.90% | 0.35% to 0.95% | 3.00% to 3.62% | |||||||||||||||||||||||||
| 2019 | 134 | $42.65 to $44.39 | $51.78 to $54.21 | $7,154 | 1.64% | 0.35% to 0.95% | 21.40% to 22.13% | |||||||||||||||||||||||||
| B-64 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| DFA VIT Inflation Protected Securities Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 34 | $26.50 to $27.56 | $27.30 to $28.57 | $955 | 3.40% | 0.35% to 0.95% | 3.04% to 3.66% | |||||||||||||||||||||||||
| 2022 | 44 | $30.56 to $31.59 | $26.50 to $27.56 | $1,207 | 8.30% | 0.35% to 0.95% | (13.28)% to (12.76)% | |||||||||||||||||||||||||
| 2021 | 44 | $29.22 to $30.02 | $30.56 to $31.59 | $1,363 | 4.93% | 0.35% to 0.95% | 4.58% to 5.21% | |||||||||||||||||||||||||
| 2020 | 33 | $26.40 to $26.97 | $29.22 to $30.02 | $979 | 1.26% | 0.35% to 0.95% | 10.66% to 11.33% | |||||||||||||||||||||||||
| 2019 | 26 | $24.58 to $24.95 | $26.40 to $26.97 | $704 | 1.74% | 0.35% to 0.95% | 7.43% to 8.08% | |||||||||||||||||||||||||
| Franklin Income VIP Fund—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 47 | $35.89 to $39.77 | $38.71 to $43.14 | $1,977 | 5.37% | 0.35% to 0.95% | 7.85% to 8.49% | |||||||||||||||||||||||||
| 2022 | 46 | $38.23 to $42.11 | $35.89 to $39.77 | $1,792 | 4.20% | 0.35% to 0.95% | (6.13)% to (5.57)% | |||||||||||||||||||||||||
| 2021 | 25 | $32.99 to $36.12 | $38.23 to $42.11 | $1,037 | 4.70% | 0.36% to 0.95% | 15.90% to 16.60% | |||||||||||||||||||||||||
| 2020 | 26 | $32.98 to $35.90 | $32.99 to $36.12 | $893 | 5.17% | 0.35% to 0.95% | 0.02% to 0.62% | |||||||||||||||||||||||||
| 2019 | 32 | $28.60 to $30.94 | $32.98 to $35.90 | $1,118 | 5.04% | 0.35% to 0.95% | 15.32% to 16.01% | |||||||||||||||||||||||||
| Franklin Mutual Shares VIP Fund—Class 1 Sub-Account |
|
|||||||||||||||||||||||||||||||
| 2023 | 21 | $38.11 to $42.23 | $42.94 to $47.86 | $962 | 2.07% | 0.35% to 0.95% | 12.66% to 13.33% | |||||||||||||||||||||||||
| 2022 | 23 | $41.44 to $45.64 | $38.11 to $42.23 | $947 | 2.19% | 0.35% to 0.95% | (8.03)% to (7.48)% | |||||||||||||||||||||||||
| 2021 | 23 | $35.00 to $38.32 | $41.44 to $45.64 | $1,029 | 3.02% | 0.35% to 0.95% | 18.39% to 19.11% | |||||||||||||||||||||||||
| 2020 | 26 | $37.14 to $40.42 | $35.00 to $38.32 | $951 | 3.27% | 0.35% to 0.95% | (5.75)% to (5.18)% | |||||||||||||||||||||||||
| 2019 | 23 | $30.50 to $33.00 | $37.14 to $40.42 | $877 | 1.94% | 0.65% to 0.95% | 21.76% to 22.49% | |||||||||||||||||||||||||
| Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 30 | $63.44 to $70.23 | $79.89 to $88.97 | $2,552 | 0.00% | 0.35% to 0.95% | 25.93% to 26.68% | |||||||||||||||||||||||||
| 2022 | 28 | $96.34 to $106.01 | $63.44 to $70.23 | $1,875 | 0.00% | 0.35% to 0.95% | (34.15)% to (33.75)% | |||||||||||||||||||||||||
| 2021 | 30 | $88.21 to $96.49 | $96.34 to $106.01 | $3,050 | 0.00% | 0.35% to 0.95% | 9.21% to 9.87% | |||||||||||||||||||||||||
| 2020 | 34 | $57.26 to $62.26 | $88.21 to $96.49 | $3,157 | 0.00% | 0.35% to 0.95% | 54.05% to 54.98% | |||||||||||||||||||||||||
| 2019 | 18 | $43.86 to $47.40 | $57.26 to $62.26 | $1,063 | 0.00% | 0.35% to 0.95% | 30.56% to 31.34% | |||||||||||||||||||||||||
| Janus Henderson Forty Portfolio—Institutional Shares Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 21 | $120.97 to $134.03 | $167.72 to $186.94 | $3,780 | 0.19% | 0.35% to 0.95% | 38.64% to 39.48% | |||||||||||||||||||||||||
| 2022 | 21 | $183.80 to $202.42 | $120.97 to $134.03 | $2,648 | 0.19% | 0.35% to 0.95% | (34.18)% to (33.78)% | |||||||||||||||||||||||||
| 2021 | 20 | $150.98 to $165.28 | $183.80 to $202.42 | $3,812 | 0.00% | 0.35% to 0.95% | 21.74% to 22.47% | |||||||||||||||||||||||||
| 2020 | 21 | $109.34 to $118.98 | $150.98 to $165.28 | $3,279 | 0.28% | 0.35% to 0.95% | 38.08% to 38.91% | |||||||||||||||||||||||||
| 2019 | 18 | $80.48 to $87.05 | $109.34 to $118.98 | $2,057 | 0.16% | 0.35% to 0.95% | 35.86% to 36.68% | |||||||||||||||||||||||||
| Janus Henderson Mid-Cap Value Portfolio—Institutional Shares Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 33 | $44.24 to $49.02 | $48.82 to $54.42 | $1,721 | 1.12% | 0.35% to 0.95% | 10.35% to 11.01% | |||||||||||||||||||||||||
| 2022 | 35 | $47.30 to $52.09 | $44.24 to $49.02 | $1,671 | 1.32% | 0.35% to 0.95% | (6.45)% to (5.89)% | |||||||||||||||||||||||||
| 2021 | 31 | $39.88 to $43.66 | $47.30 to $52.09 | $1,547 | 0.46% | 0.35% to 0.95% | 18.60% to 19.31% | |||||||||||||||||||||||||
| 2020 | 28 | $40.63 to $44.22 | $39.88 to $43.66 | $1,177 | 1.08% | 0.35% to 0.95% | (1.86)% to (1.27)% | |||||||||||||||||||||||||
| 2019 | 40 | $31.47 to $34.04 | $40.63 to $44.22 | $1,700 | 1.25% | 0.35% to 0.95% | 29.12% to 29.90% | |||||||||||||||||||||||||
| Janus Henderson Overseas Portfolio—Institutional Shares Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 7 | $69.77 to $77.30 | $76.63 to $85.41 | $597 | 1.51% | 0.35% to 0.95% | 9.83% to 10.49% | |||||||||||||||||||||||||
| 2022 | 8 | $77.07 to $84.88 | $69.77 to $77.30 | $586 | 1.81% | 0.35% to 0.95% | (9.47)% to (8.92)% | |||||||||||||||||||||||||
| 2021 | 7 | $68.50 to $74.99 | $77.07 to $84.88 | $608 | 1.17% | 0.35% to 0.95% | 12.51% to 13.19% | |||||||||||||||||||||||||
| 2020 | 7 | $59.46 to $64.71 | $68.50 to $74.99 | $480 | 1.33% | 0.35% to 0.95% | 15.20% to 15.89% | |||||||||||||||||||||||||
| 2019 | 7 | $47.26 to $51.12 | $59.46 to $64.71 | $446 | 1.93% | 0.35% to 0.95% | 25.82% to 26.57% | |||||||||||||||||||||||||
| John Hancock Emerging Markets Value Trust Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 198 | $29.19 to $30.64 | $33.30 to $35.16 | $6,837 | 1.70% | 0.35% to 0.95% | 14.06% to 14.75% | |||||||||||||||||||||||||
| 2022 | 190 | $33.35 to $34.79 | $29.19 to $30.64 | $5,708 | 4.04% | 0.35% to 0.95% | (12.46)% to (11.94)% | |||||||||||||||||||||||||
| 2021 | 164 | $30.26 to $31.38 | $33.35 to $34.79 | $5,607 | 2.47% | 0.35% to 0.95% | 10.20% to 10.86% | |||||||||||||||||||||||||
| 2020 | 161 | $29.46 to $30.36 | $30.26 to $31.38 | $4,990 | 2.63% | 0.35% to 0.95% | 2.74% to 3.36% | |||||||||||||||||||||||||
| 2019 | 137 | $26.82 to $27.48 | $29.46 to $30.36 | $4,122 | 3.52% | 0.35% to 0.95% | 9.84% to 10.50% | |||||||||||||||||||||||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-65 |
| continued |
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| LVIP Delaware Diversified Income Fund—Standard Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 233 | $15.38 to $17.03 | $16.18 to $18.02 | $4,041 | 4.27% | 0.35% to 0.95% | 5.23% to 5.87% | |||||||||||||||||||||||||
| 2022 | 215 | $18.02 to $19.83 | $15.38 to $17.03 | $3,530 | 3.51% | 0.35% to 0.95% | (14.67)% to (14.16)% | |||||||||||||||||||||||||
| 2021 | (v) | 200 | $0.00 | $18.02 to $19.83 | $3,837 | 2.83% | 0.35% to 0.95% | 0.06% to 0.46% | ||||||||||||||||||||||||
| Matson Money Fixed Income VI Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 61 | $23.22 to $24.49 | $24.22 to $25.69 | $1,513 | 2.67% | 0.35% to 0.95% | 4.28% to 4.90% | |||||||||||||||||||||||||
| 2022 | 60 | $25.22 to $26.44 | $23.22 to $24.49 | $1,431 | 1.14% | 0.35% to 0.95% | (7.92)% to (7.37)% | |||||||||||||||||||||||||
| 2021 | 65 | $25.81 to $26.89 | $25.22 to $26.44 | $1,672 | 0.31% | 0.35% to 0.95% | (2.27)% to (1.68)% | |||||||||||||||||||||||||
| 2020 | 57 | $25.24 to $26.14 | $25.81 to $26.89 | $1,513 | 0.66% | 0.35% to 0.95% | 2.25% to 2.87% | |||||||||||||||||||||||||
| 2019 | 59 | $24.38 to $25.10 | $25.24 to $26.14 | $1,513 | 1.99% | 0.35% to 0.95% | 3.54% to 4.16% | |||||||||||||||||||||||||
| Matson Money International Equity VI Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 63 | $27.87 to $29.39 | $31.93 to $33.87 | $2,072 | 3.19% | 0.35% to 0.95% | 14.58% to 15.26% | |||||||||||||||||||||||||
| 2022 | 67 | $31.50 to $33.02 | $27.87 to $29.39 | $1,922 | 2.20% | 0.35% to 0.95% | (11.53)% to (11.00)% | |||||||||||||||||||||||||
| 2021 | 62 | $27.82 to $28.99 | $31.50 to $33.02 | $2,015 | 3.01% | 0.35% to 0.95% | 13.23% to 13.91% | |||||||||||||||||||||||||
| 2020 | 62 | $27.38 to $28.36 | $27.82 to $28.99 | $1,775 | 1.69% | 0.35% to 0.95% | 1.60% to 2.21% | |||||||||||||||||||||||||
| 2019 | 58 | $23.55 to $24.25 | $27.38 to $28.36 | $1,633 | 2.73% | 0.35% to 0.95% | 16.25% to 16.95% | |||||||||||||||||||||||||
| Matson Money U.S. Equity VI Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 51 | $43.46 to $45.84 | $50.12 to $53.17 | $2,660 | 1.05% | 0.35% to 0.95% | 15.30% to 16.00% | |||||||||||||||||||||||||
| 2022 | 52 | $48.63 to $50.98 | $43.46 to $45.84 | $2,316 | 0.79% | 0.35% to 0.95% | (10.62)% to (10.08)% | |||||||||||||||||||||||||
| 2021 | 53 | $37.40 to $38.97 | $48.63 to $50.98 | $2,628 | 0.91% | 0.35% to 0.95% | 30.02% to 30.80% | |||||||||||||||||||||||||
| 2020 | 58 | $35.75 to $37.04 | $37.40 to $38.97 | $2,227 | 1.13% | 0.35% to 0.95% | 4.60% to 5.23% | |||||||||||||||||||||||||
| 2019 | 57 | $29.42 to $30.29 | $35.75 to $37.04 | $2,067 | 1.03% | 0.35% to 0.95% | 21.53% to 22.26% | |||||||||||||||||||||||||
| MFS Global Equity Series—Initial Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 64 | $37.35 to $41.35 | $42.25 to $47.05 | $2,916 | 0.78% | 0.35% to 0.95% | 13.11% to 13.79% | |||||||||||||||||||||||||
| 2022 | 61 | $45.84 to $50.44 | $37.35 to $41.35 | $2,434 | 0.52% | 0.35% to 0.95% | (18.51)% to (18.02)% | |||||||||||||||||||||||||
| 2021 | 65 | $39.48 to $43.18 | $45.84 to $50.44 | $3,190 | 0.64% | 0.35% to 0.95% | 16.10% to 16.80% | |||||||||||||||||||||||||
| 2020 | 66 | $35.18 to $38.25 | $39.48 to $43.18 | $2,807 | 1.15% | 0.35% to 0.95% | 12.22% to 12.89% | |||||||||||||||||||||||||
| 2019 | 47 | $27.20 to $29.40 | $35.18 to $38.25 | $1,734 | 1.13% | 0.35% to 0.95% | 29.34% to 30.11% | |||||||||||||||||||||||||
| MFS Growth Series—Initial Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 1 | $84.27 to $93.38 | $113.42 to $126.43 | $119 | 0.00% | 0.35% to 0.95% | 34.58% to 35.39% | |||||||||||||||||||||||||
| 2022 | 2 | $124.44 to $137.07 | $84.27 to $93.38 | $138 | 0.00% | 0.35% to 0.95% | (32.28)% to (31.87)% | |||||||||||||||||||||||||
| 2021 | 2 | $101.70 to $111.35 | $124.44 to $137.07 | $200 | 0.00% | 0.35% to 0.95% | 22.37% to 23.10% | |||||||||||||||||||||||||
| 2020 | 2 | $77.86 to $84.74 | $101.70 to $111.35 | $167 | 0.00% | 0.35% to 0.95% | 30.61% to 31.40% | |||||||||||||||||||||||||
| 2019 | 2 | $56.90 to $61.56 | $77.86 to $84.74 | $142 | 0.00% | 0.35% to 0.94% | 36.84% to 37.67% | |||||||||||||||||||||||||
| MFS Massachusetts Investors Growth Stock Portfolio—Initial Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 33 | $40.90 to $45.28 | $50.24 to $55.95 | $1,762 | 0.34% | 0.35% to 0.95% | 22.84% to 23.57% | |||||||||||||||||||||||||
| 2022 | 22 | $51.14 to $56.28 | $40.90 to $45.28 | $945 | 0.14% | 0.35% to 0.95% | (20.02)% to (19.54)% | |||||||||||||||||||||||||
| 2021 | 33 | $40.98 to $44.83 | $51.14 to $56.28 | $1,808 | 0.27% | 0.36% to 0.95% | 24.78% to 25.53% | |||||||||||||||||||||||||
| 2020 | 25 | $33.77 to $36.72 | $40.98 to $44.83 | $1,053 | 0.41% | 0.35% to 0.95% | 21.37% to 22.10% | |||||||||||||||||||||||||
| 2019 | 32 | $24.36 to $26.33 | $33.77 to $36.72 | $1,132 | 0.51% | 0.35% to 0.95% | 38.63% to 39.46% | |||||||||||||||||||||||||
| MFS Utilities Series- Initial Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 11 | $83.35 to $92.36 | $80.82 to $90.09 | $931 | 3.58% | 0.35% to 0.95% | (3.03)% to (2.45)% | |||||||||||||||||||||||||
| 2022 | 13 | $83.51 to $91.99 | $83.35 to $92.36 | $1,157 | 2.76% | 0.35% to 0.95% | (0.20)% to 0.40% | |||||||||||||||||||||||||
| 2021 | 13 | $73.89 to $80.91 | $83.51 to $91.99 | $1,131 | 1.89% | 0.35% to 0.95% | 13.01% to 13.69% | |||||||||||||||||||||||||
| 2020 | 11 | $70.44 to $76.66 | $73.89 to $80.91 | $827 | 2.52% | 0.35% to 0.95% | 4.90% to 5.53% | |||||||||||||||||||||||||
| 2019 | 10 | $56.86 to $61.51 | $70.44 to $76.66 | $766 | 4.01% | 0.35% to 0.95% | 23.89% to 24.63% | |||||||||||||||||||||||||
| Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 71 | $36.69 to $40.64 | $40.35 to $44.95 | $3,057 | 1.03% | 0.35% to 0.95% | 9.96% to 10.61% | |||||||||||||||||||||||||
| 2022 | 72 | $41.05 to $45.19 | $36.69 to $40.64 | $2,797 | 0.61% | 0.35% to 0.95% | (10.61)% to (10.07)% | |||||||||||||||||||||||||
| 2021 | 71 | $31.21 to $34.14 | $41.05 to $45.19 | $3,072 | 0.60% | 0.35% to 0.95% | 31.54% to 32.33% | |||||||||||||||||||||||||
| 2020 | 69 | $32.35 to $35.19 | $31.21 to $34.14 | $2,271 | 1.18% | 0.35% to 0.95% | (3.54)% to (2.96)% | |||||||||||||||||||||||||
| 2019 | 75 | $27.98 to $30.25 | $32.35 to $35.19 | $2,550 | 0.66% | 0.35% to 0.95% | 15.64% to 16.34% | |||||||||||||||||||||||||
| B-66 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 5 | $53.28 to $59.00 | $66.97 to $74.61 | $363 | 0.34% | 0.35% to 0.95% | 25.70% to 26.46% | |||||||||||||||||||||||||
| 2022 | 5 | $65.95 to $72.60 | $53.28 to $59.00 | $292 | 0.42% | 0.35% to 0.95% | (19.22)% to (18.74)% | |||||||||||||||||||||||||
| 2021 | 6 | $53.92 to $59.00 | $65.95 to $72.60 | $387 | 0.38% | 0.35% to 0.95% | 22.31% to 23.05% | |||||||||||||||||||||||||
| 2020 | 6 | $45.53 to $49.52 | $53.92 to $59.00 | $312 | 0.55% | 0.35% to 0.95% | 18.43% to 19.14% | |||||||||||||||||||||||||
| 2019 | (w) | 7 | $41.88 to $45.37 | $45.53 to $47.48 | $347 | 0.57% | 0.35% to 0.95% | 9.89% to 10.33% | ||||||||||||||||||||||||
| PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 20 | $21.56 to $22.70 | $23.13 to $24.42 | $480 | 3.12% | 0.65% to 0.94% | 7.26% to 7.58% | |||||||||||||||||||||||||
| 2022 | 20 | $24.64 to $25.86 | $21.56 to $22.70 | $436 | 7.67% | 0.65% to 0.95% | (12.49)% to (12.23)% | |||||||||||||||||||||||||
| 2021 | 22 | $21.37 to $22.36 | $24.64 to $25.86 | $568 | 10.96% | 0.65% to 0.95% | 15.31% to 15.66% | |||||||||||||||||||||||||
| 2020 | 26 | $19.94 to $20.80 | $21.37 to $22.36 | $567 | 5.02% | 0.65% to 0.95% | 7.15% to 7.47% | |||||||||||||||||||||||||
| 2019 | 30 | $17.99 to $19.46 | $19.94 to $20.80 | $609 | 2.92% | 0.65% to 0.95% | 10.86% to 11.19% | |||||||||||||||||||||||||
| PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 38 | $23.31 to $24.63 | $21.30 to $22.64 | $835 | 16.46% | 0.35% to 0.95% | (8.61)% to (8.07)% | |||||||||||||||||||||||||
| 2022 | 43 | $21.63 to $22.72 | $23.31 to $24.63 | $1,032 | 20.39% | 0.35% to 0.95% | 7.76% to 8.41% | |||||||||||||||||||||||||
| 2021 | 28 | $16.36 to $17.08 | $21.63 to $22.72 | $612 | 4.04% | 0.35% to 0.95% | 32.21% to 33.00% | |||||||||||||||||||||||||
| 2020 | 26 | $16.28 to $16.89 | $16.36 to $17.08 | $442 | 6.53% | 0.35% to 0.95% | 0.54% to 1.15% | |||||||||||||||||||||||||
| 2019 | 25 | $14.72 to $15.18 | $16.28 to $16.89 | $405 | 4.69% | 0.35% to 0.95% | 10.58% to 11.24% | |||||||||||||||||||||||||
| PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 96 | $27.10 to $28.63 | $29.87 to $31.75 | $2,972 | 5.84% | 0.35% to 0.95% | 10.23% to 10.89% | |||||||||||||||||||||||||
| 2022 | 111 | $32.41 to $34.03 | $27.10 to $28.63 | $3,122 | 4.98% | 0.35% to 0.95% | (16.38)% to (15.88)% | |||||||||||||||||||||||||
| 2021 | 92 | $33.52 to $35.00 | $32.41 to $34.03 | $3,070 | 4.63% | 0.35% to 0.95% | (3.34)% to (2.76)% | |||||||||||||||||||||||||
| 2020 | 77 | $31.67 to $32.86 | $33.52 to $35.00 | $2,657 | 4.73% | 0.35% to 0.95% | 5.86% to 6.49% | |||||||||||||||||||||||||
| 2019 | 72 | $27.81 to $28.69 | $31.67 to $32.86 | $2,322 | 4.57% | 0.35% to 0.95% | 13.86% to 14.55% | |||||||||||||||||||||||||
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 21 | $16.99 to $18.82 | $17.74 to $19.77 | $406 | 2.40% | 0.35% to 0.95% | 4.42% to 5.05% | |||||||||||||||||||||||||
| 2022 | 19 | $19.24 to $21.19 | $16.99 to $18.82 | $348 | 1.65% | 0.35% to 0.95% | (11.71)% to (11.18)% | |||||||||||||||||||||||||
| 2021 | 17 | $20.24 to $22.16 | $19.24 to $21.19 | $350 | 4.95% | 0.35% to 0.94% | (4.92)% to (4.35)% | |||||||||||||||||||||||||
| 2020 | 23 | $18.52 to $20.16 | $20.24 to $22.16 | $480 | 2.63% | 0.35% to 0.95% | 9.24% to 9.90% | |||||||||||||||||||||||||
| 2019 | 25 | $17.60 to $19.04 | $18.52 to $20.16 | $481 | 2.60% | 0.35% to 0.95% | 5.28% to 5.91% | |||||||||||||||||||||||||
| PIMCO VIT Real Return Portfolio—Institutional Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 322 | $18.74 to $20.75 | $19.28 to $21.47 | $6,639 | 3.14% | 0.35% to 0.95% | 2.85% to 3.46% | |||||||||||||||||||||||||
| 2022 | 328 | $21.45 to $23.60 | $18.74 to $20.75 | $6,551 | 7.13% | 0.35% to 0.95% | (12.60)% to (12.08)% | |||||||||||||||||||||||||
| 2021 | 325 | $20.48 to $22.40 | $21.45 to $23.60 | $7,410 | 5.12% | 0.35% to 0.95% | 4.74% to 5.37% | |||||||||||||||||||||||||
| 2020 | 277 | $18.48 to $20.09 | $20.48 to $22.40 | $5,976 | 1.58% | 0.35% to 0.95% | 10.82% to 11.49% | |||||||||||||||||||||||||
| 2019 | 279 | $17.18 to $18.56 | $18.48 to $20.09 | $5,395 | 1.82% | 0.35% to 0.95% | 7.57% to 8.22% | |||||||||||||||||||||||||
| PVC Equity Income Account—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 123 | $56.58 to $62.69 | $62.33 to $69.48 | $8,267 | 2.15% | 0.35% to 0.95% | 10.17% to 10.83% | |||||||||||||||||||||||||
| 2022 | 113 | $63.81 to $70.29 | $56.58 to $62.69 | $6,823 | 1.92% | 0.35% to 0.95% | (11.34)% to (10.81)% | |||||||||||||||||||||||||
| 2021 | 116 | $52.61 to $57.59 | $63.81 to $70.29 | $7,923 | 1.98% | 0.35% to 0.95% | 21.31% to 22.04% | |||||||||||||||||||||||||
| 2020 | 113 | $49.90 to $54.30 | $52.61 to $57.59 | $6,312 | 2.01% | 0.35% to 0.95% | 5.43% to 6.06% | |||||||||||||||||||||||||
| 2019 | 96 | $39.02 to $42.21 | $49.90 to $54.30 | $5,016 | 1.89% | 0.35% to 0.95% | 27.87% to 28.64% | |||||||||||||||||||||||||
| PVC MidCap Account—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 6 | $75.27 to $83.40 | $94.00 to $104.78 | $645 | 0.00% | 0.35% to 0.95% | 24.89% to 25.64% | |||||||||||||||||||||||||
| 2022 | 7 | $98.65 to $108.66 | $75.27 to $83.40 | $543 | 0.18% | 0.35% to 0.95% | (23.70)% to (23.25)% | |||||||||||||||||||||||||
| 2021 | 7 | $79.34 to $86.86 | $98.65 to $108.66 | $722 | 0.13% | 0.35% to 0.95% | 24.34% to 25.09% | |||||||||||||||||||||||||
| 2020 | 7 | $67.69 to $73.66 | $79.34 to $86.86 | $600 | 0.66% | 0.35% to 0.95% | 17.22% to 17.92% | |||||||||||||||||||||||||
| 2019 | 10 | $47.75 to $51.66 | $67.69 to $73.66 | $712 | 0.27% | 0.35% to 0.95% | 41.74% to 42.60% | |||||||||||||||||||||||||
| PSF PGIM Jennison Blend Portfolio—Class II Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | (x) | 32 | $52.56 to $58.57 | $54.31 to $60.54 | $1,838 | 0.00% | 0.37% to 0.99% | 3.33% to 3.36% | ||||||||||||||||||||||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-67 |
| continued |
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| PSF Natural Resources Portfolio—Class II Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 16 | $56.04 to $62.09 | $56.39 to $62.85 | $970 | 0.00% | 0.35% to 0.95% | 0.62% to 1.23% | |||||||||||||||||||||||||
| 2022 | 20 | $46.54 to $51.26 | $56.04 to $62.09 | $1,163 | 0.00% | 0.35% to 0.95% | 20.40% to 21.12% | |||||||||||||||||||||||||
| 2021 | 18 | $37.58 to $41.14 | $46.54 to $51.26 | $890 | 0.00% | 0.35% to 0.95% | 23.85% to 24.59% | |||||||||||||||||||||||||
| 2020 | 10 | $33.93 to $36.92 | $37.58 to $41.14 | $383 | 0.00% | 0.35% to 0.95% | 10.76% to 11.43% | |||||||||||||||||||||||||
| 2019 | 17 | $31.07 to $33.61 | $33.93 to $36.92 | $609 | 0.00% | 0.35% to 0.95% | 9.21% to 9.87% | |||||||||||||||||||||||||
| PSF PGIM Jennison Value Portfolio—Class II Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 4 | $53.48 to $59.25 | $60.78 to $67.75 | $237 | 0.00% | 0.35% to 0.95% | 13.66% to 14.34% | |||||||||||||||||||||||||
| 2022 | 5 | $58.84 to $61.75 | $53.48 to $59.25 | $272 | 0.00% | 0.35% to 0.95% | (9.12)% to 5.85% | |||||||||||||||||||||||||
| 2021 | 3 | $46.67 to $48.83 | $58.84 to $61.75 | $194 | 0.00% | 0.65% to 0.95% | 26.08% to 26.46% | |||||||||||||||||||||||||
| 2020 | 3 | $45.68 to $47.65 | $46.67 to $48.83 | $152 | 0.00% | 0.65% to 0.95% | 2.17% to 2.48% | |||||||||||||||||||||||||
| 2019 | 3 | $36.72 to $38.19 | $45.68 to $47.65 | $146 | 0.00% | 0.65% to 0.95% | 24.39% to 24.77% | |||||||||||||||||||||||||
| Royce Capital Fund Micro-Cap Portfolio—Investment Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 17 | $25.91 to $28.68 | $30.48 to $33.95 | $562 | 0.00% | 0.35% to 0.95% | 17.66% to 18.37% | |||||||||||||||||||||||||
| 2022 | 19 | $33.72 to $37.10 | $25.91 to $28.68 | $522 | 0.00% | 0.35% to 0.95% | (23.17)% to (22.71)% | |||||||||||||||||||||||||
| 2021 | 21 | $26.19 to $28.65 | $33.72 to $37.10 | $761 | 0.00% | 0.35% to 0.95% | 28.75% to 29.53% | |||||||||||||||||||||||||
| 2020 | 14 | $21.36 to $23.22 | $26.19 to $28.65 | $377 | 0.00% | 0.35% to 0.95% | 22.62% to 23.36% | |||||||||||||||||||||||||
| 2019 | 9 | $18.03 to $19.49 | $21.36 to $23.22 | $210 | 0.00% | 0.35% to 0.95% | 18.42% to 19.13% | |||||||||||||||||||||||||
| Royce Capital Fund Small-Cap Portfolio—Investment Class Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 42 | $22.21 to $24.58 | $27.70 to $30.85 | $1,238 | 0.84% | 0.35% to 0.95% | 24.74% to 25.49% | |||||||||||||||||||||||||
| 2022 | 43 | $24.69 to $27.17 | $22.21 to $24.58 | $1,020 | 0.39% | 0.35% to 0.95% | (10.05)% to (9.51)% | |||||||||||||||||||||||||
| 2021 | 46 | $19.35 to $21.16 | $24.69 to $27.17 | $1,191 | 1.47% | 0.35% to 0.95% | 27.60% to 28.37% | |||||||||||||||||||||||||
| 2020 | 46 | $21.04 to $22.87 | $19.35 to $21.16 | $937 | 1.05% | 0.35% to 0.95% | (8.03)% to (7.48)% | |||||||||||||||||||||||||
| 2019 | 46 | $17.90 to $19.34 | $21.04 to $22.87 | $1,005 | 0.69% | 0.35% to 0.95% | 17.54% to 18.25% | |||||||||||||||||||||||||
| T. Rowe Price® Health Sciences Portfolio I Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 44 | $50.31 to $52.80 | $51.31 to $54.18 | $2,329 | 0.00% | 0.35% to 0.95% | 1.99% to 2.60% | |||||||||||||||||||||||||
| 2022 | 53 | $58.03 to $60.54 | $50.31 to $52.80 | $2,753 | 0.00% | 0.35% to 0.95% | (13.30)% to (12.78)% | |||||||||||||||||||||||||
| 2021 | 48 | $51.80 to $53.71 | $58.03 to $60.54 | $2,858 | 0.00% | 0.35% to 0.95% | 12.03% to 12.71% | |||||||||||||||||||||||||
| 2020 | 36 | $40.34 to $41.58 | $51.80 to $53.71 | $1,883 | 0.00% | 0.35% to 0.95% | 28.39% to 29.17% | |||||||||||||||||||||||||
| 2019 | 33 | $31.59 to $32.36 | $40.34 to $41.58 | $1,355 | 0.00% | 0.35% to 0.95% | 27.73% to 28.49% | |||||||||||||||||||||||||
| T. Rowe Price® Limited-Term Bond Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 103 | $25.06 to $26.74 | $26.05 to $27.96 | $2,815 | 3.31% | 0.35% to 0.95% | 3.95% to 4.57% | |||||||||||||||||||||||||
| 2022 | 99 | $26.49 to $28.10 | $25.06 to $26.74 | $2,590 | 1.96% | 0.35% to 0.95% | (5.42)% to (4.85)% | |||||||||||||||||||||||||
| 2021 | 93 | $26.71 to $28.17 | $26.49 to $28.10 | $2,565 | 1.33% | 0.35% to 0.95% | (0.82)% to (0.22)% | |||||||||||||||||||||||||
| 2020 | 86 | $25.76 to $26.99 | $26.71 to $28.17 | $2,370 | 1.97% | 0.35% to 0.95% | 3.72% to 4.34% | |||||||||||||||||||||||||
| 2019 | 87 | $24.92 to $25.96 | $25.76 to $26.99 | $2,291 | 2.39% | 0.35% to 0.95% | 3.37% to 3.99% | |||||||||||||||||||||||||
| Templeton Developing Markets VIP Fund—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 182 | $16.27 to $18.03 | $18.17 to $20.26 | $3,558 | 2.40% | 0.35% to 0.95% | 11.71% to 12.38% | |||||||||||||||||||||||||
| 2022 | 174 | $20.98 to $23.10 | $16.27 to $18.03 | $3,015 | 2.97% | 0.35% to 0.95% | (22.44)% to (21.97)% | |||||||||||||||||||||||||
| 2021 | 171 | $22.41 to $24.54 | $20.98 to $23.10 | $3,826 | 1.10% | 0.35% to 0.95% | (6.40)% to (5.84)% | |||||||||||||||||||||||||
| 2020 | 153 | $19.27 to $20.98 | $22.41 to $24.54 | $3,608 | 4.41% | 0.35% to 0.95% | 16.28% to 16.98% | |||||||||||||||||||||||||
| 2019 | 144 | $15.33 to $16.59 | $19.27 to $20.98 | $2,881 | 1.25% | 0.35% to 0.95% | 25.72% to 26.48% | |||||||||||||||||||||||||
| Vanguard VIF Capital Growth Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 100 | $51.63 to $54.19 | $65.46 to $69.11 | $6,799 | 1.02% | 0.35% to 0.95% | 26.78% to 27.54% | |||||||||||||||||||||||||
| 2022 | 89 | $61.68 to $64.34 | $51.63 to $54.19 | $4,726 | 0.86% | 0.35% to 0.95% | (16.28)% to (15.78)% | |||||||||||||||||||||||||
| 2021 | 83 | $51.23 to $53.12 | $61.68 to $64.34 | $5,237 | 0.87% | 0.35% to 0.95% | 20.39% to 21.12% | |||||||||||||||||||||||||
| 2020 | 85 | $44.03 to $45.38 | $51.23 to $53.12 | $4,421 | 1.47% | 0.35% to 0.95% | 16.36% to 17.06% | |||||||||||||||||||||||||
| 2019 | 86 | $35.14 to $36.00 | $44.03 to $45.38 | $3,834 | 1.11% | 0.35% to 0.95% | 25.30% to 26.06% | |||||||||||||||||||||||||
| B-68 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-1 |
| Notes to Financial Statements |
TIAA-CREF Life Separate Account VLI-1
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| Vanguard VIF Equity Index Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 516 | $51.14 to $53.67 | $63.89 to $67.45 | $34,268 | 1.35% | 0.35% to 0.95% | 24.93% to 25.68% | |||||||||||||||||||||||||
| 2022 | 460 | $63.14 to $65.86 | $51.14 to $53.67 | $24,288 | 1.34% | 0.35% to 0.95% | (19.00)% to (18.51)% | |||||||||||||||||||||||||
| 2021 | 447 | $49.58 to $51.42 | $63.14 to $65.86 | $29,085 | 1.19% | 0.35% to 0.95% | 27.33% to 28.10% | |||||||||||||||||||||||||
| 2020 | 437 | $42.35 to $43.65 | $49.58 to $51.42 | $22,227 | 1.57% | 0.35% to 0.95% | 17.08% to 17.79% | |||||||||||||||||||||||||
| 2019 | 363 | $32.56 to $33.36 | $42.35 to $43.65 | $15,690 | 1.67% | 0.35% to 0.95% | 30.06% to 30.84% | |||||||||||||||||||||||||
| Vanguard VIF High Yield Bond Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 124 | $30.92 to $32.45 | $34.20 to $36.10 | $4,385 | 4.88% | 0.35% to 0.95% | 10.61% to 11.28% | |||||||||||||||||||||||||
| 2022 | 113 | $34.43 to $35.92 | $30.92 to $32.45 | $3,600 | 5.06% | 0.35% to 0.95% | (10.22)% to (9.68)% | |||||||||||||||||||||||||
| 2021 | 111 | $33.53 to $34.77 | $34.43 to $35.92 | $3,917 | 4.10% | 0.35% to 0.95% | 2.70% to 3.32% | |||||||||||||||||||||||||
| 2020 | 100 | $32.03 to $33.02 | $33.53 to $34.77 | $3,423 | 5.73% | 0.35% to 0.95% | 4.67% to 5.30% | |||||||||||||||||||||||||
| 2019 | 103 | $27.96 to $28.64 | $32.03 to $33.02 | $3,373 | 5.48% | 0.35% to 0.95% | 14.58% to 15.27% | |||||||||||||||||||||||||
| Vanguard VIF Mid-Cap Index Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 295 | $44.23 to $46.42 | $50.75 to $53.58 | $15,517 | 1.42% | 0.35% to 0.95% | 14.74% to 15.43% | |||||||||||||||||||||||||
| 2022 | 289 | $55.01 to $57.39 | $44.23 to $46.42 | $13,184 | 1.07% | 0.35% to 0.95% | (19.59)% to (19.10)% | |||||||||||||||||||||||||
| 2021 | 260 | $44.66 to $46.31 | $55.01 to $57.39 | $14,722 | 1.03% | 0.35% to 0.95% | 23.18% to 23.92% | |||||||||||||||||||||||||
| 2020 | 243 | $38.18 to $39.36 | $44.66 to $46.31 | $11,099 | 1.47% | 0.35% to 0.95% | 16.96% to 17.66% | |||||||||||||||||||||||||
| 2019 | 212 | $29.45 to $30.18 | $38.18 to $39.36 | $8,235 | 1.30% | 0.35% to 0.95% | 29.64% to 30.42% | |||||||||||||||||||||||||
| Vanguard VIF Real Estate Index Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 181 | $32.75 to $34.37 | $36.24 to $38.26 | $6,809 | 2.38% | 0.35% to 0.95% | 10.65% to 11.31% | |||||||||||||||||||||||||
| 2022 | 168 | $44.86 to $46.80 | $32.75 to $34.37 | $5,698 | 1.87% | 0.35% to 0.95% | (26.99)% to (26.55)% | |||||||||||||||||||||||||
| 2021 | 166 | $32.30 to $33.49 | $44.86 to $46.80 | $7,672 | 1.92% | 0.35% to 0.95% | 38.88% to 39.72% | |||||||||||||||||||||||||
| 2020 | 161 | $34.27 to $35.33 | $32.30 to $33.49 | $5,322 | 2.59% | 0.35% to 0.95% | (5.75)% to (5.19)% | |||||||||||||||||||||||||
| 2019 | 142 | $26.86 to $27.52 | $34.27 to $35.33 | $4,971 | 2.57% | 0.35% to 0.95% | 27.59% to 28.36% | |||||||||||||||||||||||||
| Vanguard VIF Small Company Growth Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 105 | $41.66 to $43.72 | $49.37 to $52.12 | $5,369 | 0.40% | 0.35% to 0.95% | 18.52% to 19.23% | |||||||||||||||||||||||||
| 2022 | 98 | $56.34 to $58.77 | $41.66 to $43.72 | $4,225 | 0.25% | 0.35% to 0.95% | (26.06)% to (25.61)% | |||||||||||||||||||||||||
| 2021 | 89 | $49.79 to $51.64 | $56.34 to $58.77 | $5,165 | 0.36% | 0.35% to 0.95% | 13.14% to 13.82% | |||||||||||||||||||||||||
| 2020 | 94 | $40.81 to $42.06 | $49.79 to $51.64 | $4,774 | 0.65% | 0.35% to 0.95% | 22.02% to 22.75% | |||||||||||||||||||||||||
| 2019 | 91 | $32.16 to $32.95 | $40.81 to $42.06 | $3,775 | 0.44% | 0.35% to 0.95% | 26.90% to 27.66% | |||||||||||||||||||||||||
| Vanguard VIF Total Bond Market Index Portfolio Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 641 | $24.50 to $25.71 | $25.62 to $27.05 | $17,026 | 2.33% | 0.35% to 0.95% | 4.58% to 5.21% | |||||||||||||||||||||||||
| 2022 | 561 | $28.50 to $29.73 | $24.50 to $25.71 | $14,160 | 2.00% | 0.35% to 0.95% | (14.03)% to (13.52)% | |||||||||||||||||||||||||
| 2021 | 570 | $29.27 to $30.36 | $28.50 to $29.73 | $16,685 | 1.99% | 0.35% to 0.95% | (2.65)% to (2.06)% | |||||||||||||||||||||||||
| 2020 | 510 | $27.47 to $28.31 | $29.27 to $30.36 | $15,241 | 2.29% | 0.35% to 0.95% | 6.56% to 7.21% | |||||||||||||||||||||||||
| 2019 | 314 | $25.52 to $26.15 | $27.47 to $28.31 | $8,743 | 2.16% | 0.35% to 0.95% | 7.65% to 8.29% | |||||||||||||||||||||||||
| VY CBRE Global Real Estate Portfolio—Class 1 Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 16 | $42.06 to $45.38 | $46.91 to $50.92 | $799 | 1.99% | 0.35% to 0.95% | 11.53% to 12.20% | |||||||||||||||||||||||||
| 2022 | 16 | $56.57 to $60.68 | $42.06 to $45.38 | $716 | 3.36% | 0.35% to 0.95% | (25.66)% to (25.21)% | |||||||||||||||||||||||||
| 2021 | 16 | $42.47 to $45.28 | $56.57 to $60.68 | $926 | 2.77% | 0.35% to 0.95% | 33.20% to 34.00% | |||||||||||||||||||||||||
| 2020 | 15 | $45.06 to $47.75 | $42.47 to $45.28 | $664 | 5.69% | 0.35% to 0.95% | (5.73)% to (5.16)% | |||||||||||||||||||||||||
| 2019 | 17 | $36.47 to $38.41 | $45.06 to $47.75 | $803 | 2.92% | 0.35% to 0.95% | 23.56% to 24.30% | |||||||||||||||||||||||||
| Wanger International Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 16 | $64.37 to $71.32 | $74.57 to $83.13 | $1,314 | 0.32% | 0.35% to 0.95% | 15.85% to 16.55% | |||||||||||||||||||||||||
| 2022 | 18 | $98.22 to $108.19 | $64.37 to $71.32 | $1,206 | 0.90% | 0.35% to 0.95% | (34.47)% to (34.08)% | |||||||||||||||||||||||||
| 2021 | 17 | $83.46 to $91.38 | $98.22 to $108.19 | $1,729 | 0.55% | 0.35% to 0.95% | 17.69% to 18.39% | |||||||||||||||||||||||||
| 2020 | 18 | $73.68 to $80.18 | $83.46 to $91.38 | $1,543 | 2.00% | 0.35% to 0.95% | 13.28% to 13.96% | |||||||||||||||||||||||||
| 2019 | 18 | $57.22 to $61.90 | $73.68 to $80.18 | $1,367 | 0.86% | 0.35% to 0.95% | 28.76% to 29.54% | |||||||||||||||||||||||||
| TIAA-CREF Life Separate Account VLI-1 ∎ Statement of Additional Information | B-69 |
| concluded |
| For the period ended December 31 | ||||||||||||||||||||||||||||||||
| 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(d)(e) |
Ratio of expenses to average net assets |
Total return lowest to highest(a)(g) |
|||||||||||||||||||||||||
| Wanger Acorn Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 9 | $87.90 to $97.41 | $106.00 to $118.17 | $1,065 | 0.00% | 0.35% to 0.95% | 20.59% to 21.31% | |||||||||||||||||||||||||
| 2022 | 5 | $133.37 to $146.91 | $87.90 to $97.41 | $434 | 0.00% | 0.35% to 0.95% | (34.09)% to (33.70)% | |||||||||||||||||||||||||
| 2021 | 4 | $123.64 to $135.38 | $133.37 to $146.91 | $643 | 0.74% | 0.35% to 0.95% | 7.87% to 8.52% | |||||||||||||||||||||||||
| 2020 | 5 | $100.48 to $109.36 | $123.64 to $135.38 | $660 | 0.00% | 0.36% to 0.95% | 23.05% to 23.79% | |||||||||||||||||||||||||
| 2019 | 5 | $77.37 to $80.47 | $100.48 to $109.36 | $481 | 0.26% | 0.36% to 0.95% | 13.53% to 30.25% | |||||||||||||||||||||||||
| Western Asset Variable Global High Yield Bond Portfolio—Class I Sub-Account |
| |||||||||||||||||||||||||||||||
| 2023 | 36 | $15.82 to $17.38 | $17.28 to $19.10 | $656 | 5.73% | 0.35% to 0.94% | 9.22% to 9.88% | |||||||||||||||||||||||||
| 2022 | 35 | $18.51 to $20.22 | $15.82 to $17.38 | $582 | 6.46% | 0.35% to 0.95% | (14.54)% to (14.02)% | |||||||||||||||||||||||||
| 2021 | 38 | $18.44 to $20.02 | $18.51 to $20.22 | $739 | 4.45% | 0.35% to 0.95% | 0.37% to 0.97% | |||||||||||||||||||||||||
| 2020 | 39 | $17.35 to $18.72 | $18.44 to $20.02 | $767 | 4.17% | 0.35% to 0.95% | 6.30% to 6.94% | |||||||||||||||||||||||||
| 2019 | 40 | $15.31 to $16.42 | $17.35 to $18.72 | $728 | 5.66% | 0.35% to 0.95% | 13.30% to 13.99% | |||||||||||||||||||||||||
| ^ | Less than a thousand units. |
| (a) | Not annualized for periods less than one year. |
| (b) | Does not include expenses of underlying Fund. |
| (d) | Periods less than one year are annualized and are not necessarily indicative of a full year of operations. |
| (e) | 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 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. |
| (f) | These amounts represent the annualized expenses of the Sub-Account, consisting primarily of 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. |
| (g) | 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. |
| (s) | Sub-Account commenced operations July 24, 2017. |
| (w) | Sub-Account commenced operations April 30, 2019. |
| (u) | Sub-Account commenced operations December 11, 2020. |
| (v) | Sub-Account commenced operations April 30, 2021. |
| (x) | Sub-Account commenced operations December 8, 2023. |
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 |
Nuveen Life Balanced Fund | |
| TIAA-CREF Life Core Bond Fund |
Nuveen Life Core Bond Fund | |
| TIAA-CREF Life Growth Equity Fund |
Nuveen Life Growth Equity Fund | |
| TIAA-CREF Life Growth & Income Fund |
Nuveen Life Core Equity Fund | |
| TIAA-CREF Life International Equity Fund |
Nuveen Life International Equity Fund | |
| TIAA-CREF Life Large-Cap Value Fund |
Nuveen Life Large Cap Value Fund | |
| TIAA-CREF Life Money Market Fund |
Nuveen Life Money Market Fund | |
| TIAA-CREF Life Real Estate Securities Fund |
Nuveen Life Real Estate Securities Select Fund | |
| TIAA-CREF Life Small-Cap Equity Fund |
Nuveen Life Small Cap Equity Fund | |
| TIAA-CREF Life Social Choice Equity Fund |
Nuveen Life Large Cap Responsible Equity Fund | |
| TIAA-CREF Life Stock Index Fund |
Nuveen Life Stock Index Fund | |
| ClearBridge Variable Aggressive Growth Portfolio—Class I |
ClearBridge Variable Growth Portfolio—Class I | |
| Delaware Ivy VIP International Core Equity Series—Standard Class |
Macquarie VIP International Core Equity Series—Standard Class | |
| Delaware VIP Small Cap Value Series—Standard Class |
Macquarie VIP Small Cap Value Series—Standard Class | |
| LVIP Delaware Diversified Income—Standard Class |
LVIP Macquarie Diversified Income—Standard Class | |
| B-70 | Statement of Additional Information ∎ TIAA-CREF Life Separate Account VLI-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 | ||||||||||
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 NAV, at December 31, 2022 (in thousands):
| 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) 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) |
(4) Ordinary |
(5) Capital |
(6) (Col 4+5) |
(7) (Col 1–4) |
(8) (Col 2–5) |
(9) (Col 7+8) |
||||||||||||||||||||||||||||||||
| 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) |
(4) Ordinary |
(5) Capital |
(6) (Col 4+5) |
(7) (Col 1–4) Ordinary |
(8) (Col 2–5) |
(9) (Col 7+8) |
||||||||||||||||||||||||||||||||
| 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 |
1,082 | % | 1,154 | % | ||||||||
| (b) Amount of adjusted capital and surplus used to |
$ | 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) |
(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 |
||||||||||||||||||||||||
| 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 |
||||||||||||||||||||||||
| 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 |