As Filed with the Securities and Exchange Commission on April 30, 2025
Registration File Nos. 333‑46414
811‑08963
 
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM N-4
 
 
REGISTRATION STATEMENT
UNDER
   THE SECURITIES ACT OF 1933   ☐
   PRE-EFFECTIVE AMENDMENT NO.   ☐
   POST-EFFECTIVE AMENDMENT NO. 26   ☒
and/or
REGISTRATION STATEMENT
UNDER
   THE INVESTMENT COMPANY ACT OF 1940   ☐
   AMENDMENT NO. 53   ☒
(Check appropriate box or boxes.)
 
 
TIAA-CREF LIFE SEPARATE ACCOUNT VA‑1
(Exact name of registrant)
 
 
TIAA-CREF LIFE INSURANCE COMPANY
(Name of depositor)
 
 
730 Third Avenue
New York, NY 10017-3206
(Address of depositor’s principal executive offices)
Depositor’s Telephone Number, including Area Code: (877‑825‑0411)
Name and Address of Agent for Service:
John D. Piller, Sr. Esq.
TIAA-CREF Life Insurance Company
8500 Andrew Carnegie Boulevard, SSC‑C2‑04
Charlotte, North Carolina 28262-8500
(704) 988‑5681
 
 
Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box)
 
  ☐
immediately upon filing pursuant to paragraph (b) of Rule 485
  ☒
on May 1, 2025 pursuant to paragraph (b) of Rule 485
  ☐
60 days after filing pursuant to paragraph (a)(1) of Rule 485
  ☐
on (date) pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box:
 
  ☐
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 
PROSPECTUS
May 1, 2025
SINGLE PREMIUM IMMEDIATE ANNUITIES
Single Premium Immediate Variable Annuity Contracts Funded Through
TIAA-CREF Life Separate Account VA-1 of TIAA-CREF Life Insurance Company
This Prospectus describes information you should know about our Single Premium Immediate Variable Annuity Contracts (“SPIA” or “Contract”), which are offered by TIAA-CREF Life Insurance Company (“TIAA Life”) and funded through the TIAA‑CREF Life Separate Account VA-1 (the Separate Account). Before you invest, please read this Prospectus carefully, along with the underlying Fund Prospectus, and keep it for future reference.
Important Note: TIAA Life has suspended all sales of its SPIA Contracts until further notice. Existing Contracts, or replacements for those Contracts, remain in effect.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s (“SEC”) staff and is available at Investor.gov.
This Prospectus describes the Contracts issued by TIAA Life. It does not constitute an offering in any jurisdiction where such an offering cannot lawfully be made. No dealer, salesperson, or anyone else is authorized to give any information or to make any representation about this offering other than what is contained in this Prospectus. If anyone does so, you should not rely on it. In addition, the Contracts or certain investment options under the Contracts will not be available to you unless approved by the regulatory authorities in your state.
The SEC has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
 
LOGO
TABLE OF CONTENTS
 
Definitions     2  
Important Information You Should Consider About The Contract     4  
Overview Of The Contract     5  
Fee and Expense Table     6  
Principal Risks Of Investing In The Contract     7  
Who We Are And Other Related Information     8  
    8  
    9  
    9  
    9  
    9  
    10  
The Contracts We Offer And Income Options     10  
    10  
    10  
    11  
    11  
    12  
    12  
    12  
    12  
    12  
    12  
The Fixed Account     13  
The Variable Investment Accounts     13  
    13  
    13  
 
    13  
    14  
Annuity Payments     14  
    14  
    15  
    15  
    15  
    16  
    16  
Benefits Available Under The Contract     17  
The Contract Charges     17  
    17  
    17  
Tax Matters     18  
Other Information     20  
    20  
    20  
    20  
    20  
    20  
General Matters     20  
    20  
    21  
    21  
    21  
    21  
    21  
    21  
Appendix     22  
    22  
 
 
 
 
  Single Premium Immediate Annuities  Prospectus      1  
DEFINITIONS
Throughout the Prospectus, “TIAA Life,” “we,” and “our” refer to TIAA-CREF Life Insurance Company. “You” and “your” mean any Contract owner or any prospective Contract owner.
1940 Act. The Investment Company Act of 1940, as amended.
Annuitant. The natural person whose life is used in determining the annuity payments to be received. The Annuitant may be the Contract owner or another person.
Annuity Unit. A measure used to calculate the amount of each variable annuity payment made under a contract.
Assumed Investment Return 4%. This is the assumed annual rate of return used in calculating the amount of each variable annuity payment.
Beneficiary. The person or institution selected by the Contract owner to become the new Contract owner if the Contract owner dies while any annuity payments remain due.
Business Day. Any day that the New York Stock Exchange (NYSE) is open for trading. A Business Day ends at 4 p.m. Eastern Time, or when regular trading closes on the NYSE, if earlier.
Calendar Day. Any day of the year.
Commuted Value. The amount we will pay under certain circumstances in a lump sum instead of the remaining series of annuity payments. It’s less than the total of the future payments, because the future interest we’ve assumed in computing the series of payments will not be earned if payment is made in one sum. For the Fixed Account, the Commuted Value is the sum of payments less the interest that would have been earned from the effective date of the Commuted Value calculation to the date each payment would have been made. For any variable Investment Account, the Commuted Value is based on interest at an effective annual rate of 4%, calculated using the amounts that would have been paid if periodic payments were to continue and the Annuity Unit value used for each payment equaled the value as of the effective date of the calculation.
Contract(s). The One-Life Annuity, the Two-Life Annuity, and the Fixed-Period Annuity SPIA Contracts offered by TIAA Life.
Contract owner. The person (or persons) who controls all the rights and benefits under a contract.
Current Value. The Present Value of the future annuity payments, which for variable payments is computed using the assumption that the relevant Investment Account has an effective annual rate of 4%. In the case of the One-Life and Two-Life Annuities, the Present Value is determined based on the age of the Annuitant(s), if alive; the remaining guaranteed period, if any; the frequency of payment; and the mortality tables used to determine the initial amount of annuity payments. In the case of the Fixed-Period Annuity, it is determined based on the last
periodic payment date and the frequency of payment. This “Current Value” definition is used in determining the value of a refund in the event a contract is cancelled during the free look period.
Fixed Account. The account under the Contract supporting fixed annuity payments funded by assets in TIAA-CREF Life’s General Account.
Fund(s) or Underlying Fund(s). An investment company that is registered with the SEC in which an Investment Account is invested. The Contract allows you to indirectly invest in a series of investment companies that are listed on the front page of this Prospectus.
General Account. All of TIAA Life’s assets other than those allocated to the Separate Account or to any other TIAA-CREF Life Separate Account.
Good Order. An instruction that is received by TIAA Life that is sufficiently complete and clear, along with all forms, information, and supporting legal documentation so that TIAA Life does not need to exercise any discretion to follow such instruction. All orders to process any changes or transaction must be in Good Order. With respect to purchase requests, Good Order also generally includes receipt by us of sufficient funds to effect the transaction.
Income Change Method. The method you select for how often your variable annuity payments will be revalued. You can choose a monthly or annual Income Change Method.
Income Option. The form of annuity benefit that you select under the Two-Life Annuity. The Income Options for the Two-Life Annuity are: the Two-Life Annuity with Full Benefit While Either Annuitant Survives; the Two-Life Annuity with Two-Thirds Benefit While Either Annuitant Survives; and the Two-Life Annuity with One-Half Benefit While Second Annuitant Survives First Annuitant.
Investment Account. A sub-account of the Separate Account that invests its assets in shares of a corresponding Fund.
IRC. The Internal Revenue Code of 1986, as amended.
Issue Date. The day that the Contract is issued and becomes effective.
Premium. The amount you invest in the Contract.
Present Value. The Present Value of a series of payments is the lump-sum amount that is the current equivalent of a series of future payments calculated on the basis of a specified interest rate and, where applicable, mortality table.
Second Annuitant. The natural person whose life, together with the Annuitant’s life, is used to determine the amount of annuity payments and how long those payments will be made under the Two-Life Annuity Contract.
Separate Account. TIAA-CREF Life Separate Account VA-1.
SPIA(s). Three types of a Single Premium Immediate Annuity contract offered by TIAA Life. A One-Life Annuity, Two-Life Annuity, or a Fixed-Period Annuity.
 
2    Prospectus  Single Premium Immediate Annuities   
TC Services. TIAA-CREF Individual & Institutional Services, LLC.
TIAA. Teachers Insurance and Annuity Association of America.
Nuveen Life Funds. Formerly known as TIAA-CREF Life Funds. The following are the eight Funds currently available under the Contracts as investment options through the Separate Account: Nuveen Life Growth Equity Fund, Nuveen Life Real Estate Securities Select Fund, Nuveen Life Core Equity Fund, Nuveen Life Small Cap Equity Fund, Nuveen Life International Equity Fund, Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Large Cap Value Fund and Nuveen Life Stock Index Fund (collectively, the “Nuveen Life Funds”).
TIAA Life. TIAA-CREF Life Insurance Company, a wholly-owned subsidiary of TIAA.
Valuation Day. Any Business Day. Valuation days end as of the close of all U.S. national exchanges where securities or other investments of the Separate Account are principally traded.
 
  Single Premium Immediate Annuities  Prospectus      3  
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
 
     FEES AND EXPENSES   Location in Prospectus
Charges for Early Withdrawals
   None   Contract Options
Transaction Charges
   None   Changing Investment Accounts and Income Change Methods
Ongoing Fees and Expenses
(annual charges)
   The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.    
    Annual Fee   Minimum   Maximum    
    Base Contract1   0.60%   0.60%   The Contract Charges
   
Investment Options
(Underlying Fund fees
and expenses)2
   0.09%   0.60%  
Other Charges and Expenses
Appendix A—Funds Available Under the Contract
    Optional benefits available for an additional charge (for single optional benefit, if elected)3   None   None   Benefits Available Under the Contract
   
1   Deducted daily as a percentage of average account value.
2   As a percentage of net assets.
3  There are no optional benefits available under the Contract.
    
    Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract.    
    Lowest Annual Cost: $705   Highest Annual Cost: $1,889    
   
Assumes:
 
·   Investment of $100,000
 
·   5% annual appreciation
 
·   Least expensive Underlying Fund fees and expenses
 
·   No optional benefits
 
·   No sales charges
 
·   No additional purchase payments, transfers or withdrawals
  
Assumes:
 
·   Investment of $100,000
 
·   5% annual appreciation
 
·   Most expensive combination of Underlying Fund fees and expenses
 
·   No optional benefits2
 
·   No sales charges
 
·   No additional purchase payments, transfers or withdrawals
    
    There are no optional benefits available under the Contract.
     RISKS   Location in Prospectus
Risk of Loss  
·   You can lose money by investing in your Contract, including loss of principal.
   Principal Risks of Investing in the Contract
Not a Short-Term Investment  
·   The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.
   Principal Risks of Investing in the Contract
Risks Associated with Investment Options  
·   An investment in the Contract is subject to the risk of poor investment performance. Performance can vary depending on the performance of the investment options that you choose under the Contract (e.g., Underlying Funds).
 
·   Each investment option (including any Fixed Account investment option) has its own unique risks.
 
·   You should review the investment options before making an investment decision.
   Principal Risks of Investing in the Contract
Insurance Company Risks  
·   An investment in the Contract is subject to risks related to TIAA Life, and any obligations, guarantees or benefits of the Contract are subject to TIAA Life’s claims-paying ability. More information about TIAA Life, including its financial strength ratings, is available upon request by visiting our website at: tiaa.org/public/.
   Principal Risks of Investing In the Contract
     RESTRICTIONS   Location in Prospectus
Investments  
·   We have adopted policies and procedures to discourage market timing and frequent transaction activity.
 
·   We have limited the number of transfers and exchanges permitted into or out of an Investment Account.
 
·   We reserve the right to add or close Investment Accounts, substitute another fund or other investment vehicles or combine Investment Accounts.
  
Transfer Policies Regarding Market Timing and Excessive Trading
 
Transfer Policies Regarding Market Timing and Excessive Trading
 
Adding and Closing Accounts or Substituting Funds; Adding or Deleting Contract Options or Income Methods
Optional Benefits  
·   There are no optional benefits associated with the Contract.
   Benefits Available Under the Contract
 
4    Prospectus  Single Premium Immediate Annuities   
     TAXES   Location in Prospectus
Tax Implications  
·   You should consult with a tax professional to determine the tax implications of an investment in and purchase payments received under the Contract.
 
·   Generally, you are not taxed until you begin receiving income payments from the Income Option you selected under Contract.
 
·   Income payments you receive from the Income Option you selected will be subject to ordinary income tax and may be subject to tax penalties if taken before age 59½.
 
·   Premium taxes may apply.
  
Possible Adverse Tax Consequences.
 
Tax Matters
 
Tax Matters
 
Premium Taxes
     
     CONFLICTS OF INTEREST   Location in Prospectus
Investment Professional Compensation  
·   Your investment professional may receive compensation for selling this Contract to you, in the form of an additional cash benefit (e.g., a bonus). Accordingly, your investment professional may have a financial incentive to offer or recommend this Contract over another investment.
   Conflicts of Interest
Exchanges  
·   Some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing contract.
   Conflicts of Interest
OVERVIEW OF THE CONTRACT
Purpose of the Contract
The Contract is an individual single premium immediate variable annuity contract designed to accept a single lump sum premium and turn it into an immediate income stream of scheduled annuity payments. The annuity payments may be for the life of the named Annuitant(s), which may be you or another person named under the Contract, or for a specified period of time you select. You choose the frequency of these payments and the length of the annuity payments will depend on the Income Option you choose. You can choose fixed or variable annuity payments (or any combination of fixed and variable annuity payments) by allocating your single premium to the Fixed Account or to one or more of the Separate Account Investment Accounts. Annuity payments from the Fixed Account provide a fixed income payment at a minimum guaranteed interest rate. Annuity payments from Investment Accounts vary depending upon the Annuity Unit Value of each Account, which fluctuates depending upon market performance and may lose value, including loss of principal. Additional information about the underlying Funds is provided below in this Prospectus and in “Appendix A- Funds Available Under the Contract.”
You can transfer all or part of the future annuity income payable between the Fixed Account and the Investment Accounts. Transfers from the Fixed Account to an Investment Account may only be done through periodic transfers as described in the Contract. There are significant limitations on your right to transfer annuity income from the Fixed Account to Investment Accounts. We do not assess a transaction charge with any transfer.
You bear the risk of any decline in the account balance of your Contract resulting from the performance of the underlying Funds you have chosen. Your account value could decline significantly, and there is a risk of loss of the entire amount invested. You should consider the investment objectives, risks, and charges and expenses of each underlying Fund carefully before making an investment decision.
The Contract may be appropriate if you are ready begin receiving annuity income payments immediately. It may not be appropriate for investors who may need to make additional withdrawals beyond the elected income payout options or those who intend to engage in frequent transfers.
Annuity Phase.
The Contract has only one phase, the annuity (or income) phase. Since your single premium payment is applied to provide immediate income, the Contract does not have an accumulation phase. Generally, there is no opportunity to withdraw from your account value other than through selecting an Income Option or under certain circumstances, opting for a Commuted Value lump sum payout under a guaranteed period annuity or fixed-period annuity (see, below “Receiving a Lump-Sum Payment”).
The annuity phase begins when your application is approved and the Contract is issued. Your annuity income payments will start on the date you choose. You can choose between fixed or variable income payments, or a combination of these. Annuity income payments can be paid for an agreed upon timeframe, or for your lifetime.
Contract Features
Annuity Payments. The Contract provides for immediate income as scheduled payments.
Investment Options. The Contract provides the opportunity for tax-deferred growth by initial premium to a variety of investment options in addition to the Fixed Account.
 
  Single Premium Immediate Annuities  Prospectus      5  
Tax Treatment. You can transfer money between Investment Accounts without tax implications, and earnings on your investments are generally tax-deferred until annuity income payments begin. Consult with a qualified tax adviser to determine the tax implications of annuity income payments received from the Contract.
Fee and Expense Tables
The following tables describe the fees and expenses that you will pay when buying and owning the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract or transfer Contract value between investment options. State premium taxes may also be deducted.
Transaction Expenses
 
      Charge
Sales Load Imposed on Purchases (as a percentage of premiums)    None
Deferred Sales Load (or Surrender Charge) (as a percentage of premiums or amount surrendered, as applicable)    None
Exchange Fee    None
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).
Annual Contract Expenses
 
      Charge
Administrative Expenses    None
Base Contract Expenses (as a percentage of average account value) without waiver    1.20%
Base Contract Expenses (as a percentage of average account value) with waiver1    0.60%
 
1.   TIAA Life has waived 0.60% of the Mortality and Expense Risk Charge, which reduces the Total Annual Base Contract Expenses to 0.60%. TIAA Life will provide at least three months’ notice to you before it raises these charges above 0.60%.
The next table shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in this Prospectus under: Appendix A—“Funds Available Under the Contract”.
Annual Fund Expenses
 
      Minimum    Maximum
Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses (before fee waiver/expense reimbursements)    0.09%    0.66%
Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses (after fee waiver/expense reimbursements1)    0.09%    0.60%
 
1    Certain Funds, including the Fund with the maximum total annual fund operating expenses (before fee waiver/expense reimbursements), are subject to an expense reimbursement arrangement between such Fund and the investment adviser, which is expected to continue until at least April 30, 2025.
These Examples are presented to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and Annual Fund Expenses.
These Examples assume a male, age 65 has elected to receive income payments beginning in year 1. The first Example represents $100,000 invested in a Contract with a life Income Option and a 10-year guarantee, and the second Example represents $100,000 invested in a Contract with a life Income Option and a 20-year guarantee, for the time periods indicated. Each Example also assumes a 5% return each year, assumes the most expensive Annual Fund Expenses and
 
6    Prospectus  Single Premium Immediate Annuities   
the least expensive Annual Fund Expenses, and assumes no elected optional benefits. A surrender option is not available under the Contract. Although your actual costs may be higher or lower, based on these assumptions, your cost would be:
Example 1:
 
Your Cost of Investing in the Contract 1, 2     
      1 Year    3 Years    5 Years    10 Years
Lifetime Income with 10 Year Guarantee Period   
Maximum Fund Expenses    $1,889    $5,847    $10,058    $21,798
Minimum Fund Expenses    $1,314    $4,090    $7,076    $15,565
 
1    This Example used the maximum contractual Annual Base Contract Charge (administrative expense charge and mortality and expense risk charge) of 1.20%.
2    A surrender option and optional benefits are not available under the Contract.
Example 2:
 
Your Cost of Investing in the Contract 1, 2     
      1 Year    3 Years    5 Years    10 Years
Lifetime Income with 20 Year Guarantee Period.   
Maximum Fund Expenses    $1,889    $5,847    $10,058    $21,798
Minimum Fund Expenses    $1,314    $4,090    $7,076    $15,565
 
1    This Example used the maximum contractual Annual Base Contract Charge (administrative expense charge and mortality and expense risk charge) of 1.20%.
2    A surrender option and optional benefits are not available under the Contract.
PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
 
Investing in the Contract involves risks. The following are the principal risks of an investment in the Contract. You should carefully consider the below risks in addition to the other information contained in this Prospectus. Additional risks and details regarding various risk and benefits of investing in the Contract are described in relevant sections of this Prospectus. The Contract may be subject to additional risks other than those identified and described in the Prospectus.
Risk of Loss. The Contract is subject to market risk (the risk that your investments and income payments may decline in value or underperform your expectations). As a result, you can lose money by investing in the Contract, including loss of principal. An investment in the Contract is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
Not a Short-Term Investment. This Contract is not appropriate as a short-term investment. It is also not appropriate for an investor who needs ready access to cash, since as a single premium annuity there is no accumulation phase. Generally, there is no opportunity to withdraw from your account value other than through selecting an Income Option or under, certain circumstances, opting for a Commuted Value lump sum payout under a guaranteed period annuity or fixed-period annuity (see, below “Receiving a Lump-Sum Payment”). The Contract is intended to provide income for a specific time period or for the life of an Annuitant. The benefits of tax deferral also mean the Contract is more beneficial to investors with a long time horizon.
Investment Risk. As with all variable annuities, an investment in the Contract is subject to the risk of poor investment performance of the Underlying Funds. Performance can vary depending on the performance of the Underlying Funds you selected available under the Contract. You bear the risk of any decline in the account balance of your Contract resulting from the performance of the Underlying Funds you have chosen. Your account value could decline significantly, and there is a risk of loss of the entire amount invested. You should review these investment options before making an investment decision.
Each investment option will have its own unique risks. We do not provide any investment advice and do not recommend or endorse any particular Underlying Fund. We do not guarantee the investment performance of the Separate Account or the Underlying Funds, and you bear the entire investment risk. Information regarding the Funds available under your Contract is provided below in this Prospectus and in “Appendix A—Funds Available Under the Contract”.
Risks Associated with TIAA Life. An investment in the Contract is subject to risks related to TIAA Life and any obligations, guarantees or benefits of the Contract are subject to TIAA Life’s financial strength and claims-paying ability. As an insurance company, we are required by state insurance regulation to hold a specified amount of reserves in order to meet the contractual obligations of our General Account. In order to meet our claims-paying obligations, we monitor our reserves so that we hold amounts required under state law to cover actual or expected Contract and claims payments. However, it is important to note that
 
  Single Premium Immediate Annuities  Prospectus      7  
there is no guarantee that we will always be able to meet our claims-paying obligations and that there are risks to purchasing any insurance product. Information about TIAA Life, including its financial strength ratings is available by visiting our website at tiaa.org/public/.
Possible Adverse Tax Consequences. Tax considerations associated with the Contract can vary and can be complicated. Adverse tax consequences may result if contributions, distributions, and other transactions with respect to the Contract are not made or effected in compliance with the law. We cannot provide detailed information on all tax aspects of the Contract. Moreover, the tax aspects that apply to a particular person’s Contract may vary depending on the facts applicable to that person and state of residence. Tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect Contracts purchased before the change. We cannot predict what, if any, legislation will be proposed or enacted. Before making contributions to your Contract or taking other action related to your Contract, you should consult with a qualified tax advisor to determine the tax implications of an investment in, and payments received under, the Contract.
Risks Related to Cybersecurity and Other Business Continuity Risks. With the increased use of connected technologies such as the Internet to conduct business, the Separate Account and its service providers (including, but not limited to, TIAA, TC Services, and financial intermediaries) are susceptible to cybersecurity risks. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through “hacking” or other means to digital systems, networks, or devices that are used to service the Separate Account’s operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a “denial-of- service” attack on the Separate Account’s systems or the system of its service providers. In addition, authorized persons could inadvertently or intentionally release and possibly destroy confidential or proprietary information stored on the Separate Account’s systems or the systems of its service providers.
Cybersecurity failures by us or any of our service providers, the Underlying Portfolios, or the issuers of securities in which the Underlying Funds invest, have the ability to result in disruptions and to impact business operations, and may adversely affect the Separate Account and the value of your Accumulation Units. Such disruptions or impacts may result in: financial losses, interference with our processing of Contract transactions, including the processing of orders from TIAA’s website or with the Underlying Portfolios; interfere with the Separate Account’s ability to calculate unit values; barriers to trading and order processing; your inability to transact business with us; violations of applicable federal and state privacy or other laws, regulatory fines, litigation, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The Separate Account and its service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cybersecurity breach may cause such information to be lost, improperly accessed, used or disclosed. The Separate Account may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. The Separate Account and its Contract Owners could be negatively impacted by such cybersecurity attacks or incidents. Although the Separate Account has established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. As a result, it is possible that the Separate Account or the Separate Account’s service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, the Separate Account cannot directly control the cybersecurity plans or systems implemented by its service providers.
Other disruptive events, including, but not limited to, natural disasters, terrorism, or public health or pandemic crises (such as the COVID-19 pandemic from late 2019-mid-2022), may adversely affect our ability to conduct business. Such adverse effects may include the inability of TIAA’s employees, or the employees of its affiliates and service providers, to perform their responsibilities as a result of any such event. Any resulting disruptions to the Separate Account’s business operations can interfere with our processing of contract transactions (including the processing of orders from our website), impact our ability to calculate annuity unit values, or cause other operational issues.
WHO WE ARE AND OTHER RELATED INFORMATION
TIAA-CREF LIFE INSURANCE COMPANY AND TIAA
The Contract is by issued by TIAA Life, a stock life insurance company organized under the laws of the State of New York on November 20, 1996. All of the stock of TIAA Life is held by Teachers Insurance and Annuity Association of America (TIAA). TIAA Life’s headquarters are at 730 Third Avenue, New York, New York 10017-3206. TIAA Life is solely responsible for its contractual obligations.
TIAA is a stock life insurance company, organized under the laws of the State of New York. It was founded on March 4, 1918, by the Carnegie Foundation for the Advancement of Teaching. TIAA is the companion organization of the College Retirement Equities Fund (CREF), the first company in the United States to issue a variable annuity. CREF is a nonprofit membership
 
8    Prospectus  Single Premium Immediate Annuities   
corporation established in the State of New York in 1952. Together, TIAA and CREF form one of the largest retirement systems in the U.S., based on assets under management. CREF does not stand behind TIAA’s guarantees and TIAA does not guarantee CREF products.
THE SEPARATE ACCOUNT
On July 27, 1998, TIAA Life established TIAA-CREF Life Separate Account VA-1 as a Separate Account under New York law. The Separate Account is registered with the SEC as a unit investment trust under the 1940 Act. As part of TIAA Life, the Separate Account is also subject to regulation by the New York Department of Financial Services and by insurance departments of other jurisdictions in which the Contracts are offered (see, the Statement of Additional Information (“SAI”).
Although TIAA Life owns the assets of the Separate Account, and the obligations under the Contracts are obligations of TIAA Life, the Separate Account’s income, investment gains, and investment losses are credited to or charged against the assets of the Separate Account without regard to TIAA Life’s other income, gains, or losses. Under New York law, we cannot charge the Separate Account with liabilities incurred by any other TIAA Life Separate Account or other business activity TIAA Life may undertake.
THE UNDERLYING FUNDS
You may allocate any portion of the Premium to the Separate Account, which currently has eight subaccounts, or variable Investment Accounts. These variable Investment Accounts invest in shares of the Funds of the Nuveen Life Funds. Nuveen Life Funds is an open-end management investment company that was organized as a statutory trust under Delaware law on August 13, 1998. The Nuveen Life Funds currently consists of eleven Funds, but may add other Funds in the future.
Please note that not all of the Funds currently described in the Prospectus for the Nuveen Life Funds are available to you under your Contract. When you consult the Nuveen Life Funds Prospectus, you should be careful to refer only to the information regarding the Funds available under your Contract. A separate Prospectus for the Funds provides more information about the Funds and are further described below in Appendix A—Funds Available Under the Contract”. The Prospectus for the Funds may provide information for other Funds that are not available through your Contract. When you consult the Prospectus, you should be careful to refer only to the information regarding the eight Funds described below.
THE FIXED ACCOUNT
This Prospectus is designed to provide information mainly about the variable Investment Accounts. The following is a brief description of the Fixed Account. Amounts allocated to the Fixed Account become part of the General Account assets of TIAA Life, which support various insurance and annuity obligations. The General Account includes all the assets of TIAA Life, except those in the Separate Account (i.e., the Investment Accounts) or in any other TIAA Life Separate Account. Interests in the Fixed Account have not been registered under the Securities Act of 1933 (the “1933 Act”), nor is the Fixed Account registered as an investment company under the 1940 Act. Neither the Fixed Account nor any interests therein are generally subject to the 1933 Act or 1940 Act. For more details about the Fixed Account, see refer to your Contract. Any amounts in the Fixed Account are subject to our financial strength and claims-paying ability.
ADDING AND CLOSING ACCOUNTS OR SUBSTITUTING FUNDS; ADDING OR DELETING CONTRACT OPTIONS OR INCOME METHODS
We can add new Investment Accounts in the future that would invest in other Funds. We do not guarantee that the Separate Account, any existing Investment Account or any Investment Account added in the future, will always be available. We reserve the right to add or close accounts, substitute one Fund for another with the same or different fees and charges, combine accounts or investment portfolios, liquidate the Investment Accounts or add, delete or stop providing Contracts for use with any Investment Account. We can also stop or start providing certain contract options or Income Options under either the annual or monthly Income Change Methods from current or future Investment Accounts. We can also make any changes to the separate account or to the Contract required by applicable laws relating to annuities or otherwise. TIAA Life can make these and some other changes at its discretion, subject to any required New York Department of Financial Services, SEC or state approval. The Separate Account can (1) operate under the 1940 Act as an investment company, or in any other form permitted by law, (2) deregister under the 1940 Act if registration is no longer required, or (3) combine with other Separate Accounts. As permitted by law, TIAA Life may transfer the Separate Account assets to another Separate Account or account of TIAA Life or another insurance company or transfer the Contract to another insurance company.
VOTING RIGHTS
The Separate Account is the legal owner of the shares of the Funds of the Nuveen Life Funds offered through your Contract. It therefore has the right to vote its shares at any meeting of the Nuveen Life Funds’ shareholders. The Nuveen Life Funds do not plan to hold annual shareholder meetings. However, when shareholder meetings are held, you have the right to instruct us how to vote the shares supporting your Contract.
If we do not receive timely instructions, we will vote your shares in the same proportion as the aggregate voting instructions received on all outstanding Contracts. Please note that the effect of proportional voting is that a small
 
  Single Premium Immediate Annuities  Prospectus      9  
number of Contract owners may control the outcome of a vote. TIAA Life may vote the shares of the Funds in its own right in some cases, if it determines that it may legally do so.
The number of votes that a Contract owner has the right to instruct is calculated separately for each variable Investment Account and includes fractional votes. The Contract owner has a voting interest in each Investment Account from which variable annuity payments are made. The number of votes you have is calculated based on the amounts to be paid from each variable Investment Account to meet our future annuity obligations to you. As variable annuity payments are made to you, the number of votes you have diminishes.
DISTRIBUTION OF THE CONTRACTS
We offer each Contract to the public on a continuous basis. We anticipate continuing to offer the Contracts but reserve the right to discontinue the offering.
Each Contract is offered by TC Services, a subsidiary of TIAA which is registered with the SEC as a broker-dealer and a member of Financial Industry Regulatory Authority or FINRA. TC Services may also enter into selling agreements with third parties to distribute the Contracts. TC Services is considered the “principal underwriter” for interests in the Contract. Anyone distributing a Contract must be a registered representative of TC Services or have entered into a selling agreement with TC Services. The main office of TC Services is located at 730 Third Avenue, New York, New York 10017-3206. No commissions are paid to TC Services or any other entity in connection with the distribution of each Contract.
THE CONTRACTS WE OFFER AND INCOME OPTIONS
WHAT IS TIAA LIFE’S SINGLE PREMIUM IMMEDIATE ANNUITY?
TIAA Life’s Single Premium Immediate Annuity is a contract (“SPIA” or “Contract”) offered by TIAA Life, which provides various Income Options for you to choose. Each Contract is designed to provide you with a stream of income for the life of the named Annuitant(s) (which may be you or another person) or for a specified period of time you select. You may purchase a One-Life Annuity, a Two-Life Annuity, or a Fixed-Period Annuity, each of which is described further below. You can then choose a combination of fixed and variable annuity payments by allocating your single Premium to a TIAA Life Fixed Account or to one or more of the following eight Separate Account variable Investment Accounts, which are described in more detail in this Prospectus and under “Appendix A—Funds Available Under the Contract”.
Here are the eight Separate Account investment options:
 
• Nuveen Life Growth Equity Fund
  
• Nuveen Life Real Estate Securities Select Fund
• Nuveen Life Core Equity Fund
  
• Nuveen Life Small Cap Equity Fund
• Nuveen Life International Equity Fund
  
• Nuveen Life Large Cap Responsible Equity Fund
• Nuveen Life Large Cap Value Fund
  
• Nuveen Life Stock Index Fund
You generally are not taxed on any earnings or appreciation on the assets in the Contract until money is withdrawn from the Contract. As with all variable annuities, your variable annuity payments will increase or decrease; depending on how well the Investment Account’s Fund investment performs over time. TIAA Life does not guarantee the investment performance of the Funds or the Investment Accounts, and you bear the entire investment risk.
A separate Prospectus for the Funds provides more information about the Funds listed above. Note that the Prospectus for the Funds may provide information for other Funds that are not available through the Contract. When you consult the Fund’s Prospectus, you should be careful to refer only to the information regarding the Funds listed above.
Each Contract and certain investment options under that Contract will not be available to you unless approved by the regulatory authorities in your state.
CONTRACT OPTIONS
TIAA Life’s SPIAs allow you, the owner, to apply a single sum of money to one of three types of annuity Contracts and receive a stream of income for the life of the named Annuitant(s) (which may be you or another person) or for a specified period of time you select. You may purchase a One-Life Annuity, a Two-Life Annuity, or a Fixed-Period Annuity. Each of these Contracts uses a different method to determine the duration of annuity income payments. The total value of annuity payments made to you (or your Beneficiary) may be less than the Premium you paid depending on the duration of your Contract.
The types of Contracts we offer are:
 
  •  
One-Life Annuity. This option pays you or your Beneficiary income as long as the Annuitant lives, with or without an optional guaranteed period. If you elect a guaranteed period (10, 15 or 20 years) and the Annuitant dies before it’s over, annuity income payments will continue to you or your Beneficiary until the end of the period. The guaranteed period may be limited by applicable tax laws. If you do not elect a guaranteed period, all annuity income payments end when the Annuitant dies—so that it’s possible for you to receive only one payment if the Annuitant dies before the second payment is made, two payments if the Annuitant dies before the third payment is made, etc.
 
10    Prospectus  Single Premium Immediate Annuities   
  •  
Two-Life Annuity. This option pays income to you or your Beneficiary as long as the Annuitant or second Annuitant lives or until the end of an optional specified guaranteed period, whichever period is longer. The guaranteed period may be limited by applicable tax laws. There are three types of Income Options under the Two-Life Annuity, all available with or without a guaranteed period—Two-Life Annuity with Full Benefit While Either Annuitant Survives, Two-Life Annuity with Two- Thirds Benefit While Either Annuitant Survives, and Two-Life Annuity with One-Half Benefit While Second Annuitant Survives First Annuitant.
 
  •  
Fixed-Period Annuity. This option pays you or your Beneficiary income for a stated period of not less than five nor more than thirty years. At the end of the period you have chosen, payments stop. The period you choose may be limited by applicable tax laws.
Under each Contract, TIAA Life promises to pay the named Annuitant(s) (which may be you or another person), an income in the form of annuity payments. You choose the frequency of these payments. You can only make one single premium payment and, after your initial premium payment, you may not make any additional premium payments. You can use the Contract to provide you with a stream of income for the life of the named Annuitant(s) or for a specified period of time elected. How long we make annuity payments under the Contract will depend on the type of Contract you choose, as well as the length of any guaranteed period you elect. Generally, there is no opportunity to withdraw from your account value other than through selecting an Income Option or under, certain circumstances, opting for a Commuted Value lump sum payout under a guaranteed period annuity or fixed-period annuity (see, below “Receiving a Lump-Sum Payment”).
The Contract includes both fixed and variable components—that is, you can allocate your single premium between the Fixed Account or one or more Separate Account variable Investment Accounts. Annuity payments from the Fixed Account are guaranteed by TIAA Life over the life of the Contract. Annuity payments from the Separate Account’s variable Investment Accounts increase or decrease, depending on the performance of the Funds underlying the Investment Account. Your variable payments will also change depending on the Income Change Method you choose—i.e., whether you choose to have your payments revalued monthly or annually.
Each Contract is currently approved in all states, including the District of Columbia.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including us, to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you apply for a contract, we will ask for your name, address, date of birth, social security number and other information that will allow us to identify you, such as your home telephone number. Until you provide us with the information we need, we may not be able to open an account or effect any transactions for you.
PURCHASING THE CONTRACT AND REMITTING PREMIUM
The Premium. We will issue you a contract as soon as we receive in Good Order at our Administrative Office your complete and accurate application, Premium and all other information necessary to process your application. The Premium must be for at least $25,000. Additional Premiums are not permitted under the terms of the Contract. We will credit your Premium within two Business Days after we receive all necessary information or the Premium itself, whichever is later. If we do not have the necessary information within five Business Days, we will return your Premium at that time unless you provide us specific consent to retain the initial premium until your application is complete and in Good Order.
Please send your check, payable to TIAA Life Insurance Company, along with the application to:
New Business Department
TIAA-CREF Life Insurance Company
P.O. Box 1291
Charlotte, NC 28201-9908
Please note that we cannot accept money orders or travelers checks. In addition, we will not accept a third-party check where the relationship of the payer to the account owner cannot be identified from the face of the check.
We reserve the right to reject any Premium payment or to place dollar limitations on the amount of a Premium. If mandated under applicable law, including federal laws designed to counter terrorism and prevent money laundering, we may be required to reject a Premium payment. We may also be required to block a Contract owner’s account and thereby refuse to pay any request for transfers until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.
Federal law requires us to obtain, verify and record information that identifies each person who opens an account. Until we receive the information we need, we may not be able to effect transactions for you. Furthermore, if we are unable to verify your identity, or that of another person authorized to act on your behalf, or if we believe that we have identified potentially criminal activity, we reserve the right to take such action as we deem appropriate, which may include closing your account.
Electronic Payment. You may pay your Premium by electronic payment. A federal wire is usually received the same day and an Automated Clearing House (“ACH”) credit or debit transfer is usually received by the second day after transmission. Be aware that your bank may
 
  Single Premium Immediate Annuities  Prospectus      11  
charge you a fee to wire funds, although an ACH transfer is usually less expensive than a federal wire. Here’s what you need to do:
 
  1.
Send us your application;
 
  2.
Instruct your bank to wire money to:
Citibank, N.A. ABA Number 021000089
New York, NY
Account of: TIAA-CREF Life Insurance Company
Account Number: 4068-4865
 
  3.
Specify on the wire:
 
  •  
Your name and address
 
  •  
Social Security Number(s) or Taxpayer Identification Number
 
  •  
Specify code “SPIA”
MAY I CANCEL MY CONTRACT?
Subject to the terms of your Contract and the insurance regulations of the state in which you reside, if you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the Premiums you paid with your application or your total Contract value on the date that you returned the Contract and the refund request to us. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
CAN I ASSIGN THE CONTRACT?
Neither you nor any other person may assign or pledge ownership of this Contract or any benefits under its terms. Any such action will be void and of no effect.
LOANS
Loans are not an option under the Contracts.
DEATH OF THE CONTRACT OWNER
If you (the Owner) die, your designated Beneficiary(ies) or, if none, the person chosen as the Annuitant or second Annuitant (if applicable), will become the owner and remaining annuity income payments will be made to him or her. If there is no surviving Beneficiary and the Annuitant and second Annuitant, if any, has died before the end of a guaranteed period, the Commuted Value of any payments remaining due will be paid in one lump- sum to your estate.
DEFINITION OF SPOUSE UNDER FEDERAL LAW
A person who meets the definition of “spouse” under federal law may avail themselves of certain contractual rights and benefits. Any right of a spouse that is made available to continue the Contract and all Contract provisions relating to spouses and spousal continuation are available only to a person who meets the definition of “spouse” under federal law. IRS guidance provides that civil unions and domestic partnerships that may be recognized under state law are not marriages unless denominated as such. Consult a qualified tax adviser for more information on this subject.
The impact of the Respect for Marriage Act, providing certain protections for interracial and same-sex marriages, on IRS guidance regarding civil unions and domestic partnerships is uncertain.
RECEIVING A LUMP-SUM PAYMENT
You or your Beneficiary have the right to receive in a lump sum the Commuted Value of any periodic payments or other amounts remaining due (i) from a One-Life or Two-Life Annuity if the Annuitant(s) dies during the guaranteed period, or (ii) under a Fixed- Period Annuity from the variable Investment Accounts. (Under the One-Life and Two-Life Annuities, no lump sum payment is available during the lifetime of Annuitant(s), or if the Annuitant dies after the end of the guaranteed period. Under a Fixed-Period Annuity, a lump-sum payment from the Fixed Account is only available to your beneficiaries after your death.)
The Commuted Value will be less than the total of the future payments, because the future interest we’ve assumed in computing the series of payments won’t be earned if payment is made in one sum. The effective date of the calculation of the Commuted Value is the Business Day on which we receive the request for a Commuted Value, in a form acceptable to us.
A lump-sum payment is subject to tax and may be subject to a 10% premature distribution tax if made before age 59½. (See “Federal Income Taxes.”) In addition, if your Contract does not have a guaranteed period, no Commuted Value will be available.
CONTRACT VARIATIONS
There are no material state variations of the same Contract type from one state-specific contract to another state specific contract in terms of features, benefits and charges. You should review your Contract along with this prospectus to understand the product features, benefits and charges under your Contract.
CONFLICTS OF INTEREST
Please note that your investment professional may receive compensation for selling this Contract to you, in the form of an additional cash benefit (e.g., a bonus). Accordingly, your investment professional may have a financial incentive to offer or recommend this Contract over another investment. In addition, some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract.
 
12    Prospectus  Single Premium Immediate Annuities   
THE FIXED ACCOUNT
Amounts allocated to the Fixed Account become part of the General Account assets of TIAA Life, which support various insurance and annuity obligations. The General Account includes all the assets of TIAA Life, except those in the Separate Account (i.e., the Investment Accounts) or in any other TIAA Life Separate Account. For more details about the Fixed Account, see refer to your Contract. Any amounts in the Fixed Account are subject to our financial strength and claims-paying ability.
THE VARIABLE INVESTMENT ACCOUNTS
WHAT ARE MY INVESTMENT OPTIONS UNDER THE CONTRACT?
Under each of TIAA Life’s Contracts, you can choose fixed or variable annuity payments (or any combination of fixed and variable payments) by allocating your single Premium to the Fixed Account or to one or more of the Separate Account’s variable Investment Accounts. Annuity payments from the Fixed Account are guaranteed over the life of the Contract. If you selected any or all of the eight variable Investment Accounts available to you, your annuity payments from the Separate Account’s variable Investment Accounts will increase or decrease, depending on how well the Funds underlying the Investment Accounts perform over time. TIAA Life does not guarantee the investment performance of the Funds or the variable Investment Accounts, and you bear the entire investment risk. Your payments will also change depending on the Income Change Method you choose—i.e., whether you choose to have your payments revalued monthly or annually, which is discussed below.
THE UNDERLYING FUNDS
You may allocate any portion of the Premium to the Separate Account’s eight variable Investment Accounts available under the Contract. Each of these Funds is available to Contract Owners as an investment option without a restriction unless indicated otherwise in Appendix A—Funds Available Under the Contract. Refer to the Nuveen Life fund Prospectus for additional details. Please note, the Prospectus for Nuveen Life Funds includes eleven funds, but only eight of those funds are made available as investment options under your Contract.
GENERAL DESCRIPTION OF THE FUNDS:
Active Equity Funds:
The Nuveen Life Growth Equity Fund seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities.
The Nuveen Life Core Equity Fund seeks a favorable long-term total return, through both capital appreciation and investment income, primarily from income-producing equity securities.
The Nuveen Life International Equity Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.
The Nuveen Life Large Cap Value Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.
The Nuveen Life Small Cap Equity Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.
Index Funds:
The Nuveen Life Stock Index Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets.
Specialty Funds:
The Nuveen Life Large Cap Responsible Equity Fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain environmental, social and governance (“ESG”) criteria.
The Nuveen Life Real Estate Securities Select Fund seeks a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry.
Teachers Advisors, LLC (“Advisors”), an indirect subsidiary of TIAA, manages the assets of the Nuveen Life Funds. Advisors also manages the Stock Index Account of the TIAA Separate Account VA-1, TIAA-CREF Mutual Funds, and TIAA-CREF Institutional Mutual Funds. The same personnel also manage the CREF accounts on behalf of TIAA-CREF Investment Management, LLC, an investment adviser that is also a TIAA subsidiary.
The investment objectives, techniques and restrictions of the Nuveen Life Funds, including the risks of investing in the Funds, are described fully in their Prospectus and SAI. The Prospectus and SAI of the Nuveen Life Funds may be obtained by writing Nuveen Life Funds, 730 Third Avenue, New York, New York 10017-3206, by calling 877 825-0411, or by accessing our internet website at www.tiaa.org. You should read the Prospectus for the Nuveen Life Funds carefully before investing in the separate account.
CHANGING INVESTMENT ACCOUNTS AND INCOME CHANGE METHODS
You may “transfer” all or part of the future annuity payments one time in each calendar quarter from each variable Investment Account to another variable Investment Account or to the Fixed Account. One time in a calendar year, under the One-Life and Two-Life Annuities, you will also be able to transfer the Present Value of future amounts payable from the Fixed Account to any of the variable
 
  Single Premium Immediate Annuities  Prospectus      13  
Investment Accounts (provided they are equity accounts), either in a lump sum of up to 20% of annuity income in any year, or in installment payments over a five-year period. Due to this limitation, it may take several years to transfer all of your future annuity payments from the Fixed Account to the variable Investment Accounts. Once income has been transferred from the Fixed Account to a variable Investment Account it cannot be transferred back to the Fixed Account.
You may not transfer payments from the Fixed Account to the variable Investment Accounts under the Fixed-Period Annuity. All transfers must consist of a periodic payment of at least $100 or the entire payment. We do not assess a transaction charge with any transfers.
We will process your transfer as of the Business Day we receive your request in Good Order. Alternatively, you can choose to have a transfer take effect at the close of any future Business Day, or the last Calendar Day of the current or any future month, even if it’s not a Business Day. Transfers under the Annual Income Change Method will affect your annuity payments beginning on the May 1 following the March 31 (or, if March 31 is not a Valuation Day, the immediately preceding Valuation Day) which is on or after the effective date of the transfer. Transfers under the Monthly Income Change Method and all transfers into or out of the Fixed Account will affect your annuity payments beginning with the first payment due after the monthly payment Valuation Day that is on or after the transfer date. If you live in Georgia, Hawaii, Idaho, Iowa, Louisiana, Massachusetts, Michigan, Missouri, Nebraska, North Carolina, Oklahoma, Rhode Island, South Carolina, Utah, Washington, West Virginia or Wisconsin, during the period in which any portion of your Premium is temporarily held in the General Account, no transfers may be made. For more information on how we calculate transfer amounts, see “Calculating Variable Annuity Payments.”
You can switch between the Annual and Monthly Income Change Methods at any time, but only once a year, and the switch will go into effect on March 31 (or, if March 31 is not a Valuation Day, the immediately preceding Valuation Day).
To request a transfer or to switch your Income Change Method, call Retirement Services, toll-free at 800-842-2252, or write the TIAA Life home office at 730 Third Avenue, New York 10017-3206. Please note that telephone transactions may not always be available.
TRANSFER POLICIES REGARDING MARKET TIMING AND EXCESSIVE TRADING
Variable annuity Contract Owners could try to profit from transferring money back and forth among Investment Accounts in an effort to “time” the market or for other reasons. As money is shifted in and out of these accounts, we incur transaction costs and the underlying Funds incur expenses for buying and selling securities.
In addition, excessive trading can interfere with efficient portfolio management and cause dilution, if traders are able to take advantage of pricing inefficiencies. The risk of pricing inefficiencies may be increased for Funds invested primarily in foreign securities. These costs are borne by all Contract Owners, including long-term investors who do not generate the costs. The Contract is not intended for market timing or frequent trading.
Under this Contract, market timing is unlikely, due to the nature of the Contract and its transfer limitations. In particular, transfers of all or part of the future annuity income payable are available only one time each calendar quarter from each variable Investment Account to another variable Investment Account or to the Fixed Account. Transfers of the Present Value of future amounts payable from the Fixed Account to any of the variable Investment Accounts are available only one time in a calendar year. (see “Fixed Account”)
The Nuveen Life Funds may have adopted their own policies and procedures with respect to market timing and excessive trading of their respective shares. The Nuveen Life Funds Prospectus describes any such policies and procedures. While we reserve the right to enforce these policies and procedures, we may not have the contractual authority or the operational capacity to apply the market timing and excessive trading policies and procedures of the Nuveen Life Funds. However, we have entered into a written agreement, as required by SEC regulation, with the principal underwriter of the Nuveen Life Funds that obligates us to provide to the Fund promptly upon request certain information about the trading activity of individual Contract owners, and to execute instructions from the Fund to restrict or prohibit further purchases or transfers by specific Contract owners who violate the market timing and excessive trading policies established by the Fund.
We seek to apply our transfer policies uniformly to all Contract owners. No exceptions are made with respect to the policies. The Contract is not appropriate for market timing. You should not invest in the Contract if you want to engage in market timing activity.
ANNUITY PAYMENTS
ELECTION OF ANNUITY PAYMENTS
You may elect to receive monthly, quarterly, semi-annual or annual payments under any of the Contracts. If your annuity payments would be less than $100 under the payment option you choose, we may make annuity payments less frequently than that.
Your first annuity payment date will be specified in your Contract. If you choose monthly payments, the first annuity payment date will either be the first day of the next month, or the first day of the month after that if your Premium is received after the 20th day of a month. If you choose quarterly, semi-annual or annual payments, your first annuity payment date will be the first day of the month that is either three months, six months, or twelve months, as applicable, following the month we receive your Premium. We will generally issue your subsequent payments on the
 
14    Prospectus  Single Premium Immediate Annuities   
first of a month, at monthly, quarterly, semi-annual, or annual intervals from your first annuity payment date. Your first annuity check may be delayed while we process and calculate the amount of your initial payment.
We will send your payments by mail to your home address or (at your request) by mail or electronic funds transfer to your bank. If the address or bank where you want your payments changes, it is your responsibility to let us know. We can send payments to your residence or most banks abroad.
Annuity payments are subject to our financial strength and claims-paying ability.
PAYMENTS FROM THE VARIABLE INVESTMENT ACCOUNTS
The amount of variable annuity payments we pay will depend upon the number and value of your Annuity Units in a particular Investment Account. The number of Annuity Units you purchase is determined on the Contract Issue Date. (If you live in Georgia, Hawaii, Idaho, Iowa, Louisiana, Massachusetts, Michigan, Missouri, Nebraska, North Carolina, Oklahoma, Rhode Island, South Carolina, Utah, Washington, West Virginia or Wisconsin, the number of Annuity Units you purchase will be determined as of the date that we transfer your temporary investment in the General Account to the variable Investment Accounts, i.e., seven days plus the number of days in the free look period applicable in your state, calculated from the Issue Date of your Contract). Annuity unit values are calculated as of each Valuation Day based primarily on the net investment results of the Funds underlying the particular Investment Account. For the formulas used to determine Annuity Unit values, see the SAI.
Your initial annuity payments will be determined based on:
 
  •  
the amount of your Premium
 
  •  
whether the Contract is a One-Life, Two-Life or has a guaranteed period or is a Fixed-Period Annuity
 
  •  
the length of the fixed period or guaranteed period, as applicable
 
  •  
the frequency of payment you choose
 
  •  
the age of the Annuitant and any second Annuitant, as applicable
 
  •  
in the case of the Two-Life Annuity, the Income Option selected
 
  •  
an assumed annual investment return of 4%, and
 
  •  
the mortality basis then in effect, in the case of One-Life or Two-Life Annuities
Over the life of the Contract, payments will go up or down based on the investment experience of the Funds underlying the variable Investment Accounts relative to the 4% assumed annual investment return, and whether you choose to have your payments revalued monthly or annually (i.e., your choice of Income Change Method). In general, your payments will increase if the performance of the variable Investment Account (net of expenses) is greater than 4% and decrease if the performance is less than 4%.
You may choose either an Annual or Monthly Income Change Method for your variable annuity payments. Under the Annual Income Change Method, the amount of payments from the variable Investment Accounts will change each May 1, based on the net investment results of the Funds underlying the Investment Account during the prior year (from the day following the last Valuation Day in March of the prior year through the last Valuation day in March of the current year). Under the Monthly Income Change Method, payments from the variable Investment Accounts will change every month, based on the net investment results during the previous month. The amount of your next payment will be determined as of the 20th day of each month (or, if the 20th is not a Business Day, the prior Business Day).
For a more complete discussion of how we determine the amount of variable annuity payments, see “Calculating Variable Annuity Payments” and the SAI.
PAYMENTS FROM THE FIXED ACCOUNT
On the Contract Issue Date, the dollar amount of each annuity payment is fixed, based on:
 
  •  
the amount of your Premium
 
  •  
whether the Contract is a One-Life, Two-Life or Fixed-Period Annuity
 
  •  
the length of the fixed period or guaranteed period, as applicable
 
  •  
the frequency of payment you choose
 
  •  
the age of the Annuitant and any second Annuitant, as applicable
 
  •  
the interest rates then in effect
 
  •  
the Income Option selected, in the case of the Two-Life Annuity, and
 
  •  
the mortality basis then in effect, in the case of One-Life or Two-Life Annuities
Subsequent fixed payments will be for the same amount (except in the case of a Two-Life Annuity, in which fixed payments may change upon the Annuitant’s death). The amount of each annuity payment from the Fixed Account does not change as a result of the investment experience of any variable Investment Account.
There are significant limits on your right to “transfer” all or part of your future annuity payments from the Fixed Account to the variable Investment Accounts. Due to these limitations, if you want to transfer all of your future annuity payments from the Fixed Account to one or more variable Investment Accounts, it may take several years to do so. You should carefully consider whether payments from the Fixed Account meet your investment needs. See above “Changing Investment Accounts and Income Change Methods.”
DELAY OF PAYMENTS
We may delay any payments from the Separate Account only if (1) the New York Stock Exchange is closed (or trading
 
  Single Premium Immediate Annuities  Prospectus      15  
restricted by the SEC) on a day that isn’t a weekend or holiday; (2) an SEC-recognized emergency makes it impractical for us to sell securities or determine the value of assets in the Separate Account; or (3) the SEC says by order that we can or must postpone payments to protect you and other Separate Account Contract owners. In addition, transfers of Contract Value from and within the fixed and variable Investment Accounts may be deferred under these circumstances.
If a check has been submitted as the Premium, we have the right to defer any payments until the check has been honored.
CALCULATING VARIABLE ANNUITY PAYMENTS
The amount of each variable annuity payment from each Investment Account is equal to the number of Annuity Units payable multiplied by the then-Current Value of one Annuity Unit for the variable Investment Account and Income Change Method you chose.
DETERMINING THE NUMBER OF ANNUITY UNITS PAYABLE
The number of Annuity Units you purchase under the Contract is derived by dividing the portion of the Premium (net of any Premium taxes) you allocated to a particular Investment Account and Income Change Method by the product of the Annuity Unit value for that Investment Account and Income Change Method, and an annuity factor that represents the Present Value of an annuity that continues for as long as annuity payments would need to be paid. The annuity factor will reflect an interest rate for discounting future payments of 4 percent, the timing and frequency of future payments, and, if applicable, the mortality assumptions for the person(s) on whose life or lives the annuity payments will be based. Mortality assumptions will be based on the mortality basis then in effect under the Contract.
The number of Annuity Units for each variable Investment Account and Income Change Method under a Contract is generally determined on the Contract Issue Date and remains fixed unless there is a “transfer” of Annuity Units or you change your Income Change Method. The number of Annuity Units payable from a particular Investment Account and Income Change Method under your Contract will be reduced by the number of Annuity Units you transfer out of that Investment Account or Income Change Method. The number of Annuity Units payable will be increased by any internal transfers you make to that Investment Account and Income Change Method. If you live in Georgia, Hawaii, Idaho, Iowa, Louisiana, Massachusetts, Michigan, Missouri, Nebraska, North Carolina, Oklahoma, Rhode Island, South Carolina, Utah, Washington, West Virginia or Wisconsin, the number of Annuity Units payable from each variable Investment Account will be determined as of the date that we transfer your temporary investment in the General Account to the variable Investment Accounts. See “Changing Investment Accounts and Income Change Methods.”
COMPUTING ANNUITY UNIT VALUES
Annuity Unit valuations for each Investment Account will occur only on Business Days, and thus the last Calendar Day of each month will not be a Valuation Day unless it falls on a Business Day. If the last Calendar Day of a month does not fall on a Business Day, the last Valuation Day for such months shall be deemed to be the last Business Day of the month. The Annuity Unit value for each Income Change Method is determined by updating the Annuity Unit value from the previous Valuation Day to reflect the net investment performance of the account for the current valuation period relative to the 4 percent Assumed Investment Return. We further adjust the Annuity Unit value to reflect the fact that annuity payment amounts are redetermined only once a month or once a year (depending on the income change (revaluation) method chosen). The purpose of the adjustment is to equitably apportion any account gains or losses among those Annuitants who receive annuity income for the entire period between valuation dates and those who start or stop receiving annuity income between the two dates. In general, from period to period your payments will increase if the performance of the account is greater than a 4 percent net annual rate of return and decrease if the performance is less than a 4 percent net annual rate of return.
For participants under the Annual Income Change Method, the value of the Annuity Unit for payments remains level until the following May 1. For those who have already begun receiving annuity income as of March 31, the value of the Annuity Unit for payments due on and after the next succeeding May 1 is equal to the Annuity Unit value determined as of the last Valuation Day in March. For participants under the Monthly Income Change Method, the value of the Annuity Unit for payments changes on the payment Valuation Day of each month for the payment due on the first of the following month.
TIAA Life reserves the right to modify the specific dates that payments will change and the associated payment valuation date. We also can delete or stop offering the annual or monthly Income Change Methods.
For the more detailed formula we use for determining Annuity Unit values, see the SAI.
 
16    Prospectus  Single Premium Immediate Annuities   
BENEFITS AVAILABLE UNDER THE CONTRACT
There are no optional benefits associated with the Contract.
The following table summarizes information about benefits available under the Contract.
 
Summary of Benefits
Name of Benefit    Purpose    Standard/Optional    Maximum Fee    Brief Description of Restrictions/Limitations
Transfers    You may transfer all or part of future annuity payments from the Fixed Account and between the Investment Accounts.    Optional    None   
· Subject generally to a minimum amount of $100.
· Transfers from the Fixed Account are permanent and limited by additional rules, which are discussed above under “Changing Investment Accounts and Income Change Methods”.
· Transfers from each Investment Account cannot be made more frequently than once per calendar quarter.
· Transfers are subject to our “Transfer Policies Regarding Market Timing and Frequent Trading”.
THE CONTRACT CHARGES
 
Charges, Expenses and Related Fees. There are charges, expenses and related fees associated with variable annuity contracts that will reduce the return on investment in the Contract. Your Contract may include the following charges, expenses and related fees.
The Base Contract Charge. The Base Contract Charge includes the Separate Account Charges, which consist of an Administrative Expense Charge and the Mortality and Expense Risk Charge.
SEPARATE ACCOUNT CHARGES
We deduct charges each Valuation Day from the assets of each variable Investment Account for various services required to administer the Separate Account and the Contracts and to cover certain insurance risks borne by TIAA Life. The Contracts allow for total Separate Account charges (i.e., administrative expense and mortality and expense risk charges) at an annual rate of 1.20% of average daily net assets of each Investment Account. TIAA Life has waived a portion of the mortality and expense risk charges so that current Separate Account charges are at an annual rate of 0.60% of net assets annually. While TIAA Life reserves the right to increase the Separate Account charges at any time, we will provide at least three months’ notice before any increase.
Administrative Expense Charge. This charge is for administration and operations, such as allocating the Premium and administering the Contracts. The daily deduction is equal to an annual rate of 0.20% of average daily net assets.
Mortality and Expense Risk Charge. TIAA Life imposes a daily charge as compensation for bearing certain mortality and expense risks in connection with the Contracts. The current daily deduction is equal to 0.40% of net assets annually.
TIAA Life’s mortality risks come from its obligations under the Contracts to make annuity payments under the One-Life Annuity and the Two-Life Annuity. TIAA Life assumes the risk of making annuity payments regardless of how long the Annuitant(s) may live or whether the mortality experience of Annuitants as a group is better than expected.
TIAA Life’s expense risk is the possibility that TIAA Life’s actual expenses for administering and marketing the Contract and for operating the Separate Account will be higher than the amount recovered through the administrative expense deduction.
If the mortality and expense risk charge is not enough to cover our costs, we will absorb the deficit. On the other hand, if the charge more than covers costs, we will profit. We will pay a fee from our General Account assets, which may include amounts derived from the mortality and expense risk charge, to TIAA-CREF Individual & Institutional Services, LLC (“TC Services”), the principal underwriter of the Contract.
OTHER CHARGES AND EXPENSES
Fund Expenses. Each Investment Account purchases shares of the corresponding Fund at net asset value. Certain deductions and expenses of the Nuveen Life Funds are paid out of the assets of the Nuveen Life Funds. These expenses include charges for investment advice, portfolio accounting, custody, and similar services provided for a Fund. Advisors is entitled to an annual fee based on a percentage of the average daily net assets of each Fund, under an investment management agreement between Advisors and the Nuveen Life Funds.
Fund expenses are not fixed or specified under the terms of the Contract and may change periodically. For more information on Fund deductions and expenses, read the Nuveen Life Funds Prospectus.
 
  Single Premium Immediate Annuities  Prospectus      17  
No Deductions from Premium. The Contracts do not provide for charges or other deductions from the Premium.
Premium Taxes. Currently, residents of several states may be subject to Premium taxes on their Contract. We will deduct any charges for Premium taxes from your Premium before it’s applied to provide annuity payments. State Premium taxes currently range from 0.00 percent to 3.50 percent of non-qualified Premium payments.
Annual Account Fee or Maintenance Fee. We do not assess an annual account or annual maintenance fee.
TAX MATTERS
FEDERAL INCOME TAXES
The following discussion assumes the Contracts qualify as annuity Contracts for federal income tax purposes (see the SAI for more information). The following discussion is general in nature and is not intended as tax advice. It is based on our understanding of current federal income tax law and is subject to change. No attempt is made to consider any applicable state or other income tax laws, any state and local estate or inheritance tax, or other tax consequences of ownership or receipt of distributions under a Contract. For complete information on your personal tax situation, check with a qualified tax adviser.
NON-NATURAL PERSONS
If a non-natural person (e.g., a corporation or a trust) owns a Contract, the taxpayer generally must include in income any increase in the excess of the account value over the investment in the Contract (generally, the Premiums or other consideration paid for the Contract) during the taxable year. There are significant exceptions to this rule, such as grantor trusts and certain trusts for the benefit of individuals and a prospective Contract owner who is not a natural person should discuss these potential exceptions with a qualified tax adviser.
TAXATION OF ANNUITY PAYMENTS
Generally, the annuity payments from a non-qualified annuity contract include both a return of Premium and interest or investment gain. Accordingly, only a portion of the annuity payments you receive will be includable in your gross income and subject to federal income tax and state income tax, where applicable. However, when the entire Premium has been recovered or returned, the full amount of any additional annuity payments is includable in gross income.
Currently capital gains tax rates are not applicable to annuities.
If, after the Contract Issue Date, annuity payments stop because an Annuitant died, any Premium that has not been recovered is generally allowable as a deduction for your last taxable year.
Transferring, assigning, pledging, or exchanging a Contract, designating an Annuitant, payee, or other Beneficiary who is not the owner, or the selection of certain maturity dates may have adverse tax consequences including treatment as a distribution. An owner contemplating any such actions should consult a tax advisor.
RECEIVING LUMP SUMS
The Internal Revenue Service currently takes the position that any lump-sum payment from an immediate annuity contract is fully taxable. The amount that is taxable is the excess of the amount distributed to you over the unrecovered investment in the Contract. You should consult a qualified tax adviser before taking a lump-sum payment from your Contract. See “Receiving a Lump-sum Payment.”
The Internal Revenue Code (IRC) also provides that you may be subject to a premature distribution tax if you take a lump-sum payment from certain distributions from your Contract. The amount of the premature distribution tax is equal to 10% of the amount that is includable in income. Some lump-sum payments will be exempt from this treatment. They include any amounts:
 
  •  
paid on or after the taxpayer reaches age 59½;
 
  •  
paid after an owner dies;
 
  •  
paid if the taxpayer becomes totally disabled, or terminally ill (as that term is defined in the IRC); or
 
  •  
paid in a series of substantially equal payments made annually (or more frequently) under a lifetime annuity.
Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the premature distribution tax.
TAXATION UPON DEATH
Amounts may be distributed from the Contract because of the death of an owner or the Annuitant. Generally, such amounts are includable in the income of the recipient:
 
  •  
if distributed in a lump sum, these amounts are taxed in the same manner as other lump-sum distributions; or
 
  •  
if distributed under an annuity payment option, these amounts are taxed in the same manner as annuity payments.
For these purposes, the “investment in the Contract” is not affected by the owner’s or Annuitant’s death. That is, the “investment in the Contract” remains generally the total Premium payments, less amounts received, which were not includable in gross income.
MEDICARE TAX
Beginning in 2013, distributions from non-qualified annuity Contracts are considered “investment income” for purposes of the newly enacted Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a qualified tax advisor for more information.
 
18    Prospectus  Single Premium Immediate Annuities   
POSSIBLE TAX CHANGES
Legislation is proposed from time to time that would change the taxation of annuity Contracts. It is possible that such legislation could be enacted and that it could be retroactive (that is, effective prior to the date of the change). You should consult a qualified tax adviser regarding legislative developments and their effect on the Contract. We also have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity Contract owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice.
WITHHOLDING
Annuity distributions usually are subject to withholding for the recipient’s federal income tax liability at rates that vary according to the type of distribution and the recipient’s tax status. However, recipients can usually choose not to have tax withheld from distributions. Unnecessary withholdings, delays in payment while we attempt to verify information and other adverse tax and financial consequences may result if you or your Beneficiary do not provide us with a valid Social Security number or other taxpayer identification number, or if the taxpayer fails to properly complete and execute tax-related forms and certifications required for us to process distributions and administer your Contract.
POSSIBLE CHARGE FOR TIAA LIFE’S TAXES
Currently we don’t charge the Separate Account for any federal, state, or local taxes on it or its Contracts (other than Premium taxes—see “Other Charges and Expenses”), but we reserve the right to charge the Separate Account or the Contracts for any tax or other cost resulting from the tax laws that we believe should be attributed to them.
DIVERSIFICATION AND DISTRIBUTION REQUIREMENTS
The IRC provides that the underlying investments for a variable annuity must satisfy certain diversification requirements in order for a Non-Qualified Contract to be treated as an annuity contract. The Contract must also meet certain distribution requirements at the death of an owner in order to be treated as an annuity contract. These diversification and distribution requirements are discussed in the Statement of Additional Information.
OTHER TAX ISSUES
Federal Estate Taxes, Generation-Skipping Transfer Taxes. A purchaser should keep in mind that the value of an annuity Contract owned by a decedent and payable to a Beneficiary by virtue of surviving the decedent is included in the decedent’s gross estate. Depending on the terms of the annuity Contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated Beneficiary or the actuarial value of the payments to be received by the Beneficiary. Consult an estate planning adviser for more information.
Under certain circumstances, the IRC may impose a “generation skipping transfer tax” (“GST”) when all or part of an annuity Contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the IRC may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.
For 2024, the federal estate tax, gift tax and GST tax exemptions and maximum rates are $13.61 million and 40%, respectively. The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.
Annuity purchases by residents of Puerto Rico. The IRS’ current position is that income received by residents of Puerto Rico from non-qualified annuity Contracts issued by a U.S. insurer is U.S.-source income that is generally subject to United States federal income tax.
Annuity purchases by nonresident aliens and foreign corporations. The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser’s country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships and trusts) that are not U.S. residents. This Contract may not be available to certain foreign entity purchasers. Prospective purchasers are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to an annuity Contract purchase.
Foreign Tax Credits. We may benefit from any foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions to the extent permitted under federal tax law.
Possible Tax Law Changes. Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. Consult a qualified tax adviser with respect to legislative developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity Contract Owners currently receive. We make no guarantee regarding the tax status of any Contract and the above discussion does not constitute tax advice.
 
  Single Premium Immediate Annuities  Prospectus      19  
TAX ADVICE
What we tell you here about federal and other taxes is not comprehensive and is for general information only. It doesn’t cover every situation. Taxation varies depending on the circumstances, and state and local taxes may also be involved. For complete information on your personal tax situation, check with a qualified tax adviser.
OTHER INFORMATION
LEGAL PROCEEDINGS
Neither the Separate Account, TIAA Life nor TC Services is involved in any legal action that we consider likely to have a material adverse effect on the Separate Account, the ability of TIAA to meet its obligations under the Contract, or the ability of TC Services to perform its Contract with the Separate Account.
STATEMENTS AND REPORTS
You will receive a confirmation statement when you remit your Premium, or make a “transfer” to or from the Separate Account or among the variable Investment Accounts. The statement will show the date and amount of each transaction.
You will also receive, at least semi-annually, reports containing the financial statements of the Nuveen Life Funds and a schedule of investments held by the Nuveen Life Funds.
BENEFITS BASED ON INCORRECT INFORMATION
If the amounts of benefits provided under a contract were based on information that is incorrect, benefits will be recalculated on the basis of the correct data. If any overpayments or underpayments have been made by the separate account, appropriate adjustments will be made.
PROOF OF SURVIVAL
We reserve the right to require satisfactory proof that anyone named to receive benefits under a contract is living on the date payment is due. If this proof is not received after a request in writing, the separate account will have the right to make reduced payments or to withhold payments entirely until such proof is received.
PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC.
We reserve the right to pay in one sum the commuted value of any benefits due an estate, corporation, partnership, trustee or other entity that is not a natural person. Neither TIAA Life nor the Separate Account will be responsible for the conduct of any executor, trustee, guardian, or other third party to whom payment is made.
GENERAL MATTERS
FINANCIAL CONDITION OF TIAA LIFE
The benefits under your Contract are paid by us from our General Account assets and/or your Contract Value held in the Separate Account. It is important that you understand how your Contract works and how our ability to meet our obligations affects your Contract. Payment of your Contract benefits is not guaranteed and depends upon certain factors discussed below.
Assets in the Separate Account. You assume all of the investment risk for Contract Value allocated to the Investment Accounts. Your Contract Value in the Investment Accounts is part of the assets of the Separate Account. These assets are segregated and insulated from our General Account, and may not be charged with liabilities arising from any other business that we may conduct. This means that your Contract Value allocated to the Separate Account should generally not be adversely affected by the financial condition of our General Account. With very limited exceptions, all assets in the Separate Account attributable to your Contract Value and that of all other Contract owners would receive a priority of payment status over other claims in the event of an insolvency or receivership. See “SEPARATE ACCOUNT.”
Assets in the General Account. Any guarantees under the Contract that exceed your Contract Value in the Separate Account, such as those associated with the death benefit, are paid from our General Account (not the Separate Account). Therefore, any amounts that we may be obligated to pay under the Contract in excess of the accumulated value in the Separate Account are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. The assets of the Separate Account, however, are also available to cover the liabilities of our General Account, but only to the extent that the Separate Account assets exceed the Separate Account liabilities arising under the Contracts supported by it. We issue other types of insurance policies and financial products as well, such as market value adjusted annuities, and we also pay our obligations under these products from the assets in our General Account. These General Account products are subject to our claims-paying ability. In the event of an insolvency or receivership, payments we make from our General Account to satisfy claims under the Contract would generally receive the same priority as our other contract holder obligations.
Our Financial Condition. Among the laws and regulations applicable to us as an insurance company are those which regulate the investments we can make with assets held in our General Account. In general, those laws and regulations determine the amount and type of investments which we can make with General Account assets. In addition, state insurance regulations require that insurance companies calculate and establish on their financial statements a specified amount of reserves in order to meet the contractual obligations to pay the claims of our Contract owners. In order to meet our claims-paying obligations, we regularly monitor our reserves to ensure we hold sufficient amounts required under state law to cover actual or expected contract and claims payments. In
 
20    Prospectus  Single Premium Immediate Annuities   
addition, we actively hedge our investments in our General Account. However, it is important to note that there is no guarantee that we will always be able to meet our claims paying obligations; there are risks to purchasing any insurance product.
State insurance regulators also require insurance companies to maintain a minimum amount of capital, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer’s operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on our General Account assets, which include bonds, mortgages, general real estate investments, and stocks, as well as the loss in value of these investments resulting from a loss in their market value. We continually evaluate our investment portfolio to mitigate market risk and actively manage the investments in the portfolio.
How to Obtain More Information. We encourage both existing and prospective Contract owners to read and understand our financial statements. We prepare our financial statements on a statutory basis. Our audited financial statements, as well as the financial statements of the Separate Account, are located in the Statement of Additional Information (“SAI”). For information on how to obtain a free copy of the SAI, see the cover page of this Prospectus.
CONTACTING TIAA LIFE
We will not consider any notice, form, request, or payment to have been received by TIAA Life until it reaches our Administrative Office. You can ask questions by calling toll-free 800.842.2252.
ELECTRONIC PROSPECTUSES
If you received this prospectus electronically and would like a paper copy, please call 800. 842.2252, and we will send it to you.
HOUSEHOLDING
To cut costs and eliminate duplicate documents sent to your home, we may begin mailing only one copy of the Prospectus, Prospectus supplements, annual and semi-annual reports, or any other required documents, to your household, even if more than one Contract owner lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call us toll-free at 877.825.0411, or write us.
SIGNATURE REQUIREMENTS
For some transactions, we may require your signature to be notarized or guaranteed by a commercial bank or a member of a national securities exchange.
ERRORS OR OMISSIONS
We reserve the right to correct any errors or omissions on any form, report or statement that we send you.
GENERAL INFORMATION ON UNCLAIMED PROPERTY
Every state has some form of unclaimed property laws that imposes varying legal and practical obligations on insurers and, indirectly, on Contract owners, Annuitants, Beneficiaries and other payees of proceeds. Unclaimed property laws generally provide for escheatment to the state of unclaimed proceeds under various circumstances.
Contract owners are urged to keep their own, as well as their Annuitants’, Beneficiaries’ and other payees’, information up to date, including full names, postal and electronic media addresses, telephone numbers, dates of birth, and social security numbers. Such updates can be communicated in writing to TIAA-CREF 8500 Andrew Carnegie Blvd., Charlotte, NC 28262; or by calling us between the hours of 8:00 a.m. and 10:00 p.m. ET, Monday-Friday and 9:00 a.m. to 6:00 p.m. ET Saturday at 800.842.2252; or 24 hours a day via our website www.tiaa.org.
 
  Single Premium Immediate Annuities  Prospectus      21  
APPENDIX  
 
Appendix A—Funds Available Under the Contract
The following is a list of Funds available under the Contract. Each of the Funds listed is available to you as an investment option without a restriction, unless indicated otherwise below. More information about the Funds is available in the Prospectuses for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/GetContract1.asp?cid=tiaavpx&fid=NRVA01516. You can also request this information at no cost by calling 800 842-2252.
The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
 
       
Type   Fund Name and Adviser/Subadvisor  
Current
Expenses
    
Average Annual Total Returns
(12/31/24)
  
  1 year     5 years     10 Years  
Equity   Nuveen Life Growth Equity Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.     0.52 %*      28.26 %      16.07 %      14.92 % 
Equity   Nuveen Life Core Equity Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.     0.51 %*      28.83 %      14.96 %      12.91 % 
Equity   Nuveen Life International Equity Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.60 %*      3.64 %      5.14 %      4.87 % 
Equity   Nuveen Life Large Cap Value Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.52 %*      14.78 %      9.97 %      8.45 % 
Equity   Nuveen Life Small Cap Equity Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.53 %*      16.01 %      10.32 %      9.36 % 
Index   Nuveen Life Stock Index Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.09 %*      23.67 %      13.81 %      12.48 % 
Specialty   Nuveen Life Real Estate Securities Select Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.57 %*      4.78 %      3.43 %      6.14 % 
Specialty   Nuveen Life Large Cap Responsibility Equity Fund—Teachers Advisors, LLC, an indirect subsidiary of TIAA.1     0.22 %*      18.02 %      12.56 %      11.58 % 
 
1.   The Fund’s annual expenses reflect a temporary fee reduction. Please refer to the Fund Prospectus for additional information.
 
22    Prospectus  Single Premium Immediate Annuities   
For more information about Single Premium Immediate Annuity
 
How to reach us
TIAA website
Account performance, personal account information and transactions, product descriptions, and information about investment choices and Income Options
www.tiaa.org
24 hours a day, 7 days a week
Administrative Office
800 842-2252
8:00 a.m. to 10:00 p.m. ET Monday–Friday
9:00 a.m. to 6:00 p.m. ET Saturday
EDGAR Contract Identifier C000017020
The Statement of Additional Information (“SAI”) dated May 1, 2025, has been filed with the SEC and is incorporated by reference into this Prospectus and is legally part of the Prospectus. We will provide the SAI without charge upon request. For a free copy of the SAI and to make inquiries about your Contract please call 800 842-2252 or write to us at our Administrative Office:
TIAA-CREF Life Insurance Company
P.O. Box 724508
Atlanta, Georgia 31139
You may also obtain reports and other information about the Separate Account on the SEC’S website at www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
 
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A10861
(05/25)

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Statement of Additional Information

Single Premium Immediate Variable Annuity Contracts

Funded through

TIAA-CREF Life Separate Account VA-1

And

TIAA-CREF Life Insurance Company

MAY 1, 2025

This Statement of Additional Information (“SAI”) contains additional information regarding the Single Premium Immediate Variable Annuity Contracts (the “Contract”) funded through TIAA-CREF Life Separate Account VA-1 and offered by TIAA-CREF Life Insurance Company (the “Company” or “TIAA-CREF Life”).

This SAI is not a Prospectus and should be read together with the current Prospectus for the Contract dated May 1, 2025. You may obtain a copy of the Prospectus at no charge by writing us at: TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, N.Y. 10017-3206, by calling us toll-free at 877 825-0411; by visiting our website at: www.tiaa.org/public/Prospectuses, or by accessing the Securities and Exchange Commission’s website at http://www.sec.gov/. Terms used in the Prospectus are incorporated by reference into this SAI.

TABLE OF CONTENTS

 

General Information and History   B-2

TIAA Life and TIAA

   B-2

The Separate Account

   B-2

Financial Support Agreement

   B-2
Services   B-2
Experts   B-3

Independent Registered Public Accounting Firm

   B-3
Principal Underwriter   B-3
Purchases of Securities Being Offered   B-3
Annuity Payments   B-4
Additional Information   B-4

State Regulation

   B-4

Legal Matters

   B-4

Registration Statement

   B-4

Tax Status of the Contract

   B-4
Financial Statements   B-5
 

 

 

General Information and History

TIAA-CREF Life Insurance Company and TIAA

The Contract is issued by TIAA-CREF Life Insurance Company (TIAA Life), a stock life insurance company organized under the laws of the State of New York on November 20, 1996. All of the stock of TIAA Life is held by Teachers Insurance and Annuity Association of America (TIAA). TIAA Life’s headquarters are at 730 Third Avenue, New York, New York 10017-3206. TIAA Life is solely responsible for its contractual obligations.

TIAA is a stock life insurance company, organized under the laws of the State of New York. It was founded on March 4, 1918, by the Carnegie Foundation for the Advancement of Teaching. TIAA is the companion organization of the College Retirement Equities Fund (CREF), the first company in the United States to issue a variable annuity. CREF is a nonprofit membership corporation established in the State of New York in 1952. Together, TIAA and CREF, form a retirement system for the nation’s education and research communities and form one of the largest retirement systems in the U.S., based on assets under management. CREF does not stand behind TIAA’s guarantees and TIAA does not guarantee CREF products.

The Separate Account

On July 27, 1998, we established TIAA-CREF Life Separate Account VA-1 (the “Separate Account”) under New York law. We own the assets in the Separate Account and we are obligated to pay all benefits under the Contract. We may use the Separate Account to support other variable annuity contracts we issue. The Separate Account is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the 1940 Act and qualifies as a “separate account” within the meaning of the federal securities laws. This registration does not involve supervision of the management or investment practices or policies of the Separate Account by the SEC.

We have divided the Separate Account into Investment Accounts, each of which invests in shares of one Portfolio. The Investment Accounts buy and sell Portfolio shares at net asset value. Any dividends and distributions from a Portfolio are reinvested at net asset value in shares of that Portfolio.

The assets in the Separate Account are kept separate from our General Account and our other separate accounts. Assets equal to the reserves and contract liabilities of the Separate Account will not be charged with liabilities that arise from any other business we may conduct. We may transfer assets, in excess of the reserves and contract liabilities of the Separate Account, to our General Account. All income, gains and losses, whether or not realized, of an Investment Account will be credited to or charged against that Investment Account without regard to our other income, gains or losses. The valuation of all assets in the Separate Account will be determined in accordance with all applicable laws and regulations. The Separate Account may include other Investment Accounts that are not available under the Contract and are not discussed in this Prospectus.

Financial Support Agreement

TIAA Life has a financial support agreement with TIAA. Under this agreement, TIAA will provide support so that TIAA Life will have the greater of (a) capital and surplus of $250 million or (b) the amount of capital and surplus necessary to maintain TIAA Life’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 TIAA Life’s financial strength rating at least the same as TIAA’s rating at all times. This agreement is not an evidence of indebtedness or an obligation or liability of TIAA and does not provide any Contract Owner of TIAA Life with recourse to TIAA.

Services

Pursuant to an administrative service agreement with our parent company, TIAA, McCamish Systems LLC, a Georgia Limited Liability Company, provides product administration to TIAA Life. McCamish Systems LLC is located at 3225 Cumberland Blvd SE, Suite 700, Atlanta, GA 30339. For years 2024, 2023, and 2022, TIAA Life provided total compensation for product administrative services of $4,206,735, $3,807,319, and $4,850,122 respectively, for all life insurance and non-qualified annuities product administration.

 

B-2   Statement of Additional Information  ∎  Single Premium Immediate Annuities

We have an agreement with State Street Bank and Trust Company, a trust company established under the laws of the Commonwealth of Massachusetts, to perform investment accounting and recordkeeping functions for the investment securities, other non-cash investment properties, and/or monies in the Separate Account of TIAA Life. State Street Bank and Trust Company is located at 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108. For years 2024, 2023 and 2022, TIAA Life paid custody fees of $425,325, $426,719 and $430,900 respectively.

TIAA Life on behalf of the Separate Account has entered an agreement whereby JP Morgan will provide certain custodial settlement and other associated services to the Separate Account. JP Morgan is located at Chase Metrotech Center, Brooklyn, NY 11245. For years 2024, 2023 and 2022, TIAA Life provided compensation for trade settlement services of $54,479.49, $63,370 and $62,438 respectively.

Experts

Independent Registered Public Accounting Firm

TIAA-CREF Life Insurance Company Statutory-Basis Financial Statements

The statutory-basis financial statements as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024 included in this Registration Statement have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

Separate Account Financial Statements

The financial statements of TIAA Life Separate Account VA-1 as of December 31, 2024 and for each of the periods indicated therein included in this Registration Statement have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

TIAA Statutory-Basis Financial Statements

The statutory-basis financial statements as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024 included in this Registration Statement have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

Principal Underwriter

Distribution of the Contracts.

We offer each Contract to the public on a continuous basis. We anticipate continuing to offer the Contracts but reserve the right to discontinue the offering.

Each Contract is offered by TIAA-CREF Individual & Institutional Services, LLC (“TC Services”), a subsidiary of TIAA which is registered with the SEC as broker-dealers and a member of Financial Industry Regulatory Authority or FINRA. TC Services may also enter into selling agreements with third parties to distribute the Contracts. TC Services is considered the “principal underwriter” for interests in the Contract. Anyone distributing a Contract must be a registered representative of TC Services or have entered into a selling agreement with TC Services. The main offices of TC Services is at 730 Third Avenue, New York, New York 10017-3206. No commissions are paid to TC Services or any other entity in connection with the distribution of each Contract. We paid TC Services for the fiscal year ended December 31, $3,124,753, $2,371,159 and $1,419,323 in 2024, 2023 and 2022, respectively. We intend to recoup payments made to TC Services through fees and charges imposed under the Contract.

Purchases of Securities Being Offered

TIAA Life’s Single Premium Immediate Annuity is a contract (“SPIA” or Contract”) offered by TIAA Life, which provides various Income Options for a Contract Owner to choose. Each Contract is designed to provide the Contract Owner with a stream of income for the life of the named Annuitant(s) (which may be you or another person) or for a specified period of time you select. You may purchase a One-Life Annuity, a Two-Life Annuity, or a Fixed-Period Annuity., which are described further in the Prospectus. Each Contract only provides for one single premium payment and no additional premium payments are permitted under the Contract. You can then choose a combination of fixed and variable annuity payments by allocating your single Premium to a TIAA Life Fixed Account or to one or more of the following eight separate account variable Investment Accounts, which are described in more detail in the Prospectus and under “Appendix A—Funds Available Under the Contract” in the Prospectus.

As discussed in the Prospectus, TIAA does not charge a sales load nor offer different levels of classes under the Contract. There are no special purchase plans or special exchange privileges under the Contract. However, a Contract Owner may exchange among other certain Investment Accounts available in the Prospectus, subject to the terms of the Contract. TIAA has adopted policies restricting frequent trading activity, which are discussed further in the Prospectus under the heading “Transfer Policies Regarding Market Timing and Frequent Trading.”

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-3  

Annuity Payments

Calculating Annuity Unit Values.

Separate Annuity Unit values are maintained for Annuity Units payable from each Investment Account under each Income Change Method. The values are calculated as of each Valuation Day. Annuity Unit values for an Income Change Method are determined by multiplying each Investment Account’s Annuity Unit value at the end of the previous Valuation Day by that account’s net investment factor for the valuation period, and dividing the result by the value of $1.00 accumulated with interest over the valuation period at an effective annual rate of 4%. The resulting value is then adjusted to reflect that annuity income amounts are redetermined only on the payment valuation date for that Income Change Method. The purpose of the adjustment is to equitably apportion assets of each account among those who receive annuity income for the entire period between two payment valuation dates for an Income Change Method, and those who start or stop receiving annuity income under that Income Change Method between the two dates.

An Investment Account’s net investment factor equals its gross investment factor minus the separate account charge incurred since the previous Valuation Day. An Investment Account’s gross investment factor equals A divided by B, as follows:

 

A equals    i.    the net asset value of the shares in the Fund(s) held by the account as of the end of the Valuation Day, excluding the net effect of Contractowners’ transactions (i.e., Premiums received, benefits paid, and transfers to and from the account) made during that day; plus
   ii.    investment income and capital gains distributed to the account; less
   iii.    any amount paid and/or reserved for tax liability resulting from the operation of the account since the previous Valuation Day.
B equals       the value of the shares in the Fund(s) held by the account as of the end of the prior Valuation Day, including the net effect of Contractowners’ transactions made during the prior Valuation Day.

For more information about Annuity payments, see the Prospectus under “Annuity Payments”.

Additional information

State Regulation

TIAA Life and the Separate Account are subject to regulation by the New York Department of Financial Services (“Department”) as well as by the insurance regulatory authorities of other states and jurisdictions. TIAA Life and the Separate Account must file with the Department periodic statements on forms promulgated by the Department. The separate account books and assets are subject to review and examination by the Department and the Department’s agents at all times, and a full examination into the affairs of the Separate Account is made at least every five years. In addition, a full examination of the Separate Account’s operations is usually conducted periodically by some other states.

Legal Matters

All matters of applicable state law pertaining to the Contracts, including TIAA Life’s right to issue the Contracts, have been passed upon by John D. Piller, General Counsel of TIAA Life.

Registration Statement

A registration statement has been filed with the Securities and Exchange Commission (“SEC”), under the Securities Act of 1933 (“1933 Act”), and all material rights and obligations with respect to the Contracts are disclosed in the Prospectus. Not all of the information set forth in the registration statement, and its amendments and exhibits has been included in the Prospectus or this Statement of Additional Information. Statements contained in this registration statement concerning the contents of the Contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, you should refer to the instruments filed with the SEC.

Tax Status of the Contract

Diversification Requirements. Section 817(h) of the Internal Revenue Code (“IRC”) and the regulations under it provide that separate account investments underlying a non-qualified contract must be “adequately diversified” for it to qualify as an annuity contract under IRC section 72. The Separate Account intends to comply with the diversification requirements of the regulations under section 817(h). This will affect how we make investments.

Under the IRC, you could be considered the owner of the assets of the Separate Account used to support your contract. If this happens, you’d have to include income and gains from the Separate Account assets in your gross income. The Internal Revenue

Service (IRS) has published rulings stating that a variable Contract owner will be considered the owner of separate account assets if the Contract owner has any powers that the actual owner of the assets might have, such as the ability to exercise investment control.

 

B-4   Statement of Additional Information  ∎  Single Premium Immediate Annuities

Your ownership rights under the Contract are similar but not identical to those described by the IRS in rulings that held that contract owners were not owners of separate account assets, so the IRS therefore might not rule the same way in your case. TIAA-CREF Life Insurance Company (“TIAA Life”) reserves the right to change the Contract if necessary to help prevent your being considered the owner of the Separate Account’s assets.

Required Distributions. All payments upon the death of a Contract owner will be made according to the requirements of section 72(s) of the IRC. Under that IRC section, if you die before we begin making annuity payments, all payments under the Contract must be distributed within five years of your death. However, if your Beneficiary is a natural person and payments begin within one year of your death, and within 60 days of the date we receive due proof of death, the distribution may be made over the lifetime of your Beneficiary or over a period not to exceed your Beneficiary’s life expectancy, as defined in the Code. If your spouse (as defined under Federal law) is the sole Beneficiary entitled to payments, he or she may choose to become the owner and continue the Contract. If you die on or after the date we begin making annuity payments, the remaining interest in the Contract must be distributed at least as quickly as under the method of distribution being used as of the date of your death. If the owner is not a natural person, the death of the Annuitant is treated as the death of the owner for these distribution requirements.

The Contract is designed to comply with section 72(s). TIAA Life will review the Contract and amend it if necessary to make sure that it continues to comply with the section’s requirements.

Financial Statements

Audited financial statements of the Separate Account and TIAA Life, and TIAA follow.

TIAA Life’s financial statements should be considered only as bearing upon TIAA Life’s ability to meet its obligations under the Contracts. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

TIAA financial statements should be considered only as bearing upon TIAA’s ability to meet its obligations under the financial support agreement with TIAA Life. They should not be considered as bearing on the ability of TIAA Life’s ability to meet its obligations under the Contracts nor on the investment performance of the assets held in the Separate Account.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-5  

Index to financial statements

 

TIAA-CREF LIFE SEPARATE ACCOUNT VA-1  
Audited financial statements  
For the period or year ended December 31, 2024:  
Report of independent registered public accounting firm   B-7
Statements of Assets and Liabilities   B-9
Statements of Operations   B-9
Statements of Changes in Net Assets   B-25
Notes to Financial Statements   B-63
 

 

 

 

B-6   Statement of Additional Information  ∎  Single Premium Immediate Annuities

Report of Independent Registered Public Accounting Firm

 

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts of TIAA-CREF Life Separate Account VA-1 indicated in the table below as of December 31, 2024, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub- accounts of TIAA-CREF Life Separate Account VA-1 as of December 31, 2024, 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.

 

Nuveen Life Balanced(1)

  

MFS Growth Series—Initial Class(1)

Nuveen Life Core Bond(1)

  

MFS Massachusetts Investors Growth Stock Portfolio(1)

Nuveen Life Core Equity(1)

  

MFS Utilities Series—Initial Class(1)

Nuveen Life Growth Equity(1)

  

Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class(1)

Nuveen Life International Equity(1)

  

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class(1)

Nuveen Life Large Cap Responsible Equity(1)

  

PIMCO VIT All Asset Portfolio—Institutional Class(1)

Nuveen Life Large Cap Value(1)

  

PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class(1)

Nuveen Life Money Market(1)

  

PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class(1)

Nuveen Life Real Estate Securities Select(1)

  

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class(1)

Nuveen Life Small Cap Equity(1)

  

PIMCO VIT Real Return Portfolio—Institutional Class(1)

Nuveen Life Stock Index(1)

  

PVC Equity Income Account—Class 1(1)

Calamos Growth and Income Portfolio(1)

  

PVC MidCap Account—Class 1(1)

ClearBridge Variable Growth Portfolio—Class I(1)

  

PSF Natural Resources Portfolio—Class II(1)

ClearBridge Variable Small Cap Growth Portfolio—Class I(1)

  

PSF PGIM Jennison Blend Portfolio—Class II(4)

Credit Suisse Trust-Commodity Return Strategy Portfolio(1)

  

PSF PGIM Jennison Value Portfolio—Class II(1)

Delaware VIP International Series—Standard Class(2)

  

Royce Capital Fund Micro-Cap Portfolio—Investment Class(1)

Dimensional VA Equity Allocation Portfolio(1)

  

Royce Capital Fund Small-Cap Portfolio—Investment Class(1)

Dimensional VA Global Bond Portfolio(1)

  

T. Rowe Price Health Sciences Portfolio I(1)

Dimensional VA Global Moderate Allocation Portfolio(1)

  

T. Rowe Price Limited-Term Bond Portfolio(1)

Dimensional VA International Small Portfolio(1)

  

Templeton Developing Markets VIP Fund—Class 1(1)

Dimensional VA International Value Portfolio(1)

  

Vanguard VIF Balanced Portfolio(1)

Dimensional VA Short-Term Fixed Portfolio(1)

  

Vanguard VIF Capital Growth Portfolio(1)

Dimensional VA US Large Value Portfolio(1)

  

Vanguard VIF Conservative Allocation Portfolio(1)

Dimensional VA US Targeted Value Portfolio(1)

  

Vanguard VIF Equity Index Portfolio(1)

Franklin Income VIP Fund—Class 1(1)

  

Vanguard VIF Global Bond Index Portfolio(1)

Franklin Mutual Shares VIP Fund—Class 1(1)

  

Vanguard VIF High Yield Bond Portfolio(1)

Franklin Small-Mid Cap Growth VIP Fund—Class 1(1)

  

Vanguard VIF International Portfolio(1)

Janus Henderson Forty Portfolio—Institutional Shares(1)

  

Vanguard VIF Mid-Cap Index Portfolio(1)

Janus Henderson Overseas Portfolio—Institutional Shares(1)

  

Vanguard VIF Moderate Allocation Portfolio(1)

Janus Henderson Mid Cap Value Portfolio-Institutional Shares(1)

  

Vanguard VIF Real Estate Index Portfolio(1)

John Hancock Disciplined Value Emerging Markets Equity Trust(1)

  

Vanguard VIF Small Company Growth Portfolio(1)

LVIP Macquarie Diversified Income Fund—Standard Class(1)

  

Vanguard VIF Total Bond Market Index Portfolio(1)

Macquarie VIP International Core Equity Series—Standard Class(3)

  

Vanguard VIF Total International Stock Market Index Portfolio(1)

Macquarie VIP Small Cap Value Series—Standard Class(1)

  

Vanguard VIF Total Stock Market Index Portfolio(1)

Matson Money Fixed Income VI Portfolio(1)

  

VY CBRE Global Real Estate Portfolio—Class I(1)

Matson Money International Equity VI Portfolio(1)

  

Wanger Acorn(1)

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

  

Wanger International(1)

MFS Global Equity Series—Initial Class(1)

  

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

 

(1) 

Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and December 31, 2023.

(2) 

Statement of operations for the period January 1, 2024 through April 26, 2024 and statement of changes in net assets for the period January 1, 2024 through April 26, 2024 and for the year ended December 31, 2023.

(3) 

Statement of operations and statement of changes in net assets for the period April 26, 2024 (commencement of operations) through December 31, 2024.

(4) 

Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the year ended December 31, 2024 and for the period December 8, 2023 (commencement of operations) through December 31, 2023.

 

  Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-7  

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024, 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 29, 2025

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

 

B-8   Statement of Additional Information  ∎  Single Premium Immediate Annuities   

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     

Nuveen

Life Balanced
Sub-Account

    

Nuveen

Life Core Bond
Sub-Account

    

Nuveen

Life Core Equity
Sub-Account

    

Nuveen

Life Growth Equity
Sub-Account

    

Nuveen

Life International Equity
Sub-Account

  

ASSETS

           

Investments, at value

    $ 60,039,261     $ 160,717,124     $ 189,829,160     $ 156,887,733     $ 118,662,138  

Total assets

    $ 60,039,261     $ 160,717,124     $ 189,829,160     $ 156,887,733     $ 118,662,138  
   

NET ASSETS

    $ 60,039,261     $ 160,717,124     $ 189,829,160     $ 156,887,733     $ 118,662,138  
   

NET ASSETS

           

Accumulation fund

    $ 60,039,261     $ 160,717,124     $ 164,950,108     $ 142,421,250     $ 113,703,831  

Annuity fund

      —       —       24,879,052       14,466,483       4,958,307  

Net assets

    $ 60,039,261     $ 160,717,124     $ 189,829,160     $ 156,887,733     $ 118,662,138  
   

Investments, at cost

    $ 58,628,169     $ 171,628,605     $ 157,665,604     $ 118,263,495     $ 109,829,852  

Shares held in corresponding Funds

      4,723,781       17,758,798       8,470,734       6,853,986       12,664,049  

UNIT VALUE

           

Personal Annuity Select/Single Premium
Immediate Annuity

   

$

—

 

  

$

—

 

  

$

159.71

 

  

$

112.15

 

  

$

41.79

 

Lifetime Variable Select Annuity

      —       42.81       159.64       112.22       41.79  

Intelligent Variable Annuity

           

Band 1

      45.77       43.55       162.40       114.12       42.49  

Band 2

      46.53       44.68       166.61       117.07       43.59  

Band 3

      47.04       45.45       169.48       119.09       44.34  

Band 4

      47.81       46.62       173.87       122.18       45.50  

Band 5

      45.28       42.81       159.65       112.19       41.77  

Band 6

      46.02       43.92       163.79       115.09       42.86  

Band 7

      46.53       44.68       166.61       117.07       43.59  

Band 8

      47.29       45.83       170.93       120.11       44.73  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     

Nuveen

Life Balanced
Sub-Account

     Nuveen
Life Core Bond
Sub-Account		     Nuveen
Life Core Equity
Sub-Account		    

Nuveen

Life Growth Equity
Sub-Account

     Nuveen
Life International Equity
Sub-Account		  

INVESTMENT INCOME

           

Dividends

    $ 1,277,602     $ 6,081,752     $ 1,470,916     $ 363,875     $ 2,661,724  

Expenses

           

Administrative expenses

      63,084       181,676       312,344       241,740       163,804  

Mortality and expense risk charges

      100,696       225,672       547,321       434,718       280,038  

Guaranteed minimum death benefits

      32,255       50,873       20,426       16,228       26,927  

Total expenses

      196,035       458,221       880,091       692,686       470,769  

Net investment income (loss)

      1,081,567       5,623,531       590,825       (328,811 )      2,190,955  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

        

Realized gain (loss) on investments

      338,112       (4,939,935 )      6,131,115       6,615,421       2,402,231  

Capital gain distributions

      1,677,234       —       6,147,398       —       —  

Net realized gain (loss)

      2,015,346       (4,939,935 )      12,278,513       6,615,421       2,402,231  

Net change in unrealized appreciation

(depreciation) on investments

   

 

2,990,847

 

  

 

3,096,045

 

  

 

31,026,921

 

  

 

28,814,610

 

  

 

(1,111,208

) 

Net realized and unrealized gain (loss)

on investments

   

 

5,006,193

 

  

 

(1,843,890

) 

  

 

43,305,434

 

  

 

35,430,031

 

  

 

1,291,023

 

Net increase (decrease) in net assets from operations

    $ 6,087,760     $ 3,779,641     $ 43,896,259     $ 35,101,220     $ 3,481,978  
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-9  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     

Nuveen
Life Large Cap

Responsible Equity
Sub-Account

    

Nuveen

Life Large Cap Value
Sub-Account

     Nuveen
Life Money Market
Sub-Account		     Nuveen
Life Real Estate
Securities Select
Sub-Account		     Nuveen
Life Small Cap
Equity
Sub-Account		  

ASSETS

           

Investments, at value

    $ 93,187,487     $ 70,117,573     $ 104,656,445     $ 58,158,356     $ 61,700,829  

Total assets

    $ 93,187,487     $ 70,117,573     $ 104,656,445     $ 58,158,356     $ 61,700,829  
   

NET ASSETS

    $ 93,187,487     $ 70,117,573     $ 104,656,445     $ 58,158,356     $ 61,700,829  
   

NET ASSETS

           

Accumulation fund

    $ 84,558,562     $ 61,463,622     $ 104,656,445     $ 50,781,567     $ 55,254,733  

Annuity fund

      8,628,925       8,653,951       —       7,376,789       6,446,096  

Net assets

    $ 93,187,487     $ 70,117,573     $ 104,656,445     $ 58,158,356     $ 61,700,829  
   

Investments, at cost

    $ 79,348,052     $ 61,975,984     $ 104,656,445     $ 59,470,262     $ 53,285,796  

Shares held in corresponding Funds

      4,495,296       3,603,164       104,656,445       4,175,044       3,978,132  

UNIT VALUE

           

Personal Annuity Select/Single Premium
Immediate Annuity

    $ 136.65     $ 155.93     $ —     $ 150.16     $ 198.07  

Lifetime Variable Select Annuity

      137.17       155.96       12.51       150.26       198.19  

Intelligent Variable Annuity

           

Band 1

      138.94       158.57       12.73       152.73       201.44  

Band 2

      142.54       162.69       13.06       156.69       206.66  

Band 3

      144.99       165.49       13.29       159.39       210.22  

Band 4

      148.75       169.78       13.63       163.52       215.67  

Band 5

      136.59       155.89       12.52       150.14       198.03  

Band 6

      140.13       159.93       12.84       154.04       203.17  

Band 7

      142.54       162.69       13.06       156.69       206.66  

Band 8

      146.23       166.91       13.40       160.75       212.02  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     Nuveen
Life Large Cap
Responsible Equity
Sub-Account		     Nuveen
Life Large Cap Value
Sub-Account		     Nuveen
Life Money Market
Sub-Account		     Nuveen
Life Real Estate
Securities Select
Sub-Account		     Nuveen
Life Small Cap
Equity
Sub-Account		  

INVESTMENT INCOME

          

Dividends

   $ 1,329,142     $ 1,123,539     $ 5,337,506     $ 1,686,076     $ 535,147  

Expenses

          

Administrative expenses

     146,982       118,934       115,372       104,665       100,521  

Mortality and expense risk charges

     245,338       191,989       162,413       186,532       176,452  

Guaranteed minimum death benefits

     12,120       11,245       37,062       4,734       6,253  

Total expenses

     404,440       322,168       314,847       295,931       283,226  

Net investment income (loss)

     924,702       801,371       5,022,659       1,390,145       251,921  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

        

Realized gain (loss) on investments

     3,146,009       3,666,625       —       (904,193 )      917,624  

Capital gain distributions

     4,533,065       4,628,660       —       —       648,561  

Net realized gain (loss)

     7,679,074       8,295,285       —       (904,193 )      1,566,185  

Net change in unrealized appreciation (depreciation) on investments

     5,770,429       597,690       —       1,956,947       6,518,478  

Net realized and unrealized gain (loss) on investments

     13,449,503       8,892,975       —       1,052,754       8,084,663  

Net increase (decrease) in net assets from operations

   $ 14,374,205     $ 9,694,346     $ 5,022,659     $ 2,442,899     $ 8,336,584  
   

 

B-10   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     

Nuveen
Life Stock Index
Sub-Account

     Calamos Growth and
Income Portfolio
Sub-Account		     ClearBridge Variable
Growth
Portfolio—Class I
Sub-Account		     ClearBridge Variable
Small Cap Growth
Portfolio—Class I
Sub-Account		     Credit Suisse Trust—
Commodity Return
Strategy Portfolio
Sub-Account		  

ASSETS

           

Investments, at value

    $ 678,647,373     $ 5,222,611     $ 29,550,209     $ 5,017,842     $ 492,651  

Total assets

    $ 678,647,373     $ 5,222,611     $ 29,550,209     $ 5,017,842     $ 492,651  
   

NET ASSETS

    $ 678,647,373     $ 5,222,611     $ 29,550,209     $ 5,017,842     $ 492,651  
   

NET ASSETS

           

Accumulation fund

    $ 616,711,550     $ 5,222,611     $ 29,550,209     $ 5,017,842     $ 492,651  

Annuity fund

      61,935,823       —       —       —       —  

Net assets

    $ 678,647,373     $ 5,222,611     $ 29,550,209     $ 5,017,842     $ 492,651  
   

Investments, at cost

    $ 438,117,683     $ 3,903,207     $ 35,277,333     $ 4,875,997     $ 613,612  

Shares held in corresponding Funds

      14,405,591       225,016       2,036,541       181,215       27,400  

UNIT VALUE

           

Personal Annuity Select/Single Premium
Immediate Annuity

    $ 179.83     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      179.74       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      182.87       —       58.25       61.92       22.22  

Band 2

      187.61       —       59.76       63.53       22.60  

Band 3

      190.84       —       60.79       64.62       22.85  

Band 4

      195.79       56.14       62.36       66.30       23.24  

Band 5

      179.77       —       57.26       60.87       21.98  

Band 6

      184.43       —       58.75       62.45       22.35  

Band 7

      187.61       —       59.76       63.53       —  

Band 8

      192.47       55.19       61.31       65.17       —  

 

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

INVESTMENT INCOME

          

Dividends

   $ 8,854,417     $ 19,111     $ 31,488     $ —     $ 16,971  

Expenses

          

Administrative expenses

     989,705       5,007       29,894       5,147       561  

Mortality and expense risk charges

     1,776,086       —       58,841       5,429       1,194  

Guaranteed minimum death benefits

     119,192       1,495       14,281       1,815       116  

Total expenses

     2,884,983       6,502       103,016       12,391       1,871  

Net investment income (loss)

     5,969,434       12,609       (71,528 )      (12,391 )      15,100  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

        

Realized gain (loss) on investments

     56,736,391       73,372       (3,516,580 )      (406,063 )      (36,461 ) 

Capital gain distributions

     9,638,364       72,807       7,909,853       169,433       —  

Net realized gain (loss)

     66,374,755       146,179       4,393,273       (236,630 )      (36,461 ) 

Net change in unrealized appreciation

(depreciation) on investments

     62,371,993       780,855       (840,709 )      455,795       45,750  

Net realized and unrealized gain (loss)

on investments

     128,746,748       927,034       3,552,564       219,165       9,289  

Net increase (decrease) in net assets from operations

   $ 134,716,182     $ 939,643     $ 3,481,036     $ 206,774     $ 24,389  
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-11  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     Delaware VIP
International
Series—
Standard Class
Sub-Account†		     Dimensional VA Equity
Allocation Portfolio
Sub-Account		     Dimensional VA
Global Bond
Portfolio
Sub-Account		     Dimensional VA
Global Moderate
Allocation Portfolio
Sub-Account		     Dimensional VA
International Small
Portfolio
Sub-Account		    

Dimensional VA
International
Value Portfolio
Sub-Account

  

ASSETS

            

Investments, at value

   $ —     $ 15,239,650     $ 55,055,219     $ 48,153,622     $ 46,602,586     $ 95,595,229  

Total assets

   $ —     $ 15,239,650     $ 55,055,219     $ 48,153,622     $ 46,602,586     $ 95,595,229  
                   

NET ASSETS

   $ —     $ 15,239,650     $ 55,055,219     $ 48,153,622     $ 46,602,586     $ 95,595,229  
                   

NET ASSETS

            

Accumulation fund

   $ —     $ 15,239,650     $ 55,055,219     $ 48,153,622     $ 46,602,586     $ 95,595,229  

Net assets

   $ —     $ 15,239,650     $ 55,055,219     $ 48,153,622     $ 46,602,586     $ 95,595,229  
                   

Investments, at cost

   $ —     $ 13,906,813     $ 57,228,529     $ 43,535,542     $ 47,728,629     $ 91,760,567  

Shares held in corresponding Funds

     —       960,886       5,652,487       2,945,176       4,020,931       7,003,313  

UNIT VALUE

            

Personal Annuity Select/Single Premium Immediate Annuity

   $ —            

Lifetime Variable Select Annuity

     —            

Intelligent Variable Annuity

            

Band 1

     —     $ 50.03     $ 28.80     $ 49.01     $ 52.45     $ 49.74  

Band 2

     —       50.59       29.36       49.84       53.45       50.70  

Band 3

     —       50.97       29.73       50.40       54.13       51.34  

Band 4

     —       51.54       30.30       51.25       55.17       52.33  

Band 5

     —       49.65       28.44       48.47       51.78       49.12  

Band 6

     —       50.21       28.99       49.29       52.78       50.06  

Band 7

     —       50.59       29.36       49.84       53.45       50.70  

Band 8

     —       51.16       29.92       50.68       54.48       51.67  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     Delaware VIP
International
Series—
Standard Class
Sub-Account†		     Dimensional VA Equity
Allocation Portfolio
Sub-Account		     Dimensional VA
Global Bond
Portfolio
Sub-Account		     Dimensional VA
Global Moderate
Allocation Portfolio
Sub-Account		     Dimensional VA
International Small
Portfolio
Sub-Account		    

Dimensional VA
International
Value Portfolio
Sub-Account

  

INVESTMENT INCOME

            

Dividends

   $ 889,510     $ 280,377     $ 2,645,379     $ 1,295,842     $ 1,643,380     $ 3,856,214  

Expenses

            

Administrative expenses

     13,912       13,776       56,430       47,356       48,926       99,687  

Mortality and expense risk charges

     20,369       23,166       93,752       81,831       89,335       177,317  

Guaranteed minimum death benefits

     5,787       1,995       14,078       21,838       16,736       35,331  

Total expenses

     40,068       38,937       164,260       151,025       154,997       312,335  

Net investment income (loss)

     849,442       241,440       2,481,119       1,144,817       1,488,383       3,543,879  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

            

Realized gain (loss) on investments

     40,339       611,952       (681,172 )      980,556       444,447       8,121,139  

Capital gain distributions

     —       177,242       —       276,720       1,285,227       1,990,197  

Net realized gain (loss)

     40,339       789,194       (681,172 )      1,257,276       1,729,674       10,111,336  

Net change in unrealized appreciation (depreciation) on investments

     268,168       734,002       980,200       2,719,198       (1,515,644 )      (7,460,369 ) 

Net realized and unrealized gain (loss) on investments

     308,507       1,523,196       299,028       3,976,474       214,030       2,650,967  

Net increase (decrease) in net assets from operations

   $ 1,157,949     $ 1,764,636     $ 2,780,147     $ 5,121,291     $ 1,702,413     $ 6,194,846  
                   

 

† 

Delaware VIP International Series—Standard Class Sub-Account merged into Macquarie VIP International Core Equity Series-Standard Class Sub-Account on April 26, 2024.

 

B-12   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     Dimensional VA
Short-Term
Fixed Portfolio
Sub-Account		     Dimensional VA
US Large
Value Portfolio
Sub-Account		     Dimensional VA
US Targeted
Value Portfolio
Sub-Account		    

Franklin
Income VIP
Fund—Class 1
Sub-Account

     Franklin
Mutual Shares
VIP Fund-Class 1
Sub-Account		  

ASSETS

          

Investments, at value

   $ 77,958,542     $ 72,529,665     $ 47,927,599     $ 7,971,401     $ 2,015,468  

Total assets

   $ 77,958,542     $ 72,529,665     $ 47,927,599     $ 7,971,401     $ 2,015,468  
           

NET ASSETS

   $ 77,958,542     $ 72,529,665     $ 47,927,599     $ 7,971,401     $ 2,015,468  
           

NET ASSETS

          

Accumulation fund

   $ 77,958,542     $ 72,529,665     $ 47,927,599     $ 7,971,401     $ 2,015,468  

Net assets

   $ 77,958,542     $ 72,529,665     $ 47,927,599     $ 7,971,401     $ 2,015,468  
           

Investments, at cost

   $ 78,616,784     $ 72,853,692     $ 47,234,255     $ 8,174,498     $ 1,970,773  

Shares held in corresponding Funds

     7,741,663       2,228,254       2,123,509       527,209       119,683  

UNIT VALUE

          

Personal Annuity Select/Single Premium Immediate Annuity

   $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

     —       —       —       —       —  

Intelligent Variable Annuity

          

Band 1

   $ 27.64     $ 89.02     $ 94.39     $ 41.70     $ 47.23  

Band 2

     28.17       90.72       96.20       42.78       48.45  

Band 3

     28.53       91.88       97.43       43.52       49.28  

Band 4

     29.07       93.64       99.30       44.65       50.56  

Band 5

     27.29       87.90       93.20       41.00       46.43  

Band 6

     27.81       89.58       94.99       42.06       47.63  

Band 7

     28.17       90.72       96.20       —       —  

Band 8

     28.71       92.46       98.05       43.89       49.71  

 

     Dimensional VA
Short-Term
Fixed Portfolio
Sub-Account		     Dimensional VA
US Large
Value Portfolio
Sub-Account		     Dimensional VA
US Targeted
Value Portfolio
Sub-Account		    

Franklin
Income VIP
Fund—Class 1
Sub-Account

     Franklin
Mutual Shares
VIP Fund—Class 1
Sub-Account		  

INVESTMENT INCOME

          

Dividends

   $ 3,752,028     $ 1,485,689     $ 665,798     $ 403,219     $ 50,167  

Expenses

          

Administrative expenses

     78,976       74,757       48,662       7,951       2,315  

Mortality and expense risk charges

     139,131       128,230       76,641       4,393       746  

Guaranteed minimum death benefits

     28,803       24,224       15,599       2,717       1,345  

Total expenses

     246,910       227,211       140,902       15,061       4,406  

Net investment income (loss)

     3,505,118       1,258,478       524,896       388,158       45,761  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

          

Realized gain (loss) on investments

     168,167       7,416,900       303,666       (19,572 )      (63,626 ) 

Capital gain distributions

     —       7,485,463       3,243,341       31,515       46,342  

Net realized gain (loss)

     168,167       14,902,363       3,547,007       11,943       (17,284 ) 

Net change in unrealized appreciation (depreciation) on investments

     275,494       (6,981,325 )      (389,696 )      144,689       234,693  

Net realized and unrealized gain (loss) on investments

     443,661       7,921,038       3,157,311       156,632       217,409  

Net increase (decrease) in net assets from operations

   $ 3,948,779     $ 9,179,516     $ 3,682,207     $ 544,790     $ 263,170  
           

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-13  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     Franklin
Small-Mid Cap
Growth VIP
Fund-Class 1
Sub-Account		     Janus Henderson Forty
Portfolio-Institutional
Shares
Sub-Account		     Janus Henderson Overseas
Portfolio-Institutional
Shares
Sub-Account		     Janus Henderson
Mid Cap Value
Portfolio-Institutional
Shares
Sub-Account		     John Hancock
Disciplined Value
Emerging Markets
Equity Trust
Sub-Account		  

ASSETS

          

Investments, at value

   $ 13,871,753     $ 17,887,988     $ 1,747,062     $ 9,511,028     $ 41,740,720  

Total assets

   $ 13,871,753     $ 17,887,988     $ 1,747,062     $ 9,511,028     $ 41,740,720  
           

NET ASSETS

   $ 13,871,753     $ 17,887,988     $ 1,747,062     $ 9,511,028     $ 41,740,720  
           

NET ASSETS

          

Accumulation fund

   $ 13,871,753     $ 17,887,988     $ 1,747,062     $ 9,511,028     $ 41,740,720  

Net assets

   $ 13,871,753     $ 17,887,988     $ 1,747,062     $ 9,511,028     $ 41,740,720  
           

Investments, at cost

   $ 12,064,119     $ 14,714,337     $ 1,359,050     $ 8,691,147     $ 41,018,476  

Shares held in corresponding Funds

     730,477       311,746       39,778       511,071       4,445,231  

UNIT VALUE

          

Personal Annuity Select/Single Premium Immediate Annuity

   $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

     —       —       —       —       —  

Intelligent Variable Annuity

          

Band 1

     90.24       233.75       —       53.65       33.67  

Band 2

     92.57       239.81       —       55.04       34.18  

Band 3

     94.17       243.94       —       55.99       34.52  

Band 4

     96.61       250.26       92.47       57.44       35.05  

Band 5

     88.71       229.79       —       —       33.33  

Band 6

     91.01       235.75       —       54.11       33.84  

Band 7

     92.57       239.81       —       55.04       34.18  

Band 8

     94.98       246.03       90.90       56.47       34.70  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     Franklin
Small-Mid Cap
Growth VIP
Fund—Class 1
Sub-Account		     Janus Henderson Forty
Portfolio—Institutional
Shares
Sub-Account		     Janus Henderson Overseas
Portfolio—Institutional
Shares
Sub-Account		     Janus Henderson Mid
Cap Value
Portfolio—Institutional
Shares
Sub-Account		     John Hancock
Disciplined Value
Emerging Markets
Equity Trust
Sub-Account		  

INVESTMENT INCOME

          

Dividends

   $ —     $ 18,211     $ 25,282     $ 91,535     $ 1,817,381  

Expenses

          

Administrative expenses

     13,982       16,907       1,918       9,436       43,645  

Mortality and expense risk charges

     16,868       11,055       —       2,446       86,528  

Guaranteed minimum death benefits

     5,202       6,913       347       2,749       18,919  

Total expenses

     36,052       34,875       2,265       14,631       149,092  

Net investment income (loss)

     (36,052 )      (16,664 )      23,017       76,904       1,668,289  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

          

Realized gain (loss) on investments

     (109,114 )      532,782       75,505       263,782       1,152,330  

Capital gain distributions

     —       950,557       —       469,794       —  

Net realized gain (loss)

     (109,114 )      1,483,339       75,505       733,576       1,152,330  

Net change in unrealized appreciation (depreciation) on investments

     1,595,351       2,585,665       12,643       313,339       (3,909,043 ) 

Net realized and unrealized gain (loss) on investments

     1,486,237       4,069,004       88,148       1,046,915       (2,756,713 ) 

Net increase (decrease) in net assets from operations

   $ 1,450,185     $ 4,052,340     $ 111,165     $ 1,123,819     $ (1,088,424 ) 
           

 

B-14   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     LVIP Macquarie
Diversified Income Fund-
Standard Class
Sub-Account		     Macquarie VIP
International
Core Equity Series—
Standard Class
Sub-Account		     Macquarie VIP
Small Cap
Value Series-
Standard Class
Sub-Account		     Matson Money
Fixed Income VI
Portfolio
Sub-Account		  

ASSETS

        

Investments, at value

   $ 63,465,734     $ 42,079,327     $ 32,188,297     $ 24,032,812  

Total assets

   $ 63,465,734     $ 42,079,327     $ 32,188,297     $ 24,032,812  
   

NET ASSETS

   $ 63,465,734     $ 42,079,327     $ 32,188,297     $ 24,032,812  
   

NET ASSETS

        

Accumulation fund

   $ 63,465,734     $ 42,079,327     $ 32,188,297     $ 24,032,812  

Net assets

   $ 63,465,734     $ 42,079,327     $ 32,188,297     $ 24,032,812  
   

Investments, at cost

   $ 68,535,015     $ 42,964,770     $ 29,944,303     $ 24,131,777  

Shares held in corresponding Funds

     7,289,884       2,542,558       795,165       1,012,761  

UNIT VALUE

        

Personal Annuity Select/Single Premium Immediate Annuity

   $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

     —       —       —       —  

Intelligent Variable Annuity

        

Band 1

     17.36       17.79       106.33       26.13  

Band 2

     17.81       18.25       109.09       26.56  

Band 3

     18.12       18.56       110.97       26.85  

Band 4

     18.59       19.04       113.84       27.29  

Band 5

     17.07       17.49       104.53       25.85  

Band 6

     17.51       17.94       107.24       26.28  

Band 7

     17.81       18.25       109.09       26.56  

Band 8

     18.27       18.72       111.92       27.00  

 

     LVIP Macquarie
Diversified Income
Fund-Standard
Class Sub-Account		     Macquarie VIP
International
Core Equity
Series—
Standard Class
Sub-Account ^		     Macquarie VIP
Small Cap
Value Series-
Standard Class
Sub-Account		     Matson Money
Fixed Income VI
Portfolio
Sub-Account		  

INVESTMENT INCOME

        

Dividends

   $ 2,703,019     $ 536,525     $ 439,321     $ 861,720  

Expenses

        

Administrative expenses

     64,161       29,581       32,649       25,093  

Mortality and expense risk charges

     56,501       36,436       40,555       49,747  

Guaranteed minimum death benefits

     25,502       12,363       12,381       8,679  

Total expenses

     146,164       78,380       85,585       83,519  

Net investment income (loss)

     2,556,855       458,145       353,736       778,201  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

        

Realized gain (loss) on investments

     (2,356,438 )      94,676       1,412,304       (121,778 ) 

Capital gain distributions

     —       97,116       1,213,023       —  

Net realized gain (loss)

     (2,356,438 )      191,792       2,625,327       (121,778 ) 

Net change in unrealized appreciation (depreciation) on investments

     949,490       (885,443 )      446,850       170,638  

Net realized and unrealized gain (loss) on investments

     (1,406,948 )      (693,651 )      3,072,177       48,860  

Net increase (decrease) in net assets from operations

   $ 1,149,907     $ (235,506 )    $ 3,425,913     $ 827,061  
   

 

^

For the period April 26, 2024 (commencement of operations) to December 31, 2024.

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-15  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     

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 Massachusetts
Investors Growth Stock
Portfolio Sub-Account		  

ASSETS

           

Investments, at value

    $ 18,081,097     $ 24,768,725     $ 4,582,934     $ 1,258,438     $ 8,275,378  

Total assets

    $ 18,081,097     $ 24,768,725     $ 4,582,934     $ 1,258,438     $ 8,275,378  
   

NET ASSETS

    $ 18,081,097     $ 24,768,725     $ 4,582,934     $ 1,258,438     $ 8,275,378  
   

NET ASSETS

           

Accumulation fund

    $ 18,081,097     $ 24,768,725     $ 4,582,934     $ 1,258,438     $ 8,275,378  

Net assets

    $ 18,081,097     $ 24,768,725     $ 4,582,934     $ 1,258,438     $ 8,275,378  
   

Investments, at cost

    $ 17,988,319     $ 24,960,536     $ 4,630,937     $ 1,024,068     $ 7,463,895  

Shares held in corresponding Funds

      709,341       779,136       216,585       17,166       345,527  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      35.02       58.48       44.54       —       63.40  

Band 2

      35.60       59.44       45.70       —       65.04  

Band 3

      35.99       60.09       46.48       —       66.16  

Band 4

      36.58       61.08       47.69       174.10       67.88  

Band 5

      34.65       57.85       43.79       —       62.32  

Band 6

      35.22       58.80       44.92       —       63.94  

Band 7

      35.60       59.44       45.70       —       65.04  

Band 8

      36.19       60.42       46.88       171.15       66.73  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     

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 Massachusetts
Investors Growth Stock
Portfolio Sub-Account		  

INVESTMENT INCOME

           

Dividends

    $ 544,797     $ 207,277     $ 50,428     $ —     $ 30,314  

Expenses

           

Administrative expenses

      18,982       25,886       5,442       1,194       9,290  

Mortality and expense risk charges

      37,927       50,233       4,670       1       7,433  

Guaranteed minimum death benefits

      5,479       7,525       1,435       360       3,947  

Total expenses

      62,388       83,644       11,547       1,555       20,670  

Net investment income (loss)

      482,409       123,633       38,881       (1,555 )      9,644  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      1,088,863       357,784       3,538       15,039       373,687  

Capital gain distributions

      340,516       2,225,207       316,077       90,320       759,856  

Net realized gain (loss)

      1,429,379       2,582,991       319,615       105,359       1,133,543  

Net change in unrealized appreciation (depreciation) on investments

      (937,515 )      216,190       (41,114 )      207,547       257,098  

Net realized and unrealized gain (loss) on investments

      491,864       2,799,181       278,501       312,906       1,390,641  

Net increase (decrease) in net assets from operations

    $ 974,273     $ 2,922,814     $ 317,382     $ 311,351     $ 1,400,285  
   

 

B-16   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      MFS Utilities
Series—Initial Class
Sub-Account		    

Neuberger Berman
Advisers Management
Trust Mid Cap
Intrinsic Value Portfolio—

I Class Sub-Account

    

Neuberger Berman
Advisers Management
Trust Sustainable
Equity Portfolio—

I Class Sub-Account

    

PIMCO VIT

All Asset
Portfolio—Institutional
Class Sub-Account

     PIMCO VIT
Commodity Real
Return Strategy
Portfolio—Institutional
Class Sub-Account		  

ASSETS

           

Investments, at value

    $ 3,476,853     $ 45,778,274     $ 2,734,773     $ 3,933,486     $ 2,625,460  

Total assets

    $ 3,476,853     $ 45,778,274     $ 2,734,773     $ 3,933,486     $ 2,625,460  
   

NET ASSETS

    $ 3,476,853     $ 45,778,274     $ 2,734,773     $ 3,933,486     $ 2,625,460  
   

NET ASSETS

           

Accumulation fund

    $ 3,476,853     $ 45,778,274     $ 2,734,773     $ 3,933,486     $ 2,625,460  

Net assets

    $ 3,476,853     $ 45,778,274     $ 2,734,773     $ 3,933,486     $ 2,625,460  
   

Investments, at cost

    $ 3,502,659     $ 44,036,822     $ 2,124,090     $ 4,431,319     $ 2,928,549  

Shares held in corresponding Funds

      101,603       2,776,123       68,489       439,496       484,402  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      90.65       43.62       72.58       24.10       23.15  

Band 2

      93.00       44.75       74.46       24.72       23.54  

Band 3

      94.60       45.52       75.75       25.15       23.81  

Band 4

      97.05       46.70       77.71       25.80       24.21  

Band 5

      89.12       42.88       71.35       23.69       22.90  

Band 6

      91.43       43.99       73.20       24.30       23.28  

Band 7

      93.00       44.75       74.46       24.72       23.54  

Band 8

      95.41       45.91       76.39       25.36       23.94  

 

      MFS Utilities
Series—Initial Class
Sub-Account		    

Neuberger Berman
Advisers Management
Trust Mid Cap
Intrinsic Value Portfolio—

I Class Sub-Account

    

Neuberger Berman
Advisers Management
Trust Sustainable
Equity Portfolio—

I Class Sub-Account

    

PIMCO VIT

All Asset
Portfolio—Institutional
Class Sub-Account

     PIMCO VIT
Commodity Real
Return Strategy
Portfolio—Institutional
Class Sub-Account		  

INVESTMENT INCOME

           

Dividends

    $ 76,269     $ 327,016     $ 5,956     $ 256,886     $ 66,516  

Expenses

           

Administrative expenses

      3,425       46,073       2,500       3,949       2,847  

Mortality and expense risk charges

      2,176       70,070       631       1,636       4,369  

Guaranteed minimum death benefits

      1,659       19,998       695       1,267       1,061  

Total expenses

      7,260       136,141       3,826       6,852       8,277  

Net investment income (loss)

      69,009       190,875       2,130       250,034       58,239  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      (29,406 )      1,068,451       96,879       (12,943 )      (498,519 ) 

Capital gain distributions

      94,115       1,472,660       128,321       —       —  

Net realized gain (loss)

      64,709       2,541,111       225,200       (12,943 )      (498,519 ) 

Net change in unrealized appreciation (depreciation) on investments

      204,140       1,093,642       329,821       (97,243 )      549,066  

Net realized and unrealized gain (loss) on investments

      268,849       3,634,753       555,021       (110,186 )      50,547  

Net increase (decrease) in net assets from operations

    $ 337,858     $ 3,825,628     $ 557,151     $ 139,848     $ 108,786  
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-17  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

      PIMCO VIT
Emerging Markets
Bond Portfolio—
Institutional Class
Sub-Account		     PIMCO VIT Global Bond
Opportunities Portfolio
(Unhedged)—
Institutional Class
Sub-Account		     PIMCO VIT
Real Return
Portfolio—
Institutional Class
Sub-Account		    

PVC Equity
Income Account—

Class 1
Sub-Account

     PVC MidCap
Account—
Class 1
Sub-Account		  

ASSETS

           

Investments, at value

    $ 42,714,782     $ 6,044,018     $ 100,867,086     $ 102,794,882     $ 9,582,464  

Total assets

    $ 42,714,782     $ 6,044,018     $ 100,867,086     $ 102,794,882     $ 9,582,464  
   

NET ASSETS

    $ 42,714,782     $ 6,044,018     $ 100,867,086     $ 102,794,882     $ 9,582,464  
   

NET ASSETS

           

Accumulation fund

    $ 42,714,782     $ 6,044,018     $ 100,867,086     $ 102,794,882     $ 9,582,464  

Net assets

    $ 42,714,782     $ 6,044,018     $ 100,867,086     $ 102,794,882     $ 9,582,464  
   

Investments, at cost

    $ 43,488,795     $ 6,567,225     $ 107,876,031     $ 93,153,858     $ 8,272,710  

Shares held in corresponding Funds

      4,014,547       654,114     $ 8,763,431       3,334,249       138,435  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      33.50       18.28       19.93       69.14       —  

Band 2

      34.07       18.76       20.45       70.93       —  

Band 3

      34.45       19.08       20.80       72.15       —  

Band 4

      35.03       19.58       21.34       74.03       107.59  

Band 5

      33.13       17.97       19.60       67.97       —  

Band 6

      33.69       18.44       20.10       69.73       101.35  

Band 7

      34.07       18.76       20.45       70.93       —  

Band 8

      34.64       19.24       20.98       72.77       105.77  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

      PIMCO VIT
Emerging Markets
Bond Portfolio—
Institutional Class
Sub-Account		     PIMCO VIT Global Bond
Opportunities Portfolio
(Unhedged)—
Institutional Class
Sub-Account		     PIMCO VIT
Real Return
Portfolio—
Institutional Class
Sub-Account		     PVC Equity
Income Account—
Class 1
Sub-Account		     PVC MidCap
Account—
Class 1
Sub-Account		  

INVESTMENT INCOME

           

Dividends

    $ 2,770,611     $ 221,370     $ 2,808,811     $ 2,130,754     $ 22,725  

Expenses

           

Administrative expenses

      42,398       6,043       102,226       103,424       9,386  

Mortality and expense risk charges

      81,045       4,642       152,710       126,483       327  

Guaranteed minimum death benefits

      17,915       1,040       40,648       41,164       3,111  

Total expenses

      141,358       11,725       295,584       271,071       12,824  

Net investment income (loss)

      2,629,253       209,645       2,513,227       1,859,683       9,901  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      (2,058,799 )      (158,757 )      (2,812,860 )      2,236,867       163,844  

Capital gain distributions

      —       —       —       983,630       802,413  

Net realized gain (loss)

      (2,058,799 )      (158,757 )      (2,812,860 )      3,220,497       966,257  

Net change in unrealized appreciation (depreciation) on investments

      2,418,738       (79,420 )      2,307,950       9,404,882       725,322  

Net realized and unrealized gain (loss) on investments

      359,939       (238,177 )      (504,910 )      12,625,379       1,691,579  

Net increase (decrease) in net assets from operations

    $ 2,989,192     $ (28,532 )      2,008,317     $ 14,485,062     $ 1,701,480  
   

 

B-18   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      PSF Natural
Resources
Portfolio-Class II
Sub-Account		     PSF PGIM
Jennison Blend
Portfolio—Class II
Sub-Account		     PSF PGIM
Jennison Value
Portfolio-Class II
Sub-Account		     Royce Capital Fund
Micro-Cap
Portfolio-
Investment Class
Sub-Account		     Royce Capital Fund
Small-Cap
Portfolio-
Investment Class
Sub-Account		  

ASSETS

           

Investments, at value

    $ 2,808,900     $ 27,852,778     $ 10,168,208     $ 648,823     $ 8,872,905  

Total assets

    $ 2,808,900     $ 27,852,778     $ 10,168,208     $ 648,823     $ 8,872,905  
   

NET ASSETS

    $ 2,808,900     $ 27,852,778     $ 10,168,208     $ 648,823     $ 8,872,905  
   

NET ASSETS

           

Accumulation fund

    $ 2,808,900     $ 27,852,778     $ 10,168,208     $ 648,823     $ 8,872,905  

Net assets

    $ 2,808,900     $ 27,852,778     $ 10,168,208     $ 648,823     $ 8,872,905  
   

Investments, at cost

    $ 2,465,142     $ 23,052,219     $ 6,001,851     $ 601,509     $ 8,446,839  

Shares held in corresponding Funds

      66,783       235,104       173,223       66,546       941,922  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      63.91       74.50       79.10       35.70       29.78  

Band 2

      65.57       76.44       81.15       36.63       30.55  

Band 3

      66.70       77.75       —       37.26       31.08  

Band 4

      68.43       79.77       84.69       38.22       31.88  

Band 5

      62.83       73.24       —       35.10       29.28  

Band 6

      64.46       75.14       79.78       36.01       30.03  

Band 7

      65.57       76.44       81.15       36.63       30.55  

Band 8

      67.27       78.42       83.26       37.58       31.34  

 

      PSF Natural
Resources
Portfolio-Class II
Sub-Account		     PSF PGIM
Jennison Blend
Portfolio—Class II
Sub-Account		     PSF PGIM
Jennison Value
Portfolio-Class II
Sub-Account		     Royce Capital Fund
Micro-Cap
Portfolio-
Investment Class
Sub-Account		     Royce Capital Fund
Small-Cap
Portfolio-
Investment Class
Sub-Account		  

INVESTMENT INCOME

           

Dividends

    $ —     $ —     $ —     $ —     $ 106,913  

Expenses

           

Administrative expenses

      3,162       27,524       9,735       612       9,122  

Mortality and expense risk charges

      2,457       15,834       2,952       187       2,492  

Guaranteed minimum death benefits

      892       9,037       3,325       210       2,691  

Total expenses

      6,511       52,395       16,012       1,009       14,305  

Net investment income (loss)

      (6,511 )      (52,395 )      (16,012 )      (1,009 )      92,608  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      242,264       2,328,893       497,291       (170,209 )      360,097  

Capital gain distributions

      —       —       —       43,560       361,355  

Net realized gain (loss)

      242,264       2,328,893       497,291       (126,649 )      721,452  

Net change in unrealized appreciation (depreciation) on investments

      (117,327 )      3,894,345       1,272,778       193,383       (517,629 ) 

Net realized and unrealized gain (loss) on investments

      124,937       6,223,238       1,770,069       66,734       203,823  

Net increase (decrease) in net assets from operations

    $ 118,426     $ 6,170,843     $ 1,754,057     $ 65,725     $ 296,431  
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-19  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

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

ASSETS

           

Investments, at value

    $ 6,496,718     $ 53,244,780     $ 29,508,073     $ 5,339,716     $ 23,056,672  

Total assets

    $ 6,496,718     $ 53,244,780     $ 29,508,073     $ 5,339,716     $ 23,056,672  
   

NET ASSETS

    $ 6,496,718     $ 53,244,780     $ 29,508,073     $ 5,339,716     $ 23,056,672  
   

NET ASSETS

           

Accumulation fund

    $ 6,496,718     $ 53,244,780     $ 29,508,073     $ 5,339,716     $ 23,056,672  

Net assets

    $ 6,496,718     $ 53,244,780     $ 29,508,073     $ 5,339,716     $ 23,056,672  
   

Investments, at cost

    $ 7,292,318     $ 53,368,890     $ 28,557,957     $ 4,912,030     $ 19,365,700  

Shares held in corresponding Funds

      126,741       11,352,831       3,459,329       215,572       452,624  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      54.06       28.69       18.99       39.46       76.94  

Band 2

      54.88       29.25       19.49       39.73       78.10  

Band 3

      55.43       29.63       19.82       39.92       78.89  

Band 4

      56.28       30.20       20.34       40.20       80.09  

Band 5

      53.52       28.33       18.67       39.27       76.17  

Band 6

      54.33       28.88       19.16       39.55       77.32  

Band 7

      54.88       29.25       19.49       —       78.10  

Band 8

      55.71       29.89       19.99       40.01       79.29  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

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

INVESTMENT INCOME

           

Dividends

    $ —     $ 2,214,711     $ 1,144,805     $ 100,948     $ 255,565  

Expenses

           

Administrative expenses

      7,271       52,989       28,448       4,849       23,534  

Mortality and expense risk charges

      11,108       77,667       39,449       8,238       23,735  

Guaranteed minimum death benefits

      4,308       24,912       9,816       993       3,093  

Total expenses

      22,687       155,568       77,713       14,080       50,362  

Net investment income (loss)

      (22,687 )      2,059,143       1,067,092       86,868       205,203  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      53,858       (435,064 )      (967,813 )      (9,424 )      903,999  

Capital gain distributions

      571,992       —       207,454       218,332       467,136  

Net realized gain (loss)

      625,850       (435,064 )      (760,359 )      208,908       1,371,135  

Net change in unrealized appreciation (depreciation) on investments

      (482,913 )      780,527       1,698,333       339,929       1,328,186  

Net realized and unrealized gain (loss) on investments

      142,937       345,463       937,974       548,837       2,699,321  

Net increase (decrease) in net assets from operations

    $ 120,250     $ 2,404,606     $ 2,005,066     $ 635,705     $ 2,904,524  
   

 

B-20   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

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

ASSETS

           

Investments, at value

    $ 3,495,630     $ 233,019,610     $ 3,971,267     $ 59,397,612     $ 4,280,492  

Total assets

    $ 3,495,630     $ 233,019,610     $ 3,971,267     $ 59,397,612     $ 4,280,492  
   

NET ASSETS

    $ 3,495,630     $ 233,019,610     $ 3,971,267     $ 59,397,612     $ 4,280,492  
   

NET ASSETS

           

Accumulation fund

    $ 3,495,630     $ 233,019,610     $ 3,971,267     $ 59,397,612     $ 4,280,492  

Net assets

    $ 3,495,630     $ 233,019,610     $ 3,971,267     $ 59,397,612     $ 4,280,492  
   

Investments, at cost

    $ 3,517,621     $ 192,209,592     $ 3,933,779     $ 58,539,714     $ 4,072,743  

Shares held in corresponding Funds

      140,218       3,230,103       215,713       8,026,704       167,207  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      30.95       82.65       23.20       37.72       36.41  

Band 2

      31.16       83.91       23.37       38.30       36.67  

Band 3

      31.31       84.76       23.48       38.68       36.84  

Band 4

      31.53       86.04       23.64       39.27       37.10  

Band 5

      30.80       81.83       —       37.35       36.24  

Band 6

      31.02       83.07       23.26       37.91       36.50  

Band 7

      31.16       83.91       23.37       38.30       36.67  

Band 8

      31.38       85.18       23.53       38.88       36.93  

 

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

INVESTMENT INCOME

           

Dividends

    $ 82,782     $ 2,615,695     $ 100,848     $ 3,224,956     $ 54,643  

Expenses

           

Administrative expenses

      3,212       210,514       3,651       58,107       4,522  

Mortality and expense risk charges

      6,414       226,595       4,409       112,833       7,167  

Guaranteed minimum death benefits

      965       37,702       449       22,361       1,704  

Total expenses

      10,591       474,811       8,509       193,301       13,393  

Net investment income (loss)

      72,191       2,140,884       92,339       3,031,655       41,250  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      (22,631 )      30,697,121       (21,182 )      (542,678 )      213,798  

Capital gain distributions

      70,167       7,478,100       3,754       —       144,647  

Net realized gain (loss)

      47,536       38,175,221       (17,428 )      (542,678 )      358,445  

Net change in unrealized appreciation (depreciation) on investments

      95,606       4,466,136       (1,546 )      926,661       (12,606 ) 

Net realized and unrealized gain (loss) on investments

      143,142       42,641,357       (18,974 )      383,983       345,839  

Net increase (decrease) in net assets from operations

    $ 215,333     $ 44,782,241     $ 73,365     $ 3,415,638     $ 387,089  
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-21  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

     

 

     

Vanguard VIF
Mid-Cap
Index Portfolio
Sub-Account

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

ASSETS

           

Investments, at value

    $ 99,656,282     $ 5,612,677     $ 29,759,906     $ 24,078,047     $ 291,790,989  

Total assets

    $ 99,656,282     $ 5,612,677     $ 29,759,906     $ 24,078,047     $ 291,790,989  
   

NET ASSETS

    $ 99,656,282     $ 5,612,677     $ 29,759,906     $ 24,078,047     $ 291,790,989  
   

NET ASSETS

           

Accumulation fund

    $ 99,656,282     $ 5,612,677     $ 29,759,906     $ 24,078,047     $ 291,790,989  

Net assets

    $ 99,656,282     $ 5,612,677     $ 29,759,906     $ 24,078,047     $ 291,790,989  
   

Investments, at cost

    $ 87,961,235     $ 5,195,615     $ 29,818,626     $ 22,160,360     $ 305,519,525  

Shares held in corresponding Funds

      3,712,976       182,526       2,534,915       1,234,139       27,895,888  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      60.53       35.54       39.33       56.99       26.88  

Band 2

      61.45       35.79       39.93       57.85       27.29  

Band 3

      62.07       35.95       40.33       58.44       27.57  

Band 4

      63.01       —       40.95       59.32       27.99  

Band 5

      59.92       35.37       38.94       56.42       26.61  

Band 6

      60.83       35.62       39.53       57.27       27.02  

Band 7

      61.45       35.79       39.93       57.85       27.29  

Band 8

      62.38       36.04       40.54       58.73       27.71  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

     

Vanguard VIF
Mid-Cap
Index Portfolio
Sub-Account

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

INVESTMENT INCOME

           

Dividends

    $ 1,366,510     $ 129,483     $ 1,106,935     $ 115,858     $ 7,781,029  

Expenses

           

Administrative expenses

      98,201       5,544       32,021       20,673       284,756  

Mortality and expense risk charges

      181,077       12,142       58,759       35,135       537,384  

Guaranteed minimum death benefits

      37,982       2,237       10,486       7,263       105,501  

Total expenses

      317,260       19,923       101,266       63,071       927,641  

Net investment income (loss)

      1,049,250       109,560       1,005,669       52,787       6,853,388  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      2,446,212       11,721       (2,860,518 )      (512,591 )      (9,749,334 ) 

Capital gain distributions

      1,138,867       105,284       933,823       —       —  

Net realized gain (loss)

      3,585,079       117,005       (1,926,695 )      (512,591 )      (9,749,334 ) 

Net change in unrealized appreciation (depreciation) on investments

      8,789,784       291,163       2,114,071       2,418,265       5,463,476  

Net realized and unrealized gain (loss) on investments

      12,374,863       408,168       187,376       1,905,674       (4,285,858 ) 

Net increase (decrease) in net assets from operations

    $ 13,424,113       517,728     $ 1,193,045     $ 1,958,461     $ 2,567,530  
   

 

B-22   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      Vanguard VIF
Total International
Stock Market
Index Portfolio
Sub-Account		     Vanguard VIF
Total Stock Market
Index Portfolio
Sub-Account		    

VY CBRE

Global Real Estate
Portfolio-Class I
Sub-Account

     Wanger
Acorn
Sub-Account		     Wanger
International
Sub-Account		  

ASSETS

           

Investments, at value

    $ 19,398,375     $ 32,228,667     $ 8,921,945     $ 7,056,824     $ 10,921,144  

Total assets

    $ 19,398,375     $ 32,228,667     $ 8,921,945     $ 7,056,824     $ 10,921,144  
   

NET ASSETS

    $ 19,398,375     $ 32,228,667     $ 8,921,945     $ 7,056,824     $ 10,921,144  
   

NET ASSETS

           

Accumulation fund

    $ 19,398,375     $ 32,228,667     $ 8,921,945     $ 7,056,824     $ 10,921,144  

Net assets

    $ 19,398,375     $ 32,228,667     $ 8,921,945     $ 7,056,824     $ 10,921,144  
   

Investments, at cost

    $ 18,737,441     $ 26,997,179     $ 9,003,607     $ 5,883,478     $ 12,456,875  

Shares held in corresponding Funds

      907,314       573,872       892,195       463,655       592,253  

UNIT VALUE

           

Personal Annuity Select/Single Premium Immediate Annuity

    $ —     $ —     $ —     $ —     $ —  

Lifetime Variable Select Annuity

      —       —       —       —       —  

Intelligent Variable Annuity

           

Band 1

      37.57       53.40       49.82       124.90       67.64  

Band 2

      37.83       53.78       50.93       128.14       69.39  

Band 3

      38.01       54.03       51.68       130.35       70.59  

Band 4

      38.27       54.41       52.83       133.73       72.42  

Band 5

      37.39       53.15       49.10       122.79       66.49  

Band 6

      37.65       53.53       50.19       125.97       68.22  

Band 7

      37.83       53.78       50.93       128.14       69.39  

Band 8

      38.10       54.15       52.06       131.46       71.19  

 

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

INVESTMENT INCOME

           

Dividends

    $ 634,097     $ 377,925     $ 284,250     $ —     $ 163,230  

Expenses

           

Administrative expenses

      20,347       30,092       8,923       6,629       11,865  

Mortality and expense risk charges

      29,223       48,073       6,429       7,415       6,195  

Guaranteed minimum death benefits

      5,172       6,518       3,002       2,371       4,296  

Total expenses

      54,742       84,683       18,354       16,415       22,356  

Net investment income (loss)

      579,355       293,242       265,896       (16,415 )      140,874  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

           

Realized gain (loss) on investments

      (543,083 )      199,040       (120,014 )      331,310       (90,029 ) 

Capital gain distributions

      107,626       2,071,937       —       —       —  

Net realized gain (loss)

      (435,457 )      2,270,977       (120,014 )      331,310       (90,029 ) 

Net change in unrealized appreciation (depreciation) on investments

      902,613       3,657,211       (56,090 )      548,156       (1,066,068 ) 

Net realized and unrealized gain (loss) on investments

      467,156       5,928,188       (176,104 )      879,466       (1,156,097 ) 

Net increase (decrease) in net assets from operations

    $ 1,046,511     $ 6,221,430     $ 89,792     $ 863,051     $ (1,015,223 ) 
   

 

See notes to financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-23  

Statements of Assets and Liabilities

 

TIAA-CREF Life Separate Account VA-1 ∎ December 31, 2024

    concluded

 

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

ASSETS

  

Investments, at value

   $ 12,705,852  

Total assets

   $ 12,705,852  
   

NET ASSETS

   $ 12,705,852  
   

NET ASSETS

  

Accumulation fund

   $ 12,705,852  

Net assets

   $ 12,705,852  
   

Investments, at cost

   $ 13,000,913  

Shares held in corresponding Funds

     2,103,618  

UNIT VALUE

  

Personal Annuity Select/Single Premium
Immediate Annuity

  

Lifetime Variable Select Annuity

  

Intelligent Variable Annuity

  

Band 1

   $ 20.26  

Band 2

     20.79  

Band 3

     21.15  

Band 4

     21.69  

Band 5

     19.92  

Band 6

     20.44  

Band 7

     20.79  

Band 8

     21.33  

Statements of Operations

TIAA-CREF Life Separate Account VA-1 ∎ For the period or year ended December 31, 2024

 

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

INVESTMENT INCOME

   

Dividends

    $ 803,913  

Expenses

   

Administrative expenses

      12,658  

Mortality and expense risk charges

      12,011  

Guaranteed minimum death benefits

      4,969  

Total expenses

      29,638  

Net investment income (loss)

      774,275  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

Realized gain (loss) on investments

      (738,333 ) 

Capital gain distributions

      —  

Net realized gain (loss)

      (738,333 ) 

Net change in unrealized appreciation (depreciation) on investments

      789,152  

Net realized and unrealized gain (loss) on investments

      50,819  

Net increase (decrease) in net assets from operations

    $ 825,094  
   

 

B-24   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

Statements of Changes in Net Assets

 

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

     

 

     Nuveen Life Balanced
Sub-Account		      
Nuveen Life Core Bond
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 1,081,567     $ 1,272,233     $ 5,623,531     $ 4,273,056  

Net realized gain (loss)

      2,015,346       1,237,696       (4,939,935 )      (6,424,126 ) 

Net change in unrealized appreciation (depreciation) on investments

      2,990,847       6,159,332       3,096,045       11,074,108  

Net increase (decrease) in net assets from operations

      6,087,760       8,669,261       3,779,641       8,923,038  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      434,834       1,526,466       5,967,652       4,411,886  

Net contractowner transfers

      (2,714,861 )      (2,050,246 )      3,403,628       1,898,229  

Withdrawals and death benefits (b)

      (7,754,608 )      (2,720,799 )      (11,131,883 )      (8,547,608 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (10,034,635 )      (3,244,579 )      (1,760,603 )      (2,237,493 ) 

Net increase (decrease) in net assets

      (3,946,875 )      5,424,682       2,019,038       6,685,545  

NET ASSETS

         

Beginning of period

      63,986,136       58,561,454       158,698,086       152,012,541  

End of period

    $ 60,039,261     $ 63,986,136     $ 160,717,124     $ 158,698,086  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      1,512,705       1,598,362       3,605,100       3,672,670  

Units purchased

      9,580       38,214       137,618       105,919  

Units sold/transferred

      (246,069 )      (123,871 )      (187,419 )      (173,489 ) 

End of period

      1,276,216       1,512,705       3,555,299       3,605,100  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-25  

Statements of Changes in Net Assets

 

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

     

 

      
Nuveen Life Core Equity
Sub-Account		      
Nuveen Life Growth Equity
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 590,825     $ 877,434     $ (328,811 )    $ (250,991 ) 

Net realized gain (loss)

      12,278,513       32,730,991       6,615,421       (2,531,171 ) 

Net change in unrealized appreciation (depreciation) on investments

      31,026,921       7,220,726       28,814,610       44,863,100  

Net increase (decrease) in net assets from operations

      43,896,259       40,829,151       35,101,220       42,080,938  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      992,676       567,129       2,220,182       2,230,865  

Net contractowner transfers

      2,063,677       565,253       787,514       2,358,101  

Annuity payments

      (4,195,260 )      (3,749,619 )      (2,138,882 )      (1,899,370 ) 

Withdrawals and death benefits (b)

      (12,538,116 )      (8,727,667 )      (8,635,971 )      (9,401,034 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (13,677,023 )      (11,344,904 )      (7,767,157 )      (6,711,438 ) 

Net increase (decrease) in net assets

      30,219,236       29,484,247       27,334,063       35,369,500  

NET ASSETS

         

Beginning of period

      159,609,924       130,125,677       129,553,670       94,184,170  

End of period

    $ 189,829,160     $ 159,609,924     $ 156,887,733     $ 129,553,670  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      1,086,549       1,176,754       1,299,146       1,379,861  

Units purchased

      6,470       5,148       21,741       28,814  

Units sold/transferred

      (83,672 )      (95,353 )      (81,339 )      (109,529 ) 

End of period

      1,009,347       1,086,549       1,239,548       1,299,146  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
Nuveen Life International Equity
Sub-Account		      
Nuveen Life Large Cap Responsible Equity
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 2,190,955     $ 1,824,182     $ 924,702     $ 741,290  

Net realized gain (loss)

      2,402,231       2,762,991       7,679,074       3,408,076  

Net change in unrealized appreciation (depreciation) on investments

      (1,111,208 )      11,025,269       5,770,429       11,537,605  

Net increase (decrease) in net assets from operations

      3,481,978       15,612,442       14,374,205       15,686,971  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      8,018,389       4,333,255       449,650       245,289  

Net contractowner transfers

      1,555,948       116,887       (288,465 )      (68,269 ) 

Annuity payments

      (896,529 )      (762,076 )      (1,216,011 )      (1,049,756 ) 

Withdrawals and death benefits (b)

      (6,373,113 )      (5,281,136 )      (5,008,000 )      (3,429,672 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      2,304,695       (1,593,070 )      (6,062,826 )      (4,302,408 ) 

Net increase (decrease) in net assets

      5,786,673       14,019,372       8,311,379       11,384,563  

NET ASSETS

         

Beginning of period

      112,875,465       98,856,093       84,876,108       73,491,545  

End of period

    $ 118,662,138     $ 112,875,465     $ 93,187,487     $ 84,876,108  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      2,568,286       2,612,772       646,078       681,123  

Units purchased

      182,252       111,720       3,351       2,306  

Units sold/transferred

      (129,789 )      (156,206 )      (49,134 )      (37,351 ) 

End of period

      2,620,749       2,568,286       600,295       646,078  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-27  

Statements of Changes in Net Assets

 

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

     

 

     Nuveen Life Large Cap Value
Sub-Account		      
Nuveen Life Money Market
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 801,371     $ 812,131     $ 5,022,659     $ 4,626,375  

Net realized gain (loss)

      8,295,285       3,550,064       —       —  

Net change in unrealized appreciation (depreciation) on investments

      597,690       4,231,694       —       —  

Net increase (decrease) in net assets from operations

      9,694,346       8,593,889       5,022,659       4,626,375  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      327,257       277,662       16,680,370       31,602,072  

Net contractowner transfers

      (2,086,046 )      (1,498,053 )      22,393,075       6,834,224  

Annuity payments

      (1,409,892 )      (1,341,290 )      —       —  

Withdrawals and death benefits (b)

      (5,384,442 )      (3,605,317 )      (45,889,295 )      (41,856,890 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (8,553,123 )      (6,166,998 )      (6,815,850 )      (3,420,594 ) 

Net increase (decrease) in net assets

      1,141,223       2,426,891       (1,793,191 )      1,205,781  

NET ASSETS

         

Beginning of period

      68,976,350       66,549,459       106,449,636       105,243,855  

End of period

    $ 70,117,573     $ 68,976,350     $ 104,656,445     $ 106,449,636  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      432,572       483,240       8,479,435       8,794,153  

Units purchased

      2,110       2,128       1,342,554       2,634,251  

Units sold/transferred

      (52,571 )      (52,796 )      (1,884,814 )      (2,948,969 ) 

End of period

      382,111       432,572       7,937,175       8,479,435  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
Nuveen Life Real Estate Securities Select
Sub-Account		      
Nuveen Life Small Cap Equity
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 1,390,145     $ 1,301,407     $ 251,921     $ 206,770  

Net realized gain (loss)

      (904,193 )      (1,913,369 )      1,566,185       92,607  

Net change in unrealized appreciation (depreciation) on investments

      1,956,947       7,286,170       6,518,478       8,737,803  

Net increase (decrease) in net assets from operations

      2,442,899       6,674,208       8,336,584       9,037,180  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      311,078       270,372       385,405       397,560  

Net contractowner transfers

      (707,412 )      (1,591,506 )      (799,759 )      1,601,689  

Annuity payments

      (1,207,937 )      (1,195,227 )      (1,053,611 )      (902,477 ) 

Withdrawals and death benefits (b)

      (6,350,690 )      (5,430,898 )      (3,316,630 )      (3,349,123 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (7,954,961 )      (7,947,259 )      (4,784,595 )      (2,252,351 ) 

Net increase (decrease) in net assets

      (5,512,062 )      (1,273,051 )      3,551,989       6,784,829  

NET ASSETS

         

Beginning of period

      63,670,418       64,943,469       58,148,840       51,364,011  

End of period

    $ 58,158,356     $ 63,670,418     $ 61,700,829     $ 58,148,840  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      382,913       440,546       295,786       313,109  

Units purchased

      2,042       2,008       2,100       2,554  

Units sold/transferred

      (54,315 )      (59,641 )      (25,731 )      (19,877 ) 

End of period

      330,640       382,913       272,155       295,786  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-29  

Statements of Changes in Net Assets

 

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

     

 

      
Nuveen Life Stock Index
Sub-Account		      
Calamos Growth and Income Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 5,969,434     $ 5,761,533     $ 12,609     $ 18,758  

Net realized gain (loss)

      66,374,755       41,932,005       146,179       173,320  

Net change in unrealized appreciation (depreciation) on investments

      62,371,993       79,942,279       780,855       589,819  

Net increase (decrease) in net assets from operations

      134,716,182       127,635,817       939,643       781,897  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      5,998,699       4,900,698       8,229       5,080  

Net contractowner transfers

      (12,639,999 )      (3,759,910 )      (129,056 )      (3,185 ) 

Annuity payments

      (9,286,893 )      (7,360,426 )      —       —  

Withdrawals and death benefits (b)

      (48,548,866 )      (35,038,112 )      (121,176 )      (321,044 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (64,477,059 )      (41,257,750 )      (242,003 )      (319,149 ) 

Net increase (decrease) in net assets

      70,239,123       86,378,067       697,640       462,748  

NET ASSETS

         

Beginning of period

      608,408,250       522,030,183       4,524,971       4,062,223  

End of period

    $ 678,647,373     $ 608,408,250     $ 5,222,611     $ 4,524,971  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      3,692,916       3,994,853       97,972       105,549  

Units purchased

      36,327       36,945       161       120  

Units sold/transferred

      (401,821 )      (338,882 )      (4,612 )      (7,697 ) 

End of period

      3,327,422       3,692,916       93,521       97,972  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     ClearBridge Variable Growth
Portfolio—Class I Sub-Account		     ClearBridge Variable Small Cap Growth
Portfolio—Class I Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ (71,528 )    $ (15,561 )    $ (12,391 )    $ (16,136 ) 

Net realized gain (loss)

      4,393,273       (2,543,448 )      (236,630 )      (1,031,797 ) 

Net change in unrealized appreciation (depreciation) on investments

      (840,709 )      8,800,096       455,795       1,471,818  

Net increase (decrease) in net assets from operations

      3,481,036       6,241,087       206,774       423,885  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      317,175       475,420       159,568       103,092  

Net contractowner transfers

      (3,104,426 )      (1,006,242 )      (149,324 )      (220,658 ) 

Withdrawals and death benefits (b)

      (1,831,190 )      (1,647,536 )      (540,792 )      (316,219 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (4,618,441 )      (2,178,358 )      (530,548 )      (433,785 ) 

Net increase (decrease) in net assets

      (1,137,405 )      4,062,729       (323,774 )      (9,900 ) 

NET ASSETS

         

Beginning of period

      30,687,614       26,624,885       5,341,616       5,351,516  

End of period

    $ 29,550,209     $ 30,687,614     $ 5,017,842     $ 5,341,616  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      577,170       622,097       86,657       94,368  

Units purchased

      5,759       10,349       2,628       1,811  

Units sold/transferred

      (89,352 )      (55,276 )      (12,207 )      (9,522 ) 

End of period

      493,577       577,170       77,078       86,657  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-31  

Statements of Changes in Net Assets

 

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

     

 

    Credit Suisse Trust—Commodity Return
Strategy Portfolio Sub-Account		     Delaware VIP International
Series—Standard Class Sub-Account		     Dimensional VA Equity Allocation Portfolio
Sub-Account		  
     December 31, 2024     December 31, 2023     December 31, 2024‡     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

            

Net investment income (loss)

   $ 15,100     $ 135,188     $ 849,442     $ 466,678     $ 241,440     $ 200,898  

Net realized gain (loss)

     (36,461 )      (78,397 )      40,339       (2,335,351 )      789,194       526,312  

Net change in unrealized appreciation (depreciation) on investments

     45,750       (131,651 )      268,168       7,292,569       734,002       1,248,258  

Net increase (decrease) in net assets from operations

     24,389       (74,860 )      1,157,949       5,423,896       1,764,636       1,975,468  

FROM CONTRACTOWNER TRANSACTIONS

            

Premiums (a)

     1,942       25,274       84,387       394,870       121,766       148,261  

Net contractowner transfers

     (34,860 )      (351,636 )      (42,611,648 )      (2,779,815 )      3,226,822       (529,769 ) 

Withdrawals and death benefits (b)

     (59,687 )      (36,981 )      (1,035,037 )      (1,955,331 )      (1,276,999 )      (941,430 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (92,605 )      (363,343 )      (43,562,298 )      (4,340,276 )      2,071,589       (1,322,938 ) 

Net increase (decrease) in net assets

     (68,216 )      (438,203 )      (42,404,349 )      1,083,620       3,836,225       652,530  

NET ASSETS

            

Beginning of period

     560,867       999,070       42,404,349       41,320,729       11,403,425       10,750,895  

End of period

   $ 492,651     $ 560,867     $ —     $ 42,404,349     $ 15,239,650     $ 11,403,425  
                                   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

            

Beginning of period

     25,862       41,743       2,350,945       2,610,053       257,756       291,064  

Units purchased

     91       1,189       4,614       22,821       2,495       3,835  

Units sold/transferred

     (4,130 )      (17,070 )      (2,355,559 )      (281,929 )      39,258       (37,143 ) 

End of period

     21,823       25,862       —       2,350,945       299,509       257,756  
                                   

 

‡ 

Delaware VIP International Series-Standard Class Sub-Account merged into Macquarie VIP International Core Equity Series-Standard Class Sub-Account on April 26, 2024.

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

    Dimensional VA Global Bond Portfolio
Sub-Account		      Dimensional VA Global Moderate Allocation Portfolio
Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 2,481,119     $ 2,049,613      $ 1,144,817     $ 992,291  

Net realized gain (loss)

     (681,172 )      (829,822 )       1,257,276       307,588  

Net change in unrealized appreciation (depreciation) on investments

     980,200       1,307,437        2,719,198       4,265,188  

Net increase (decrease) in net assets from operations

     2,780,147       2,527,228        5,121,291       5,565,067  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     274,471       1,944,046        806,665       177,087  

Net contractowner transfers

     837,204       365,931        (654,750 )      1,711,687  

Withdrawals and death benefits (b)

     (5,187,312 )      (2,080,940 )       (1,404,157 )      (1,724,934 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (4,075,637 )      229,037        (1,252,242 )      163,840  

Net increase (decrease) in net assets

     (1,295,490 )      2,756,265        3,869,049       5,728,907  

NET ASSETS

         

Beginning of period

     56,350,709       53,594,444        44,284,573       38,555,666  

End of period

   $ 55,055,219     $ 56,350,709      $ 48,153,622     $ 44,284,573  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     2,003,267       1,999,143        989,409       987,032  

Units purchased

     9,523       72,159        16,999       4,227  

Units sold/transferred

     (152,648 )      (68,035 )       (44,836 )      (1,850 ) 

End of period

     1,860,142       2,003,267        961,572       989,409  
                    

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-33  

Statements of Changes in Net Assets

 

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

     

 

     
Dimensional VA International Small Portfolio
Sub-Account		      Dimensional VA International Value Portfolio
Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 1,488,383     $ 1,293,146      $ 3,543,879     $ 4,193,214  

Net realized gain (loss)

     1,729,674       325,999        10,111,336       6,043,089  

Net change in unrealized appreciation (depreciation) on investments

     (1,515,644 )      4,377,187        (7,460,369 )      5,201,975  

Net increase (decrease) in net assets from operations

     1,702,413       5,996,332        6,194,846       15,438,278  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     635,536       590,936        1,238,078       1,055,029  

Net contractowner transfers

     (507,747 )      (1,573,369 )       (2,903,771 )      (6,751,016 ) 

Withdrawals and death benefits (b)

     (3,440,261 )      (2,009,044 )       (7,388,126 )      (4,534,086 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (3,312,472 )      (2,991,477 )       (9,053,819 )      (10,230,073 ) 

Net increase (decrease) in net assets

     (1,610,059 )      3,004,855        (2,858,973 )      5,208,205  

NET ASSETS

         

Beginning of period

     48,212,645       45,207,790        98,454,202       93,245,997  

End of period

   $ 46,602,586     $ 48,212,645      $ 95,595,229     $ 98,454,202  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     930,523       993,935        2,055,565       2,290,830  

Units purchased

     11,930       12,370        24,676       23,815  

Units sold/transferred

     (74,734 )      (75,782 )       (204,380 )      (259,080 ) 

End of period

     867,719       930,523        1,875,861       2,055,565  
                    

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

    Dimensional VA Short-Term Fixed Portfolio
Sub-Account		      Dimensional VA US Large Value Portfolio
Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 3,505,118     $ 2,690,950      $ 1,258,478     $ 1,359,837  

Net realized gain (loss)

     168,167       (176,129 )       14,902,363       5,340,974  

Net change in unrealized appreciation (depreciation) on investments

     275,494       1,058,485        (6,981,325 )      303,728  

Net increase (decrease) in net assets from operations

     3,948,779       3,573,306        9,179,516       7,004,539  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     994,911       1,521,700        704,260       770,031  

Net contractowner transfers

     2,875,633       2,714,084        (1,181,318 )      997,905  

Withdrawals and death benefits (b)

     (8,664,769 )      (6,675,562 )       (8,568,265 )      (3,247,681 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (4,794,225 )      (2,439,778 )       (9,045,323 )      (1,479,745 ) 

Net increase (decrease) in net assets

     (845,446 )      1,133,528        134,193       5,524,794  

NET ASSETS

         

Beginning of period

     78,803,988       77,670,460        72,395,472       66,870,678  

End of period

   $ 77,958,542     $ 78,803,988      $ 72,529,665     $ 72,395,472  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     2,931,186       3,027,383        897,993       918,693  

Units purchased

     36,184       58,314        8,156       10,301  

Units sold/transferred

     (215,849 )      (154,511 )       (112,186 )      (31,001 ) 

End of period

     2,751,521       2,931,186        793,963       897,993  
                    

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-35  

Statements of Changes in Net Assets

 

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

     

 

    Dimensional VA US Targeted Value Portfolio
Sub-Account		      Franklin Income VIP Fund—Class 1
Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 524,896     $ 592,612      $ 388,158     $ 430,295  

Net realized gain (loss)

     3,547,007       7,168,059        11,943       380,657  

Net change in unrealized appreciation (depreciation) on investments

     (389,696 )      809,696        144,689       (135,526 ) 

Net increase (decrease) in net assets from operations

     3,682,207       8,570,367        544,790       675,426  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     1,139,485       625,087        62,396       20,547  

Net contractowner transfers

     (535,591 )      (1,480,798 )       52,655       (289,622 ) 

Withdrawals and death benefits (b)

     (7,003,530 )      (1,712,387 )       (574,271 )      (1,231,371 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (6,399,636 )      (2,568,098 )       (459,220 )      (1,500,446 ) 

Net increase (decrease) in net assets

     (2,717,429 )      6,002,269        85,570       (825,020 ) 

NET ASSETS

         

Beginning of period

     50,645,028       44,642,759        7,885,831       8,710,851  

End of period

   $ 47,927,599     $ 50,645,028      $ 7,971,401     $ 7,885,831  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     563,944       595,812        192,815       232,276  

Units purchased

     12,495       8,174        1,436       518  

Units sold/transferred

     (82,403 )      (40,042 )       (13,474 )      (39,979 ) 

End of period

     494,036       563,944        180,777       192,815  
                    

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     
Franklin Mutual Shares VIP
Fund—Class 1 Sub-Account		      Franklin Small-Mid Cap Growth VIP
Fund—Class 1 Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 45,761     $ 42,286      $ (36,052 )    $ (38,849 ) 

Net realized gain (loss)

     (17,284 )      138,139        (109,114 )      (2,308,084 ) 

Net change in unrealized appreciation (depreciation) on investments

     234,693       105,780        1,595,351       5,335,526  

Net increase (decrease) in net assets from operations

     263,170       286,205        1,450,185       2,988,593  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     2,077       4,537        381,015       327,103  

Net contractowner transfers

     (182,643 )      (6,767 )       (1,264,414 )      9,006  

Withdrawals and death benefits (b)

     (438,054 )      (93,340 )       (715,805 )      (483,487 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (618,620 )      (95,570 )       (1,599,204 )      (147,378 ) 

Net increase (decrease) in net assets

     (355,450 )      190,635        (149,019 )      2,841,215  

NET ASSETS

         

Beginning of period

     2,370,918       2,180,283        14,020,772       11,179,557  

End of period

   $ 2,015,468     $ 2,370,918      $ 13,871,753     $ 14,020,772  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     53,048       55,514        166,372       169,051  

Units purchased

     43       112        4,370       4,502  

Units sold/transferred

     (12,663 )      (2,578 )       (23,907 )      (7,181 ) 

End of period

     40,428       53,048        146,835       166,372  
                    

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-37  

Statements of Changes in Net Assets

 

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

     

 

     
Janus Henderson Forty Portfolio—
Institutional Shares Sub-Account		       
Janus Henderson Overseas Portfolio—
Institutional Shares Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ (16,664 )    $ (2,295 )     $ 23,017     $ 24,151  

Net realized gain (loss)

     1,483,339       (770,226 )       75,505       65,696  

Net change in unrealized appreciation (depreciation) on investments

     2,585,665       4,893,024        12,643       89,429  

Net increase (decrease) in net assets from operations

     4,052,340       4,120,503        111,165       179,276  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     116,762       25,278        68,308       11,265  

Net contractowner transfers

     (189,727 )      1,302,000        (22,480 )      (28,066 ) 

Withdrawals and death benefits (b)

     (781,436 )      (810,646 )       (172,105 )      (94,440 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (854,401 )      516,632        (126,277 )      (111,241 ) 

Net increase (decrease) in net assets

     3,197,939       4,637,135        (15,112 )      68,035  

NET ASSETS

         

Beginning of period

     14,690,049       10,052,914        1,762,174       1,694,139  

End of period

   $ 17,887,988     $ 14,690,049      $ 1,747,062     $ 1,762,174  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     76,720       73,419        20,213       21,539  

Units purchased

     525       149        791       140  

Units sold/transferred

     (4,595 )      3,152        (2,061 )      (1,466 ) 

End of period

     72,650       76,720        18,943       20,213  
                    

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

    Janus Henderson Mid Cap Value Portfolio—
Institutional Shares Sub-Account		      John Hancock Disciplined Value Emerging
Markets Equity Trust
Sub-Account		  
     December 31, 2024     December 31, 2023      December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

   $ 76,904     $ 81,140      $ 1,668,289     $ 538,819  

Net realized gain (loss)

     733,576       320,475        1,152,330       377,914  

Net change in unrealized appreciation (depreciation) on investments

     313,339       506,125        (3,909,043 )      4,952,195  

Net increase (decrease) in net assets from operations

     1,123,819       907,740        (1,088,424 )      5,868,928  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

     120,565       38,753        455,579       578,929  

Net contractowner transfers

     (151,359 )      (84,627 )       611,319       (1,180,684 ) 

Withdrawals and death benefits (b)

     (410,731 )      (599,777 )       (2,542,823 )      (2,257,973 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (441,525 )      (645,651 )       (1,475,925 )      (2,859,728 ) 

Net increase (decrease) in net assets

     682,294       262,089        (2,564,349 )      3,009,200  

NET ASSETS

         

Beginning of period

     8,828,734       8,566,645        44,305,069       41,295,869  

End of period

   $ 9,511,028     $ 8,828,734      $ 41,740,720     $ 44,305,069  
                    

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

     175,363       189,498        1,259,506       1,348,611  

Units purchased

     2,400       836        12,903       17,802  

Units sold/transferred

     (10,603 )      (14,971 )       (52,549 )      (106,907 ) 

End of period

     167,160       175,363        1,219,860       1,259,506  
                    

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-39  

Statements of Changes in Net Assets

 

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

     

 

    LVIP Macquarie Diversified
Income Fund—Standard
Class Sub-Account		      
Macquarie VIP International Core Equity
Series—Standard Class Sub-Account ^		  
     December 31, 2024     December 31, 2023     December 31, 2024  

FROM OPERATIONS

      

Net investment income (loss)

   $ 2,556,855     $ 2,340,126     $ 458,145  

Net realized gain (loss)

     (2,356,438 )      (3,168,858 )      191,792  

Net change in unrealized appreciation (depreciation) on investments

     949,490       4,439,080       (885,443 ) 

Net increase (decrease) in net assets from operations

     1,149,907       3,610,348       (235,506 ) 

FROM CONTRACTOWNER TRANSACTIONS

      

Premiums (a)

     826,318       650,186       336,586  

Net contractowner transfers

     1,305,776       1,651,141       43,471,587  

Withdrawals and death benefits (b)

     (3,319,264 )      (3,428,872 )      (1,493,340 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (1,187,170 )      (1,127,545 )      42,314,833  

Net increase (decrease) in net assets

     (37,263 )      2,482,803       42,079,327  

NET ASSETS

      

Beginning of period

     63,502,997       61,020,194       —  

End of period

   $ 63,465,734     $ 63,502,997     $ 42,079,327  
           

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

      

Beginning of period

     3,561,191       3,647,363       —  

Units purchased

     46,468       38,528       17,516  

Units sold/transferred

     (125,415 )      (124,700 )      2,249,909  

End of period

     3,482,244       3,561,191       2,267,425  
           

 

^

For the period April 26, 2024 (commencement of operations) to December 31, 2024.

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

    Macquarie VIP Small Cap Value Series-
Standard Class Sub-Account		  
     December 31, 2024     December 31, 2023  

FROM OPERATIONS

    

Net investment income (loss)

   $ 353,736     $ 198,754  

Net realized gain (loss)

     2,625,327       2,208,927  

Net change in unrealized appreciation (depreciation) on investments

     446,850       391,234  

Net increase (decrease) in net assets from operations

     3,425,913       2,798,915  

FROM CONTRACTOWNER TRANSACTIONS

    

Premiums (a)

     456,699       446,068  

Net contractowner transfers

     (1,920,307 )      (132,813 ) 

Withdrawals and death benefits (b)

     (2,101,543 )      (1,620,402 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

     (3,565,151 )      (1,307,147 ) 

Net increase (decrease) in net assets

     (139,238 )      1,491,768  

NET ASSETS

    

Beginning of period

     32,327,535       30,835,767  

End of period

   $ 32,188,297     $ 32,327,535  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

    

Beginning of period

     325,341       340,344  

Units purchased

     4,368       4,955  

Units sold/transferred

     (40,160 )      (19,958 ) 

End of period

     289,549       325,341  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-41  

Statements of Changes in Net Assets

 

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

     

 

      
Matson Money Fixed Income VI Portfolio
Sub-Account		     Matson Money International Equity VI Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 778,201     $ 586,759     $ 482,409     $ 510,003  

Net realized gain (loss)

      (121,778 )      (886,859 )      1,429,379       702,561  

Net change in unrealized appreciation (depreciation) on investments

      170,638       1,548,344       (937,515 )      1,483,977  

Net increase (decrease) in net assets from operations

      827,061       1,248,244       974,273       2,696,541  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      222,550       502,890       490,547       608,575  

Net contractowner transfers

      1,016,581       1,194,761       (882,539 )      (1,563,608 ) 

Withdrawals and death benefits (b)

      (4,055,292 )      (3,517,338 )      (1,625,986 )      (1,700,144 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (2,816,161 )      (1,819,687 )      (2,017,978 )      (2,655,177 ) 

Net increase (decrease) in net assets

      (1,989,100 )      (571,443 )      (1,043,705 )      41,364  

NET ASSETS

         

Beginning of period

      26,021,912       26,593,355       19,124,802       19,083,438  

End of period

    $ 24,032,812     $ 26,021,912     $ 18,081,097     $ 19,124,802  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      1,013,933       1,087,725       564,883       650,171  

Units purchased

      8,695       19,703       13,801       19,766  

Units sold/transferred

      (123,201 )      (93,495 )      (74,040 )      (105,054 ) 

End of period

      899,427       1,013,933       504,644       564,883  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
Matson Money U.S. Equity VI Portfolio
Sub-Account		     MFS Global Equity Series—Initial Class
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 123,633     $ 169,260     $ 38,881     $ 31,491  

Net realized gain (loss)

      2,582,991       2,614,837       319,615       107,503  

Net change in unrealized appreciation (depreciation) on investments

      216,190       1,074,918       (41,114 )      581,605  

Net increase (decrease) in net assets from operations

      2,922,814       3,859,015       317,382       720,599  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      528,048       565,923       3,944       5,885  

Net contractowner transfers

      (2,906,490 )      (877,020 )      (1,330,865 )      398,966  

Withdrawals and death benefits (b)

      (2,368,166 )      (2,489,386 )      (321,417 )      (366,211 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (4,746,608 )      (2,800,483 )      (1,648,338 )      38,640  

Net increase (decrease) in net assets

      (1,823,794 )      1,058,532       (1,330,956 )      759,239  

NET ASSETS

         

Beginning of period

      26,592,519       25,533,987       5,913,890       5,154,651  

End of period

    $ 24,768,725     $ 26,592,519     $ 4,582,934     $ 5,913,890  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      500,213       557,467       133,415       132,949  

Units purchased

      9,587       11,903       84       24  

Units sold/transferred

      (95,974 )      (69,157 )      (35,694 )      442  

End of period

      413,826       500,213       97,805       133,415  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-43  

Statements of Changes in Net Assets

 

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

     

 

      
MFS Growth Series—Initial Class
Sub-Account		     MFS Massachusetts Investors Growth Stock
Portfolio Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ (1,555 )    $ (1,155 )    $ 9,644     $ 3,811  

Net realized gain (loss)

      105,359       66,659       1,133,543       (568,216 ) 

Net change in unrealized appreciation (depreciation) on investments

      207,547       202,513       257,098       2,404,155  

Net increase (decrease) in net assets from operations

      311,351       268,017       1,400,285       1,839,750  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      2,980       1,073       61,675       32,246  

Net contractowner transfers

      (62,908 )      (3,173 )      (1,544,123 )      391,053  

Withdrawals and death benefits (b)

      (5,036 )      (8,032 )      (1,138,362 )      (720,789 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (64,964 )      (10,132 )      (2,620,810 )      (297,490 ) 

Net increase (decrease) in net assets

      246,387       257,885       (1,220,525 )      1,542,260  

NET ASSETS

         

Beginning of period

      1,012,051       754,166       9,495,903       7,953,643  

End of period

    $ 1,258,438     $ 1,012,051     $ 8,275,378     $ 9,495,903  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      7,673       7,767       166,086       173,343  

Units purchased

      19       11       970       633  

Units sold/transferred

      (425 )      (105 )      (43,044 )      (7,890 ) 

End of period

      7,267       7,673       124,012       166,086  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     MFS Utilities Series—Initial Class
Sub-Account		     Neuberger Berman Advisers Management
Trust Mid Cap Intrinsic Value Portfolio—I Class
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 69,009     $ 116,381     $ 190,875     $ 301,089  

Net realized gain (loss)

      64,709       81,082       2,541,111       2,504,769  

Net change in unrealized appreciation (depreciation) on investments

      204,140       (291,712 )      1,093,642       1,607,814  

Net increase (decrease) in net assets from operations

      337,858       (94,249 )      3,825,628       4,413,672  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      114,093       37,014       791,345       762,860  

Net contractowner transfers

      (83,719 )      (577,944 )      (1,352,606 )      88,143  

Withdrawals and death benefits (b)

      (331,040 )      (258,210 )      (2,545,211 )      (2,008,925 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (300,666 )      (799,140 )      (3,106,472 )      (1,157,922 ) 

Net increase (decrease) in net assets

      37,192       (893,389 )      719,156       3,255,750  

NET ASSETS

         

Beginning of period

      3,439,661       4,333,050       45,059,118       41,803,368  

End of period

    $ 3,476,853     $ 3,439,661     $ 45,778,274     $ 45,059,118  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      40,317       49,966       1,086,132       1,119,323  

Units purchased

      1,260       449       18,397       20,088  

Units sold/transferred

      (5,010 )      (10,098 )      (94,258 )      (53,279 ) 

End of period

      36,567       40,317       1,010,271       1,086,132  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-45  

Statements of Changes in Net Assets

 

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

     

 

     Neuberger Berman Advisers Management
Trust Sustainable Equity Portfolio—I Class
Sub-Account		     PIMCO VIT All Asset Portfolio—Institutional
Class Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 2,130     $ 2,644     $ 250,034     $ 115,465  

Net realized gain (loss)

      225,200       73,083       (12,943 )      (253,541 ) 

Net change in unrealized appreciation (depreciation) on investments

      329,821       412,014       (97,243 )      441,266  

Net increase (decrease) in net assets from operations

      557,151       487,741       139,848       303,190  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      8,828       3,292       55,587       29,880  

Net contractowner transfers

      52,803       (2,860 )      (10,576 )      (835,836 ) 

Withdrawals and death benefits (b)

      (140,795 )      (139,520 )      (30,503 )      (85,515 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (79,164 )      (139,088 )      14,508       (891,471 ) 

Net increase (decrease) in net assets

      477,987       348,653       154,356       (588,281 ) 

NET ASSETS

         

Beginning of period

      2,256,786       1,908,133       3,779,130       4,367,411  

End of period

    $ 2,734,773     $ 2,256,786     $ 3,933,486     $ 3,779,130  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      36,932       39,950       154,064       193,031  

Units purchased

      124       66       2,252       1,285  

Units sold/transferred

      (1,608 )      (3,084 )      (2,097 )      (40,252 ) 

End of period

      35,448       36,932       154,219       154,064  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     PIMCO VIT Commodity Real Return Strategy
Portfolio—Institutional Class Sub-Account		     PIMCO VIT Emerging Markets Bond
Portfolio—Institutional Class Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 58,239     $ 487,811     $ 2,629,253     $ 2,144,717  

Net realized gain (loss)

      (498,519 )      (683,919 )      (2,058,799 )      (2,325,694 ) 

Net change in unrealized appreciation (depreciation) on investments

      549,066       (56,547 )      2,418,738       4,259,083  

Net increase (decrease) in net assets from operations

      108,786       (252,655 )      2,989,192       4,078,106  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      27,030       43,011       1,079,334       843,919  

Net contractowner transfers

      (109,475 )      (264,107 )      (130,046 )      175,969  

Withdrawals and death benefits (b)

      (326,853 )      (307,009 )      (2,553,230 )      (2,214,268 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (409,298 )      (528,105 )      (1,603,942 )      (1,194,380 ) 

Net increase (decrease) in net assets

      (300,512 )      (780,760 )      1,385,250       2,883,726  

NET ASSETS

         

Beginning of period

      2,925,972       3,706,732       41,329,532       38,445,806  

End of period

    $ 2,625,460     $ 2,925,972     $ 42,714,782     $ 41,329,532  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      128,717       149,935       1,301,874       1,344,379  

Units purchased

      1,172       1,910       33,094       28,807  

Units sold/transferred

      (19,186 )      (23,128 )      (86,037 )      (71,312 ) 

End of period

      110,703       128,717       1,248,931       1,301,874  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-47  

Statements of Changes in Net Assets

 

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

     

 

     PIMCO VIT Global Bond Opportunities
Portfolio (Unhedged)—Institutional Class
Sub-Account		     PIMCO VIT Real Return Portfolio—
Institutional Class Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 209,645     $ 122,855     $ 2,513,227     $ 2,829,024  

Net realized gain (loss)

      (158,757 )      (269,433 )      (2,812,860 )      (3,327,014 ) 

Net change in unrealized appreciation (depreciation) on investments

      (79,420 )      433,193       2,307,950       3,986,087  

Net increase (decrease) in net assets from operations

      (28,532 )      286,615       2,008,317       3,488,097  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      103,592       94,529       952,802       1,249,243  

Net contractowner transfers

      508,117       257,278       2,696,026       1,435,878  

Withdrawals and death benefits (b)

      (454,206 )      (402,827 )      (5,990,286 )      (5,967,145 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      157,503       (51,020 )      (2,341,458 )      (3,282,024 ) 

Net increase (decrease) in net assets

      128,971       235,595       (333,141 )      206,073  

NET ASSETS

         

Beginning of period

      5,915,047       5,679,452       101,200,227       100,994,154  

End of period

    $ 6,044,018     $ 5,915,047     $ 100,867,086     $ 101,200,227  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      305,766       309,543       5,005,829       5,184,040  

Units purchased

      5,620       5,196       46,371       63,720  

Units sold/transferred

      2,236       (8,973 )      (179,743 )      (241,931 ) 

End of period

      313,622       305,766       4,872,457       5,005,829  
   

 

(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  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     PVC Equity Income Account—Class 1
Sub-Account		     PVC MidCap Account—Class 1
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 1,859,683     $ 1,669,183     $ 9,901     $ (12,387 ) 

Net realized gain (loss)

      3,220,497       4,939,180       966,257       46,911  

Net change in unrealized appreciation (depreciation) on investments

      9,404,882       3,246,258       725,322       1,821,100  

Net increase (decrease) in net assets from operations

      14,485,062       9,854,621       1,701,480       1,855,624  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      1,928,122       1,816,136       46,494       18,594  

Net contractowner transfers

      (6,190,886 )      (1,514,163 )      (172,554 )      (72,511 ) 

Withdrawals and death benefits (b)

      (5,829,783 )      (4,770,938 )      (887,358 )      (143,383 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (10,092,547 )      (4,468,965 )      (1,013,418 )      (197,300 ) 

Net increase (decrease) in net assets

      4,392,515       5,385,656       688,062       1,658,324  

NET ASSETS

         

Beginning of period

      98,402,367       93,016,711       8,894,402       7,236,078  

End of period

    $ 102,794,882     $ 98,402,367     $ 9,582,464     $ 8,894,402  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      1,579,473       1,663,338       99,961       103,225  

Units purchased

      28,849       32,225       469       240  

Units sold/transferred

      (184,774 )      (116,090 )      (10,830 )      (3,504 ) 

End of period

      1,423,548       1,579,473       89,600       99,961  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-49  

Statements of Changes in Net Assets

 

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

     

 

     PSF Natural Resources
Portfolio—Class II Sub-Account		     PSF PGIM Jennison Blend Portfolio—Class II
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023 i  

FROM OPERATIONS

         

Net investment income (loss)

    $ (6,511 )    $ (6,861 )    $ (52,395 )    $ (3,504 ) 

Net realized gain (loss)

      242,264       294,657       2,328,893       46,633  

Net change in unrealized appreciation (depreciation) on investments

      (117,327 )      (250,178 )      3,894,345       906,214  

Net increase (decrease) in net assets from operations

      118,426       37,618       6,170,843       949,343  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      60,614       182,634       171,653       3,046  

Net contractowner transfers

      (77,529 )      (195,813 )      (2,241,700 )      24,648,387  

Withdrawals and death benefits (b)

      (384,990 )      (353,765 )      (1,750,272 )      (98,522 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (401,905 )      (366,944 )      (3,820,319 )      24,552,911  

Net increase (decrease) in net assets

      (283,479 )      (329,326 )      2,350,524       25,502,254  

NET ASSETS

         

Beginning of period

      3,092,379       3,421,705       25,502,254       —  

End of period

    $ 2,808,900     $ 3,092,379     $ 27,852,778     $ 25,502,254  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      47,820       53,654       411,599       —  

Units purchased

      907       3,019       2,370       56  

Units sold/transferred

      (6,973 )      (8,853 )      (61,654 )      411,543  

End of period

      41,754       47,820       352,315       411,599  
   

 

(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.

 

B-50   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     PSF PGIM Jennison Value
Portfolio—Class II
Sub-Account		     Royce Capital Fund Micro-Cap Portfolio—
Investment Class Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ (16,012 )    $ (13,861 )    $ (1,009 )    $ (1,465 ) 

Net realized gain (loss)

      497,291       176,860       (126,649 )      (47,670 ) 

Net change in unrealized appreciation (depreciation) on investments

      1,272,778       980,441       193,383       179,850  

Net increase (decrease) in net assets from operations

      1,754,057       1,143,440       65,725       130,715  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      105,079       19,052       727       4,253  

Net contractowner transfers

      (135,254 )      (52,510 )      (282,137 )      (16,897 ) 

Withdrawals and death benefits (b)

      (342,179 )      (344,336 )      (8,936 )      (9,006 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (372,354 )      (377,794 )      (290,346 )      (21,650 ) 

Net increase (decrease) in net assets

      1,381,703       765,646       (224,621 )      109,065  

NET ASSETS

         

Beginning of period

      8,786,505       8,020,859       873,444       764,379  

End of period

    $ 10,168,208     $ 8,786,505     $ 648,823     $ 873,444  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      126,232       132,063       26,176       27,312  

Units purchased

      1,524       296       20       139  

Units sold/transferred

      (6,358 )      (6,127 )      (9,040 )      (1,275 ) 

End of period

      121,398       126,232       17,156       26,176  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-51  

Statements of Changes in Net Assets

 

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

     

 

     Royce Capital Fund Small-Cap Portfolio—
Investment Class Sub-Account		     T. Rowe Price® Health Sciences Portfolio I
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 92,608     $ 56,579     $ (22,687 )    $ (22,631 ) 

Net realized gain (loss)

      721,452       1,137,108       625,850       198,147  

Net change in unrealized appreciation (depreciation) on investments

      (517,629 )      706,164       (482,913 )      (4,476 ) 

Net increase (decrease) in net assets from operations

      296,431       1,899,851       120,250       171,040  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      96,151       91,078       106,781       15,520  

Net contractowner transfers

      (279,000 )      (150,982 )      (231,123 )      (281,853 ) 

Withdrawals and death benefits (b)

      (484,091 )      (272,254 )      (406,302 )      (311,315 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (666,940 )      (332,158 )      (530,644 )      (577,648 ) 

Net increase (decrease) in net assets

      (370,509 )      1,567,693       (410,394 )      (406,608 ) 

NET ASSETS

         

Beginning of period

      9,243,414       7,675,721       6,907,112       7,313,720  

End of period

    $ 8,872,905     $ 9,243,414     $ 6,496,718     $ 6,907,112  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      303,056       317,203       127,203       138,259  

Units purchased

      3,286       3,389       1,978       296  

Units sold/transferred

      (25,481 )      (17,536 )      (11,417 )      (11,352 ) 

End of period

      280,861       303,056       117,764       127,203  
   

 

(a)

Amounts presented are net of premium expense charges.

(b)

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

 

B-52   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
T. Rowe Price® Limited-Term Bond Portfolio
Sub-Account		      
Templeton Developing Markets VIP Fund
—Class 1 Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 2,059,143     $ 1,579,758     $ 1,067,092     $ 478,071  

Net realized gain (loss)

      (435,064 )      (1,248,974 )      (760,359 )      (2,206,918 ) 

Net change in unrealized appreciation (depreciation) on investments

      780,527       2,039,932       1,698,333       4,534,660  

Net increase (decrease) in net assets from operations

      2,404,606       2,370,716       2,005,066       2,805,813  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      736,443       589,446       2,960,610       1,643,319  

Net contractowner transfers

      1,404,109       (1,743,250 )      42,212       686,770  

Withdrawals and death benefits (b)

      (3,627,868 )      (3,074,216 )      (1,646,774 )      (875,715 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (1,487,316 )      (4,228,020 )      1,356,048       1,454,374  

Net increase (decrease) in net assets

      917,290       (1,857,304 )      3,361,114       4,260,187  

NET ASSETS

         

Beginning of period

      52,327,490       54,184,794       26,146,959       21,886,772  

End of period

    $ 53,244,780     $ 52,327,490     $ 29,508,073     $ 26,146,959  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      1,862,109       2,026,592       1,430,961       1,352,083  

Units purchased

      25,509       21,329       157,134       98,061  

Units sold/transferred

      (84,336 )      (185,812 )      (98,729 )      (19,183 ) 

End of period

      1,803,282       1,862,109       1,489,366       1,430,961  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-53  

Statements of Changes in Net Assets

 

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

     

 

     Vanguard VIF Balanced Portfolio
Sub-Account		     Vanguard VIF Capital Growth Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 86,868     $ 69,162     $ 205,203     $ 148,586  

Net realized gain (loss)

      208,908       (236,641 )      1,371,135       1,090,742  

Net change in unrealized appreciation (depreciation) on investments

      339,929       688,773       1,328,186       3,265,123  

Net increase (decrease) in net assets from operations

      635,705       521,294       2,904,524       4,504,451  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      463,163       157,433       132,092       153,573  

Net contractowner transfers

      528,303       (199,128 )      287,931       (76,288 ) 

Withdrawals and death benefits (b)

      (571,297 )      (478,416 )      (1,082,815 )      (161,960 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      420,169       (520,111 )      (662,792 )      (84,675 ) 

Net increase (decrease) in net assets

      1,055,874       1,183       2,241,732       4,419,776  

NET ASSETS

         

Beginning of period

      4,283,842       4,282,659       20,814,940       16,395,164  

End of period

    $ 5,339,716     $ 4,283,842     $ 23,056,672     $ 20,814,940  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      123,091       140,251       297,751       300,033  

Units purchased

      11,827       5,058       1,710       2,543  

Units sold/transferred

      (906 )      (22,218 )      (8,637 )      (4,825 ) 

End of period

      134,012       123,091       290,824       297,751  
   

 

(a)

Amounts presented are net of premium expense charges. 

(b)

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

 

B-54   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

     Vanguard VIF Conservative Allocation
Portfolio Sub-Account		     Vanguard VIF Equity Index Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 72,191     $ 45,163     $ 2,140,884     $ 1,792,146  

Net realized gain (loss)

      47,536       (43,029 )      38,175,221       9,636,451  

Net change in unrealized appreciation (depreciation) on investments

      95,606       309,218       4,466,136       25,306,767  

Net increase (decrease) in net assets from operations

      215,333       311,352       44,782,241       36,735,364  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      507,616       200,140       11,092,133       5,223,411  

Net contractowner transfers

      38,243       38,741       3,125,627       1,856,686  

Withdrawals and death benefits (b)

      (159,812 )      (13,135 )      (5,969,621 )      (4,470,288 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      386,047       225,746       8,248,139       2,609,809  

Net increase (decrease) in net assets

      601,380       537,098       53,030,380       39,345,173  

NET ASSETS

         

Beginning of period

      2,894,250       2,357,152       179,989,230       140,644,057  

End of period

    $ 3,495,630     $ 2,894,250     $ 233,019,610     $ 179,989,230  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      99,421       90,772       2,645,123       2,601,234  

Units purchased

      16,768       7,477       145,926       87,051  

Units sold/transferred

      (4,146 )      1,172       (54,420 )      (43,162 ) 

End of period

      112,043       99,421       2,736,629       2,645,123  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-55  

Statements of Changes in Net Assets

 

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

     

 

      
Vanguard VIF Global Bond Index Portfolio
Sub-Account		     Vanguard VIF High Yield Bond Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 92,339     $ 33,400     $ 3,031,655     $ 2,420,005  

Net realized gain (loss)

      (17,428 )      (163,497 )      (542,678 )      (1,449,914 ) 

Net change in unrealized appreciation (depreciation) on investments

      (1,546 )      271,975       926,661       4,775,648  

Net increase (decrease) in net assets from operations

      73,365       141,878       3,415,638       5,745,739  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      317,492       261,048       1,975,099       2,881,019  

Net contractowner transfers

      716,068       863,170       993,980       287,179  

Withdrawals and death benefits (b)

      (143,980 )      (120,394 )      (3,722,318 )      (2,936,265 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      889,580       1,003,824       (753,239 )      231,933  

Net increase (decrease) in net assets

      962,945       1,145,702       2,662,399       5,977,672  

NET ASSETS

         

Beginning of period

      3,008,322       1,862,620       56,735,213       50,757,541  

End of period

    $ 3,971,267     $ 3,008,322     $ 59,397,612     $ 56,735,213  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      130,284       85,778       1,569,524       1,564,779  

Units purchased

      13,639       11,703       53,687       86,417  

Units sold/transferred

      25,075       32,803       (75,439 )      (81,672 ) 

End of period

      168,998       130,284       1,547,772       1,569,524  
   

 

(a)

Amounts presented are net of premium expense charges.

(b)

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

 

B-56   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
Vanguard VIF International Portfolio
Sub-Account		     Vanguard VIF Mid-Cap Index Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 41,250     $ 58,523     $ 1,049,250     $ 939,007  

Net realized gain (loss)

      358,445       (699,383 )      3,585,079       1,200,564  

Net change in unrealized appreciation (depreciation) on investments

      (12,606 )      1,264,923       8,789,784       10,756,957  

Net increase (decrease) in net assets from operations

      387,089       624,063       13,424,113       12,896,528  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      1,500       7,245       3,181,179       2,466,012  

Net contractowner transfers

      484,097       322,123       (5,781,326 )      467,000  

Withdrawals and death benefits (b)

      (727,461 )      (1,373,412 )      (5,752,581 )      (4,189,881 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (241,864 )      (1,044,044 )      (8,352,728 )      (1,256,869 ) 

Net increase (decrease) in net assets

      145,225       (419,981 )      5,071,385       11,639,659  

NET ASSETS

         

Beginning of period

      4,135,267       4,555,248       94,584,897       82,945,238  

End of period

    $ 4,280,492     $ 4,135,267     $ 99,656,282     $ 94,584,897  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      122,291       154,048       1,761,518       1,785,408  

Units purchased

      44       220       55,083       50,639  

Units sold/transferred

      (5,932 )      (31,977 )      (199,678 )      (74,529 ) 

End of period

      116,403       122,291       1,616,923       1,761,518  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-57  

Statements of Changes in Net Assets

 

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

     

 

      
Vanguard VIF Moderate Allocation Portfolio
Sub-Account		     Vanguard VIF Real Estate Index Portfolio
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 109,560     $ 85,137     $ 1,005,669     $ 700,413  

Net realized gain (loss)

      117,005       25,922       (1,926,695 )      731,944  

Net change in unrealized appreciation (depreciation) on investments

      291,163       596,567       2,114,071       2,358,673  

Net increase (decrease) in net assets from operations

      517,728       707,626       1,193,045       3,791,030  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      219,955       380,953       471,046       563,641  

Net contractowner transfers

      471,354       (300,827 )      (4,389,990 )      875,710  

Withdrawals and death benefits (b)

      (640,551 )      (99,166 )      (3,777,169 )      (1,367,000 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      50,758       (19,040 )      (7,696,113 )      72,351  

Net increase (decrease) in net assets

      568,486       688,586       (6,503,068 )      3,863,381  

NET ASSETS

         

Beginning of period

      5,044,191       4,355,605       36,262,974       32,399,593  

End of period

    $ 5,612,677     $ 5,044,191     $ 29,759,906     $ 36,262,974  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      155,110       154,241       944,727       940,469  

Units purchased

      6,156       13,080       12,086       16,042  

Units sold/transferred

      (4,365 )      (12,211 )      (214,099 )      (11,784 ) 

End of period

      156,901       155,110       742,714       944,727  
   

 

(a)

Amounts presented are net of premium expense charges.

(b)

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

 

B-58   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
Vanguard VIF Small Company Growth
Portfolio Sub-Account		     Vanguard VIF Total Bond Market Index
Portfolio Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 52,787     $ 15,341     $ 6,853,388     $ 5,523,569  

Net realized gain (loss)

      (512,591 )      (811,916 )      (9,749,334 )      (11,255,403 ) 

Net change in unrealized appreciation (depreciation) on investments

      2,418,265       4,264,173       5,463,476       19,252,977  

Net increase (decrease) in net assets from operations

      1,958,461       3,467,598       2,567,530       13,521,143  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      251,052       209,016       15,394,901       10,079,151  

Net contractowner transfers

      1,440,314       1,793,543       18,338,192       16,001,547  

Withdrawals and death benefits (b)

      (1,471,642 )      (884,540 )      (21,440,046 )      (17,686,956 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      219,724       1,118,019       12,293,047       8,393,742  

Net increase (decrease) in net assets

      2,178,185       4,585,617       14,860,577       21,914,885  

NET ASSETS

         

Beginning of period

      21,899,862       17,314,245       276,930,412       255,015,527  

End of period

    $ 24,078,047     $ 21,899,862     $ 291,790,989     $ 276,930,412  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      418,320       395,191       10,217,921       9,911,834  

Units purchased

      4,409       4,287       574,626       388,569  

Units sold/transferred

      (9,133 )      18,842       (128,104 )      (82,482 ) 

End of period

      413,596       418,320       10,664,443       10,217,921  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-59  

Statements of Changes in Net Assets

 

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

     

 

      
Vanguard VIF Total International Stock
Market Index Portfolio Sub-Account		     Vanguard VIF Total Stock Market Index
Portfolio Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 579,355     $ 515,106     $ 293,242     $ 197,020  

Net realized gain (loss)

      (435,457 )      (954,916 )      2,270,977       253,516  

Net change in unrealized appreciation (depreciation) on investments

      902,613       3,360,925       3,657,211       5,277,424  

Net increase (decrease) in net assets from operations

      1,046,511       2,921,115       6,221,430       5,727,960  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      433,084       574,148       1,001,589       1,645,733  

Net contractowner transfers

      2,471,215       369,807       1,311,167       892,266  

Withdrawals and death benefits (b)

      (6,512,144 )      (1,565,615 )      (5,380,087 )      (562,989 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (3,607,845 )      (621,660 )      (3,067,331 )      1,975,010  

Net increase (decrease) in net assets

      (2,561,334 )      2,299,455       3,154,099       7,702,970  

NET ASSETS

         

Beginning of period

      21,959,709       19,660,254       29,074,568       21,371,598  

End of period

    $ 19,398,375     $ 21,959,709     $ 32,228,667     $ 29,074,568  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      606,153       625,473       664,994       614,060  

Units purchased

      11,298       17,125       19,090       44,396  

Units sold/transferred

      (106,588 )      (36,445 )      (86,772 )      6,538  

End of period

      510,863       606,153       597,312       664,994  
   

 

(a)

Amounts presented are net of premium expense charges.

(b)

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

 

B-60   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

     continued

 

      
VY CBRE Global Real Estate Portfolio—
Class I Sub-Account		     Wanger Acorn
Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 265,896     $ 128,051     $ (16,415 )    $ (13,611 ) 

Net realized gain (loss)

      (120,014 )      (106,585 )      331,310       (440,696 ) 

Net change in unrealized appreciation (depreciation) on investments

      (56,090 )      880,064       548,156       1,390,499  

Net increase (decrease) in net assets from operations

      89,792       901,530       863,051       936,192  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      112,831       125,387       430,676       208,823  

Net contractowner transfers

      1,057,975       382,030       (13,256 )      1,643,341  

Withdrawals and death benefits (b)

      (484,415 )      (328,011 )      (237,271 )      (143,659 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      686,391       179,406       180,149       1,708,505  

Net increase (decrease) in net assets

      776,183       1,080,936       1,043,200       2,644,697  

NET ASSETS

         

Beginning of period

      8,145,762       7,064,826       6,013,624       3,368,927  

End of period

    $ 8,921,945     $ 8,145,762     $ 7,056,824     $ 6,013,624  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      157,576       154,406       52,613       36,113  

Units purchased

      2,078       2,865       3,607       2,045  

Units sold/transferred

      11,104       305       (2,154 )      14,455  

End of period

      170,758       157,576       54,066       52,613  
   

 

(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   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-61  

Statements of Changes in Net Assets

 

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

    concluded

 

      
Wanger International
Sub-Account		     Western Asset Variable Global High Yield
Bond Portfolio—Class I Sub-Account		  
      December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  

FROM OPERATIONS

         

Net investment income (loss)

    $ 140,874     $ 8,787     $ 774,275     $ 646,227  

Net realized gain (loss)

      (90,029 )      (1,210,319 )      (738,333 )      (920,943 ) 

Net change in unrealized appreciation (depreciation) on investments

      (1,066,068 )      3,008,432       789,152       1,439,060  

Net increase (decrease) in net assets from operations

      (1,015,223 )      1,806,900       825,094       1,164,344  

FROM CONTRACTOWNER TRANSACTIONS

         

Premiums (a)

      160,435       97,452       132,762       151,265  

Net contractowner transfers

      126,788       (138,321 )      (294,580 )      (709,768 ) 

Withdrawals and death benefits (b)

      (623,548 )      (443,892 )      (688,318 )      (713,132 ) 

Net increase (decrease) in net assets resulting from contractowner transactions

      (336,325 )      (484,761 )      (850,136 )      (1,271,635 ) 

Net increase (decrease) in net assets

      (1,351,548 )      1,322,139       (25,042 )      (107,291 ) 

NET ASSETS

         

Beginning of period

      12,272,692       10,950,553       12,730,894       12,838,185  

End of period

    $ 10,921,144     $ 12,272,692     $ 12,705,852     $ 12,730,894  
   

CHANGES IN ACCUMULATION UNITS OUTSTANDING:

         

Beginning of period

      158,368       166,064       647,013       720,872  

Units purchased

      2,089       1,376       6,428       8,248  

Units sold/transferred

      (8,152 )      (9,072 )      (60,142 )      (82,107 ) 

End of period

      152,305       158,368       593,299       647,013  
   

 

(a)

Amounts presented are net of premium expense charges.

(b)

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

 

B-62   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to financial statements

Notes to Financial Statements

TIAA-CREF Life Separate Account VA-1

 

Note 1—organization and significant accounting policies

TIAA-CREF Life Separate Account VA-1 (the “Separate Account”) was established by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) as a separate investment account under New York law on July 27, 1998 and is registered with the Securities and Exchange Commission (“Commission”) as a unit investment trust under the Investment Company Act of 1940, as amended (“1940 Act”). TIAA-CREF Life, as a legal reserve life insurance company under the insurance laws of the State of New York, is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”).

Investors participate in the Separate Account by purchasing one of three different variable annuity contracts: the Personal Annuity Select and Single Premium Immediate Annuity (the “Original Contract”), the Lifetime Variable Select Annuity (the “Lifetime Contract”) and the Intelligent Variable Annuity (the “Intelligent VA”). Premiums received from the contracts are allocated to investment accounts, the (“Sub-Accounts”) that invest in non-proprietary funds or Nuveen Life Funds (collectively, the “Funds”). Nuveen 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. The Adviser is registered with the Commission as an investment adviser. The Original Contract currently offers 8 investment Sub-Account options, the Lifetime Contract currently offers 10 investment Sub-Account options and the Intelligent VA offers 76 investment Sub-Account options. Accumulation unit values are calculated daily for each investment account. Effective in 2008, the Personal Annuity Select and Lifetime Variable Select Annuity are no longer available to new customers. However, policy owners that existed prior to that date may continue to invest their premiums in the Sub-Accounts.

Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the Sub-Accounts based upon their relative daily net asset values. Annuitants bear no mortality risk under their contracts. Initial annuity payments are calculated based on the total value of a participant’s accumulation units on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance and Sub-Account expenses.

Net assets allocated to contracts in the payout period are computed according to the Annuity 2000 Mortality Table with four year setbacks for contracts issued prior to 2015 and 2012 Individual Annuity Reserving for contracts issued after 2014. The 2012 IAR Mortality Table is used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued after January 1, 2015. The mortality risk is fully borne by TIAA-CREF Life and may result in additional amounts being transferred into the variable annuity account by TIAA-CREF Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to TIAA-CREF Life.

Effective April 26, 2024, the Delaware VIP International Series—Standard Class Sub-Account merged into Macquarie VIP International Core Equity Series-Standard Class Sub-Account.

Effective May 1, 2024, the following Fund names have changed (with a corresponding change to the Sub-Account name):

 

Current Fund   New Fund

TIAA-CREF Life Balanced Fund

TIAA-CREF Life Core Bond Fund

TIAA-CREF Life Growth Equity Fund

TIAA-CREF Life Growth & Income Fund

TIAA-CREF Life International Equity Fund

TIAA-CREF Life Large-Cap Value Fund

TIAA-CREF Life Money Market Fund

TIAA-CREF Life Real Estate Securities Fund

TIAA-CREF Life Small-Cap Equity Fund

TIAA-CREF Life Social Choice Equity Fund

TIAA-CREF Life Stock Index Fund

ClearBridge Variable Aggressive Growth Portfolio—Class I

Delaware Ivy VIP International Core Equity Series—Standard Class

Delaware VIP Small Cap Value Series—Standard Class

LVIP Delaware Diversified Income—Standard Class

  

Nuveen Life Balanced Fund

Nuveen Life Core Bond Fund

Nuveen Life Growth Equity Fund

Nuveen Life Core Equity Fund

Nuveen Life International Equity Fund

Nuveen Life Large Cap Value Fund

Nuveen Life Money Market Fund

Nuveen Life Real Estate Securities Select Fund

Nuveen Life Small Cap Equity Fund

Nuveen Life Large Cap Responsible Equity Fund

Nuveen Life Stock Index Fund

ClearBridge Variable Growth Portfolio—Class I

Macquarie VIP International Core Equity Series—Standard Class

Macquarie VIP Small Cap Value Series—Standard Class

LVIP Macquarie Diversified Income—Standard Class

Effective May 29, 2024, the John Hancock Emerging Markets Value Trust Sub-Account was renamed John Hancock Disciplined Value Emerging Markets Equity Trust Sub-Account.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-63  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

Effective December 15, 2024, the following Fund names have changed (with a corresponding change to the Sub-Account name):

 

Current Fund   New Fund

DFA VA Equity Allocation Portfolio

DFA VA Global Bond Portfolio

DFA VA Global Moderate Allocation Portfolio

DFA VA International Small Portfolio

DFA VA International Value Portfolio

DFA VA Short-Term Fixed Portfolio

DFA VA US Large Value Portfolio

DFA VA US Targeted Value Portfolio

  

Dimensional VA Equity Allocation Portfolio

Dimensional VA Global Bond Portfolio

Dimensional VA Global Moderate Allocation Portfolio

Dimensional VA International Small Portfolio

Dimensional VA International Value Portfolio

Dimensional VA Short-Term Fixed Portfolio

Dimensional VA US Large Value Portfolio

Dimensional VA US Targeted Value Portfolio

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Separate Account is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services-Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Sub-Accounts.

Security valuation: All investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Security transactions are accounted for as of the trade date for financial reporting purposes. Dividend income and capital gain distributions are recorded on the ex-dividend date. Realized gains and losses on security transactions are based on the specific identification method.

Income taxes: TIAA-CREF Life Separate Account VA-1 is a separate account of TIAA-CREF Life, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. The Separate Account should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, the Separate Account’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. The Separate Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Separate Account’s tax positions taken for all open income tax years and has concluded that no provision for federal income tax is required in the Separate Account’s financial statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Separate Account adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Separate Account’s financial positions or the results of its operations.

Product Management of the Separate Account acts as the chief operating decision maker (“CODM”). The Separate Account represents a single operating segment. The CODM monitors the operating results of the Separate Account as a whole and is responsible for the Separate Account’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Separate Account’s Sub-Accounts, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, premiums and withdrawal and death benefits), which are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Separate Account’s single segment, is consistent with that presented within the Separate Account’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

Note 2—valuation of investments

U.S. GAAP establishes a hierarchy that categorizes market inputs to valuation methods. The three levels of inputs are:

 

  •  

Level 1 — quoted prices in active markets for identical securities

 

  •  

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

 

  •  

Level 3 — significant unobservable inputs (including the Sub-Accounts’ own assumptions in determining the fair value of investments)

 

B-64   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Sub-Accounts’ investments follows:

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

As of December 31, 2024, all of the investments in the Sub-Accounts were investments in registered investment companies and were valued based on Level 1 inputs.

Note 3—expense charges and affiliates

TIAA-CREF Life provides all administrative services for the Sub-Accounts. Daily charges are deducted from the net assets of the Sub-Accounts for services required to administer the Separate Account and the contracts, and to cover certain insurance risks borne by TIAA-CREF Life. The following are the current administrative expense charges for the contracts:

Administrative expense

(as a percentage of average account value)

 

     

Intelligent

Variable

Annuity

       

Personal

Annuity

Select

       

Lifetime

Variable

Select

         

Maximum contractual fee

      0.30%          0.20%          0.20%    

Current fee

      0.10%          0.20%          0.20%          

TIAA-CREF Life imposes a daily charge that is deducted from the net assets of the Sub-Accounts for bearing certain mortality and expense risks in connection with the contracts. The following are the mortality and expense risk charges for the contracts:

Mortality and expense risk charges

(as a percentage of average account value)

 

               

Personal

Annuity

Select

       

Lifetime

Variable

Select

         

Maximum contractual fee

           1.00%          1.00%    

Current fee

                 0.40%          0.40%          

Intelligent Variable Annuity

 

               

Maximum

contractual

fee

       

Current

fee

         

If accumulation value is less than $100,000

           0.40%          0.40%    

If accumulation value is between $100,000-$500,000

           0.25%          0.25%    

If accumulation value is greater than $500,000

           0.15%          0.15%    

After the first 10 contract years

                 0.00%          0.00%          

There are other daily, monthly, and annual fees and expenses that a contractowner will pay when buying, owning and surrendering the policy. These fees and expenses include as follows:

 

Additional expense charges    Intelligent
Variable Annuity		        Personal
Annuity
Select		        Lifetime
Variable
Select		         

Maximum annual contract fees (waived for accumulation values > $25,000)

    $ 25        $ 0        $ 25    

Optional guaranteed minimum death benefit charge

      0.10%          None          None    

Premium taxes (a)

      0.00% to 3.50%          0.00% to 3.50%          0.00% to 3.50%    

Maximum transfer fee

    $ 0        $ 0        $ 25          

 

(a)

Only applicable in certain states.

The Sub-Accounts indirectly pay expenses of the underlying funds. With respect to investments in the Funds, these include management fees paid to the Adviser. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a subsidiary of TIAA. Services may also enter into selling agreements with third parties to distribute the contracts.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-65  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

Note 4—investments

Purchases and sales of securities for the Sub-Accounts for the year ended December 31, 2024 were as follows:

 

Sub-Accounts      Purchases        Sales  

Nuveen Life Balanced

      $ 45,541,473        $ 52,817,307  

Nuveen Life Core Bond

        36,051,047          32,346,447  

Nuveen Life Core Equity

        23,532,553          30,902,755  

Nuveen Life Growth Equity

        28,133,485          36,269,433  

Nuveen Life International Equity

        23,401,530          19,099,634  

Nuveen Life Large Cap Responsible Equity

        17,179,982          17,933,817  

Nuveen Life Large Cap Value

        14,137,310          17,369,167  

Nuveen Life Money Market

        106,437,955          108,545,603  

Nuveen Life Real Estate Securities Select

        10,933,630          17,554,534  

Nuveen Life Small Cap Equity

        15,798,449          19,711,464  

Nuveen Life Stock Index

        77,779,182          127,014,843  

Calamos Growth and Income Portfolio

        130,348          289,510  

ClearBridge Variable Growth Portfolio—Class I

        13,176,047          10,058,488  

ClearBridge Variable Small Cap Growth Portfolio—Class I

        3,126,105          3,499,361  

Credit Suisse Trust—Commodity Return Strategy Portfolio

        124,570          202,075  

Delaware VIP International Series—Standard Class

        4,537,185          47,368,202  

Dimensional VA Equity Allocation Portfolio

        6,674,905          4,184,634  

Dimensional VA Global Bond Portfolio

        11,719,586          13,325,903  

Dimensional VA Global Moderate Allocation Portfolio

        10,027,844          9,864,018  

Dimensional VA International Small Portfolio

        12,681,491          13,295,899  

Dimensional VA International Value Portfolio

        23,255,108          27,144,396  

Dimensional VA Short-Term Fixed Portfolio

        23,256,678          24,403,593  

Dimensional VA US Large Value Portfolio

        29,913,595          30,243,651  

Dimensional VA US Targeted Value Portfolio

        15,158,382          17,809,915  

Franklin Income VIP Fund—Class 1

        1,736,957          1,779,711  

Franklin Mutual Shares VIP Fund—Class 1

        375,224          901,741  

Franklin Small-Mid Cap Growth VIP Fund—Class 1

        5,495,500          7,139,004  

Janus Henderson Forty Portfolio—Institutional Shares

        7,530,126          7,450,634  

Janus Henderson Overseas Portfolio—Institutional Shares

        116,174          219,434  

Janus Henderson Mid Cap Value Portfolio—Institutional Shares

        1,579,454          1,481,716  

John Hancock Disciplined Value Emerging Markets Equity Trust

        9,627,343          9,517,801  

LVIP Macquarie Diversified Income Fund—Standard Class

        15,307,142          13,961,849  

Macquarie VIP International Core Equity Series—Standard Class

        51,566,544          8,696,450  

Macquarie VIP Small Cap Value Series—Standard Class

        10,211,483          12,267,920  

Matson Money Fixed Income VI Portfolio

        12,855,640          14,908,103  

Matson Money International Equity VI Portfolio

        10,390,881          11,584,243  

Matson Money U.S. Equity VI Portfolio

        14,382,918          16,771,047  

MFS Global Equity Series—Initial Class

        1,147,403          2,433,866  

MFS Growth Series—Initial Class

        93,261          69,460  

MFS Massachusetts Investors Growth Stock Portfolio

        2,219,060          4,070,370  

MFS Utilities Series—Initial Class

        1,250,277          1,394,073  

Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class

        14,378,282          15,910,220  

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class

        535,524          484,237  

PIMCO VIT All Asset Portfolio—Institutional Class

        874,177          609,635  

PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class

        699,780          1,050,839  

PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class

        13,360,647          12,409,237  

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class

        1,537,702          1,170,554  

PIMCO VIT Real Return Portfolio—Institutional Class

        23,766,451          23,732,891  

PVC Equity Income Account—Class 1

        25,761,007          33,184,151  

PVC MidCap Account—Class 1

        1,267,446          1,468,550  

PSF Natural Resources Portfolio—Class II

        628,171          1,036,587  

PSF PGIM Jennison Blend Portfolio—Class II

        11,776,355          14,978,765  

PSF PGIM Jennison Value Portfolio—Class II

        1,120,896          1,522,558  

Royce Capital Fund Micro-Cap Portfolio—Investment Class

        128,463          376,258  

Royce Capital Fund Small-Cap Portfolio—Investment Class

        2,300,651          2,516,392  

T. Rowe Price® Health Sciences Portfolio I

        3,027,588          3,008,927  

 

B-66   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Sub-Accounts      Purchases        Sales  

T. Rowe Price® Limited-Term Bond Portfolio

      $ 14,791,166        $  14,344,399  

Templeton Developing Markets VIP Fund—Class 1

        12,742,442          10,121,575  

Vanguard VIF Balanced Portfolio

        2,398,149          1,672,780  

Vanguard VIF Capital Growth Portfolio

        11,534,807          11,536,812  

Vanguard VIF Conservative Allocation Portfolio

        851,566          323,161  

Vanguard VIF Equity Index

        112,819,674          94,951,983  

Vanguard VIF Global Bond Index Portfolio

        2,134,329          1,148,656  

Vanguard VIF High Yield Bond Portfolio

        12,645,381          10,423,992  

Vanguard VIF International Portfolio

        1,991,020          2,046,987  

Vanguard VIF Mid-Cap Index Portfolio

        17,219,338          23,453,429  

Vanguard VIF Moderate Allocation Portfolio

        1,972,807          1,707,205  

Vanguard VIF Real Estate Index Portfolio

        6,842,213          12,660,016  

Vanguard VIF Small Company Growth Portfolio

        13,087,532          12,829,706  

Vanguard VIF Total Bond Market Index Portfolio

        72,067,260          52,968,232  

Vanguard VIF Total International Stock Market Index Portfolio

        9,657,849          12,578,713  

Vanguard VIF Total Stock Market Index Portfolio

        11,823,899          12,526,051  

VY CBRE Global Real Estate Portfolio—Class I

        4,771,276          3,832,377  

Wanger Acorn

        2,130,954          1,965,344  

Wanger International

        4,140,799          4,349,343  

Western Asset Variable Global High Yield Bond Portfolio—Class I

        8,072,554          8,167,778  

Note 5—condensed financial information

 

                                       For the period ended December 31, 2024  
     Period      Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Nuveen Life Balanced Sub-Account

 

      
    2024        1,276        $41.27 to $43.36        $45.28 to $47.81        $60,039        2.04%        0.10% to 0.60%        9.71% to 10.26%  
    2023        1,513        $35.86 to $37.49        $41.27 to $43.36        $63,986        2.46%        0.10% to 0.60%        15.08% to 15.65%  
    2022        1,598        $43.25 to $44.99        $35.86 to $37.49        $58,561        2.57%        0.10% to 0.60%        (17.09)% to (16.67)%  
    2021        1,716        $39.64 to $41.02        $43.25 to $44.99        $75,690        1.79%        0.10% to 0.60%        9.13% to 9.67%  
      2020        1,725        $34.93 to $35.97        $39.64 to $41.02        $69,519        2.04%        0.10% to 0.60%        13.48% to 14.05%  

Nuveen Life Core Bond Sub-Account

 

               
    2024        3,555        $41.93 to $45.44        $42.81 to $46.62        $160,717        3.82%        0.10% to 0.60%        2.10% to 2.61%  
    2023        3,605        $39.69 to $42.80        $41.93 to $45.44        $158,698        3.09%        0.10% to 0.60%        5.64% to 6.17%  
    2022        3,673        $46.01 to $49.36        $39.69 to $42.80        $152,013        2.20%        0.10% to 0.60%        (13.73)% to (13.30)%  
    2021        3,803        $46.75 to $49.90        $46.01 to $49.36        $181,621        2.36%        0.10% to 0.60%        (1.58)% to (1.08)%  
      2020        3,616        $43.60 to $46.31        $46.75 to $49.90        $174,475        2.89%        0.10% to 0.60%        7.21% to 7.75%  

Nuveen Life Core Equity Sub-Account

 

      
    2024        1,009        $124.66 to $135.10        $159.64 to $173.87        $189,829        0.81%        0.10% to 0.60%        28.05% to 28.70%  
    2023        1,087        $94.35 to $101.74        $124.66 to $135.10        $159,610        1.08%        0.10% to 0.60%        32.14% to 32.80%  
    2022        1,177        $122.06 to $130.96        $94.35 to $101.74        $130,126        0.74%        0.10% to 0.60%        (22.70)% to (22.32)%  
    2021        1,306        $98.10 to $104.73        $122.06 to $130.96        $186,576        0.90%        0.10% to 0.60%        24.42% to 25.05%  
      2020        1,392        $81.94 to $87.04        $98.10 to $104.73        $156,822        1.28%        0.10% to 0.60%        19.72% to 20.32%  

Nuveen Life Growth Equity Sub-Account

 

      
    2024        1,240        $87.96 to $95.35        $112.15 to $122.18        $156,888        0.25%        0.10% to 0.60%        27.49% to 28.14%  
    2023        1,299        $60.43 to $65.18        $87.96 to $95.35        $129,554        0.26%        0.10% to 0.60%        45.55% to 46.28%  
    2022        1,380        $90.63 to $97.27        $60.43 to $65.18        $94,184        0.00%        0.10% to 0.60%        (33.32)% to (32.99)%  
    2021        1,448        $78.49 to $83.82        $90.63 to $97.27        $146,562        0.28%        0.10% to 0.60%        15.47% to 16.05%  
      2020        1,594        $54.85 to $58.28        $78.49 to $83.82        $139,006        0.33%        0.10% to 0.60%        43.10% to 43.82%  

Nuveen Life International Equity Sub-Account

 

      
    2024        2,621        $40.55 to $43.94        $41.77 to $45.50        $118,662        2.23%        0.10% to 0.60%        3.02% to 3.54%  
    2023        2,568        $35.04 to $37.78        $40.55 to $43.94        $112,875        2.11%        0.10% to 0.60%        15.72% to 16.30%  
    2022        2,613        $42.32 to $45.41        $35.04 to $37.78        $98,856        3.18%        0.10% to 0.60%        (17.20)% to (16.79)%  
    2021        2,517        $38.41 to $41.00        $42.32 to $45.41        $114,705        1.18%        0.10% to 0.60%        10.18% to 10.73%  
      2020        2,355        $33.50 to $35.59        $38.41 to $41.00        $97,294        1.64%        0.10% to 0.60%        14.65% to 15.23%  

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-67  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

                                       For the period ended December 31, 2024  
     Period      Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Nuveen Life Large Cap Responsible Equity Sub-Account

 

      
    2024        600        $116.43 to $126.16        $136.59 to $148.75        $93,187        1.45%        0.10% to 0.60%        17.31% to 17.90%  
    2023        646        $95.68 to $103.17        $116.43 to $126.16        $84,876        1.39%        0.10% to 0.60%        21.68% to 22.29%  
    2022        681        $117.15 to $125.68        $95.68 to $103.17        $73,492        1.23%        0.10% to 0.60%        (18.32)% to (17.91)%  
    2021        748        $93.27 to $99.57        $117.15 to $125.68        $97,583        1.17%        0.10% to 0.60%        25.60% to 26.23%  
      2020        760        $77.89 to $82.74        $93.27 to $99.57        $78,413        1.57%        0.10% to 0.60%        19.75% to 20.35%  

Nuveen Life Large Cap Value Sub-Account

 

      
    2024        382        $136.64 to $148.07        $155.89 to $169.78        $70,118        1.55%        0.10% to 0.60%        14.08% to 14.66%  
    2023        433        $120.26 to $129.67        $136.64 to $148.07        $68,976        1.67%        0.10% to 0.60%        13.62% to 14.19%  
    2022        483        $130.23 to $139.72        $120.26 to $129.67        $66,549        1.27%        0.10% to 0.60%        (7.65)% to (7.19)%  
    2021        540        $103.28 to $110.25        $130.23 to $139.72        $79,163        1.49%        0.10% to 0.60%        26.09% to 26.72%  
      2020        547        $99.90 to $106.11        $103.28 to $110.25        $62,754        2.00%        0.10% to 0.60%        3.38% to 3.90%  

Nuveen Life Money Market Sub-Account

 

      
    2024        7,937        $11.96 to $12.97        $12.51 to $13.63        $104,656        5.04%        0.10% to 0.60%        4.53% to 5.06%  
    2023        8,479        $11.46 to $12.37        $11.96 to $12.97        $106,450        4.91%        0.10% to 0.60%        4.40% to 4.92%  
    2022        8,794        $11.36 to $12.20        $11.46 to $12.37        $105,244        1.54%        0.10% to 0.60%        0.86% to 1.36%  
    2021        6,947        $11.43 to $12.21        $11.36 to $12.20        $82,011        0.00%        0.10% to 0.60%        (0.60)% to (0.10)%  
      2020        8,007        $11.45 to $12.17        $11.43 to $12.21        $94,661        0.36%        0.10% to 0.60%        (0.19)% to 0.31%  

Nuveen Life Real Estate Securities Select Sub-Account

 

      
    2024        331        $144.16 to $156.22        $150.14 to $163.52        $58,158        2.81%        0.10% to 0.60%        4.15% to 4.67%  
    2023        383        $129.47 to $139.60        $144.16 to $156.22        $63,670        2.59%        0.10% to 0.60%        11.35% to 11.90%  
    2022        441        $182.49 to $195.79        $129.47 to $139.60        $64,943        1.51%        0.10% to 0.60%        (29.05)% to (28.70)%  
    2021        483        $131.58 to $140.46        $182.49 to $195.79        $98,462        1.64%        0.10% to 0.60%        38.69% to 39.39%  
      2020        510        $130.71 to $138.84        $131.58 to $140.46        $73,531        2.30%        0.10% to 0.60%        0.66% to 1.17%  

Nuveen Life Small Cap Equity Sub-Account

 

      
    2024        272        $171.74 to $186.10        $198.03 to $215.67        $61,701        0.89%        0.10% to 0.60%        15.31% to 15.89%  
    2023        296        $145.62 to $157.01        $171.74 to $186.10        $58,149        0.86%        0.10% to 0.60%        17.94% to 18.53%  
    2022        313        $173.62 to $186.27        $145.62 to $157.01        $51,364        0.48%        0.10% to 0.60%        (16.13)% to (15.71)%  
    2021        347        $140.01 to $149.46        $173.62 to $186.27        $67,160        0.51%        0.10% to 0.60%        24.01% to 24.63%  
      2020        350        $124.87 to $132.63        $140.01 to $149.46        $54,249        0.85%        0.10% to 0.60%        12.13% to 12.69%  

Nuveen Life Stock Index Sub-Account

 

      
    2024        3,327        $146.22 to $158.47        $179.74 to $195.79        $678,647        1.35%        0.10% to 0.60%        22.93% to 23.55%  
    2023        3,693        $116.83 to $125.99        $146.22 to $158.47        $608,408        1.47%        0.10% to 0.60%        25.16% to 25.78%  
    2022        3,995        $145.43 to $156.05        $116.83 to $125.99        $522,030        1.33%        0.10% to 0.60%        (19.67)% to (19.26)%  
    2021        4,137        $116.46 to $124.34        $145.43 to $156.05        $675,674        1.35%        0.10% to 0.60%        24.88% to 25.50%  
      2020        4,294        $97.01 to $103.06        $116.46 to $124.34        $559,790        1.69%        0.10% to 0.60%        20.04% to 20.64%  

Calamos Growth and Income Portfolio Sub-Account

 

      
    2024        94        $45.67 to $46.41        $55.19 to $56.14        $5,223        0.38%        0.10% to 0.20%        20.84% to 20.96%  
    2023        98        $38.10 to $38.68        $45.67 to $46.41        $4,525        0.57%        0.10% to 0.20%        19.88% to 20.00%  
    2022        106        $44.59 to $47.84        $38.10 to $38.68        $4,062        0.69%        0.10% to 0.20%        (19.23)% to (19.15)%  
    2021        110        $36.95 to $39.44        $44.59 to $47.84        $5,212        0.37%        0.10% to 0.59%        20.67% to 21.28%  
      2020        113        $30.36 to $32.25        $36.95 to $39.44        $4,420        0.48%        0.10% to 0.60%        21.70% to 22.31%  

ClearBridge Variable Growth Portfolio—Class I Sub-Account

 

      
    2024        494        $51.07 to $55.34        $57.26 to $62.36        $29,550        0.11%        0.10% to 0.60%        12.12% to 12.68%  
    2023        577        $41.29 to $44.53        $51.07 to $55.34        $30,688        0.30%        0.10% to 0.60%        23.68% to 24.30%  
    2022        622        $56.45 to $60.57        $41.29 to $44.53        $26,625        0.46%        0.10% to 0.60%        (26.85)% to (26.49)%  
    2021        610        $51.49 to $54.97        $56.45 to $60.57        $35,628        0.16%        0.10% to 0.60%        9.64% to 10.19%  
      2020        657        $43.89 to $46.62        $51.49 to $54.97        $34,895        0.83%        0.10% to 0.60%        17.31% to 17.90%  

ClearBridge Variable Small Cap Growth Portfolio—Class I Sub-Account

 

      
    2024        77        $58.60 to $63.50        $60.87 to $66.30        $5,018        0.00%        0.10% to 0.60%        3.87% to 4.40%  
    2023        87        $54.39 to $58.64        $58.60 to $63.50        $5,342        0.00%        0.10% to 0.60%        7.45% to 8.72%  
    2022        94        $76.89 to $82.50        $54.39 to $58.64        $5,352        0.00%        0.10% to 0.60%        (29.27)% to (28.92)%  
    2021        95        $68.69 to $73.33        $76.89 to $82.50        $7,604        0.00%        0.10% to 0.60%        11.94% to 12.50%  
      2020        85        $48.24 to $51.24        $68.69 to $73.33        $6,049        0.00%        0.10% to 0.60%        42.41% to 43.12%  

 

B-68   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

                                       For the period ended December 31, 2024  
     Period      Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Credit Suisse Trust—Commodity Return Strategy Portfolio Sub-Account

 

      
    2024        22        $21.09 to $22.19        $21.98 to $23.24        $493        2.94%        0.10% to 0.60%        4.20% to 4.72%  
    2023        26        $23.35 to $24.44        $21.09 to $22.19        $561        19.61%        0.10% to 0.60%        (9.66)% to (9.21)%  
    2022        42        $20.24 to $21.09        $23.35 to $24.44        $999        13.80%        0.10% to 0.60%        2.64% to 15.91%  
    2021        27        $15.92 to $16.50        $20.24 to $21.09        $561        5.83%        0.10% to 0.60%        (4.92)% to 27.77%  
      2020        13        $16.26 to $16.77        $15.92 to $16.50        $211        3.76%        0.10% to 0.60%        (2.07)% to (1.58)%  

Dimensional VA Equity Allocation Portfolio Sub-Account

 

      
    2024        300        $43.40 to $44.83        $49.65 to $51.54        $15,240        2.04%        0.10% to 0.60%        14.41% to 14.98%  
    2023        258        $36.34 to $37.35        $43.40 to $44.83        $11,403        2.17%        0.10% to 0.60%        19.43% to 20.03%  
    2022        291        $42.35 to $43.31        $36.34 to $37.35        $10,751        1.74%        0.10% to 0.60%        (14.20)% to (13.77)%  
    2021        315        $34.26 to $34.86        $42.35 to $43.31        $13,516        1.34%        0.10% to 0.60%        8.04% to 24.25%  
      2020        875        $30.73 to $31.11        $34.26 to $34.86        $30,275        1.75%        0.10% to 0.60%        11.49% to 12.05%  

Dimensional VA Global Bond Portfolio Sub-Account

 

      
    2024        1,860        $27.15 to $28.78        $28.44 to $30.30        $55,055        4.71%        0.10% to 0.60%        4.75% to 5.28%  
    2023        2,003        $26.00 to $27.42        $27.15 to $28.78        $56,351        4.05%        0.10% to 0.60%        4.43% to 4.95%  
    2022        1,999        $27.93 to $29.31        $26.00 to $27.42        $53,594        1.57%        0.10% to 0.60%        (6.89)% to (6.43)%  
    2021        2,102        $28.39 to $29.65        $27.93 to $29.31        $60,366        0.72%        0.10% to 0.60%        (1.63)% to (1.14)%  
      2020        2,151        $28.15 to $29.25        $28.39 to $29.65        $62,594        0.03%        0.10% to 0.60%        0.85% to 1.36%  

Dimensional VA Global Moderate Allocation Portfolio Sub-Account

 

      
    2024        962        $43.54 to $45.81        $48.47 to $51.25        $48,154        2.75%        0.10% to 0.60%        11.32% to 11.88%  
    2023        989        $38.18 to $39.97        $43.54 to $45.81        $44,285        2.77%        0.10% to 0.60%        14.04% to 14.61%  
    2022        987        $43.14 to $44.93        $38.18 to $39.97        $38,556        1.44%        0.10% to 0.60%        (11.49)% to (11.05)%  
    2021        1,034        $38.00 to $39.38        $43.14 to $44.93        $45,573        1.50%        0.10% to 0.60%        13.52% to 14.09%  
      2020        1,040        $34.35 to $35.42        $38.00 to $39.38        $40,254        1.14%        0.10% to 0.60%        10.62% to 27.85%  

Dimensional VA International Small Portfolio Sub-Account

 

      
    2024        868        $50.18 to $53.20        $51.78 to $55.17        $46,603        3.38%        0.10% to 0.60%        3.19% to 3.71%  
    2023        931        $44.24 to $46.66        $50.18 to $53.20        $48,213        3.14%        0.10% to 0.60%        13.43% to 14.00%  
    2022        994        $54.04 to $56.72        $44.24 to $46.66        $45,208        2.61%        0.10% to 0.60%        (18.14)% to (17.73)%  
    2021        972        $47.46 to $49.56        $54.04 to $56.72        $53,870        2.56%        0.10% to 0.60%        13.88% to 14.45%  
      2020        1,036        $43.63 to $45.34        $47.46 to $49.56        $50,232        2.19%        0.10% to 0.60%        8.76% to 9.30%  

Dimensional VA International Value Portfolio Sub-Account

 

      
    2024        1,876        $46.34 to $49.13        $49.12 to $52.33        $95,595        3.89%        0.10% to 0.60%        5.98% to 6.52%  
    2023        2,056        $39.56 to $41.72        $46.34 to $49.13        $98,454        4.71%        0.10% to 0.60%        17.16% to 17.74%  
    2022        2,291        $41.22 to $43.26        $39.56 to $41.72        $93,246        3.89%        0.10% to 0.60%        (4.03)% to (3.55)%  
    2021        2,398        $35.11 to $36.66        $41.22 to $43.26        $101,463        3.98%        0.10% to 0.60%        17.41% to 18.00%  
      2020        2,572        $35.95 to $37.36        $35.11 to $36.66        $92,346        2.60%        0.10% to 0.60%        (2.35)% to (1.86)%  

Dimensional VA Short-Term Fixed Portfolio Sub-Account

 

      
    2024        2,752        $26.03 to $27.59        $27.29 to $29.07        $77,959        4.78%        0.10% to 0.60%        4.85% to 5.38%  
    2023        2,931        $24.94 to $26.31        $26.03 to $27.59        $78,804        3.74%        0.10% to 0.60%        4.36% to 4.88%  
    2022        3,027        $25.38 to $26.64        $24.94 to $26.31        $77,670        1.27%        0.10% to 0.60%        (1.75)% to (1.25)%  
    2021        3,235        $25.58 to $26.72        $25.38 to $26.64        $84,242        0.01%        0.10% to 0.60%        (0.79)% to (0.29)%  
      2020        3,092        $25.59 to $26.59        $25.58 to $26.72        $80,902        0.64%        0.10% to 0.60%        0.00% to 0.50%  

Dimensional VA US Large Value Portfolio Sub-Account

 

      
    2024        794        $77.99 to $82.67        $87.90 to $93.64        $72,530        2.00%        0.10% to 0.60%        12.70% to 13.27%  
    2023        898        $70.73 to $74.61        $77.99 to $82.67        $72,395        2.31%        0.10% to 0.60%        10.26% to 10.81%  
    2022        919        $74.81 to $78.51        $70.73 to $74.61        $66,871        2.19%        0.10% to 0.60%        (5.45)% to (4.97)%  
    2021        962        $59.24 to $61.86        $74.81 to $78.51        $73,868        1.76%        0.10% to 0.60%        26.28% to 26.91%  
      2020        970        $60.43 to $62.79        $59.24 to $61.86        $58,724        2.34%        0.10% to 0.60%        (1.97)% to (1.47)%  

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-69  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

                                      For the period ended December 31, 2024  
     Period     Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Dimensional VA US Targeted Value Portfolio Sub-Account

 

      
    2024       494        $86.71 to $91.92        $93.20 to $99.30        $47,928        1.38%        0.10% to 0.60%        7.49% to 8.03%  
    2023       564        $72.67 to $76.65        $86.71 to $91.92        $50,645        1.60%        0.10% to 0.60%        19.32% to 19.91%  
    2022       596        $76.33 to $80.10        $72.67 to $76.65        $44,643        1.28%        0.10% to 0.60%        (4.79)% to (4.31)%  
    2021       659        $54.97 to $57.41        $76.33 to $80.10        $51,711        1.49%        0.10% to 0.60%        38.85% to 39.54%  
      2020       634        $53.18 to $55.26        $54.97 to $57.41        $35,672        1.86%        0.10% to 0.60%        3.36% to 3.88%  

Franklin Income VIP Fund—Class 1 Sub-Account

 

      
    2024       181        $38.38 to $41.59        $41.00 to $44.65        $7,971        5.04%        0.10% to 0.60%        6.81% to 7.35%  
    2023       193        $35.47 to $38.24        $38.38 to $41.59        $7,886        5.27%        0.10% to 0.60%        8.22% to 8.76%  
    2022       232        $37.65 to $40.39        $35.47 to $38.24        $8,711        5.37%        0.10% to 0.60%        (5.80)% to (5.33)%  
    2021       272        $32.37 to $34.56        $37.65 to $40.39        $10,752        4.67%        0.10% to 0.60%        16.31% to 16.89%  
      2020       272        $32.25 to $34.26        $32.37 to $34.56        $9,198        5.83%        0.10% to 0.60%        0.37% to 0.87%  

Franklin Mutual Shares VIP Fund—Class 1 Sub-Account

 

      
    2024       40        $41.89 to $45.40        $46.43 to $50.56        $2,015        2.18%        0.10% to 0.60%        10.82% to 11.38%  
    2023       53        $37.06 to $39.96        $41.89 to $45.40        $2,371        2.12%        0.10% to 0.60%        13.05% to 13.62%  
    2022       56        $40.15 to $43.08        $37.06 to $39.96        $2,180        2.10%        0.10% to 0.60%        (7.71)% to (7.25)%  
    2021       58        $33.80 to $36.08        $40.15 to $43.08        $2,464        3.21%        0.10% to 0.60%        18.81% to 19.40%  
      2020       57        $35.73 to $37.95        $33.80 to $36.08        $2,005        2.79%        0.10% to 0.60%        (5.42)% to (4.94)%  

Franklin Small-Mid Cap Growth VIP Fund—Class 1 Sub-Account

 

      
    2024       147        $80.17 to $86.88        $88.71 to $96.61        $13,872        0.00%        0.10% to 0.60%        10.64% to 11.20%  
    2023       166        $63.45 to $68.41        $80.17 to $86.88        $14,021        0.00%        0.10% to 0.60%        26.37% to 27.29%  
    2022       169        $96.01 to $103.01        $63.45 to $68.41        $11,180        0.00%        0.10% to 0.60%        (33.92)% to (33.59)%  
    2021       153        $87.61 to $93.52        $96.01 to $103.01        $15,280        0.00%        0.10% to 0.60%        9.59% to 10.14%  
      2020       186        $56.67 to $60.19        $87.61 to $93.52        $16,919        0.00%        0.10% to 0.60%        54.59% to 55.37%  

Janus Henderson Forty Portfolio—Institutional Shares Sub-Account

 

      
    2024       73        $179.95 to $195.00        $229.79 to $250.26        $17,888        0.11%        0.10% to 0.60%        27.70% to 28.34%  
    2023       77        $129.34 to $139.46        $179.95 to $195.00        $14,690        0.20%        0.10% to 0.60%        39.13% to 39.82%  
    2022       73        $195.83 to $210.09        $129.34 to $139.46        $10,053        0.18%        0.10% to 0.60%        (33.95)% to (33.62)%  
    2021       88        $160.30 to $171.12        $195.83 to $210.09        $18,168        0.00%        0.10% to 0.60%        22.16% to 22.77%  
      2020       102        $115.68 to $122.88        $160.30 to $171.12        $17,101        0.27%        0.10% to 0.60%        38.57% to 39.26%  

Janus Henderson Overseas Portfolio—Institutional Shares Sub-Account

 

      
    2024       19        $86.06 to $87.45        $90.90 to $92.47        $1,747        1.32%        0.10% to 0.20%        5.62% to 5.73%  
    2023       20        $77.19 to $78.96        $86.06 to $87.45        $1,762        1.46%        0.10% to 0.20%        10.65% to 10.76%  
    2022       22        $80.60 to $86.48        $77.19 to $78.96        $1,694        1.76%        0.10% to 0.25%        (8.83)% to (8.70)%  
    2021       22        $71.39 to $76.21        $80.60 to $86.48        $1,907        1.12%        0.10% to 0.50%        13.01% to 13.47%  
      2020       26        $61.75 to $65.60        $71.39 to $76.21        $1,942        1.37%        0.10% to 0.59%        15.60% to 16.18%  

Janus Henderson Mid-Cap Value Portfolio—Institutional Shares Sub-Account

 

      
    2024       167        $46.91 to $50.84        $53.65 to $57.44        $9,511        0.97%        0.10% to 0.50%        12.54% to 12.99%  
    2023       175        $42.37 to $45.68        $46.91 to $50.84        $8,829        1.12%        0.10% to 0.60%        10.73% to 11.29%  
    2022       189        $45.13 to $48.42        $42.37 to $45.68        $8,567        1.31%        0.10% to 0.60%        (6.12)% to (5.65)%  
    2021       200        $37.92 to $40.48        $45.13 to $48.42        $9,531        0.44%        0.10% to 0.60%        19.01% to 19.61%  
      2020       214        $38.50 to $40.90        $37.92 to $40.48        $8,484        1.22%        0.10% to 0.60%        (1.51)% to (1.02)%  

John Hancock Disciplined Value Emerging Markets Equity Trust Sub-Account

 

      
    2024       1,220        $34.37 to $35.96        $33.33 to $35.05        $41,741        4.19%        0.10% to 0.60%        (3.03)% to (2.54)%  
    2023       1,260        $30.03 to $31.26        $34.37 to $35.96        $44,305        1.62%        0.10% to 0.60%        14.46% to 15.04%  
    2022       1,349        $34.18 to $35.41        $30.03 to $31.26        $41,296        3.76%        0.10% to 0.60%        (12.16)% to (11.72)%  
    2021       1,325        $30.91 to $31.86        $34.18 to $35.41        $46,070        2.41%        0.10% to 0.60%        10.58% to 11.14%  
      2020       1,415        $29.98 to $30.75        $30.91 to $31.86        $44,380        2.60%        0.10% to 0.60%        3.10% to 3.62%  

LVIP Macquarie Diversified Income Fund—Standard Class Sub-Account

 

      
    2024       3,482        $16.84 to $18.25        $17.07 to $18.59        $63,466        4.24%        0.10% to 0.60%        1.37% to 1.88%  
    2023       3,561        $15.94 to $17.19        $16.84 to $18.25        $63,503        4.08%        0.10% to 0.60%        5.60% to 6.13%  
    2022       3,647        $18.62 to $19.98        $15.94 to $17.19        $61,020        3.32%        0.10% to 0.60%        (14.37)% to (13.94)%  
      2021 (af)      3,675        $18.57 to $19.85        $18.62 to $19.98        $71,417        2.76%        0.10% to 0.60%        0.30% to 0.63%  

 

B-70   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

                                      For the period ended December 31, 2024  
     Period     Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Macquarie VIP International Core Equity Series—Standard Class Sub-Account

 

         
      2024 (ah)      2,267        $17.63 to $19.13        $17.49 to $19.04        $42,079        1.83%        0.10% to 0.60%        (0.81)% to (0.47)%  

Macquarie VIP Small Cap Value Series-Standard Class Sub-Account

 

      
    2024       290        $94.47 to $102.37        $104.53 to $113.84        $32,188        1.35%        0.10% to 0.60%        10.65% to 11.21%  
    2023       325        $86.84 to $93.63        $94.47 to $102.37        $32,328        0.96%        0.10% to 0.60%        8.79% to 9.33%  
    2022       340        $99.37 to $106.61        $86.84 to $93.63        $30,836        0.83%        0.10% to 0.60%        (12.61)% to (12.18)%  
    2021       368        $74.37 to $79.39        $99.37 to $106.61        $37,969        0.85%        0.10% to 0.60%        33.61% to 34.28%  
      2020       414        $76.27 to $81.02        $74.37 to $79.39        $31,826        1.34%        0.10% to 0.60%        (2.49)% to (2.00)%  

Matson Money Fixed Income VI Portfolio Sub-Account

 

      
    2024       899        $25.07 to $26.34        $25.85 to $27.29        $24,033        3.45%        0.10% to 0.60%        3.12% to 3.64%  
    2023       1,014        $23.96 to $24.82        $25.07 to $26.34        $26,022        2.63%        0.09% to 0.60%        3.56% to 5.06%  
    2022       1,088        $25.93 to $26.76        $23.96 to $24.82        $26,593        1.15%        0.20% to 0.60%        (7.60)% to (7.23)%  
    2021       1,178        $26.44 to $27.17        $25.93 to $26.76        $31,137        0.31%        0.20% to 0.60%        (1.93)% to (1.54)%  
      2020       1,014        $25.76 to $26.30        $26.44 to $27.17        $27,235        0.66%        0.20% to 0.60%        0.50% to 2.97%  

Matson Money International Equity VI Portfolio Sub-Account

 

      
    2024       505        $33.05 to $34.72        $34.65 to $36.58        $18,081        2.89%        0.10% to 0.60%        4.83% to 5.36%  
    2023       565        $28.74 to $30.05        $33.05 to $34.72        $19,125        3.13%        0.10% to 0.60%        14.98% to 15.55%  
    2022       650        $32.38 to $33.68        $28.74 to $30.05        $19,083        2.18%        0.10% to 0.60%        (11.22)% to (4.02)%  
    2021       641        $28.49 to $29.49        $32.38 to $33.68        $21,163        3.07%        0.10% to 0.60%        13.62% to 14.19%  
      2020       647        $27.95 to $28.78        $28.49 to $29.49        $18,732        1.57%        0.25% to 0.60%        1.95% to 2.46%  

Matson Money U.S. Equity VI Portfolio Sub-Account

 

      
    2024       414        $51.88 to $54.50        $57.85 to $61.08        $24,769        0.80%        0.10% to 0.60%        11.51% to 12.08%  
    2023       500        $44.83 to $46.86        $51.88 to $54.50        $26,593        1.03%        0.10% to 0.60%        15.71% to 16.29%  
    2022       557        $49.99 to $51.99        $44.83 to $46.86        $25,534        0.77%        0.10% to 0.60%        (10.31)% to (9.86)%  
    2021       596        $38.31 to $39.24        $49.99 to $51.99        $30,374        0.94%        0.10% to 0.60%        7.47% to 30.93%  
      2020       655        $36.50 to $37.25        $38.31 to $39.24        $25,508        1.06%        0.25% to 0.60%        1.95% to 2.46%  

MFS Global Equity Series—Initial Class Sub-Account

 

      
    2024       98        $41.72 to $45.21        $43.79 to $47.69        $4,583        0.93%        0.10% to 0.60%        4.95% to 5.47%  
    2023       133        $36.76 to $39.64        $41.72 to $45.21        $5,914        0.79%        0.10% to 0.59%        13.50% to 14.07%  
    2022       133        $44.95 to $48.23        $36.76 to $39.64        $5,155        0.55%        0.10% to 0.60%        (18.22)% to (17.81)%  
    2021       134        $38.58 to $41.19        $44.95 to $48.23        $6,310        0.62%        0.10% to 0.60%        16.51% to 17.09%  
      2020       140        $34.26 to $36.39        $38.58 to $41.19        $5,621        1.19%        0.10% to 0.60%        12.61% to 13.17%  

MFS Growth Series—Initial Class Sub-Account

 

      
    2024       7        $130.45 to $132.56        $171.15 to $174.10        $1,258        0.00%        0.10% to 0.20%        31.20% to 31.33%  
    2023       8        $90.58 to $97.67        $130.45 to $132.56        $1,012        0.00%        0.10% to 0.20%        35.59% to 35.73%  
    2022       8        $133.30 to $143.01        $90.58 to $97.67        $754        0.00%        0.10% to 0.59%        (32.04)% to (31.70)%  
    2021       8        $108.55 to $115.88        $133.30 to $143.01        $1,186        0.00%        0.10% to 0.60%        22.79% to 23.41%  
      2020       10        $82.82 to $87.97        $108.55 to $115.88        $1,128        0.00%        0.10% to 0.58%        31.07% to 31.73%  

MFS Massachusetts Investors Growth Stock Portfolio Sub-Account

 

      
    2024       124        $53.93 to $58.44        $62.32 to $67.88        $8,275        0.33%        0.10% to 0.60%        15.57% to 16.15%  
    2023       166        $43.75 to $47.17        $53.93 to $58.44        $9,496        0.30%        0.10% to 0.60%        23.27% to 23.88%  
    2022       173        $54.51 to $58.48        $43.75 to $47.17        $7,954        0.11%        0.10% to 0.60%        (19.74)% to (19.34)%  
    2021       183        $43.53 to $46.47        $54.51 to $58.48        $10,389        0.23%        0.10% to 0.60%        25.22% to 25.85%  
      2020       204        $35.74 to $37.97        $43.53 to $46.47        $9,207        0.43%        0.10% to 0.60%        21.79% to 22.40%  

MFS Utilities Series—Initial Class Sub-Account

 

      
    2024       37        $80.29 to $87.01        $89.12 to $97.05        $3,477        2.24%        0.10% to 0.60%        10.99% to 11.55%  
    2023       40        $82.51 to $88.97        $80.29 to $87.01        $3,440        3.40%        0.10% to 0.60%        (2.69)% to (2.21)%  
    2022       50        $82.39 to $88.39        $82.51 to $88.97        $4,333        2.45%        0.10% to 0.60%        0.15% to 0.65%  
    2021       47        $72.65 to $77.55        $82.39 to $88.39        $4,062        1.72%        0.10% to 0.60%        13.41% to 13.98%  
      2020       44        $69.01 to $73.30        $72.65 to $77.55        $3,304        2.34%        0.10% to 0.60%        5.27% to 5.80%  

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-71  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

                                       For the period ended December 31, 2024  
     Period      Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Neuberger Berman Advisers Management Trust Mid Cap Intrinsic Value Portfolio—I Class Sub-Account

 

   
    2024        1,010        $39.64 to $42.96        $42.88 to $46.70        $45,778        0.71%        0.10% to 0.60%        8.16% to 8.71%  
    2023        1,086        $35.93 to $38.74        $39.64 to $42.96        $45,059        1.05%        0.10% to 0.60%        10.34% to 10.89%  
    2022        1,119        $40.05 to $42.97        $35.93 to $38.74        $41,803        0.59%        0.10% to 0.60%        (10.29)% to (9.84)%  
    2021        1,228        $30.34 to $32.39        $40.05 to $42.97        $50,975        0.59%        0.10% to 0.60%        32.00% to 32.66%  
      2020        1,410        $31.34 to $33.29        $30.34 to $32.39        $44,093        1.28%        0.10% to 0.60%        (3.20)% to (2.72)%  

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—I Class Sub-Account

 

   
    2024        35        $57.04 to $61.81        $71.35 to $77.71        $2,735        0.23%        0.10% to 0.60%        25.09% to 25.72%  
    2023        37        $45.22 to $48.76        $57.04 to $61.81        $2,257        0.34%        0.10% to 0.60%        4.39% to 26.77%  
    2022        40        $55.79 to $59.85        $45.22 to $48.76        $1,908        0.42%        0.10% to 0.60%        (18.94)% to (18.53)%  
    2021        46        $45.45 to $48.52        $55.79 to $59.85        $2,680        0.38%        0.10% to 0.60%        22.74% to 23.35%  
      2020        50        $38.24 to $40.62        $45.45 to $48.52        $2,365        0.60%        0.10% to 0.60%        18.85% to 19.44%  

PIMCO VIT All Asset Portfolio—Institutional Class Sub-Account

 

      
    2024        154        $22.93 to $24.84        $23.69 to $25.80        $3,933        6.54%        0.10% to 0.60%        3.32% to 3.85%  
    2023        154        $21.30 to $22.97        $22.93 to $24.84        $3,779        3.02%        0.10% to 0.60%        7.64% to 8.17%  
    2022        193        $24.26 to $26.02        $21.30 to $22.97        $4,367        7.71%        0.10% to 0.60%        (12.18)% to (11.75)%  
    2021        226        $20.96 to $22.38        $24.26 to $26.02        $5,757        10.93%        0.10% to 0.60%        15.72% to 16.30%  
      2020        282        $19.50 to $20.71        $20.96 to $22.38        $6,208        5.33%        0.10% to 0.60%        7.52% to 8.06%  

PIMCO VIT Commodity Real Return Strategy Portfolio—Institutional Class Sub-Account

 

      
    2024        111        $22.08 to $23.23        $22.90 to $24.21        $2,625        2.35%        0.10% to 0.60%        3.71% to 4.23%  
    2023        129        $24.07 to $25.20        $22.08 to $23.23        $2,926        15.72%        0.10% to 0.60%        (8.30)% to (7.84)%  
    2022        150        $22.26 to $23.19        $24.07 to $25.20        $3,707        22.74%        0.10% to 0.60%        8.14% to 8.68%  
    2021        141        $16.78 to $17.39        $22.26 to $23.19        $3,207        4.50%        0.10% to 0.60%        32.67% to 33.34%  
      2020        92        $16.63 to $17.15        $16.78 to $17.39        $1,579        6.13%        0.10% to 0.60%        0.89% to 1.40%  

PIMCO VIT Emerging Markets Bond Portfolio—Institutional Class Sub-Account

 

      
    2024        1,249        $30.95 to $32.56        $33.13 to $35.03        $42,715        6.57%        0.10% to 0.60%        7.04% to 7.58%  
    2023        1,302        $27.98 to $29.29        $30.95 to $32.56        $41,330        5.84%        0.10% to 0.60%        10.61% to 11.17%  
    2022        1,344        $33.34 to $34.73        $27.98 to $29.29        $38,446        4.97%        0.10% to 0.60%        (16.09)% to (15.67)%  
    2021        1,305        $34.38 to $35.63        $33.34 to $34.73        $44,396        4.63%        0.10% to 0.60%        (3.00)% to (2.51)%  
      2020        1,165        $32.36 to $33.37        $34.38 to $35.63        $40,719        4.73%        0.10% to 0.60%        6.23% to 6.76%  

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Institutional Class Sub-Account

 

      
    2024        314        $18.15 to $19.66        $17.97 to $19.58        $6,044        3.68%        0.10% to 0.60%        (0.95)% to (0.45)%  
    2023        306        $17.32 to $18.67        $18.15 to $19.66        $5,915        2.40%        0.10% to 0.59%        4.79% to 5.31%  
    2022        310        $19.55 to $20.97        $17.32 to $18.67        $5,679        1.64%        0.10% to 0.60%        (11.40)% to (10.96)%  
    2021        292        $20.49 to $21.87        $19.55 to $20.97        $6,029        5.16%        0.10% to 0.60%        (4.59)% to (4.11)%  
      2020        259        $18.69 to $19.85        $20.49 to $21.87        $5,552        2.58%        0.10% to 0.60%        9.62% to 10.17%  

PIMCO VIT Real Return Portfolio—Institutional Class Sub-Account

 

      
    2024        4,872        $19.27 to $20.89        $19.60 to $21.34        $100,867        2.76%        0.10% to 0.60%        1.67% to 2.18%  
    2023        5,006        $18.68 to $20.14        $19.27 to $20.89        $101,200        3.14%        0.10% to 0.60%        3.21% to 3.72%  
    2022        5,184        $21.29 to $22.85        $18.68 to $20.14        $100,994        7.14%        0.10% to 0.60%        (12.30)% to (11.86)%  
    2021        5,437        $20.26 to $21.63        $21.29 to $22.85        $120,386        5.14%        0.10% to 0.60%        5.11% to 5.64%  
      2020        5,162        $18.22 to $19.35        $20.26 to $21.63        $108,156        1.57%        0.10% to 0.60%        11.21% to 11.77%  

PVC Equity Income Account—Class 1 Sub-Account

 

      
    2024        1,424        $59.21 to $64.16        $67.97 to $74.03        $102,795        2.07%        0.10% to 0.60%        14.80% to 15.38%  
    2023        1,579        $53.56 to $57.75        $59.21 to $64.16        $98,402        2.10%        0.10% to 0.60%        10.55% to 11.10%  
    2022        1,663        $60.20 to $64.58        $53.56 to $57.75        $93,017        1.90%        0.10% to 0.60%        (11.03)% to (10.59)%  
    2021        1,784        $49.45 to $52.79        $60.20 to $64.58        $111,694        1.98%        0.10% to 0.60%        21.73% to 22.34%  
      2020        1,903        $46.74 to $49.65        $49.45 to $52.79        $97,393        2.02%        0.10% to 0.60%        5.80% to 6.33%  

PVC MidCap Account—Class 1 Sub-Account

 

      
    2024        90        $84.65 to $89.54        $101.35 to $107.59        $9,582        0.24%        0.10% to 0.45%        19.73% to 20.15%  
    2023        100        $65.93 to $71.09        $84.65 to $89.54        $8,894        0.00%        0.10% to 0.45%        25.52% to 25.96%  
    2022        103        $86.12 to $92.39        $65.93 to $71.09        $7,236        0.19%        0.10% to 0.60%        (23.44)% to (23.05)%  
    2021        105        $69.02 to $73.68        $86.12 to $92.39        $9,513        0.13%        0.10% to 0.60%        24.78% to 25.40%  
      2020        115        $58.68 to $62.32        $69.02 to $73.68        $8,282        0.72%        0.10% to 0.60%        17.63% to 18.22%  

 

B-72   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

                                      For the period ended December 31, 2024  
     Period     Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

PSF Natural Resources Portfolio—Class II Sub-Account

 

      
    2024       42        $60.81 to $65.89        $62.83 to $68.43        $2,809        0.00%        0.10% to 0.60%        3.33% to 3.85%  
    2023       48        $60.22 to $64.93        $60.81 to $65.89        $3,092        0.00%        0.10% to 0.60%        0.98% to 1.48%  
    2022       54        $49.84 to $53.48        $60.22 to $64.93        $3,422        0.00%        0.10% to 0.60%        20.82% to 21.42%  
    2021       41        $40.10 to $42.81        $49.84 to $53.48        $2,171        0.00%        0.10% to 0.60%        24.28% to 24.90%  
      2020       47        $36.08 to $38.33        $40.10 to $42.81        $1,993        0.00%        0.10% to 0.60%        11.15% to 11.71%  

PSF PGIM Jennison Blend Portfolio—Class II Sub-Account

 

      
    2024       352        $58.57 to $63.47        $73.24 to $79.77        $27,853        0.00%        0.10% to 0.60%        25.05% to 25.68%  
      2023 (ag)      412        57.32        $58.57 to $63.47        $25,502        0.00%        0.10% to 0.63%        2.96% to 3.38%  

PSF PGIM Jennison Value Portfolio—Class II Sub-Account

 

      
    2024       121        $64.93 to $70.36        $79.10 to $84.69        $10,168        0.00%        0.10% to 0.50%        19.88% to 20.36%  
    2023       126        $56.93 to $61.38        $64.93 to $70.36        $8,787        0.00%        0.10% to 0.60%        14.06% to 14.63%  
    2022       132        $62.42 to $66.97        $56.93 to $61.38        $8,021        0.00%        0.10% to 0.60%        (8.80)% to (8.35)%  
    2021       143        $49.34 to $52.67        $62.42 to $66.97        $9,493        0.00%        0.10% to 0.60%        26.52% to 27.16%  
      2020       155        $48.12 to $51.11        $49.34 to $52.67        $8,058        0.00%        0.10% to 0.60%        2.53% to 3.05%  

Royce Capital Fund Micro-Cap Portfolio—Investment Class Sub-Account

 

      
    2024       17        $31.06 to $33.66        $35.10 to $38.22        $649        0.00%        0.10% to 0.60%        12.99% to 13.56%  
    2023       26        $26.31 to $28.37        $31.06 to $33.66        $873        0.00%        0.10% to 0.60%        7.23% to 18.66%  
    2022       27        $34.12 to $36.61        $26.31 to $28.37        $764        0.00%        0.10% to 0.60%        (22.90)% to (22.51)%  
    2021       41        $26.41 to $28.19        $34.12 to $36.61        $1,467        0.00%        0.10% to 0.60%        29.20% to 29.85%  
      2020       24        $21.46 to $22.80        $26.41 to $28.19        $662        0.00%        0.10% to 0.60%        7.83% to 23.67%  

Royce Capital Fund Small-Cap Portfolio—Investment Class Sub-Account

 

      
    2024       281        $28.48 to $30.86        $29.28 to $31.88        $8,873        1.18%        0.10% to 0.60%        2.78% to 3.30%  
    2023       303        $22.75 to $24.53        $28.48 to $30.86        $9,243        0.90%        0.10% to 0.60%        25.17% to 25.80%  
    2022       317        $25.21 to $27.05        $22.75 to $24.53        $7,676        0.39%        0.10% to 0.60%        (9.74)% to (9.29)%  
    2021       352        $19.69 to $21.02        $25.21 to $27.05        $9,375        1.43%        0.10% to 0.60%        28.05% to 28.69%  
      2020       346        $21.33 to $22.66        $19.69 to $21.02        $7,122        1.09%        0.10% to 0.60%        (7.71)% to (7.24)%  

T. Rowe Price® Health Sciences Portfolio I Sub-Account

 

      
    2024       118        $52.96 to $55.42        $53.52 to $56.28        $6,497        0.00%        0.10% to 0.60%        1.04% to 1.55%  
    2023       127        $51.75 to $53.88        $52.96 to $55.42        $6,907        0.00%        0.10% to 0.60%        2.35% to 2.86%  
    2022       138        $59.48 to $61.62        $51.75 to $53.88        $7,314        0.00%        0.10% to 0.60%        (13.00)% to (12.56)%  
    2021       136        $52.91 to $54.53        $59.48 to $61.62        $8,262        0.00%        0.10% to 0.60%        12.43% to 12.99%  
      2020       143        $41.06 to $42.11        $52.91 to $54.53        $7,677        0.00%        0.10% to 0.60%        28.84% to 29.49%  

T. Rowe Price® Limited-Term Bond Portfolio Sub-Account

 

      
    2024       1,803        $27.15 to $28.80        $28.33 to $30.20        $53,245        4.20%        0.10% to 0.60%        4.33% to 4.86%  
    2023       1,862        $26.03 to $27.47        $27.15 to $28.80        $52,327        3.30%        0.10% to 0.60%        4.31% to 4.84%  
    2022       2,027        $27.42 to $28.80        $26.03 to $27.47        $54,185        1.94%        0.10% to 0.60%        (5.09)% to (4.61)%  
    2021       2,071        $27.55 to $28.79        $27.42 to $28.80        $58,155        1.33%        0.10% to 0.60%        (0.47)% to 0.03%  
      2020       1,877        $26.47 to $27.53        $27.55 to $28.79        $52,806        1.97%        0.10% to 0.60%        4.08% to 4.61%  

Templeton Developing Markets VIP Fund—Class 1 Sub-Account

 

      
    2024       1,489        $17.40 to $18.85        $18.67 to $20.34        $29,508        4.04%        0.10% to 0.60%        7.33% to 7.87%  
    2023       1,431        $15.52 to $16.73        $17.40 to $18.85        $26,147        2.29%        0.10% to 0.60%        12.10% to 12.66%  
    2022       1,352        $19.94 to $21.39        $15.52 to $16.73        $21,887        2.94%        0.10% to 0.60%        (22.17)% to (21.78)%  
    2021       1,107        $21.23 to $22.66        $19.94 to $21.39        $22,946        1.05%        0.10% to 0.60%        (6.07)% to (5.60)%  
      2020       931        $18.19 to $19.32        $21.23 to $22.66        $20,469        4.39%        0.10% to 0.60%        16.69% to 17.27%  

Vanguard VIF Balanced Portfolio Sub-Account

 

      
    2024       134        $34.41 to $35.05        $39.27 to $40.20        $5,340        1.93%        0.10% to 0.60%        14.11% to 14.69%  
    2023       123        $30.28 to $30.69        $34.41 to $35.05        $4,284        2.02%        0.10% to 0.60%        13.64% to 14.21%  
    2022       140        $35.55 to $35.85        $30.28 to $30.69        $4,283        2.02%        0.10% to 0.60%        (14.81)% to (14.39)%  
    2021       134        $25.95 to $27.58        $35.55 to $35.85        $4,802        0.71%        0.10% to 0.60%        2.83% to 19.06%  
      2020 (y)      25        $25.95 to $27.58        $30.07 to $30.15        $742        0%        0.11% to 0.51%        9.44% to 15.20%  

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-73  

Notes to financial statements     

TIAA-CREF Life Separate Account VA-1

 

                                      For the period ended December 31, 2024  
     Period     Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Vanguard VIF Capital Growth Portfolio Sub-Account

 

      
    2024       291        $67.57 to $70.69        $76.17 to $80.09        $23,057        1.09%        0.10% to 0.60%        12.73% to 13.30%  
    2023       298        $53.11 to $55.29        $67.57 to $70.69        $20,815        1.03%        0.10% to 0.60%        27.22% to 27.85%  
    2022       300        $63.22 to $65.49        $53.11 to $55.29        $16,395        0.89%        0.10% to 0.60%        (15.99)% to (15.57)%  
    2021       309        $52.33 to $53.93        $63.22 to $65.49        $19,993        0.88%        0.10% to 0.60%        20.81% to 21.42%  
      2020       272        $44.81 to $45.96        $52.33 to $53.93        $14,529        1.49%        0.10% to 0.60%        16.77% to 17.36%  

Vanguard VIF Conservative Allocation Portfolio Sub-Account

 

      
    2024       112        $28.83 to $29.36        $30.80 to $31.53        $3,496        2.59%        0.10% to 0.60%        6.84% to 7.38%  
    2023       99        $25.78 to $26.12        $28.83 to $29.36        $2,894        1.97%        0.10% to 0.61%        6.85% to 12.40%  
    2022       91        $30.47 to $30.73        $25.78 to $26.12        $2,357        3.46%        0.10% to 0.60%        (15.40)% to (14.98)%  
    2021       109        $28.92 to $29.02        $30.47 to $30.73        $3,341        0.62%        0.10% to 0.56%        4.34% to 5.88%  
      2020 (z)      29        $24.93 to $27.33        $28.92 to $29.02        $843        0.00%        0.10% to 0.51%        6.07% to 15.62%  

Vanguard VIF Equity Index Portfolio Sub-Account

 

      
    2024       2,737        $65.94 to $68.99        $81.83 to $86.04        $233,020        1.25%        0.10% to 0.60%        24.09% to 24.72%  
    2023       2,645        $52.60 to $54.76        $65.94 to $68.99        $179,989        1.38%        0.10% to 0.60%        25.36% to 25.99%  
    2022       2,601        $64.71 to $67.04        $52.60 to $54.76        $140,644        1.35%        0.10% to 0.60%        (18.72)% to (18.31)%  
    2021       2,714        $50.64 to $52.20        $64.71 to $67.04        $179,891        1.22%        0.10% to 0.60%        27.78% to 28.42%  
      2020       2,602        $43.10 to $44.21        $50.64 to $52.20        $134,497        1.65%        0.10% to 0.60%        17.49% to 18.08%  

Vanguard VIF Global Bond Index Portfolio Sub-Account

 

      
    2024       169        $22.86 to $23.19        $23.20 to $23.64        $3,971        2.78%        0.10% to 0.50%        1.52% to 1.93%  
    2023       130        $21.57 to $21.80        $22.86 to $23.19        $3,008        1.77%        0.10% to 0.50%        3.77% to 6.41%  
    2022       86        $24.95 to $25.12        $21.57 to $21.80        $1,863        2.63%        0.10% to 0.50%        (13.56)% to (13.21)%  
    2021       75        $25.54 to $25.61        $24.95 to $25.12        $1,884        1.34%        0.10% to 0.50%        (2.33)% to (1.94)%  
      2020 (aa)      48        $24.87 to $25.43        $25.54 to $25.61        $1,238        0.00%        0.11% to 0.50%        0.50% to 2.73%  

Vanguard VIF High Yield Bond Portfolio Sub-Account

 

      
    2024       1,548        $35.30 to $36.93        $37.35 to $39.27        $59,398        5.58%        0.10% to 0.60%        5.81% to 6.34%  
    2023       1,570        $31.80 to $33.10        $35.30 to $36.93        $56,735        4.87%        0.10% to 0.60%        11.00% to 11.55%  
    2022       1,565        $35.29 to $36.56        $31.80 to $33.10        $50,758        5.06%        0.10% to 0.60%        (9.90)% to (9.45)%  
    2021       1,610        $34.25 to $35.30        $35.29 to $36.56        $57,834        4.03%        0.10% to 0.60%        3.06% to 3.57%  
      2020       1,447        $32.60 to $33.44        $34.25 to $35.30        $50,273        5.59%        0.10% to 0.60%        5.04% to 5.57%  

Vanguard VIF International Portfolio Sub-Account

 

      
    2024       116        $33.45 to $34.07        $36.24 to $37.10        $4,280        1.21%        0.10% to 0.60%        8.36% to 8.90%  
    2023       122        $29.35 to $29.74        $33.45 to $34.07        $4,135        1.66%        0.10% to 0.60%        13.97% to 14.54%  
    2022       154        $42.25 to $42.61        $29.35 to $29.74        $4,555        1.24%        0.10% to 0.60%        (30.54)% to (30.19)%  
    2021       111        $43.17 to $43.32        $42.25 to $42.61        $4,703        0.27%        0.10% to 0.60%        (2.13)% to (1.64)%  
      2020 (ab)      48        $27.47 to $36.04        $43.17 to $43.32        $2,059        0%        0.10% to 0.61%        19.95% to 56.75%  

Vanguard VIF Mid-Cap Index Portfolio Sub-Account

 

      
    2024       1,617        $52.39 to $54.81        $59.92 to $63.01        $99,656        1.40%        0.10% to 0.60%        14.38% to 14.96%  
    2023       1,762        $45.50 to $47.37        $52.39 to $54.81        $94,585        1.41%        0.10% to 0.60%        15.14% to 15.71%  
    2022       1,785        $56.38 to $58.41        $45.50 to $47.37        $82,945        1.12%        0.10% to 0.60%        (19.31)% to (18.90)%  
    2021       1,787        $45.61 to $47.01        $56.38 to $58.41        $102,675        1.07%        0.10% to 0.60%        23.61% to 24.23%  
      2020       1,782        $38.86 to $39.86        $45.61 to $47.01        $82,556        1.46%        0.10% to 0.60%        17.37% to 17.95%  

Vanguard VIF Moderate Allocation Portfolio Sub-Account

 

      
    2024       157        $32.25 to $32.73        $35.37 to $36.04        $5,613        2.35%        0.20% to 0.60%        9.66% to 10.10%  
    2023       155        $28.08 to $28.46        $32.25 to $32.73        $5,044        2.11%        0.20% to 0.60%        10.80% to 15.26%  
    2022       154        $33.60 to $33.88        $28.08 to $28.46        $4,356        2.58%        0.10% to 0.60%        (16.43)% to (16.01)%  
    2021       104        $30.71 to $30.81        $33.60 to $33.88        $3,510        1.21%        0.10% to 0.60%        9.42% to 9.96%  
      2020 (ac)      48        $25.04 to $30.25        $30.71 to $30.81        $1,469        0.00%        0.10% to 0.62%        1.58% to 22.65%  

Vanguard VIF Real Estate Index Portfolio Sub-Account

 

      
    2024       743        $37.40 to $39.13        $38.94 to $40.95        $29,760        3.48%        0.10% to 0.60%        4.11% to 4.64%  
    2023       945        $33.69 to $35.07        $37.40 to $39.13        $36,263        2.43%        0.10% to 0.60%        11.03% to 11.59%  
    2022       940        $45.98 to $47.63        $33.69 to $35.07        $32,400        1.90%        0.10% to 0.60%        (26.74)% to (26.37)%  
    2021       965        $32.99 to $34.00        $45.98 to $47.63        $45,268        1.79%        0.10% to 0.60%        39.37% to 40.07%  
      2020       847        $34.88 to $35.77        $32.99 to $34.00        $28,404        2.49%        0.10% to 0.60%        (5.42)% to (4.95)%  

 

B-74   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

                                      For the period ended December 31, 2024  
     Period     Accumulation
units
outstanding,
end of period
(000’s)		     

Accumulation

unit value,

beginning of period
lowest to highest

     

Accumulation

unit value,

end of period

lowest to highest

     

Net assets,

end of period
(000’s)

      Ratio of
investment
income to
average
net assets(c)(f)		     

Ratio of
expenses

to average net assets
lowest to highest(a)(c)(g)

      Total return(b)(h)  

Vanguard VIF Small Company Growth Portfolio Sub-Account

 

      
    2024       414        $50.96 to $53.32        $56.42 to $59.32        $24,078        0.56%        0.10% to 0.60%        10.71% to 11.27%  
    2023       418        $42.85 to $44.61        $50.96 to $53.32        $21,900        0.39%        0.10% to 0.60%        18.93% to 19.53%  
    2022       395        $57.74 to $59.82        $42.85 to $44.61        $17,314        0.25%        0.10% to 0.60%        (25.80)% to (25.43)%  
    2021       383        $50.86 to $52.42        $57.74 to $59.82        $22,560        0.36%        0.10% to 0.60%        13.53% to 14.10%  
      2020       475        $41.54 to $42.60        $50.86 to $52.42        $24,568        0.65%        0.10% to 0.60%        22.45% to 23.06%  

Vanguard VIF Total Bond Market Index Portfolio Sub-Account

 

      
    2024       10,664        $26.45 to $27.67        $26.61 to $27.99        $291,791        2.75%        0.10% to 0.60%        0.63% to 1.14%  
    2023       10,218        $25.20 to $26.23        $26.45 to $27.67        $276,930        2.44%        0.10% to 0.60%        4.95% to 5.47%  
    2022       9,912        $29.21 to $30.26        $25.20 to $26.23        $255,016        2.04%        0.10% to 0.60%        (13.73)% to (13.30)%  
    2021       9,973        $29.90 to $30.82        $29.21 to $30.26        $296,786        1.94%        0.10% to 0.60%        (2.30)% to (1.82)%  
      2020       7,980        $27.96 to $28.67        $29.90 to $30.82        $242,375        2.36%        0.10% to 0.60%        6.94% to 7.47%  

Vanguard VIF Total International Stock Market Index Portfolio Sub-Account

 

      
    2024       511        $35.81 to $36.47        $37.39 to $38.27        $19,398        3.13%        0.10% to 0.60%        4.42% to 4.95%  
    2023       606        $31.18 to $31.59        $35.81 to $36.47        $21,960        2.86%        0.10% to 0.63%        14.85% to 15.43%  
    2022       625        $37.41 to $37.66        $31.18 to $31.59        $19,660        3.44%        0.10% to 0.70%        (16.43)% to 12.65%  
    2021       601        $34.64 to $34.73        $37.41 to $37.66        $22,548        0.66%        0.10% to 0.50%        7.99% to 8.42%  
      2020 (ad)      95        $24.95 to $29.59        $34.64 to $34.73        $3,295        0.00%        0.10% to 0.50%        16.98% to 34.81%  

Vanguard VIF Total Stock Market Index Portfolio Sub-Account

 

      
    2024       597        $43.22 to $44.02        $53.15 to $54.41        $32,229        1.26%        0.10% to 0.60%        22.97% to 23.59%  
    2023       665        $34.52 to $34.99        $43.22 to $44.02        $29,075        1.09%        0.10% to 0.60%        25.20% to 25.82%  
    2022       614        $43.19 to $43.56        $34.52 to $34.99        $21,372        1.26%        0.10% to 0.60%        (20.07)% to (19.67)%  
    2021       526        $34.59 to $34.70        $43.19 to $43.56        $22,822        0.67%        0.10% to 0.60%        11.74% to 25.51%  
      2020 (ae)      125        $25.21 to $28.95        $34.59 to $34.70        $4,317        0.00%        0.10% to 0.60%        20.76% to 38.95%  

VY CBRE Global Real Estate Portfolio—Class I Sub-Account

 

      
    2024       171        $49.21 to $52.69        $49.10 to $52.83        $8,922        3.20%        0.10% to 0.60%        (0.23)% to 0.28%  
    2023       158        $43.97 to $46.84        $49.21 to $52.69        $8,146        2.02%        0.10% to 0.60%        11.92% to 12.97%  
    2022       154        $58.93 to $62.47        $43.97 to $46.84        $7,065        3.27%        0.10% to 0.60%        (25.40)% to (25.02)%  
    2021       165        $44.09 to $46.51        $58.93 to $62.47        $10,047        2.89%        0.10% to 0.60%        33.66% to 34.33%  
      2020       177        $46.61 to $48.92        $44.09 to $46.51        $8,024        5.90%        0.10% to 0.60%        (5.40)% to (4.92)%  

Wanger Acorn Sub-Account

 

      
    2024       54        $108.19 to $117.24        $122.79 to $133.73        $7,057        0.00%        0.10% to 0.60%        13.49% to 14.06%  
    2023       53        $89.41 to $96.40        $108.19 to $117.24        $6,014        0.00%        0.10% to 0.60%        21.01% to 21.61%  
    2022       36        $135.18 to $145.03        $89.41 to $96.40        $3,369        0.00%        0.10% to 0.60%        (33.86)% to (33.53)%  
    2021       26        $124.88 to $133.31        $135.18 to $145.03        $3,723        0.83%        0.10% to 0.60%        8.25% to 8.79%  
      2020       27        $101.13 to $107.42        $124.88 to $133.31        $3,510        0.00%        0.10% to 0.60%        23.49% to 24.10%  

Wanger International Sub-Account

 

      
    2024       152        $72.91 to $79.01        $66.49 to $72.42        $10,921        1.38%        0.10% to 0.60%        (8.80)% to (8.34)%  
    2023       158        $62.71 to $67.62        $72.91 to $79.01        $12,273        0.32%        0.10% to 0.60%        16.26% to 17.43%  
    2022       166        $95.37 to $102.32        $62.71 to $67.62        $10,951        0.91%        0.10% to 0.60%        (34.24)% to (33.91)%  
    2021       158        $80.75 to $86.21        $95.37 to $102.32        $15,733        0.55%        0.10% to 0.60%        18.10% to 18.69%  
      2020       178        $71.04 to $75.45        $80.75 to $86.21        $14,878        2.03%        0.10% to 0.60%        13.68% to 14.25%  

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

 

      
    2024       593        $18.72 to $20.28        $19.92 to $21.69        $12,706        6.38%        0.10% to 0.60%        6.42% to 6.95%  
    2023       647        $17.08 to $18.41        $18.72 to $20.28        $12,731        5.51%        0.10% to 0.60%        9.60% to 10.15%  
    2022       721        $19.91 to $21.36        $17.08 to $18.41        $12,838        6.63%        0.10% to 0.60%        (14.24)% to (13.81)%  
    2021       755        $19.77 to $21.11        $19.91 to $21.36        $15,644        4.49%        0.10% to 0.60%        0.72% to 1.22%  
      2020       724        $18.53 to $19.69        $19.77 to $21.11        $14,828        4.06%        0.10% to 0.60%        6.67% to 7.21%  

 

(a)

Does not include expenses of underlying fund.

(b)

Not annualized for periods less than one year. Certain bands for some Sub-Accounts were activated in 2024. The commencement date of the activated bands varies across Sub-Accounts. The total return presented for the activated bands represents the return from commencement to December 31, 2024.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-75  

Notes to financial statements    concluded

TIAA-CREF Life Separate Account VA-1

 

(c)

Periods less than one year are annualized and are not necessarily indicative of a full year of operations.

(f)

These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contractowner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Account invests.

(g)

These amounts represent the annualized expenses of the Sub-Account, consisting primarily of administration and mortality and expense charges, for each period indicated. These ratios include only these expenses that result in a direct reduction to unit values. Charges made directly to contractowner accounts through the redemption of units and expenses of the underlying fund have been excluded.

(h)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These total returns 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, with varying expense ratio amounts, some individual contractowners total returns may not be within the ranges presented.

(y)

Sub-account commenced operations on June 3, 2020.

(z)

Sub-account commenced operations on May 13, 2020.

(aa)

Sub-account commenced operations on May 12, 2020.

(ab)

Sub-account commenced operations on May 27, 2020.

(ac)

Sub-account commenced operations on May 14, 2020.

(ad)

Sub-account commenced operations on May 15, 2020.

(ae)

Sub-account commenced operations on May 12, 2020.

(af)

Sub-account commenced operations on April 30, 2021.

(ag)

Sub-account commenced operations on December 8, 2023.

(ah)

Sub-account commenced operations on April 26, 2024.

 

B-76   Statement of Additional Information  ∎  Single Premium Immediate Annuities

Table of contents to statutory—basis financial statements

 

TIAA-CREF LIFE INSURANCE COMPANY

December 31, 2024

  
    Page
Report of independent auditors   B-78
Statutory–basis financial statements:  
Statements of admitted assets, liabilities and capital and surplus   B-80
Statements of operations   B-81
Statements of changes in capital and surplus   B-82
Statements of cash flows   B-83
Notes to financial statements   B-84

 

 

 

 

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-77  

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, 2024 and 2023, 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, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in confirm.

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, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

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 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.

 

B-78   Statement of Additional Information  ∎  Single Premium Immediate Annuities   

 

 

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 11, 2025

 

  Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-79  

Statutory–basis statements of admitted assets, liabilities and capital

and surplus

TIAA-CREF Life Insurance Company

 

       December 31,        
(in thousands, except share amounts)      2024        2023         

ADMITTED ASSETS

            

Bonds

      $ 13,682,877        $ 13,137,142    

Preferred stocks

        13,547          9,755    

Cash, cash equivalents and short-term investments

        128,781          263,877    

Contract loans

        70,223          62,247    

Other invested assets

        4,587          10,704    

Total cash and invested assets

        13,900,015          13,483,725    

Investment income due and accrued

        109,830          103,762    

Federal income tax recoverable from TIAA

        724          8,486    

Net deferred federal income tax asset

        12,582          14,540    

Reinsurance amounts receivable

        2,913          7,524    

Other assets

        23,184          26,641    

Separate account assets

        4,788,915          4,465,616          

Total admitted assets

      $ 18,838,163        $ 18,110,294          
   

LIABILITIES, CAPITAL AND SURPLUS

            

Liabilities

            

Reserves for life and health insurance, annuities and deposit-type contracts

      $ 13,048,238        $ 12,671,770    

Asset valuation reserve

        103,722          89,743    

Interest maintenance reserve

        18,288          16,138    

Other amounts payable on reinsurance

        6,776          10,494    

Other liabilities

        61,149          36,792    

Separate account liabilities

        4,775,413          4,453,431          

Total liabilities

        18,013,585          17,278,368          

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)

        44,578          51,926          

Total capital and surplus

        824,578          831,926          

Total liabilities, capital and surplus

      $ 18,838,163        $ 18,110,294          
   

 

B-80   Statement of Additional Information  ∎  Single Premium Immediate Annuities    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)      2024        2023        2022         

REVENUES

                 

Insurance and annuity premiums and other considerations

      $ 206,200          $217,076        $ 258,298    

Net investment income

        456,361          435,795          404,485    

Commissions and expense allowances on reinsurance ceded

        5,670          6,249          7,410    

Reserve adjustments on reinsurance ceded

        (5,221 )         (27,409 )         (11,453 )   

Separate account fees and other revenues

        21,978          19,578          21,059          

Total revenues

      $ 684,988          $651,289        $ 679,799          
   

EXPENSES

                 

Policy and contract benefits

      $ 613,329          $561,980        $ 394,462    

Increase (decrease) in policy and contract reserves

        (121,554 )         (165,330 )         3,237    

Insurance expenses and taxes (excluding federal income taxes)

        72,382          78,483          74,088    

Commissions on premiums

        2,621          3,153          4,209    

Interest on deposit-type contracts

        267,878          231,510          98,778    

Net transfers to (from) separate accounts

        (223,919 )         (132,915 )         (77,274 )         

Total expenses

      $ 610,737          $576,881        $ 497,500          
   

Income before federal income tax and net realized capital gains (losses)

        74,251          74,408          182,299    

Federal income tax expense

        12,989          14,064          34,780    

Net realized capital gains (losses) less capital gains taxes, after transfers to the interest maintenance reserve

        540          476          (842 )         

Net income

      $ 61,802          $60,820        $ 146,677          
   

 

See notes to statutory-basis financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-81  

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, 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  
   

Net income (loss)

        —          —          61,801          61,801  

Change in net unrealized capital gains (losses) on investments, net of $796 in taxes

        —          —          2,995          2,995  

Change in asset valuation reserve

        —          —          (13,979 )         (13,979 ) 

Change in surplus in separate accounts

        —          —          (18 )         (18 ) 

Change in liability for reinsurance in unauthorized companies

        —          —          55          55  

Change in net deferred income tax

        —          —          (768 )         (768 ) 

Change in non-admitted assets:

                    

Deferred federal income tax asset

        —          —          (394 )         (394 ) 

Deferred premium asset limitation

        —          —          2,341          2,341  

Other assets

        —          —          919          919  

Dividends to stockholders

        —          —          (60,300 )         (60,300 ) 

Balance, December 31, 2024

      $ 2,500        $ 777,500        $ 44,578        $ 824,578  
   

 

B-82   Statement of Additional Information  ∎  Single Premium Immediate Annuities    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)      2024        2023        2022         

CASH FROM OPERATIONS

                 

Insurance and annuity premiums and other considerations

      $ 212,879        $ 216,975        $ 263,068    

Net investment income

        440,725          424,010          384,536    

Separate account fees and other revenues

        26,314          25,808          27,061          

Total Receipts

        679,918          666,793          674,665          

Policy and contract benefits

        613,809          582,665          403,507    

Commissions and expenses paid

        75,447          81,484          77,751    

Federal income taxes paid

        5,114          19,761          40,213    

Net transfers from separate accounts

        (220,005 )         (133,946 )         (82,172 )         

Total Disbursements

        474,365          549,964          439,299          

Net cash from operations

        205,553          116,829          235,366          

CASH FROM INVESTMENTS

                 

Proceeds from long-term investments sold, matured, or repaid:

                 

Bonds

        842,917          973,560          2,010,817    

Net gains on cash, cash equivalents and short-term investments

        11          20          27    

Miscellaneous proceeds

        28,772          —          5,968    

Cost of investments acquired:

                 

Bonds

        1,376,493          784,515          2,907,565    

Net increase in contract loans

        7,976          14,036          3,372    

Miscellaneous applications

        —          6,133          —          

Net cash used in investments

        (512,769 )         168,896          (894,125 )         

CASH FROM FINANCING AND OTHER

                 

Net deposits/(withdrawals) on deposit-type contracts funds

        226,843          (7,113 )         677,713    

Dividends to stockholders

        (60,300 )         (118,100 )         (83,900 )   

Other cash provided (applied)

        5,577          5,717          (3,306 )         

Net cash from financing and other

        172,120          (119,496 )         590,507          

NET CHANGE IN CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS

        (135,096 )         166,229          (68,252 )   

CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS, BEGINNING OF YEAR

        263,877          97,648          165,900          
   

CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS, END OF YEAR

      $ 128,781        $ 263,877        $ 97,648          
   

 

See notes to statutory-basis financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-83  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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   2024     2023     2022  

Net income (loss), New York SAP

       $ 61,802     $ 60,820     $ 146,677  

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     (560 )      (631 )      19  

Additional Reserves for Variable Annuities

   51R   Increase/(decrease) in policy and contract reserves     (5 )      (31 )      10  

Net income (loss), NAIC SAP

           $ 61,237     $ 60,158     $ 146,706  
           

Capital and surplus, New York SAP

       $ 824,578     $ 831,926     $ 897,416  

New York SAP Prescribed Practices that are an increase/(decrease) to NAIC SAP:

          

Deferred premium asset limitation

   51R, 61R   Other assets     432       509       589  

Additional Reserves for term conversions

   51R   Reserves for life and health insurance, annuities and deposit-type contracts     4,927       5,487       6,118  

Additional Reserves for Variable Annuities

   51R   Reserves for life and health insurance, annuities and deposit-type contracts     1       6       37  

Capital and surplus, NAIC SAP

           $ 829,938     $ 837,928     $ 904,160  
           

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-84   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The Company’s risk based capital as of December 31, 2024 and 2023 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 (“AFS”) 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;

 

•  

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;

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-85  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

•  

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.

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.

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.

 

B-86   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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.

At December 31, the major categories of assets that are non-admitted are as follows (in thousands):

 

        2024        2023        Change  

Net deferred tax assets

      $ 35,738        $ 35,344        $ 394  

Deferred premium assets

        23,944          26,285          (2,341 ) 

Sundry receivables

        2          921          (919 ) 

Total

      $ 59,684        $ 62,550        $ (2,866 ) 
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-87  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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 guidelines and statutory 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.

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.

 

B-88   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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):

 

        2024        2023        2022  

Exchange/restructure/transfer of bond investments

      $ 38,061        $ 120,845        $ 152,152  

Capitalized interest on bonds

      $ 2,396        $ 2,625        $ 2,796  

Interest credited on deposit-type contracts

      $ 266,774        $ 230,650        $ 97,992  

Application of new accounting pronouncements:

Recently issued accounting pronouncements:

In March 2024, the NAIC adopted revisions to SSAP 21R, Other Admitted Assets, to prescribe the accounting guidance (measurement method) for all residual interests regardless of legal form. Upon adoption, residual interests will be reported initially at cost. Subsequent to initial acquisition, residuals will be reported either 1) at the lower of amortized cost or fair value under the Allowable Earned Yield method, or 2) using the calculated practical expedient method. The Allowable Earned Yield method is based on a discounted cash flow methodology and allows for cash receipts to be recorded as investment income up to the calculated allowable yield, with the excess cash flow applied to the amortized cost balance. The practical expedient is a cost recovery method, resulting in no interest income recognition until the residual interest has a carrying value of zero. This guidance is effective January 1, 2025. The Company is still evaluating the impact of adoption; however, it is not currently expected to have a material impact on the financial statements.

In September 2024, the NAIC adopted revisions to SSAP 26, Bonds. The revisions permit debt securities issued by non-registered funds to qualify as issuer credit obligations (“ICO”) if the funds are functioning as operating entities and are not issuing securities for the primary purpose of raising debt capital. Companies are required to assess the purpose of a fund borrower/issuer in applying this guidance and distinguish whether a fund represents an operating entity or a securitization vehicle. The revisions are effective on January 1, 2025. The Company is still evaluating the impact of adoption; however, it is not currently expected to have a material impact on the financial statements.

Recently adopted accounting pronouncements:

In February 2024, the NAIC adopted revisions to SSAP 21R, Other Admitted Assets, to expand Schedule BA disclosures made with respect to collateral loans. Upon adoption, collateral loans shall be reported on Schedule BA based on the type of qualifying investment that secures the loan. Additionally, the total amount of collateral loans and the collateral loans admitted and non-admitted will be disclosed by qualifying investment type in a note. The revised disclosures were effective for year-end 2024 and did not have an impact on the Company’s financial statements.

In March 2024, the NAIC adopted revisions to the Annual Statement Instructions. These revisions clarify that realized and unrealized changes in perpetual preferred stock and mandatory convertible preferred stock shall be subject to the AVR (instead of IMR). These revisions were effective for year-end 2024 and did not have an impact on the Company’s 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):

 

     2024        
            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

    $ 94,130      $ 84      $ (10,354 )     $ 83,860    

All other governments

      132,111        123        (2,530 )       129,704    

States, territories & possessions

      69,128        54        (2,880 )       66,302    

Political subdivisions of states, territories, & possessions

      109,767        13        (11,484 )       98,296    

Special revenue & special assessment, non-guaranteed agencies & government

      1,101,724        430        (147,711 )       954,443    

Industrial & miscellaneous

      12,176,017        24,138        (1,197,547 )       11,002,608          

Total

    $ 13,682,877      $ 24,842      $ (1,372,506 )     $ 12,335,213          
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-89  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

     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          

Total

    $ 13,137,142      $ 46,373      $ (1,309,730 )     $ 11,873,785          
   

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, 2024

                      

All other bonds

    $ 1,468,490      $ (36,528 )     $ 1,431,962        $ 9,557,182      $ (1,177,195 )     $ 8,379,987    

Loaned-backed and structured bonds

      200,963        (2,501 )       198,462                1,279,394        (156,283 )       1,123,111          

Total

    $ 1,669,453      $ (39,029 )     $ 1,630,424              $ 10,836,576      $ (1,333,478 )     $ 9,503,098          
                                      
          
                     
     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          
                                      

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. As of December 31, 2024, 99.9% of unrealized losses were from investment grade bonds. 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.

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

 

B-90   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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, 2024            December 31, 2023        
     

Carrying

Value

      Estimated
Fair Value		             Carrying
Value		      Estimated
Fair Value		         

Due in one year or less

    $ 558,547      $ 553,838        $ 249,044      $ 246,233    

Due after one year through five years

      4,052,054        3,928,659          3,221,609        3,071,351    

Due after five years through ten years

      3,896,887        3,452,114          4,479,762        4,025,555    

Due after ten years

      3,438,869        2,819,983                3,607,444        3,129,452          

Subtotal

      11,946,357        10,754,594                11,557,859        10,472,591          

Residential mortgage-backed securities

      445,656        393,287          491,665        439,790    

Commercial mortgage-backed securities

      910,791        823,128          746,466        641,442    

Asset-backed securities

      380,073        364,204                341,152        319,963          

Subtotal

      1,736,520        1,580,619                1,579,283        1,401,195          

Total

    $ 13,682,877      $ 12,335,213              $ 13,137,142      $ 11,873,786          
   

The following table presents the carrying value of the long-term bond portfolio by investment grade as of December 31, (in thousands):

 

        2024                2023         

NAIC 1 and 2

      $ 13,549,506          99.0 %          $ 13,069,532          99.5 %   

NAIC 3 through 6

        133,371          1.0                   67,610          0.5          

Total

      $ 13,682,877          100.0 %                $ 13,137,142          100.0 %         
   

Bond Diversification: The carrying values of long-term bond investments were diversified by the following classification at December 31, as follows:

 

        2024        2023  

Finance and financial services

        24.6 %         24.4 % 

Manufacturing

        15.0          15.3  

Public Utilities

        11.0          11.2  

Services

        8.3          8.3  

Revenue and special obligations

        7.3          7.7  

Commercial mortgage-backed securities

        6.7          5.7  

Real estate investment trusts

        4.9          5.3  

Oil and gas

        5.2          4.8  

Residential mortgage-backed securities

        3.3          3.7  

Communications

        3.5          3.2  

Retail & Wholesale Trade

        3.1          3.2  

Transportation

        2.6          2.7  

Asset-backed securities

        2.8          2.6  

Other governments

        0.6          0.7  

Mining

        0.6          0.6  

U.S. governments

        0.2          0.3  

Other

        0.3          0.3  

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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-91  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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):

 

        2024        2023        2022  

Bonds

      $ 459,259        $ 439,192        $ 406,788  

Stocks

        357          357          357  

Other invested assets

        333          335          336  

Cash, cash equivalents and short-term investments

        4,937          2,578          606  

Contract loans

        2,976          2,567          2,115  

Total gross investment income

        467,862          445,029          410,202  

Investment expenses

        (11,180 )         (12,172 )         (11,984 ) 

Net investment income before amortization/(accretion) of IMR

        456,682          432,857          398,218  

Amortization/(accretion) of IMR

        (321 )         2,938          6,267  

Net investment income

      $ 456,361        $ 435,795        $ 404,485  
              

The gross, nonadmitted and admitted amounts for interest income due and accrued for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

 

Interest Income Due and Accrued      2024        2023            

Gross

      $ 109,830        $ 103,762       

Nonadmitted

        —          —       

Total Admitted

      $ 109,830        $  103,762             

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):

 

        2024        2023        2022  

Bonds

      $ 2,244        $ (35,025 )       $ 17,455  

Cash, cash equivalent and short-term investments

        11          20          27  

Total before capital gain (loss) tax and transfers to IMR, net of taxes

          2,255          (35,005 )         17,482  

Transfers to IMR, net of taxes

        (1,829 )           27,660          (13,848 ) 

Capital gain/loss tax benefit (expense)

        114          7,821          (4,476 ) 

Net realized capital gains (losses) less capital gains tax, after transfers to IMR

      $ 540        $ 476        $ (842 ) 
              

Write-downs of investments resulting from OTTI, included in the preceding table, are as follows for the years ended December 31 (in thousands):

 

        2024        2023        2022  

Other-than-temporary impairments:

               

Bonds

      $     1,431        $   2,954        $ 2,713  

Information related to the sales of long term bonds for the years ended December 31 are as follows (in thousands):

 

        2024        2023        2022  

Proceeds from sales

      $ 422,888        $ 353,109        $ 1,479,024  

Gross gains on sales

      $ 6,623        $ 645        $ 27,902  

Gross losses on sales

      $ 3,141        $ 26,235        $ 4,130  

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.

 

B-92   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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.

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, 2024 (in thousands):

 

     

Aggregate

Fair Value

     

Statement

Value

      Level 1      Level 2      Level 3  

Assets:

               

Bonds

    $ 12,335,213      $ 13,682,877      $ —      $ 12,331,540      $ 3,673  

Preferred stock

      10,436        13,547        5,147        5,289        —  

Other invested assets

      4,647        4,569        —        4,647        —  

Separate account assets

      4,788,915        4,788,915        4,763,074        25,841        —  

Contract loans

      70,223        70,223        —        —        70,223  

Cash, cash equivalent & short term investments

      128,811        128,781        11,062        117,749        —  

Total

    $ 17,338,245      $ 18,688,912      $ 4,779,283      $ 12,485,066      $ 73,896  
            

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-93  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

     

Aggregate

Fair Value

     

Statement

Value

      Level 1      Level 2      Level 3  

Liabilities:

               

Deposit-type contracts

    $ 9,518,197      $ 9,518,197      $ —      $ —      $ 9,518,197  

Separate account liabilities

      4,775,413        4,775,413        —        —        4,775,413  

Total

    $ 14,293,610      $ 14,293,610      $ —      $ —      $ 14,293,610  
            

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, 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 estimated fair values of the financial instruments presented above were determined by the Company using market information available as of December 31, 2024 and 2023. 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 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.

 

B-94   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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):

 

       2024  
        Level 1        Level 2        Level 3        Total  

Assets at fair value:

                    

Preferred stock

      $ 5,147        $ —        $ —        $ 5,147  

Separate account assets

        4,763,074          25,841          —          4,788,915  
Total assets at fair value      $ 4,768,221        $ 25,841        $ —        $ 4,794,062  
   
Total liabilities at fair value      $ —        $ —        $ —        $ —  
   
       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      $ —        $ —        $    —        $ —  
   

Reconciliation of Level 3 assets and liabilities measured and reported at fair value:

At December 31, 2024 and 2023, 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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-95  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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):

 

    2024  
     1     2     3     4     5     6     7     8     9     10     11  
Restricted Asset Category   Total
General
Account
(G/A)		     G/A
Supporting
(S/A)
Activity		     Total
Separate
Account
(S/A)
Restricted
Assets		     S/A
Assets
Supporting
G/A
Activity		    

Total

(1 plus 3)

     Total From
Prior Year		     Increase /
(Decrease)
(5 minus 6)		     Total Non
admitted
Restricted		     Total
Admitted
Restricted
(5 minus 8)		    

Gross
(Admitted &
Nonadmitted)
Restricted

to Total

Assets

     Admitted
Restricted
to Total
Admitted
Assets		  

On deposit with states

   $ 3,362     $ —     $ —     $ —     $ 3,362     $ 3,300     $ 61     $ —     $ 3,362       0.018%         0.018%    

 

    2023  
     1     2     3     4     5     6     7     8     9     10     11  
Restricted Asset Category   Total
General
Account
(G/A)		     G/A
Supporting
(S/A)
Activity		     Total
Separate
Account
(S/A)
Restricted
Assets		     S/A
Assets
Supporting
G/A
Activity		    

Total

(1 plus 3)

     Total From
Prior Year		     Increase /
(Decrease)
(5 minus 6)		     Total Non
admitted
Restricted		     Total
Admitted
Restricted
(5 minus 8)		    

Gross
(Admitted &
Nonadmitted)
Restricted

to Total
Assets

     Admitted
Restricted
to Total
Admitted
Assets		  

On deposit with states

  $ 3,300     $ —     $ —     $ —     $ 3,300     $ 7,897     $ (4,597 )    $ —     $ 3,300       0.018%         0.018%    

Note 7—premiums and annuity considerations deferred and uncollected

Premium and annuity considerations deferred and uncollected at December 31 (in thousands):

 

       2024              2023        
        Gross        Net of Loading               Gross        Net of Loading         

Ordinary renewal

      $ 17,415        $ 42,987                $ 21,083        $ 49,620          

Total

      $ 17,415        $ 42,987                $ 21,083        $ 49,620          
           

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, 2024, 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.

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.

 

B-96   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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):

 

     2024               2023         
     Separate Account Assets               Separate Account Assets         
Product   

Legally

Insulated

        Not Legally
Insulated		               

Legally

Insulated

        Not Legally
Insulated		          

TIAA Life VLI -1

    $ 545,782        $ —           $ 480,535        $ —     

TIAA Life VLI-2

      315,313          —             274,544          —     

TIAA Life VA-1

      3,900,272          —             3,682,926          —     

TIAA Life MVA-1

      —          27,548                   —          27,611           

Total

    $ 4,761,367        $ 27,548                 $ 4,438,005        $ 27,611           
   

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.

Additional information regarding separate accounts of the Company is as follows for the years ended December 31, (in thousands):

 

     2024        
     

Non-indexed
Guarantee less

than/equal to 4%

      Non-indexed
Guarantee
more than 4%		      Non-guaranteed
Separate Accounts		      Total         

Premiums, considerations or deposits

    $ 1,345      $ —      $ 145,714      $ 147,059    

Reserves

              

For accounts with assets at:

              

Fair value

    $ 8,481      $ 5,252      $ 4,761,132      $ 4,774,865    

Amortized cost

      —        —        —        —          

Total reserves

    $ 8,481      $ 5,252      $ 4,761,132      $ 4,774,865          
   

By withdrawal characteristics:

              

Subject to discretionary withdrawal:

              

With market value adjustment

    $ 8,481      $ 5,252      $ —      $ 13,733    

At fair value

      —        —        4,761,132        4,761,132    

Not subject to discretionary withdrawal

      —        —        —        —          

Total reserves

    $   8,481      $   5,252      $   4,761,132      $   4,774,865          
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-97  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

     2023        
      Non-indexed
Guarantee less
than/equal to 4%		      Non-indexed
Guarantee
more than 4%		      Non-guaranteed
Separate Accounts		      Total         

Premiums,considerations,ordeposits

    $ 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          
   

The following is a reconciliation of transfers to (from) the Company to the Separate Accounts (in thousands):

 

        2024        2023        2022  

Transfers as reported in the Summary of Operations of the separate accounts statement:

               

Transfers to separate accounts

      $ 148,282        $ 151,074        $ 164,515  

Transfers from separate accounts

        (372,046 )         (284,116 )         (241,408 ) 

Net transfers to (from) separate accounts

        (223,764 )         (133,042 )         (76,893 ) 
         

Reconciling adjustments:

               

Fund transfer exchange gain (loss)

        (155 )         127          (381 ) 

Transfers as reported in the Company’s Statements of Operations

      $ (223,919 )       $ (132,915 )       $ (77,274 ) 
   

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 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

 

B-98   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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):

 

        2024        2023        2022  

Payments to TIAA

               

Operating expenses

      $ 44,797        $ 50,057        $ 49,846  

Investment expenses

        10,425          10,674          11,400  

Total

      $ 55,222        $ 60,731        $ 61,246  

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):

 

        2024        2023        2022  

Payments to Services

      $ 63        $ 535        $ 1,441  

The Company has a service agreement with TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned subsidiary of TIAA, for management of certain funding agreements related to qualified state tuition programs. Payments associated with this Service Agreement for the years ended December 31 are as follows (in thousands):

 

        2024        2023        2022  

Payments to TFI

      $ 26,859        $ 32,658        $ 25,351  

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 2024, 2023, and 2022, 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 27, 2025. As of December 31, 2024, $75,000 thousand of this facility was maintained on a committed basis and there was no balance outstanding. The Company pays a commitment fee of 8 basis points (“bps”) on the unused portion of the committed facility. The circumstances for withdrawal are industry standard and generally relate to deterioration of credit quality or illegal actions. The Company believes it was in compliance with all applicable financial covenants at December 31, 2024.

At December 31, 2024 or 2023, respectively, the Company has the following as amounts due to Parent and affiliates, which are reported in “Other liabilities” (in thousands):

 

        2024        2023            

Amounts due to Parent and affiliates

      $ 7,078        $ 9,201             

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, 2024 or December 31, 2023.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-99  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

The components of net DTAs and DTLs at December 31, are as follows (in thousands):

 

    2024     2023     Change        
     (1)
Ordinary		     (2)
Capital		     (3)
(Col 1+2)
Total		     (4)
Ordinary		     (5)
Capital		     (6)
(Col 4+5)
Total		     (7)
(Col 1–4)
Ordinary		     (8)
(Col 2–5)
Capital		     (9)
(Col 7+8)
Total		         

a) Gross deferred tax assets

   $ 47,540     $ 3,855     $ 51,395     $ 48,491     $ 4,374     $ 52,865     $ (951 )    $ (519 )    $ (1,470 )   

b) Statutory valuation allowance adjustments

     —       —       —       —       —       —       —       —       —          

c) Adjusted gross deferred tax assets (a–b)

     47,540       3,855       51,395       48,491       4,374       52,865       (951 )      (519 )      (1,470 )   

d) Deferred tax assets non-admitted

     32,980       2,758       35,738       31,271       4,073       35,344       1,709       (1,315 )      394          

e) Subtotal net admitted deferred tax asset (c- d)

     14,560       1,097       15,657       17,220       301       17,521       (2,660 )      796       (1,864 )   

f) Deferred tax liabilities

     1,978       1,097       3,075       2,680       301       2,981       (702 )      796       94          

g) Net admitted deferred tax assets/(net deferred tax liability) (e–f)

   $ 12,582     $ —     $ 12,582     $ 14,540     $ —     $ 14,540     $ (1,958 )    $ —     $ (1,958 )         
                                   
    2024     2023     Change        
     (1)
Ordinary		     (2)
Capital		     (3)
(Col 1+2)
Total		     (4)
Ordinary		     (5)
Capital		     (6)
(Col 4+5)
Total		     (7)
(Col 1–4)
Ordinary		     (8)
(Col 2–5)
Capital		     (9)
(Col 7+8)
Total		         

Admission Calculation Components SSAP No. 101 (in thousands)

                    

a) Federal income taxes paid in prior years recoverable through loss carrybacks

   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —    

b) Adjusted gross DTA expected to be realized (excluding the amount of DTA from (a) above after application of the threshold limitation.(The lesser of (b)1 and (b)2 below)

     12,582       —       12,582       14,540       —       14,540       (1,958 )      —       (1,958 )   

1. Adjusted gross DTA expected to be realized following the balance sheet date

     12,582       —       12,582       14,540       —       14,540       (1,958 )      —       (1,958 )   

2. Adjusted gross DTA allowed per limitation threshold

     XXX       XXX       121,799       XXX       XXX       122,608       XXX       XXX       (809 )   

c) Adjusted gross DTA (excluding the amount of DTA from (a) and (b) above) offset by gross DTL

     1,978       1,097       3,075       2,680       301       2,981       (702 )      796       94          

d) DTA admitted as the result of application of SSAP No. 101. Total ((a)+(b)+(c))

   $ 14,560     $ 1,097     $ 15,657     $ 17,220     $ 301     $ 17,521     $ (2,660 )    $ 796     $ (1,864 )         
                                   

 

        2024        2023            

(a) Ratio percentage used to determine recovery
period and threshold limitation amount

        1,039 %         1,082 %            

(b) Amount of adjusted capital and surplus used to determine the threshold limitation in (b)2 above (in thousands)

      $ 811,996        $ 817,386             

 

     12/31/2024      12/31/2023      Change  
      (1)
Ordinary		      (2)
Capital		      (3)
Ordinary		      (4)
Capital		      (5)
(Col 1–3)
Ordinary		      (6)
(Col 2–4)
Capital		  

Impact of Tax Planning Strategies: (in thousands)

                  

Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage

                  

Adjusted gross DTA

    $ 47,540      $ 3,855      $ 48,491      $ 4,374      $ (951 )     $ (519 ) 

Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies

      — %       — %       — %       — %       — %       — % 

Net admitted adjusted gross DTA

    $ 14,560      $ 1,097      $ 17,220      $ 301      $ (2,660 )     $ 796  

Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies

      — %       — %       — %       — %       — %       — % 

 

B-100   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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 for the year-ended December 31, (in thousands):

 

        2024        2023        2022  

Current income tax:

               

Federal income tax expense

      $ 13,325        $ 13,284        $ 34,060  

Foreign taxes

        —          —          —  

Subtotal

      $ 13,325        $ 13,284        $ 34,060  

Federal income taxes expense/(benefit) on net capital gains/(losses)

        (114 )         (7,821 )         4,256  

Other

        (336 )         780          940  
    

 

 

  

Federal and foreign income tax expense

      $ 12,875        $ 6,243        $ 39,256  
    

 

 

  
        12/31/2024        12/31/2023        Change  
Deferred tax assets:               

Ordinary:

               

Policyholder reserves

      $ 11,536        $ 10,304        $ 1,232  

Deferred acquisition costs

        34,812          36,818          (2,006 ) 

Other

        1,192          1,369          (177 ) 

Subtotal

      $ 47,540        $ 48,491        $ (951 ) 

Non-admitted

        32,980          31,271          1,709  

Admitted ordinary deferred tax assets

      $ 14,560        $ 17,220        $ (2,660 ) 
   

Capital:

               

Investments

      $ 3,855        $ 4,374        $ (519 ) 

Net capital loss carry-forward

        —          —          —  

Subtotal

      $ 3,855        $ 4,374        $ (519 ) 

Statutory valuation allowance adjustment

      $ —        $ —        $ —  

Non-admitted

        2,758          4,073          (1,315 ) 

Admitted capital deferred tax assets

        1,097          301          796  
   

Admitted deferred tax assets

      $ 15,657        $ 17,521        $ (1,864 ) 
   

Deferred tax liabilities:

               

Ordinary:

               

Reserve transition adjustment

      $ 680        $ 1,359        $ (679 ) 

Investments

        1,203          1,266          (63 ) 

Other

        95          55          40  

Subtotal

      $ 1,978        $ 2,680        $ (702 ) 

Capital:

               

Investments

      $ 1,097        $ 301        $ 796  

Deferred tax liabilities

      $ 3,075        $ 2,981        $ 94  
   

Net admitted deferred tax assets/liabilities

      $ 12,582        $ 14,540        $ (1,958 ) 
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-101  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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, 2024, are as follows (in thousands):

 

Description      Tax Effect        Effective
Tax Rate		  

Provision computed at statutory rate

      $ 16,066          21.00 % 

Dividends received deduction

        (2,004 )         (2.62 ) 

Amortization of interest maintenance reserve

        67          0.09  

Tax-exempt interest

        (36 )         (0.05 ) 

Liability for unauthorized reinsurance

        12          0.02  

Prior year true-up

        (533 )         (0.70 ) 

Nonadmitted assets and other permanent differences

        71          0.09  

Total statutory income taxes

      $ 13,643          17.83 % 
   

Federal and foreign income tax expense—ordinary

      $ 12,989          16.98 % 

Federal and foreign income tax expense—capital

        (114 )         (0.15 ) 

Change in net deferred income tax charge (benefit)

        768          1.00  

Total statutory income taxes

      $ 13,643          17.83 % 
   

At December 31, 2024, 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  

2022

      $   —        $ 4,256        $ 4,256  

2023

        —          —          —  

2024

        —          —          —  

Total

      $ —        $ 4,256        $ 4,256  
   

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) GreenWood Resources, Inc.

3) MyVest Corporation

4) NIS/R&T, Inc.*

5) Nuveen Holdings, Inc.*

6) Nuveen Holdings 1, Inc.*

7) Nuveen Investments, Inc.*

8) Nuveen Investments Holdings, Inc.*

9) Nuveen Securities, LLC*

10) T-C SP, Inc.

11) Teachers Insurance and Annuity Association of America

12) Terra Land Company

13) TIAA Board of Governors

14) TIAA-CREF Tuition Financing, Inc.

15) TIAA Trust, N.A.

16) Westchester Group Farm Management, Inc.

17) Westchester Group Investment Management Holding Company, Inc.

18) Westchester Group Investment Management, Inc.

19) 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

 

B-102   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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 Company’s tax years 2018 through 2020 are currently under examination by the Internal Revenue Service (“IRS’), and tax years 2021 through 2023 are open for examination.

Corporate Alternative Minimum Taxes

The Inflation Reduction Act (“Act”) was enacted on August 16, 2022. The Act included a new corporate alternative minimum tax (“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 starting with tax year 2023 for applicable corporations.

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 will not be liable for CAMT in 2024.

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 $1,163 thousand and $1,577 thousand as of December 31, 2024 and 2023, 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, 2024 and 2023.

For the years ended December 31, 2024 and 2023, the Company did not have any Group Annuity reserves.

Withdrawal characteristics of individual annuity reserves and deposit-type contracts at December 31 are as follows (in thousands):

 

     2024        
      General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

INDIVIDUAL ANNUITIES:

                         

Subject to Discretionary Withdrawal:

                         

With Market Value Adjustment

    $ —        $ 13,732        $ —        $ 13,732          0.3 %   

At fair value

      —          —          3,831,998          3,831,998          80.7 %         

Total with market value adjustment or at fair value

    $ —        $ 13,732        $ 3,831,998        $ 3,845,730          81.0 %   

At book value without adjustment (minimal or no charge or adjustment)

      759,527          —          —          759,527          16.0 %   

Not subject to discretionary withdrawal

      142,883          —          —          142,883          3.0 %         

Total (direct + assumed)

    $ 902,410        $ 13,732        $ 3,831,998        $ 4,748,140          100.0 %         
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 902,410        $ 13,732        $ 3,831,998        $ 4,748,140                     
           

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-103  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

     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                     
           

 

     2024        
     

General

Account

        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

DEPOSIT-TYPE CONTRACTS

                         

(no life contingencies):

                         

Subject to Discretionary Withdrawal:

                                                             

At fair value

    $ —        $   —        $ 69,484        $ 69,484          0.7 %   

At book value without adjustment (minimal or no charge or adjustment)

      9,346,879          —          —          9,346,879          97.5 %   

Not subject to discretionary withdrawal

      171,318          —          —          171,318          1.8 %         

Total (direct + assumed)

    $ 9,518,197        $ —        $ 69,484        $ 9,587,681          100.0 %         
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 9,518,197        $ —        $ 69,484        $ 9,587,681                     
           

 

    

 

        2023       

 

       

 

        
      General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

DEPOSIT-TYPE CONTRACTS (no life contingencies):

                         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $   —        $ 62,402        $ 62,402          0.7 %         

At book value without adjustment (minimal or no charge or adjustment)

      8,863,586          —          —          8,863,586          97.5 %   

Not subject to discretionary withdrawal

      161,321          —          —          161,321          1.8 %         

Total (direct + assumed)

    $ 9,024,907        $ —        $ 62,402        $ 9,087,309          100.0 %         
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 9,024,907        $ —        $ 62,402        $ 9,087,309                     
           

 

B-104   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The following tables provide the life actuarial reserves by withdrawal characteristics for the years ended December 31, (in thousands):

 

      

 

        2024       

 

         
       General Account         
       

Account

Value

        Cash Value        Reserve          

Subject to discretionary withdrawal, surrender values, or policy loans:

                  

Universal Life

      $ 2,007,818        $ 2,007,847        $ 2,042,513     

Variable Universal Life

        363,858          363,249          375,115     

Not subject to discretionary withdrawal or no cash values:

                  

Term Policies without Cash Value

        —          —          566,866     

Disability—Active Lives

        —          —          12,542     

Disability—Disabled Lives

        —          —          2,801     

Miscellaneous Reserves

        —          —          19,726           

Total (direct + assumed)

      $ 2,371,676        $ 2,371,096        $ 3,019,563           
   

Reinsurance Ceded

        —          —          411,494           

Total (net)

      $ 2,371,676        $ 2,371,096        $ 2,608,069           
                                           

 

      

 

        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           
                                           

 

      

 

        2024       

 

        
       Separate Account Nonguaranteed        
        Account
Value		        Cash Value        Reserve         

Subject to discretionary withdrawal, surrender values, or policy loans:

                 

Variable Universal Life

        $861,130          $859,649          $859,649    

Reinsurance Ceded

        —          —          —          

Total (net)

        $861,130          $859,649          $859,649          
   
                
      

 

        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          
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-105  

Notes to statutory–basis financial statements     

TIAA-CREF Life Insurance Company

December 31, 2024

 

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, 2024 or 2023. The Company has $29,605,695 thousand and $33,288,012 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, 2024 and 2023, respectively. Premium deficiency reserves related to the above insurance total $4,560 thousand and $5,273 thousand at December 31, 2024 and 2023, 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):

 

        2024        2023        2022         

Direct premiums

      $ 285,819        $ 298,430        $ 345,006    

Ceded premiums

        (79,619 )         (81,354 )         (86,708 )         

Net premiums

      $ 206,200        $ 217,076        $ 258,298          
   

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):

 

        2024        2023        2022  

Reinsurance ceded:

               

Insurance and annuity premiums and other considerations

      $ 79,619        $ 81,354        $ 86,708  

Policy and contract benefits

      $ 65,777        $ 92,460        $ 60,233  

Increase/(decrease) in policy and contract reserves

      $ (14,033 )       $ 40,894        $ (19,195 ) 

Reserves for life and health, annuities and deposit-type contracts

      $ 617,849        $ 631,521        $ 586,225  

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):

 

        2024        2023        2022  

Change in net unrealized capital gains (losses), net of taxes

      $ 2,995        $ 299        $ (825 ) 

Change in asset valuation reserve

      $ (13,979 )       $ (11,942 )       $ (12,844 ) 

Change in net deferred federal income tax

      $ (768 )       $ (393 )       $ (1,282 ) 

Change in non-admitted assets

      $ 2,866        $ 2,119        $ 3,684  

Change in liability for reinsurance of unauthorized companies

      $ 55        $ 1,362        $ 5,260  

Change in surplus of separate accounts

      $ (18 )       $ 345        $ (1,011 ) 

Dividends to stockholders

      $ (60,300 )       $ (118,100 )       $ (83,900 ) 

 

B-106   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     concluded

 

As of December 31, 2024 and 2023, the portion of unassigned surplus (deficit) represented by cumulative net unrealized gains and losses, gross of deferred taxes, was $4,964 thousand and $1,172 thousand, respectively.

The Company received no additional paid-in capital contributions for the years ended December 31, 2024, 2023 and 2022.

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 $60,300 thousand, $118,100 thousand and $83,900 thousand for the years ended December 31, 2024, 2023, and 2022, 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 11, 2025, the date the financial statements were available to be issued.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-107  

Index to financial statements

 

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

 

Index of audited statutory–basis financial statements

December 31, 2024

  
Report of independent auditors   B-70
Statutory—basis financial statements:  
Statements of admitted assets, liabilities and capital and contingency reserves   B-72
Statements of operations   B-73
Statements of changes in capital and contingency reserves   B-74
Statements of cash flows   B-75
Notes to financial statements   B-76
 

 

 

 

B-108   Statement of Additional Information  ∎  Single Premium Immediate Annuities

Report of independent auditors

 

To the Board of Trustees of Teachers Insurance and Annuity Association of America

Opinions

We have audited the accompanying statutory-basis financial statements of Teachers Insurance and Annuity Association of America (the “Company”), which comprise the statutory-basis statements of admitted assets, liabilities and capital and contingency reserves as of December 31, 2024 and 2023, and the related statutory-basis statements of operations, of changes in capital and contingency reserves, and of cash flows for each of the three years in the period ended December 31, 2024, 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 contingency reserves of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, 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, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

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.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017 T: (646) 471 3000, www.pwc.com/us

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 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.

 

  Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-109  

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 6, 2025

 

B-110   Statement of Additional Information  ∎  Single Premium Immediate Annuities   

Statutory–basis statements of admitted assets, liabilities and capital and contingency reserves

Teachers Insurance and Annuity Association of America

 

       December 31,        
(in millions, except share amounts)      2024        2023         

ADMITTED ASSETS

            

Bonds

      $ 199,933        $ 199,566    

Preferred stocks

        1,040          994    

Common stocks

        3,189          2,731    

Mortgage loans

        38,205          40,992    

Real estate

        3,518          3,832    

Cash, cash equivalents and short-term investments

        3,412          534    

Contract loans

        363          502    

Derivatives

        1,929          1,358    

Securities lending collateral assets

        1,373          652    

Other invested assets

        43,471          42,640          

Total cash and invested assets

        296,433          293,801    

Investment income due and accrued

        2,018          2,014    

Net deferred federal income tax asset

        1,786          1,728    

Other assets

        1,229          1,336    

Separate account assets

        48,505          47,625          

Total admitted assets

      $ 349,971        $ 346,504          
   

LIABILITIES, CAPITAL AND CONTINGENCY RESERVES

            

Liabilities

            

Reserves for life and health insurance, annuities and deposit-type contracts

      $ 244,051        $ 240,022    

Dividends due to policyholders

        2,308          2,361    

Interest maintenance reserve

        1,521          1,993    

Borrowed money

        100          160    

Asset valuation reserve

        6,068          6,783    

Derivatives

        98          365    

Payable for collateral for securities loaned

        1,373          652    

Other liabilities

        5,943          5,195    

Separate account liabilities

        47,456          46,862          

Total liabilities

        308,918          304,393          

Capital and Contingency Reserves

            

Capital stock and additional paid-in capital (2,500 shares of $1,000 par value common stock authorized, issued and outstanding and $550,000 paid-in capital)

        3          3    

Surplus notes

        5,942          6,291    

Contingency reserves:

            

For investment losses, annuity and insurance mortality, and other risks

        35,108          35,817          

Total capital and contingency reserves

        41,053          42,111          

Total liabilities, capital and contingency reserves

      $ 349,971        $ 346,504          
   

 

See notes to statutory-basis financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-111  

Statutory–basis statements of operations

Teachers Insurance and Annuity Association of America

 

       For the Years Ended December 31,        
(in millions)      2024        2023        2022         

REVENUES

                 

Insurance and annuity premiums and other considerations

      $ 19,670        $ 19,240        $ 16,636    

Annuity dividend additions

        2,723          3,065          2,099    

Net investment income

        13,535          13,322          13,004    

Other revenue

        332          358          369          

Total revenues

      $ 36,260        $ 35,985        $ 32,108          
                                          

BENEFITS AND EXPENSES

                 

Policy and contract benefits

      $ 25,617        $ 27,199        $ 21,990    

Dividends to policyholders

        4,661          5,100          4,141    

Increase in policy and contract reserves

        3,770          4,070          2,969    

Net operating expenses

        1,570          1,555          1,289    

Net transfers to (from) separate accounts

        (682 )         (2,949 )         (407 )         

Total benefits and expenses

      $ 34,936        $ 34,975        $ 29,982          
                                          

Income before federal income taxes and net realized capital gains (losses)

      $ 1,324        $ 1,010        $ 2,126    

Federal income tax expense (benefit)

        (138 )         (6 )         (80 )   

Net realized capital gains (losses) less capital gains taxes, after transfers to the interest maintenance reserve

        (2,678 )         (1,690 )         (2,614 )         

Net income (loss)

      $ (1,216 )       $ (674 )       $ (408 )         
                                          

 

B-112   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to statutory-basis financial statements

Statutory–basis statements of changes in capital and

contingency reserves

Teachers Insurance and Annuity Association of America

 

(in millions)     

Capital Stock

and Additional

Paid-in Capital

       

Surplus

Notes

       

Contingency

Reserves

        Total  

Balance, December 31, 2021

      $ 3        $ 6,290        $ 36,680        $ 42,973  

Net income (loss)

        —          —          (408 )         (408 ) 

Change in net unrealized capital gains (losses) on investments, net of $67 in taxes

        —          —          (612 )         (612 ) 

Change in asset valuation reserve

        —          —          1,776          1,776  

Change in net deferred income tax

        —          —          271          271  

Change in post-retirement benefit liability

        —          —          10          10  

Change in non-admitted assets:

                    

Deferred federal income tax asset

        —          —          (857 )         (857 ) 

Other assets

        —          —          (432 )         (432 ) 

Change in surplus notes

        —          1          —          1  

Balance, December 31, 2022

      $ 3        $ 6,291        $ 36,428        $ 42,722  
   

Net income (loss)

        —          —          (674 )         (674 ) 

Change in net unrealized capital gains (losses) on investments, net of $(55) in taxes

        —          —          167          167  

Change in asset valuation reserve

        —          —          (214 )         (214 ) 

Change in net deferred income tax

        —          —          609          609  

Change in post-retirement benefit liability

        —          —          (4 )         (4 ) 

Change in non-admitted assets:

                    

Deferred federal income tax asset

        —          —          (125 )         (125 ) 

Other assets

        —          —          (346 )         (346 ) 

Surplus (contributed to) withdrawn from Separate Accounts

        —          —          (618 )         (618 ) 

Change in surplus of separate accounts

        —          —          594          594  

Balance, December 31, 2023

      $ 3        $ 6,291        $ 35,817        $ 42,111  
              

Net income (loss)

        —          —          (1,216 )         (1,216 ) 

Change in net unrealized capital gains (losses) on investments, net of $(19) in taxes

        —          —          71          71  

Change in asset valuation reserve

        —          —          715          715  

Change in net deferred income tax

        —          —          386          386  

Change in post-retirement benefit liability

        —          —          (6 )         (6 ) 

Change in non-admitted assets:

                    

Deferred federal income tax asset

        —          —          (309 )         (309 ) 

Other assets

        —          —          (316 )         (316 ) 

Surplus (contributed to) withdrawn from Separate Accounts

        —          —          (294 )         (294 ) 

Change in surplus of separate accounts

        —          —          260          260  

Change in surplus notes

        —          (349 )         —          (349 ) 

Balance, December 31, 2024

      $ 3        $ 5,942        $ 35,108        $ 41,053  
              

 

See notes to statutory-basis financial statements   Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-113  

Statutory–basis statements of cash flows

Teachers Insurance and Annuity Association of America

 

       For the Years Ended December 31,        
(in millions)      2024        2023        2022         

CASH FROM OPERATIONS

                 

Insurance and annuity premiums and other considerations

      $ 19,676        $ 19,240        $ 16,640    

Net investment income

        13,041          12,661          12,333    

Miscellaneous income

        309          317          338          

Total receipts

        33,026          32,218          29,311          

Policy and contract benefits

        25,235          26,814          21,864    

Operating expenses

        1,590          1,455          1,265    

Dividends paid to policyholders

        1,990          1,943          1,779    

Federal income taxes paid (received)

        (45 )         (51 )         (134 )   

Net transfers to (from) separate accounts

        (375 )         (2,345 )         (394 )         

Total disbursements

        28,395          27,816          24,380          

Net cash from operations

        4,631          4,402          4,931          

CASH FROM INVESTMENTS

                 

Proceeds from investments sold, matured, or repaid:

                 

Bonds

        19,383          23,909          29,726    

Stocks

        2,543          7,482          9,245    

Mortgage loans and real estate

        4,012          2,630          2,824    

Other invested assets

        3,885          2,950          4,378    

Miscellaneous proceeds

        997          1,331          2,766    

Cost of investments acquired:

                 

Bonds

        20,092          21,111          35,065    

Stocks

        2,984          3,329          9,738    

Mortgage loans and real estate

        2,193          6,049          4,365    

Other invested assets

        5,484          10,056          6,657    

Miscellaneous applications

        1,330          1,051          879          

Net cash used in investments

        (1,263 )         (3,294 )         (7,765 )         

CASH FROM FINANCING AND OTHER

                 

Surplus notes

        (350 )         —          —    

Borrowed money

        (60 )         60          25    

Net deposits on deposit-type contracts funds

        (123 )         (53 )         4,829    

Other cash provided (applied)

        43          (1,785 )         (1,444 )         

Net cash from financing and other

        (490 )         (1,778 )         3,410          

NET CHANGE IN CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

        2,878          (670 )         576    

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS, BEGINNING OF YEAR

        534          1,204          628          
   

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS, END OF YEAR

      $ 3,412        $ 534        $ 1,204          
   

 

B-114   Statement of Additional Information  ∎  Single Premium Immediate Annuities    See notes to statutory-basis financial statements

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Note 1—organization

Teachers Insurance and Annuity Association of America (“TIAA” or the “Company”) was established in 1918 as a stock life insurance company under the insurance laws of the State of New York. All of the outstanding common stock of TIAA is held by the TIAA Board of Governors (“Board of Governors”), a not-for-profit corporation incorporated in the State of New York originally created for the purpose of holding the stock of TIAA.

The Company’s primary purpose is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing retirement and insurance benefits for their employees and their families and by counseling such organizations and their employees on benefit plans and other measures of economic security. In addition, TIAA may otherwise engage in any business permitted under the New York Insurance Law for a domestic life stock insurance company, provided that such business supports this purpose, including without limitation by (i) enhancing the creditworthiness, financial strength and reputation of TIAA, (ii) providing all of the holders and beneficiaries of TIAA’s contracts and policies with benefits of scale, increased diversity in offered products and newly innovated products and (iii) providing for additional infrastructure and support to TIAA.

Note 2—significant accounting policies

Basis of presentation:

The financial statements of TIAA are presented 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”).

Under Regulation No. 172 (11 NYCRR 83), the Department did not adopt certain NAIC SAP guidance, specifically subparagraph 4.a. of SSAP No. 26R, Bonds, and the third sentence in footnote 1 of SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, to treat certain exchange traded funds (“ETFs”) designated by the Securities Valuation Office (“SVO”), (“SVO-Identified ETFs”), as qualifying for bond accounting treatment. Rather, the Department requires these SVO-identified ETFs to be reflected as equities under SSAP No. 30R, “Unaffiliated Common Stock”. However, if the ETF meets certain criteria, the asset valuation reserve (“AVR”) and interest maintenance reserve (“IMR”) may be retained under SSAP No. 26R, and the ETF can be treated as a bond for the purpose of a domestic insurer’s risk based capital (“RBC”) report. The total balance of investment grade ETF holdings treated as equities as of December 31, 2024 and 2023, but treated as bonds for AVR, IMR and RBC, are $648 million and $103 million, respectively. This prescribed practice does not result in a difference to net income or capital and contingency reserves when compared to NAIC SAP.

The table below provides a reconciliation of the Company’s net income and capital and contingency reserves between NAIC SAP and the New York SAP Annual Statement filed with the Department.

 

     For the Years Ended December 31,  
(in millions)    NAIC SAP#      Financial Statement Line    2024      2023      2022  

Net income, New York SAP

          $ (1,216 )     $ (674 )     $ (408 ) 

New York SAP Prescribed Practices that are an increase/(decrease) to NAIC SAP:

               

Additional reserves for term conversions

      51R      Increase in policy and contract reserves      (2 )       (2 )       (1 ) 

Net income (loss), NAIC SAP

                  $ (1,218 )     $ (676 )     $ (409 ) 
                                          

Capital and surplus, New York SAP

          $ 41,053      $ 42,111      $ 42,722  

New York SAP Prescribed Practices that are an increase/(decrease) to NAIC SAP:

               

Additional reserves for term conversions

      51R      Reserves for life and health insurance, annuities and deposit-type contracts      12        14        16  

Capital and surplus, NAIC SAP

                  $ 41,065      $ 42,125      $ 42,738  
                                          

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 to account for excess mortality due to anti-selection with appropriate margins to cover expenses and risk of moderately adverse deviations in experience.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-115  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The Company’s RBC as of December 31, 2024 and 2023 would not have triggered a regulatory event without the use of the New York SAP prescribed and permitted 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 (“AFS”) are carried at fair value rather than at amortized cost under NAIC SAP;

 

•  

For held-to-maturity and AFS investments, lifetime expected credit losses are immediately recognized through the allowance for credit losses, and is adjusted at each reporting period. Under NAIC SAP, an impairment for securities other than loan-backed and structured securities is recorded through earnings for the difference between amortized cost and fair value. For loan-backed and structured securities, non-interest related other-than-temporary impairment (“OTTI”) losses shall be recorded through the AVR, while interest related other-than-temporary impairment losses may be recorded through the IMR in certain circumstances;

 

•  

Estimated expected credit losses related to mortgage loans are immediately recognized over the life of the financial instrument and is adjusted at each reporting period rather than as unrealized losses on impairments included in the AVR, which is a component of surplus under NAIC SAP;

 

•  

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 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 under GAAP 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;

 

•  

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

 

B-116   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

 

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 significant 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).

 

•  

Revenue recognition for administrative service expense reimbursements are recognized as gross revenue and gross expense in the Statements of Operations when the Company is the principal in the transaction and where the Company controls the administrative services before transferring them to the customer. Under NAIC SAP, the administration expenses incurred are included in operating expenses and any offsetting reimbursements are netted against operating expenses.

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.

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 Contingency Reserves and the related Statements of Operations, Changes in Capital and Contingency Reserves, 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. The principal for Treasury Inflation Protected Securities (“TIPS”) bonds is adjusted based on inflation and is recorded as an unrealized gain or loss and amortized over the remaining life of the security. 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 basis, 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.

For loan-backed and structured securities, when an OTTI has occurred because the Company intends to sell the security or 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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-117  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

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 value of preferred stocks is determined using prices provided by independent pricing services or internally developed pricing models. 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.

Common Stocks: Unaffiliated common stocks are stated at fair value, which is based on quoted market prices, where available. Changes in fair value are recorded through surplus as an unrealized gain or loss. 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. Investment grade bond ETFs are accounted for as common stocks and are stated at fair value.

Investments in subsidiary, controlled and affiliated (“SCA”) entities are stated at the value of their underlying net assets as follows: (1) domestic insurance subsidiaries are stated at the value of their underlying statutory surplus, and (2) non-insurance subsidiaries are stated at the value of their underlying audited GAAP equity. Dividends and distributions from subsidiaries are recorded in investment income to the extent they are not in excess of the investee’s undistributed accumulated earnings, and changes in the equity of subsidiaries are recorded directly to surplus as unrealized gains or losses.

Mortgage Loans: Mortgage loans are stated at amortized cost, net of valuation allowances. Amortized cost consists of the unpaid principal balance of the loans, net of unamortized premiums, discounts, and certain mortgage origination fees. Mortgage loans held for sale are stated at the lower of amortized cost or fair value. Mortgage loans are evaluated for impairment when it is probable that the receipt of contractual payments of principal and interest may not occur when scheduled. If the impairment is considered to be temporary, a valuation allowance is established for the excess of the carrying value of the mortgage over its estimated fair value. Changes in valuation allowance for mortgage loans are included in net unrealized capital gains and losses on investments. When an event occurs resulting in an impairment that is other-than-temporary, a direct write-down is recorded as a realized loss and a new cost basis is established. The fair value of mortgage loans is generally determined using a discounted cash flow methodology based on coupon rates, maturity provisions and credit assumptions.

Real Estate: Real estate occupied by the Company and real estate held for the production of income is carried at depreciated cost, less encumbrances. Real estate held for sale is carried at the lower of depreciated cost or fair value, less encumbrances, and estimated costs to sell. The Company utilizes the straight-line method of depreciation on real estate and it is generally computed over a forty-year period. A real estate property may be considered impaired when events or circumstances indicate that the carrying value may not be recoverable. When the Company determines that an investment in real estate is impaired, a direct write-down is made to reduce the carrying value of the property to its estimated fair value based on an external appraisal, net of encumbrances, and a realized loss is recorded. The Company makes investments in commercial real estate directly, through SCA entities and through real estate limited partnerships which are included in “Other invested assets.” The Company monitors the effects of current and expected market conditions and other factors on its real estate investments to identify and quantify any impairment in value. The Company evaluates the recoverability of income producing directly held real estate investments based on undiscounted cash flows and then reviews the results of an independent third party appraisal to determine the fair value and if an impairment is required.

Other Invested Assets: Other invested assets primarily include investments in joint ventures, partnerships, and limited liability companies which are stated at cost, adjusted for the Company’s underlying equity percentage based on the respective entity’s most recent available audited US GAAP or International Financial Reporting Standards financial statements.

Dividends and distributions from subsidiaries are recorded in investment income to the extent they are not in excess of the investee’s undistributed accumulated earnings, and changes in the equity of subsidiaries are recorded directly to surplus as unrealized gains or losses.

Other invested assets include the Company’s investments in surplus notes, which are stated at amortized cost. All of the Company’s investments in surplus notes have a 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 an OTTI has occurred. 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.

 

B-118   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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 greater than three months and less than or equal to one year 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.

Derivative Instruments: The Company designates its derivative transactions as hedging or replication transactions. Derivatives that qualify and are designated for hedge accounting are reported as assets or liabilities on the balance sheet and accounted for in a manner consistent with the hedged item. Swap coupon cash flows and income accruals are reported as a component of net investment income. Upon termination, the gain or loss on these contracts is recognized in a manner consistent with the disposed hedged item.

Derivatives used in hedging relationships that do not qualify or are not designated for hedge accounting are carried at fair value. Changes in fair value are reported in surplus as net unrealized capital gains (losses). Swap coupon cash flows and income accruals are reported as a component of net investment income. Upon termination the gain or loss on these contracts is recognized as realized capital gains (losses) and is subject to IMR or AVR treatment.

Derivatives used in replication transactions are accounted for in a manner consistent with the cash instrument and the replicated asset. Accordingly, these derivatives are carried at amortized cost or fair value. Amortization of derivative premiums is reported as a component of net investment income. Swap coupon cash flows and income accruals are recorded as a component of net investment income. Upon termination, the gain or loss on these contracts is recognized as realized capital gains (losses) and is subject to IMR or AVR treatment.

The Company monitors the unrealized loss position for replication credit default swaps. If it is determined that a decline in fair value is other than temporary, the cost basis will be written down to fair value and the amount of the write down is accounted for as a realized loss.

The Company does not offset the carrying values recognized in the balance sheet for derivatives executed with the same counterparty under the same master netting agreement.

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, are segregated from the Company’s general account and are maintained for the benefit of separate account contract holders. Separate accounts are accounted for at fair value, except the TIAA Stable Value separate account, which supports book value separate account agreements, in which case the assets are accounted for at amortized cost. Separate account liabilities reflect the contractual obligations of the insurer arising out of the provisions of the insurance contract.

Foreign Currency Transactions and Translation: Investments denominated in foreign currencies and foreign currency contracts are valued in U.S. dollars, based on exchange rates at the balance sheet date. Investment transactions in foreign currencies are recorded at the exchange rates prevailing on the respective transaction dates. All other asset and liability accounts denominated in foreign currencies are adjusted to reflect exchange rates at the balance sheet date. Realized and unrealized gains and losses due to foreign exchange transactions and translation adjustments are not separately reported but are collectively included in realized and unrealized capital gains and losses, respectively.

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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-119  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

At December 31, the major categories of assets that are non-admitted are as follows (in millions):

 

        2024        2023        Change  

Net deferred federal income tax asset

      $ 3,214        $ 2,905        $ 309  

Furniture and electronic data processing equipment

        705          562          143  

Invested assets

        880          708          172  

Prepaid expenses

        195          198          (3 ) 

Other

        197          193          4  

Total

      $ 5,191        $ 4,566        $ 625  
   

Electronic Data Processing Equipment, Computer Software, Furniture and Equipment and Leasehold Improvements: Electronic data processing (“EDP”) equipment, computer software and furniture and equipment which qualify for capitalization are depreciated over the lesser of useful life or 3 years. Office alterations and leasehold tenant improvements which qualify for capitalization are depreciated over the lesser of useful life or 5 years or the remaining life of the lease, respectively.

At December 31, the accumulated depreciation on EDP equipment, computer software, furniture and equipment and leasehold improvements is as follows (in millions):

 

        2024        2023  

EDP equipment and computer software

      $ 2,287        $ 2,171  

Furniture and equipment and leasehold improvements

      $ 204        $ 177  

Repurchase Agreement: Repurchase agreements are agreements between a seller and a buyer, whereby the seller of securities sells and simultaneously agrees to repurchase the same or substantially the same securities from the buyer at a stated price on a specified date. Repurchase agreements are generally accounted for as secured borrowings. The assets transferred are not removed from the balance sheet; the cash collateral received is reported on the balance sheet with an offsetting liability reported in “Other liabilities.”

Securities Lending Program: The Company has a securities lending program whereby it may lend securities to qualified institutional borrowers to earn additional income. The Company receives collateral (in the form of cash) against the loaned securities and maintains collateral in an amount not less than 102% of the market value of loaned securities during the period of the loan. The cash collateral received is reported in “Securities lending collateral assets” with an offsetting collateral liability included in “Payable for collateral for securities loaned.” Securities lending income is recorded in the accompanying Statements of Operations in “Net investment income.”

Insurance and Annuity Premiums and Other Considerations: Life insurance premiums are recognized as revenue over the premium-paying period of the related policies. Annuity premiums and other considerations, including consideration on annuity product rollovers, 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 guidelines and statutory regulations. Funding agreements used in an investment spread capacity are also included within deposit-type contracts.

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. For bonds, excluding loan-back and structured securities, losses from other-than-temporary impairments are recorded entirely to either the AVR or the IMR in accordance with the nature of the impairment.

 

B-120   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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.

Dividends Due to Policyholders: Dividends on insurance policies and pension annuity non-participating contracts in the payout phase are declared by the TIAA Board of Trustees (the “Board”) and recorded in December of each year. Dividends on pension annuity non-participating contracts in the accumulation phase are declared by the Board in February of each year, and such dividends on the various existing vintages of pension annuity contracts in the accumulation phase are credited to policyholders during the ensuing twelve month period beginning March 1.

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.

The Company files a consolidated federal income tax return with its includable insurance and non-insurance 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. The tax allocation agreements are not applied to subsidiaries that are disregarded under federal tax law.

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 millions):

 

        2024        2023        2022  

Exchange/transfer/conversion/distribution of invested assets

      $ 6,009        $ 4,071        $ 3,678  

Annuity dividend additions

      $ 2,723        $ 3,065        $ 2,099  

Capitalized interest

      $ 390        $ 335        $ 302  

Interest credited on deposit-type contracts

      $ 393        $ 259        $ 113  

Application of new accounting pronouncements:

Recently issued accounting guidance:

In March 2024, the NAIC adopted revisions to SSAP 21R, Other Admitted Assets, to prescribe the accounting guidance (measurement method) for all residual interests regardless of legal form. Upon adoption, residual interests will be reported initially at cost. Subsequent to initial acquisition, residuals will be reported either 1) at the lower of amortized cost or fair value under the Allowable Earned Yield method, or 2) using the calculated practical expedient method. The Allowable Earned Yield method is based on a discounted cash flow methodology and allows for cash receipts to be recorded as investment income up to the calculated allowable yield, with the excess cash flow applied to the amortized cost balance. The practical expedient is a cost recovery method, resulting in no interest income recognition until the residual interest has a carrying value of zero. This guidance is effective January 1, 2025. The Company is still evaluating the impact of adoption; however, it is not currently expected to have a material impact on the financial statements.

In September 2024, the NAIC adopted revisions to SSAP 26, Bonds. The revisions permit debt securities issued by non-registered funds to qualify as issuer credit obligations (“ICO”) if the funds are functioning as operating entities and are not issuing securities for the primary purpose of raising debt capital. Companies are required to assess the purpose of a fund borrower/issuer in applying this guidance and distinguish whether a fund represents an operating entity or a securitization vehicle. The revisions are effective on January 1, 2025. The Company is still evaluating the impact of adoption; however, it is not currently expected to have a material impact on the financial statements.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-121  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Recently adopted accounting pronouncements:

In February 2024, the NAIC adopted revisions to SSAP 21R, Other Admitted Assets, to expand Schedule BA disclosures made with respect to collateral loans. Upon adoption, collateral loans shall be reported on Schedule BA based on the type of qualifying investment that secures the loan. Additionally, the total amount of collateral loans and the collateral loans admitted and non-admitted will be disclosed by qualifying investment type in a note. The revised disclosures were effective for year-end 2024 and did not have an impact on the Company’s financial statements.

In March 2024, the NAIC adopted revisions to the Annual Statement Instructions. These revisions clarify that realized and unrealized changes in perpetual preferred stock and mandatory convertible preferred stock shall be subject to the AVR (instead of IMR). These revisions were effective for year-end 2024 and did not have an impact on the Company’s financial statements.

Note 3—long-term bonds, preferred stocks, and unaffiliated common stocks

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, is shown below (in millions):

 

       2024        
                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

      $ 18,574        $ 40        $ (2,690 )       $ 15,924    

All other governments

        3,445          53          (325 )         3,173    

States, territories and possessions

        584          5          (18 )         571    

Political subdivisions of states, territories, and possessions

        849          1          (119 )         731    

Special revenue and special assessment, non-guaranteed agencies and government

        20,078          126          (2,304 )         17,900    

Credit tenant loans

        111          —          (7 )         104    

Industrial and miscellaneous

        145,468          1,104          (14,805 )         131,767    

Hybrids

        512          27          (22 )         517    

Parent, subsidiaries and affiliates

        155          —          (11 )         144    

Bank loans

        10,157          91          (235 )         10,013          

Total

      $ 199,933        $ 1,447        $ (20,536 )       $ 180,844          
   
       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

      $ 16,753        $ 78        $ (1,906 )       $ 14,925    

All other governments

        3,955          77          (275 )         3,757    

States, territories and possessions

        674          13          (9 )         678    

Political subdivisions of states, territories, and possessions

        1,014          4          (103 )         915    

Special revenue and special assessment, non-guaranteed agencies and government

        19,489          166          (1,890 )         17,765    

Credit tenant loans

        476          —          (12 )         464    

Industrial and miscellaneous

        145,013          1,399          (13,704 )         132,708    

Hybrids

        490          29          (33 )         486    

Parent, subsidiaries and affiliates

        155          —          (15 )         140    

Bank loans

        11,547          60          (286 )         11,321          

Total

      $ 199,566        $ 1,826        $ (18,233 )       $ 183,159          
   

Impairment Review Process: All securities are subjected to the Company’s process for identifying OTTI. The Company writes down securities it deems to have an OTTI in value during the period 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

 

B-122   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

sufficient to allow for any anticipated recovery in fair value or repayment; (e) information obtained from regulators and ratings agencies; (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 structured and loan-backed securities. Where decline in value 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, Preferred Stocks and Unaffiliated Common Stocks: The gross unrealized losses and estimated fair values for securities by the length of time that individual securities are in a continuous unrealized loss position are shown in the table below (in millions):

 

     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, 2024

                   

Loan-backed and structured bonds

    $ 5,353      $ (139 )     $ 5,214        $ 37,672      $ (4,229 )     $ 33,443    

All other bonds

      24,331        (732 )       23,599                97,649        (15,137 )       82,512          

Total bonds

      29,684        (871 )       28,813                135,321        (19,366 )       115,955          

Unaffiliated common stocks

      310        (9 )       301          851        (50 )       801    

Preferred stocks

      —        —        —                152        (40 )       112          

Total bonds and stocks

    $ 29,994      $ (880 )     $ 29,114              $ 136,324      $ (19,456 )     $ 116,868          
                    
                  
     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

                   

Loan-backed and structured bonds

    $ 1,941      $ (90 )     $ 1,851        $ 42,117      $ (4,247 )     $ 37,870    

All other bonds

      3,834        (93 )       3,741                112,641        (13,529 )       99,112          

Total bonds

      5,775        (183 )       5,592                154,758        (17,776 )       136,982          

Unaffiliated common stocks

      5        (1 )       4          780        (80 )       700    

Preferred stocks

      —        —        —                152        (27 )       125          

Total bonds and stocks

    $ 5,780      $ (184 )     $ 5,596              $ 155,690      $ (17,883 )     $ 137,807          
                    

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. As of December 31, 2024, 94% of unrealized losses were from investment grade bonds. 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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-123  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

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, asset-backed, and bond exchange traded fund securities are shown separately in the table below, as they are not due at a single maturity date (in millions):

 

     December 31, 2024            December 31, 2023        
      Book/
Adjusted
Carrying
Value		      Estimated
Fair Value		             Book/
Adjusted
Carrying
Value		      Estimated
Fair Value		         

Due in one year or less

    $ 6,234      $ 6,189        $ 4,847      $ 4,786    

Due after one year through five years

      32,935        32,223          35,702        34,796    

Due after five years through ten years

      36,850        34,844          35,678        33,628    

Due after ten years

      86,543        72,704                85,448        74,945          

Subtotal

      162,562        145,960                161,675        148,155          

Residential mortgage-backed securities

      11,601        10,618          11,458        10,614    

Commercial mortgage-backed securities

      7,177        6,676          8,174        7,383    

Asset-backed securities

      18,593        17,590                18,259        17,007          

Subtotal

      37,371        34,884                37,891        35,004          

Total

    $ 199,933      $ 180,844              $ 199,566      $ 183,159          
   

Bond Diversification: The following table presents the diversification of the carrying values of long-term bond investments at December 31. Loan-backed and structured securities issued by the U.S. government are included in residential mortgage-backed securities and asset-backed securities. The other category is primarily comprised of Bank loan investments.

 

        2024        2023  

Other

        12.3 %         14.0 % 

Revenue and special obligations

        12.2 %         10.8 % 

Public utilities

        10.7 %         10.3 % 

Services

        10.3 %         10.4 % 

Finance and financial services

        10.0 %         9.8 % 

Asset-backed securities

        9.3 %         9.1 % 

Manufacturing

        8.4 %         8.8 % 

U.S. governments

        6.9 %         5.9 % 

Residential mortgage-backed securities

        5.8 %         5.7 % 

Real estate investment trusts

        4.4 %         4.4 % 

Commercial mortgage-backed securities

        3.6 %         4.1 % 

Oil and gas

        2.5 %         2.7 % 

Communications

        1.9 %         2.0 % 

All other governments

        1.7 %         2.0 % 

Total

        100.0 %         100.0 % 
   

The following table presents the carrying value of the long-term bond portfolio by investment grade as of December 31, (in millions):

 

       2024              2023        

NAIC 1 and 2

      $ 178,383          89.2 %         $ 177,708          89.0 %   

NAIC 3 through 6

        21,550          10.8                  21,858          11.0          

Total

      $ 199,933          100.0 %               $ 199,566          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.

For the years ended December 31, 2024 and 2023, the Company recognized OTTI on loan-backed and structured securities of $115 million and $20 million, respectively.

 

B-124   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Other Disclosures: The following table represents the carrying amount of bonds and stocks denominated in a foreign currency as of December 31, (in millions):

 

        2024        2023  

Carrying amount of bonds and stocks denominated in foreign currency

      $ 6,646        $ 5,810  

Carrying amount of bonds and stocks denominated in foreign currency which are collateralized by real estate

      $ 1,097        $ 1,044  

5GI Securities: The SVO assigns a NAIC 5GI designation to certain obligations when an insurer certifies the following: documentation necessary to permit a full credit analysis of a security does not exist, the issuer or obligor is current on all contracted interest and principal payments and the insurer has an actual expectation of ultimate payment of all contracted interest and principal. These NAIC 5GI designations are deemed to possess the credit characteristics of securities assigned an NAIC 5 designation. The following table represents the NAIC 5GI investments held as of December 31, (in millions):

 

    Number of 5GI Securities           Aggregate Book Adjusted/
Carrying Value		           Aggregate Fair Value        
 Investment   2024     2023            2024     2023            2024     2023         

 Bonds—amortized cost

     20       61       $ 464     $ 1,058       $ 472     $ 1,058    

 Loan backed & structured securities—amortized cost

     3       2         30       64         30       65    

 Preferred stock—amortized cost

     —       2         —       5         —       9    

 Preferred stock—fair value

     9       9               202       190               202       190          

 Total

     32       74             $ 696     $ 1,317             $ 704     $ 1,322          
                                           

Note 4—mortgage loans

The Company originates mortgage loans that are principally collateralized by commercial real estate. The composition of the mortgage loan portfolio as of December 31, is as follows (in millions):

 

Loan Type      2024        2023  

Commercial loans

      $ 33,005        $ 34,948  

Mezzanine loans

        1,506          2,031  

Residential loans

        3,694          4,013  

Total

      $ 38,205        $ 40,992  
   

The maximum and minimum lending rates for mortgage loans originated or purchased during 2024 and 2023 are as follows:

 

       2024              2023        
Loan Type      Maximum        Minimum               Maximum        Minimum         

Commercial loans

        12.00 %         3.95 %           9.99 %         3.17 %   

Mezzanine loans

        12.58 %         12.58 %           17.50 %         17.50 %   

Residential loans

        N/A          N/A                  8.50 %         — %         

The maximum percentage of any one loan to the value (“LTV”) of the property at the time of the loan, exclusive of insured, guaranteed or purchase money mortgages, originated or purchased during 2024 and 2023 are as follows:

 

       Maximum LTV        
Loan Type      2024        2023         

Commercial loans

        113.6 %         111.8 %   

Mezzanine loans

        52.1 %         69.3 %   

Residential loans

        N/A          231.5 %         

There were no residential mortgage loans originated or purchased during 2024.

Impairment Review Process: The Company monitors the effects of current and expected market conditions and other factors on the collectability of mortgage loans to identify and quantify any impairment in value. Impairments are classified as either temporary, for which a recovery is anticipated, or other-than-temporary. Mortgage loans held to maturity with other-than-temporarily impaired values at December 31, 2024 and 2023 have been written down to net realizable values based upon independent appraisals of the collateral. For impaired mortgage loans where the impairments are deemed to be temporary, an allowance for credit losses is established.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-125  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The following table provides the recorded investment on impaired loans with or without an allowance for credit losses and impaired loans subject to a participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan as of December 31, (in millions):

 

       Mortgage Loans        
        2024        2023        2022         

With allowance for credit losses—Commercial

      $ 677        $ 941        $ 245    

With allowance for credit losses—Residential

        —          —          —    

No allowance for credit losses—Commercial

        490          619          —    

No allowance for credit losses—Residential

        —          —          —          

Total

      $ 1,167        $ 1,560        $ 245    

Subject to a participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan

      $ 124        $ 221        $ —          

The following table provides information for investment in impaired loans as of December 31, (in millions):

 

       Commercial        
        2024        2023        2022         

Average recorded investment

      $ 1,167        $ 1,560        $ 245    

Interest income recognized

      $ 48        $ 71        $ 11    

Recorded investments on nonaccrual status

      $ 1,095        $ 360        $ —    

Amount of interest income recognized using a cash-basis method of accounting

      $ —        $ —        $ —          

Credit quality

For commercial and mezzanine mortgage loans, the primary credit quality indicators are the loan-to-value ratio, debt service coverage ratio and delinquency. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. Debt service coverage compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly, with a portion of the loan portfolio updated annually. Delinquency is defined as a mortgage loan which is past due. Commercial mortgage loans more than 30 days past due are considered delinquent.

For residential mortgage loans, the Company’s primary credit quality indicator is performance versus non-performance. The Company generally defines nonperforming residential mortgage loans as those that are 90 or more days past due and/or on non-accrual status. Generally, nonperforming residential loans have a higher risk of experiencing a credit loss.

The credit quality of the recorded investment, which represents carrying value plus accrued interest, in commercial and mezzanine mortgage loans at December 31, are as follows (in millions):

 

       Recorded Investment—Commercial and Mezzanine        
       Loan-to-value Ratios         
2024      > 70%        < 70%        Total        % of Total  

Debt service coverage ratios:

                      

Greater than 1.20x

      $ 10,139        $ 18,131        $ 28,270          81.4 %   

Less than 1.20x

        3,885          2,066          5,951          17.1 %   

Construction

        —          531          531          1.5 %         

Total

      $ 14,024        $ 20,728        $ 34,752          100.0 %         
       Recorded Investment—Commercial and Mezzanine        
       Loan-to-value Ratios         
2023      > 70%        < 70%        Total        % of Total  

Debt service coverage ratios:

                      

Greater than 1.20x

      $ 9,872        $ 21,763        $ 31,635          84.9 %   

Less than 1.20x

        3,437          1,595          5,032          13.5 %   

Construction

        —          614          614          1.6 %         

Total

      $ 13,309        $ 23,972        $ 37,281          100.0 %         
           

 

B-126   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The credit quality of the recorded investment, which represents carrying value plus accrued interest, in residential mortgage loans at December 31, are as follows (in millions):

 

       2024        2023       

 

        
Residential      Recorded Investment        % of total               Recorded Investment        % of total         

Credit quality indicators:

                        

Performing

      $ 3,704          99.7 %         $ 4,018          99.8 %   

Nonperforming

        10          0.3 %                 10          0.2 %         

Total

      $ 3,714          100.0 %               $ 4,028          100.0 %         
           

Mortgage Loan Age Analysis: The following table sets forth an age analysis of mortgage loans and identification of mortgage loans in which the Company is a participant or co-lender in a mortgage loan agreement as of December 31, (in millions):

 

     Residential            Commercial                
2024    Insured      All Other             Insured      All Other      Mezzanine      Total  

Recorded investment

                    

Current

    $   —      $ 3,682        $   —      $ 33,155      $ 1,447      $ 38,284  

30-59 days past due

    $ —      $ 18        $ —      $ —      $ —      $ 18  

60-89 days past due

    $ —      $ 4        $ —      $ —      $ —      $ 4  

90-179 days past due

    $ —      $ 5        $ —      $ 64      $ —      $ 69  

180+ days past due

    $ —      $ 4        $ —      $ —      $ 86      $ 90  

Participant or co-lender in a mortgage loan agreement

                    

Recorded investment

    $ —      $ —              $ —      $ 4,024      $ 1,533      $ 5,556  
     Residential            Commercial                
2023    Insured      All Other             Insured      All Other      Mezzanine      Total  

Recorded investment

                    

Current

    $   —       $ 3,973        $   —      $ 34,782      $ 2,046      $ 40,801  

30-59 days past due

    $ —      $ 29        $ —      $ 93      $ —      $ 122  

60-89 days past due

    $ —      $ 17        $ —      $ —      $ —      $ 17  

90-179 days past due

    $ —      $ 2        $ —      $ —      $ —      $ 2  

180+ days past due

    $ —      $ 6        $ —      $ 360      $ —      $ 366  

Participant or co-lender in a mortgage loan agreement

                    

Recorded investment

    $ —      $ —              $ —      $ 4,749      $ 2,046      $ 6,795  

Mortgage Loan Diversification: The following tables set forth the mortgage loan portfolio by property type and geographic distribution as of December 31:

 

       2024              2023        
Mortgage Loans by Property Type (Commercial & Residential):      % of Total               % of Total         

Apartments

        26.3 %           24.3 %   

Office buildings

        22.3            23.3    

Industrial buildings

        15.2            15.7    

Shopping centers

        14.6            15.6    

Other - commercial

        11.9            10.1    

Residential

        9.7                  11.0          

Total

        100.0 %                 100.0 %         
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-127  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

       2024              2023        
       % of Total              % of Total        
Mortgage Loans by Geographic Distribution:      Commercial        Residential               Commercial        Residential         

Pacific

        21.0 %         44.2 %           21.4 %         43.5 %   

South Atlantic

        16.2          16.1            16.7          16.2    

Middle Atlantic

        17.8          8.5            16.9          8.7    

South Central

        9.9          10.6            10.5          10.7    

North Central

        9.0          5.3            8.8          5.4    

New England

        7.8          2.7            7.8          2.8    

Mountain

        2.2          12.6            2.1          12.7    

Other

        16.1          —                  15.8          —          

Total

        100.0 %         100.0 %                 100.0 %         100.0 %         
   

Scheduled Mortgage Loan Maturities: At December 31, contractual maturities for mortgage loans are as follows (in millions):

 

        2024              2023        
     Carrying Value               Carrying Value         

Due in one year or less

      $ 4,187          $ 3,393    

Due after one year through five years

        20,702            19,699    

Due after five years through ten years

        8,603            12,195    

Due after ten years

        4,713                  5,705          

Total

      $ 38,205                $ 40,992          
   

Actual maturities may differ from contractual maturities because borrowers may have the right to prepay mortgages, although prepayment premiums may be applicable.

With respect to impaired loans, the Company accrues interest income to the extent it is deemed collectible. Cash received on impaired mortgage loans that are performing according to their contractual terms is applied in accordance with those terms. For mortgage loans in the process of foreclosure, cash received is initially held in suspense and applied as a return of principal at the time that the foreclosure process is completed, or the mortgage is otherwise disposed.

There were no amounts due from related parties that are collateralized by real estate owned by the Company’s investment subsidiaries and affiliates for the years ended December 31, 2024 or 2023.

Note 5—real estate

At December 31, 2024 and 2023, the Company’s directly owned real estate investments, were carried net of third party mortgage encumbrances. There were $439 million of third party mortgage encumbrances as of December 31, 2024, and $722 million for December 31, 2023.

The directly owned real estate portfolio is diversified by property type and geographic region based on carrying value at December 31, as follows:

 

       2024              2023        
Directly Owned Real Estate by Property Type:      % of Total               % of Total         

Industrial buildings

        53.7 %           45.2 %   

Office buildings

        22.3            20.9    

Apartments

        15.8            25.2    

Retail

        4.5            5.4    

Mixed-use projects

        2.1            2.0    

Income-producing land

        1.3            —    

Land under development

        0.3                  1.3          

Total

        100.0 %                 100.0 %         
       2024              2023        
Directly Owned Real Estate by Geographic Region:      % of Total               % of Total         

Pacific

        31.1 %           29.6 %   

South Atlantic

        22.5            25.7    

Mountain

        16.6            14.5    

South Central

        10.7            13.1    

Middle Atlantic

        9.7            9.3    

North Central

        9.4                  7.8          

Total

        100.0 %                 100.0 %         
   

 

B-128   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Note 6—subsidiary, controlled and affiliated entities

The Company holds interests in SCA entities which are reported as “Common stock” or “Other invested assets”. The carrying value of investments in SCA entities at December 31, are shown below (in millions):

 

        2024        2023  

Net carrying value of the SCA entities

          

Reported as common stock

      $ 1,011        $ 1,015  

Reported as other invested assets

        27,749          28,409  

Total net carrying value

      $ 28,760        $ 29,424  
   

On November 2, 2022, the Company entered into an agreement to sell a majority of its common stock ownership of TIAA FSB Holdings, Inc. (“FSB”) to various third-party investors. FSB was a federally chartered savings and loan holding company. Under the agreement, nearly all of FSB’s current assets and business lines were acquired by the new ownership, with the exception of TIAA Trust N.A. (“the Trust”). As a condition of the sale, the Company purchased $4.9 billion in residential mortgage loans from FSB during 2023, of which $3.8 billion were recorded within mortgage loans and $1.1 billion within other invested assets as these mortgages are held in a trust investment vehicle.

The Company recorded an impairment loss of $1.3 billion for the year ended December 31, 2022, attributable to the remeasurement of the Company’s investment in FSB from carrying value to fair value. The fair value of the Company’s investment in FSB was based on the agreed-upon sales price, adjusted to include the fair value of retained businesses discussed above. The impairment loss and a release of accumulated unrealized capital gains was offset by a reduction of the asset valuation reserve associated with the Company’s investment in FSB, which was recorded in the change in asset valuation reserve on the Statements of Changes in Capital and Contingency Reserves for the year ended December 31, 2022. The net reduction to capital and contingency reserves was $0.3 billion for the year ended December 31, 2022.

On July 31, 2023, the Company finalized the sale of a majority of its common stock ownership of FSB to various third-party investors. After the sale, FSB was renamed Everbank Financial Corporation (“Everbank”). The final amount recognized for the sale in 2023 was materially consistent with the estimated impact reported as of December 31, 2022. The Company retained a non-controlling stake and an ongoing business relationship in Everbank. The Company’s non-controlling stake in Everbank consists of $0.6 billion of preferred stock and $0.2 billion of common stock as of December 31, 2023.

As of December 31, 2024 and 2023, no investment in a SCA entity exceeded 10% of the Company’s admitted assets, and the Company does not have any material investments in foreign insurance subsidiaries. The Company did not have any significant investments in non-insurance SCA entities reported as common stocks as of December 31, 2024 and 2023.

The Company holds an interest in TIAA-CREF Life Insurance Company (“TIAA Life”), an insurance SCA entity, for which the audited statutory equity reflects NYDFS departures from NAIC SAP as noted below.

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 Department requires 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 Department prescribed a floor under Regulation No. 213 (11 NYCRR 103), Principle-Based Reserving, effective December 31, 2020, that the 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.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-129  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The following table provides the monetary effect on net income and surplus as a result of using NYDFS prescribed accounting practices that differed from NAIC SAP, the amount of the investment in the insurance SCA per audited statutory equity and amount of the investment if the insurance SCA had completed statutory financial statements in accordance with NAIC SAP (in millions):

 

       2024        
       Monetary Effect on NAIC SAP              Amount of Investment        
SCA Entity     

Net Income
Increase

(Decrease)

        Surplus Increase
(Decrease)		              

Per Audited
Statutory

Equity

       

If the Insurance SCA
Had Completed

Statutory Financial

Statements*

         

TIAA Life

      $ (1 )       $ 5                $ 828        $ 833          

 

*

Per NAIC SAP (without permitted or prescribed practices)

 

       2023        
       Monetary Effect on NAIC SAP              Amount of Investment        
SCA Entity     

Net Income

Increase

(Decrease)

        Surplus Increase
(Decrease)		              

Per Audited
Statutory

Equity

       

If the Insurance SCA

Had Completed

Statutory Financial

Statements*

         

TIAA Life

      $ (1 )       $ 6                $ 828        $ 834          

 

*

Per NAIC SAP (without permitted or prescribed practices)

During 2024 and 2023, had TIAA Life not departed from NAIC SAP, a regulatory event would not have been triggered due to risk based capital.

As of December 31, 2024 and 2023, the Company held $155 million in bonds of affiliates.

As of December 31, 2024 and 2023, the net amount due to SCA entities was $520 million and $196 million, respectively. The net amounts are generally settled on a daily or monthly basis. These balances are reported in “Other assets” and “Other liabilities.” The Company has a subsidiary deposit program which allows certain subsidiaries the ability to deposit excess cash with the Company and earn daily interest. The deposits from this program are included in the net amount due to SCA entities and were $646 million and $464 million as of December 31, 2024 and 2023, respectively.

 

B-130   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The Company holds investments in downstream non-insurance holding companies, which are valued by the Company utilizing the look-through approach as defined in SSAP 97, Investments in Subsidiary, Controlled and Affiliated Entities. The financial statements for the downstream non-insurance holding companies are not audited and the Company has limited the value of its investment in these non-insurance holding companies by excluding immaterial assets that are not audited. All liabilities, commitments, contingencies, guarantees or obligations of these subsidiaries, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in these subsidiaries, if not already recorded in the subsidiaries’ financial statements. The Company’s carrying value in these downstream non-insurance holding companies is $9,161 million and $8,887 million as of December 31, 2024 and 2023, respectively. Significant holdings as of December 31, are as follows (in millions):

 

       2024              2023  
Subsidiary      Carrying Value               Carrying Value  

TIAA Global Ag Holdco LLC

      $ 1,030          $ 1,072  

T-C Europe, LP

        962            1,052  

Demeter Agricultural Properties, LLC

        437            —  

Occator Agricultural Properties, LLC

        425            451  

TGA European RE Holdings I LLC

        384            308  

TGA APAC Fund Holdings, LLC

        381            388  

ND Properties LLC

        377            449  

TIAA Super Regional Mall Member Sub LLC

        365            492  

NGFF Holdco, LLC

        302            306  

NGTF Holdco LLC

        292            200  

TIAA Infrastructure Investments, LLC

        242            271  

730 Data Centers, LLC

        226            106  

T-C Lux Fund Holdings LLC

        225            261  

TGA Sparrow Investor LLC

        201            180  

TGA MKP Member LLC

        200            202  

TIAA GCREIT Holdings LLC

        185            —  

T-C MV Member LLC

        185            189  

T-C Waterford Blue Lagoon LLC

        175            177  

T-C MV Member II LLC

        153            114  

T-C UK RE Holdings III LLC

        140            —  

TIAA NBS LLC

        136            120  

730 Digital Infra LLC

        130            —  

TGA JL MCF II Investor Member LLC

        130            131  

TIAA-Stonepeak Investments II, LLC

        128            147  

TIAA GTR Holdco LLC

        117            225  

TGA Sparrow II Investor LLC

        116            77  

TGA SS Self Storage Portfolio Inv Mbr LLC

        108            112  

T-C SV Member LLC

        105            80  

TEFF Holdco LLC

        98            104  

730 Transmission, LLC

        96            122  

Other

        1,110                  1,551  

Total

      $ 9,161                $ 8,887  
   

Note 7—other invested assets

As of December 31, 2024 and 2023, the components of the Company’s carrying value in “Other invested assets” are (in millions):

 

        2024        2023  

Affiliated other invested assets

      $ 27,749        $ 28,409  

Unaffiliated other invested assets

        15,207          13,845  

Receivables for securities, derivative collateral and line of credit

        515          386  

Total other invested assets

      $ 43,471        $ 42,640  
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-131  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

As of December 31, 2024 and 2023, affiliated other invested assets consist primarily of investments through downstream legal entities in the following (in millions):

 

        2024        2023  

Real estate and mortgage loans

      $ 10,592        $ 11,497  

Operating subsidiaries and affiliates

        6,257          6,377  

Investment subsidiaries

        4,274          4,094  

Agriculture and timber

        4,973          5,271  

Energy and infrastructure

        1,653          1,170  

Total affiliated other invested assets

      $ 27,749        $ 28,409  
   

Of the $6,257 million and $6,377 million of operating subsidiaries and affiliates as of December 31, 2024 and 2023, $5,917 million and $5,985 million were attributed to Nuveen, LLC, TIAA’s largest subsidiary, respectively.

As of December 31, 2024 and 2023, unaffiliated other invested assets consist primarily of joint ventures.

The following table presents the OTTI recorded for the years ended December 31, (in millions) for “Other invested assets” for which the carrying value is not expected to be recovered:

 

        2024        2023        2022  

Operating Subsidiaries

      $ 1,150        $ 1,013        $ 842  

All Other

        219          166          197  

Total

      $ 1,369        $ 1,179        $ 1,039  
   

The following table presents the carrying value for “Other invested assets” denominated in foreign currency for the years ended December 31, (in millions):

 

        2024        2023            

Other invested assets denominated in foreign currency

      $ 1,190        $ 1,178             

Note 8—investments commitments

The outstanding obligation for future investments at December 31, 2024, is shown below by asset category (in millions):

 

        2025        In later years        Total Commitments  

Bonds

      $ 975        $ 2,098        $ 3,073  

Mortgage loans

        639          —          639  

Real estate

        24          —          24  

Other invested assets

        2,763          7,804          10,567  

Total

      $ 4,401        $ 9,902        $ 14,303  
   

The funding of bond commitments is contingent upon the continued favorable financial performance of the potential borrowers and the funding of real estate and commercial mortgage commitments is generally contingent upon the underlying properties meeting specified requirements, including construction, leasing and occupancy. The funding of residential mortgage loan commitments is contingent upon the loan meeting specified guidelines including property appraisal reviews and confirmation of borrower credit. For other invested assets, primarily fund investments, there are scheduled capital calls that extend into future years.

 

B-132   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Note 9—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 millions):

 

        2024        2023        2022  

Bonds

      $ 9,500        $ 9,061        $ 8,649  

Stocks

        339          259          281  

Mortgage loans

        1,773          1,759          1,482  

Real estate

        499          492          409  

Derivatives

        297          299          270  

Other invested assets

        2,202          2,292          2,612  

Cash, cash equivalents and short-term investments

        82          75          9  

Total gross investment income

        14,692          14,237          13,712  

Less investment expenses

        (1,365 )         (1,347 )         (1,240 ) 

Net investment income before amortization of IMR

        13,327          12,890          12,472  

Plus amortization of IMR

        208          432          532  

Net investment income

      $ 13,535        $ 13,322        $ 13,004  
   

The gross, nonadmitted and admitted amounts for interest income due and accrued for the years ended December 31, are as follows (in millions):

 

        2024        2023  

Gross

      $ 2,018        $ 2,014  

Nonadmitted

        —          —  

Total admitted interest income due and accrued

      $ 2,018        $ 2,014  
                       

The cumulative amounts of paid-in-kind (“PIK”) interest included in the current principal balance for the years ended December 31, are as follows (in millions):

 

        2024        2023  

Cumulative amounts of PIK interest included in the current principal balance

      $ 1,566        $ 1,495  

Realized Capital Gains and Losses: The net realized capital gains (losses) on sales, redemptions and write-downs due to OTTI for the years ended December 31, are as follows (in millions):

 

        2024        2023        2022  

Bonds

      $ (617 )       $ (444 )       $ (347 ) 

Stocks

        (33 )         (718 )         (1,336 ) 

Mortgage loans

        (722 )         (402 )         (5 ) 

Real estate

        98          60          (1 ) 

Derivatives

        (108 )         (43 )         459  

Other invested assets

        (1,583 )         (1,248 )         (1,219 ) 

Cash, cash equivalents and short-term investments

        23          86          (87 ) 

Total before capital gains taxes and transfers to IMR

        (2,942 )         (2,709 )         (2,536 ) 

Transfers to IMR

        264          1,019          (78 ) 

Net realized capital losses less capital gains taxes, after transfers to IMR

      $ (2,678 )       $ (1,690 )       $ (2,614 ) 
   

Write-downs of investments resulting from OTTI, included in the preceding table, are as follows for the years ended December 31, (in millions):

 

        2024        2023        2022  

Other-than-temporary impairments:

               

Bonds

      $ 504        $ 211        $ 239  

Stocks

        45          57          1,403  

Mortgage loans

        702          364          —  

Real estate

        68          100          4  

Other invested assets

        1,369          1,179          1,039  

Total

      $ 2,688        $ 1,911        $ 2,685  
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-133  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Information related to the sales of long-term bonds are as follows for the years ended December 31, (in millions):

 

        2024        2023        2022  

Proceeds from sales

      $ 6,040        $ 13,322        $ 17,993  

Gross gains on sales

      $ 84        $ 196        $ 482  

Gross losses on sales

      $ 177        $ 357        $ 541  

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. In accordance with the Company’s valuation and impairment process, the investments which are deemed held for sale will be monitored quarterly for further declines in fair value at which point an OTTI will be recorded until actual disposal of the investment.

Note 10—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 stocks 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 a discounted cash flow analysis, 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 are 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.

Net Asset Value (“NAV”) practical expedient - TIAA has elected the NAV practical expedient for certain investments held by its separate account. These investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. The separate account assets that have elected the NAV practical expedient represent investments in limited partnerships and limited liability companies that invest in real estate properties. The fair value, determined by the NAV practical expedient, of these assets were $740 million and $792 million for the years ended December 31, 2024 and 2023, respectively, and total unfunded commitments were $232 million and $201 million for the years ended December 31, 2024 and 2023, respectively. For these investments, redemptions are prohibited prior to liquidation.

 

B-134   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The following table provides information about the aggregate fair value of the Company’s financial instruments and their level within the fair value hierarchy as well as investments valued at their NAV, at December 31, 2024 (in millions):

 

     

Aggregate

Fair Value

     

Statement

Value

      Level 1      Level 2      Level 3      NAV  

Assets:

                  

Bonds

    $ 180,844      $ 199,933      $ —      $ 179,454      $ 1,390      $ —  

Common stock(1)

      2,178        2,178        1,553        139        486        —  

Preferred stock

      1,014        1,040        48        905        61        —  

Mortgage loans

      34,053        38,205        —        —        34,053        —  

Derivatives

      930        1,929        —        54        876        —  

Other invested assets(1)

      224        211        —        224        —        —  

Contract loans

      363        363        —        —        363        —  

Separate account assets

      48,365        48,505        21,916        4,136        21,573        740  

Cash, cash equivalents & short term investments

      3,414        3,412        299        3,101        14        —  

Total

    $ 271,385      $ 295,776      $ 23,816      $ 188,013      $ 58,817      $ 740  
                     
     

Aggregate

Fair Value

      Statement
Value		      Level 1      Level 2      Level 3      NAV  

Liabilities:

                  

Deposit-type contracts

    $ 8,770      $ 8,770      $ —      $ —      $ 8,770      $ —  

FHLB debt

      100        100        —        —        100        —  

Separate account liabilities

      47,456        47,456        —        —        47,456        —  

Derivatives

      (28 )       98        —        47        (75 )*       —  

Total

    $ 56,298      $ 56,424      $ —      $ 47      $ 56,251      $ —  
                     

 

(1)

Excludes investments accounted for under the equity method.

*

The negative amount in the liabilities table represents the positive market value of the Tranched Credit Default Index Replications that were traded at a discount.

The following table provides information about the aggregate fair value of the Company’s financial instruments and their level within the fair value hierarchy as well as investments valued at their NAV at December 31, 2023 (in millions):

 

      Aggregate
Fair Value		      Statement
Value		      Level 1      Level 2      Level 3      NAV  

Assets:

                  

Bonds

    $ 183,159      $ 199,566      $ —      $ 181,158      $ 2,001      $ —  

Common stock(1)

      1,717        1,717        1,000        212        505        —  

Preferred stock

      993        994        12        830        151        —  

Mortgage loans

      37,235        40,992        —        —        37,235        —  

Derivatives

      1,245        1,358        —        306        939        —  

Other invested assets(1)

      259        251        —        259        —        —  

Contract loans

      502        502        —        —        502        —  

Separate account assets

      47,464        47,625        19,427        2,955        24,290        792  

Cash, cash equivalents & short term investments

      534        534        137        377        20        —  

Total

    $ 273,108      $ 293,539      $ 20,576      $ 186,097      $ 65,643      $ 792  
                     
      Aggregate
Fair Value		      Statement
Value		      Level 1      Level 2      Level 3      NAV  

Liabilities:

                  

Deposit-type contracts

    $ 8,499      $ 8,499      $ —      $ —      $ 8,499      $ —  

FHLB debt

      160        160        —        —        160        —  

Separate account liabilities

      46,862        46,862        —        —        46,862        —  

Derivatives

      261        365        —        314        (53 )*       —  

Total

    $ 55,782      $ 55,886      $ —      $ 314      $ 55,468      $ —  
                     

 

(1)

Excludes investments accounted for under the equity method.

*

The negative amount in the liabilities table represents the positive market value of the Tranched Credit Default Index Replications that were traded at a discount.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-135  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The estimated fair values of the financial instruments presented above are determined by the Company using market information available as of December 31, 2024 and 2023. 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 realize 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. Common stock, preferred stock, and separate account assets in Level 1 primarily include mutual fund investments valued by the respective mutual fund companies, exchange listed equities, and public real estate investment trusts. Bond ETFs are classified as common stock and are valued using quoted market prices.

Cash included in Level 1 represents cash on hand.

Level 2 financial instruments

Bonds included 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 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.

Derivative assets and liabilities classified in Level 2 represent over-the-counter instruments that include, but are not limited to, fair value hedges using foreign currency swaps, foreign currency forwards, commodity forwards, interest rate swaps and credit default swaps. Fair values for these instruments are determined internally using market observable inputs that include, but are not limited to, forward currency rates, interest rates, credit default rates and published observable market indices.

Other invested assets in Level 2 include surplus notes that 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. Additionally, for residual tranches or interests, valuation may be based 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.

Separate account assets in Level 2 consist principally of short-term government agency notes and corporate bonds that are valued principally by third party pricing services using market observable inputs.

Cash equivalents, short term investments and common stock included in Level 2 are valued principally by third party services using market observable inputs.

Level 3 financial instruments

Valuation techniques for bonds and cash, cash equivalents, and short-term investments 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.

Estimated fair value for privately traded common equity securities are principally determined using valuation and discounted cash flow models that require a substantial level of judgment. Included in Level 3 common stock is the Company’s holdings in the Federal Home Loan Bank of New York (“FHLBNY”) stock as described in Note 18 - FHLBNY Membership and Borrowings. As prescribed in the FHLBNY’s capital plan, the par value of the capital stock is $100 and all capital stock is issued, redeemed, repurchased, or transferred at par value. Since there is not an observable market for the FHLBNY’s stock, these securities have been classified as Level 3.

 

B-136   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Preferred shares are valued using valuation and discounted cash flow models that require a substantial level of judgment.

Mortgage loans are valued using discounted cash flow models that utilize inputs which include loan and market interest rates, credit spreads, the nature and quality of underlying collateral and the remaining term of the loans.

Derivatives assets classified as Level 3 represent structured financial instruments that rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be corroborated by observable market data. Significant inputs that are unobservable generally include references to inputs outside the observable portion of credit curves or other relevant market measures. These unobservable inputs require significant management judgment or assumptions. Level 3 methodologies are validated through periodic comparison of the Company’s fair values to external broker-dealer values.

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 is determined to be its fair value, and are classified as Level 3.

Separate account assets classified as Level 3 primarily include directly owned real estate properties, real estate joint ventures and real estate limited partnerships. Directly owned real estate properties are valued on a quarterly basis based on independent third party appraisals. Real estate joint venture interests are valued based on the fair value of the underlying real estate, any related mortgage loans payable and other factors such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. Real estate limited partnership interests are valued based on the most recent NAV of the partnership.

Separate account liabilities are accounted for at fair value, except the TIAA Stable Value separate account, which supports book value separate account agreements, in which case the assets are accounted for at amortized cost. Separate account liabilities reflect the contractual obligations of the insurer arising out of the provisions of the insurance contract.

FHLB debt provides additional liquidity to the Company to support general business operations. FHLB debt held by the Company is generally comprised of short term advances and is reflected as borrowed money within the Company’s financial statements. Borrowings outstanding at December 31, 2024 and 2023, had maturity dates less than three business days from the reporting date. Accordingly, the fair value of the debt is valued using the par value, which approximates fair value.

Deposit-type contracts include funding agreements used in an investment spread capacity. Fair value of funding agreements is determined by discounted cash flow analysis using funding agreement interest rates as of the reporting date. Other deposit-type contracts are valued based on the accumulated account value, which approximates fair value. All deposit-type contracts are classified as Level 3.

Assets and liabilities measured and reported at fair value

The following table provides information about the aggregate fair value for financial instruments measured and reported at fair value and their level within the fair value hierarchy as well as investments valued at their NAV at December 31, (in millions):

 

       2024  
        Level 1        Level 2        Level 3        NAV        Total  

Assets at fair value:

                         

Bonds

                         

U.S. Government

      $ —        $ 1,157        $ —        $ —        $ 1,157  

Industrial and miscellaneous

        —          559          —          —          559  

Total bonds

      $ —        $ 1,716        $ —        $ —        $ 1,716  

Common stock

                         

Industrial and miscellaneous

      $ 1,553        $ 139        $ 486        $ —        $ 2,178  

Total common stocks

      $ 1,553        $ 139        $ 486        $ —        $ 2,178  

Preferred stock

      $ 47        $ 848        $ 61        $ —        $ 956  

Total preferred stocks

      $ 47        $ 848        $ 61        $ —        $ 956  

Derivatives

                         

Foreign exchange contracts

      $ —        $ 779        $ —        $ —        $ 779  

Total derivatives

      $ —        $ 779        $ —        $ —        $ 779  

Separate accounts assets

      $ 21,891        $ 1,215        $ 21,573        $ 740        $ 45,419  

Total assets at fair value

      $ 23,491        $ 4,697        $ 22,120        $ 740        $ 51,048  
              

Liabilities at fair value:

                         

Derivatives

                         

Interest rate contracts

      $ —        $ 5        $ —        $ —        $ 5  

Foreign exchange contracts

        —          34          —          —          34  

Total liabilities at fair value

      $ —        $ 39        $ —        $ —        $ 39  
              

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-137  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

       2023  
        Level 1        Level 2        Level 3        NAV        Total  

Assets at fair value:

                         

Bonds

                         

U.S. Government

      $ —        $ 1,227        $ —        $ —        $ 1,227  

Industrial and miscellaneous

        —          47          —          —          47  

Total bonds

      $ —        $ 1,274        $ —        $ —        $ 1,274  

Common stock

                         

Industrial and miscellaneous

      $ 999        $ 212        $ 505        $ —        $ 1,716  

Total common stocks

      $ 999        $ 212        $ 505        $ —        $ 1,716  

Preferred stock

      $ 12        $ 719        $ 74        $ —        $ 805  

Total preferred stocks

      $ 12        $ 719        $ 74        $ —        $ 805  

Derivatives

                         

Foreign exchange contracts

      $ —        $ 367        $ —        $ —        $ 367  

Total derivatives

      $ —        $ 367        $ —        $ —        $ 367  

Separate accounts assets

      $ 19,402        $ 155        $ 24,290        $ 792        $ 44,639  

Total assets at fair value

      $ 20,413        $ 2,727        $ 24,869        $ 792        $ 48,801  
              

Liabilities at fair value:

                         

Derivatives

                         

Interest rate contracts

      $ —        $ 4        $ —        $ —        $ 4  

Foreign exchange contracts

        —          256          —          —          256  

Total liabilities at fair value

      $ —        $ 260        $ —        $ —        $ 260  
              

Reconciliation of Level 3 assets and liabilities measured and reported at fair value:

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured and reported at fair value using Level 3 inputs at December 31, 2024 (in millions):

 

    

Balance at

1/1/2024

    

Transfers

into

Level 3

    

Transfers

out of

Level 3

    

Total gains
& (losses)

included in
Net Income

    

Total gains
& (losses)

included in

Surplus

     Purchases     Issuances     Sales     Settlements    

Ending

Balance at

12/31/2024

  

Bonds

   $ —     $ —     $  —     $ (4 )    $ 3     $ —     $ 1     $ —     $ —     $ —  

Common stock

     505       —       —       26       (25 )      2,210       —       (2,230 )      —       486  

Preferred stock

     74       9 a      —       (7 )      (4 )      —       —       (11 )      —       61  

Separate account assets

     24,290       —       —       (356 )      (1,394 )      774       —       (1,679 )      (62 )      21,573  

Total

   $ 24,869     $ 9     $ —     $ (341 )    $ (1,420 )    $ 2,984     $ 1     $ (3,920 )    $ (62 )    $ 22,120  
   

 

(a)

The Company transferred Preferred stock into Level 3 that is measured and reported at fair value.

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured and reported at fair value using Level 3 inputs at December 31, 2023 (in millions):

 

    

Beginning

balance at

1/1/2023

    

Transfers

into

Level 3

     Transfers
out of
Level 3		    

Total gains

(losses)

included in
Net Income

    

Total gains

(losses)

included in

Surplus

     Purchases     Issuances     Sales     Settlements    

Ending

Balance at

12/31/2023

  

Bonds

   $ —     $ 10 a    $ (4 )b    $ (12 )    $ (1 )    $ —     $ 7     $ —     $ —     $ —  

Common stock

     511       —       —       —       (4 )      2,618       —       (2,620 )      —       505  

Preferred stock

     66       —       —       2       18       —       —       (12 )      —       74  

Separate account assets

     28,460       —       —       (95 )      (4,380 )      285       —       —       20       24,290  

Total

   $ 29,037     $ 10     $ (4 )    $ (105 )    $ (4,367 )    $ 2,903     $ 7     $ (2,632 )    $ 20     $ 24,869  
   

 

(a)

The Company transferred bonds into Level 3 that were measured and reported at fair value.

(b)

The Company transferred bonds out of Level 3 that were not measured and reported at fair value.

 

 

B-138   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

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.

Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information on significant unobservable inputs (Level 3) used in the fair value measurement of assets that are measured and reported at fair value at December 31, 2024 (in millions):

 

Financial Instrument   

Fair

Value

      Valuation Techniques   

Significant Unobservable

Inputs

    Range of Inputs   

Weighted

Average

  

Equity securities:

                                 

Common stock

    $ 486      Market comparable    Earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple    7.25x-12.00x      9.57x  
      Equity method    Company Financials    1.0x      1.0x  
      Exchange Traded—Close price    Contractual Price    $135.5    $ 135.5  
      Market comparable    Revenue Multiple    7.2x      7.2x  

Preferred stock

    $ 61      Market comparable    EBITDA multiple    13.5x      13.5x  
      Market comparable    Price-to-book multiple    2.5x      2.5x  
              Market comparable    Market Yield    12.56x      12.56x  

Separate account assets:

                                 

Real estate properties and real
estate joint ventures

    $ 20,852              

Office properties

       Income approach—discounted cash flow    Discount rate    6.5%–11.0%      8.5 % 
         Terminal capitalization rate    5.0%–9.5%      6.9 % 
      Income approach—direct capitalization    Overall capitalization rate    5.0%–13.8%      6.9 % 

Industrial properties

       Income approach—discounted cash flow    Discount rate    6.8%–8.5%      7.3 % 
         Terminal capitalization rate    5.3%–7.0%      5.7 % 
      Income approach—direct capitalization    Overall capitalization rate    4.3%–6.5%      5.3 % 

Residential properties

       Income approach—discounted cash flow    Discount rate    6.8%–8.0%      7.0 % 
         Terminal capitalization rate    5.0%–6.8%      5.6 % 
      Income approach—direct capitalization    Overall capitalization rate    4.5%–6.5%      5.1 % 

Retail properties

       Income approach—discounted cash flow    Discount rate    6.8%–12.0%      7.7 % 
         Terminal capitalization rate    5.5%–9.5%      6.6 % 
      Income approach—direct capitalization    Overall capitalization rate    5.3%–9.0%      6.1 % 

Hotel properties

       Income approach—discounted cash flow    Discount rate    10.0%      10.0 % 
         Terminal capitalization rate    8.3%      8.3 % 
      Income approach—direct capitalization    Overall capitalization rate    7.8%      7.8 % 

Separate account real estate assets include the values of the related mortgage loans payable in the table below at December 31, 2024 (in millions):

 

Financial Instrument   

Fair

Value

      Valuation Techniques    Significant Unobservable
Inputs		    Range of Inputs   

Weighted

Average

  

Mortgage loans payable

    $ (1,586)              

Office properties

       Discounted cash flow    Loan-to-value ratio    43.2%–78.4%      69.9%  
         Equivalency rate    6.0%–6.5%      6.4%  
         Loan-to-value ratio    43.2%–78.4%      69.9%  
      Net present value    Weighted average cost of    1.1–1.7      1.4  
         capital risk premium
         multiple

Industrial properties

          Loan-to-value ratio    30.0%–40.5%      34.1%  
      Discounted cash flow         
         Equivalency rate    6.0%–6.1%      6.0%  
         Loan-to-value ratio    30.0%–40.5%      34.1%  
      Net present value    Weighted average cost of    1.1–1.1      1.1  
         capital risk premium
         multiple

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-139  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Financial Instrument    Fair
Value		      Valuation Techniques    Significant Unobservable
Inputs		    Range of Inputs   

Weighted

Average

Residential properties

       Discounted cash flow    Loan-to-value ratio    45.6%–73.8%    57.7%
         Equivalency rate    5.7%–7.1%    6.4%
         Loan-to-value ratio    45.6%–73.8%    57.7%
      Net present value    Weighted average cost of    1.2–1.4    1.3
         capital risk premium
         multiple

Retail properties

       Discounted cash flow    Loan-to-value ratio    48.5%–73.1%    54.0%
         Equivalency rate    5.7%–7.2%    5.8%
         Loan-to-value ratio    48.5%–73.1%    54.0%
      Net present value    Weighted average cost of    1.2–1.4    1.3
         capital risk premium
                   multiple

Separate account real estate assets include the values of the related loan receivable in the table below at December 31, 2024 (in millions):

 

Financial Instrument    Fair
Value		      Valuation Techniques    Significant Unobservable
Inputs		    Range of Inputs   

Weighted

Average

Loan receivable

    $ 1,375              

Office properties

       Discounted cash flow    Loan-to-value ratio    52.7%–78.2%    65.7%
         Equivalency rate    8.8%–32.6%    14.5%

Industrial properties

       Discounted cash flow    Loan-to-value ratio    35.8%–72.6%    54.3%
         Equivalency rate    5.3%–8.3%    6.4%

Residential properties

       Discounted cash flow    Loan-to-value ratio    69.9%–72%    71.0%
         Equivalency rate    7.7%–9%    8.1%

Retail properties

       Discounted cash flow    Loan-to-value ratio    66.9%–66.9%    66.9%
                   Equivalency rate    24.0%–24.0%    24.0%

Separate account real estate assets include the values of the real estate operating business in the table below at December 31, 2024 (in millions):

 

Financial Instrument    Fair
Value		      Valuation Techniques    Significant Unobservable
Inputs		    Range of Inputs   

Weighted

Average

  

Real estate operating business

    $ 932              
      Discounted cash flow    Discount rate    12.5%      12.5 % 
         Terminal growth rate    10.8%      10.8 % 
      Market approach    EBITDA multiple    31.7x      31.7x  
         Terminal EBITDA Multiple    20.0x      20.0x  

Additional qualitative information on fair valuation process

The Company has various processes and controls in place to ensure that fair value is reasonably estimated. The procedures and framework for fair value methodologies are approved by the TIAA Valuation Committee. The valuation teams are responsible for the determination of fair value in accordance with the procedures and framework approved by the TIAA Valuation Committee.

The valuation teams (1) compare price changes between periods to current market conditions, (2) compare trade prices of securities to fair value estimates, (3) compare prices from multiple pricing sources, and (4) perform ongoing vendor due diligence to confirm that independent pricing services use market-based parameters for valuation. Internal and vendor valuation methodologies are reviewed on an ongoing basis and revised as necessary based on changing market conditions to ensure values represent a reasonable exit price.

Markets in which the Company’s fixed income securities trade are monitored by surveying the Company’s traders. The valuation teams determine if liquidity is active enough to support a Level 2 classification. Use of independent non-binding broker quotations may indicate a lack of liquidity or the general lack of transparency in the process to develop these price estimates, causing them to be considered Level 3.

Level 3 equity investments generally include private equity co-investments along with general and limited partnership interests. Values are derived by the general partners. The partners generally fair value these instruments based on projected net earnings, earnings before interest, taxes depreciation and amortization, discounted cash flow, public or private market transactions, or

 

B-140   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

valuations of comparable companies. When using market comparables, certain adjustments may be made for differences between the reference comparable and the investment, such as liquidity. Investments may also be valued at cost for a period of time after an acquisition, as the best indication of fair value.

With respect to real property investments in TIAA’s Real Estate Account, each property is appraised, and each mortgage loan is valued, at least once every calendar quarter. Each property is appraised by an independent, third party appraiser, reviewed by the Company’s internal appraisal staff and as applicable, the Real Estate Account’s independent fiduciary. Any differences in the conclusions of the Company’s internal appraisal staff and the independent appraiser are reviewed by the independent fiduciary, who will make a final determination. The independent fiduciary was appointed by a special subcommittee of the Investment Committee of TIAA Board of Trustees to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Real Estate Account.

Mortgage loans payable are valued internally by the valuation teams, and reviewed by the Real Estate Account’s independent fiduciary, at least quarterly based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the liquidity for mortgage loans of similar characteristics, the maturity date of the loan, the return demands of the market.

The loans receivable are valued internally by the valuation teams, and reviewed by the Real Estate Account’s independent fiduciary, at least quarterly based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The Real Estate Account continues to use the revised value after valuation adjustments for the loan receivable to calculate the Account’s daily NAV until the next valuation review.

Note 11—restricted assets

The following tables provide information on the amounts and nature of assets pledged to others as collateral or otherwise restricted by the Company as of December 31, (in millions):

 

   

 

     2024    

 

    

 

    

 

    

 

    

 

  
     1     2     3     4     5     6     7     8     9     10     11  
Restricted Asset Category   Total
General
Account
(G/A)		     G/A
Supporting
Separate
Account
(S/A)
Activity		     Total
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		  

Collateral held under security lending agreements

   $ 1,373     $ —     $ 2     $ —     $ 1,375     $ 652     $ 723     $ —     $ 1,375       0.39%       0.39%  

FHLB capital stock

     373       —       —       —       373       367       6       —       373       0.11%       0.11%  

On deposit with states

     15       —       —       —       15       16       (1 )      —       15       —%       —%  

Pledged as collateral to FHLB (including assets backing funding agreements)

     9,108       —       —       —       9,108       8,729       379       —       9,108       2.56%       2.60%  

Pledged as collateral not captured in other categories

     1,186       —       —       —       1,186       231       955       —       1,186       0.33%       0.34%  

Other restricted assets

     —       —       48       —       48       37       11       —       48       0.01%       0.01%  

Total restricted assets

   $ 12,055     $ —     $ 50     $ —     $ 12,105     $ 10,032     $ 2,073     $ —     $ 12,105       3.40%       3.45%  
   

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-141  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

   

 

     2023    

 

    

 

    

 

    

 

    

 

  
     1     2     3     4     5     6     7     8     9     10     11  
Restricted Asset Category   Total
General
Account
(G/A)		     G/A
Supporting
Separate
Account
(S/A)
Activity		     Total
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		  

Collateral held under security lending agreements

   $ 652     $ —     $ —     $ —     $ 652     $ 1,332     $ (680 )    $ —     $ 652       0.19%       0.19%  

FHLB capital stock

     367       —       —       —       367       369       (2 )      —       367       0.10%       0.11%  

On deposit with states

     16       —       —       —       16       16       —       —       16       0.01%       0.01%  

Pledged as collateral to FHLB (Including assets backing funding agreements)

     8,729       —       —       —       8,729       8,780       (51 )      —       8,729       2.49%       2.52%  

Pledged as collateral not captured in other categories

     231       —       —       —       231       31       200       —       231       0.07%       0.07%  

Other restricted assets

     —       —       37       —       37       45       (8 )      —       37       0.01%       0.01%  

Total restricted assets

   $ 9,995     $ —     $ 37     $ —     $ 10,032     $ 10,573     $ (541 )    $ —     $ 10,032       2.87%       2.91%  
                                   

The pledged as collateral not captured in other categories represents derivative collateral the Company has pledged and collateral pledged associated with forward loan purchase agreements.

The other restricted assets represents real estate deposits held within separate accounts.

The following tables provide the collateral received and reflected as assets by the Company and the recognized obligation to return collateral assets as of December 31, (in millions):

 

       2024  
Collateral Assets      Book/Adjusted
Carrying Value
(“BACV”)		        Fair
Value		        BACV to Total
Assets (Admitted
and Nonadmitted)		        BACV to Total
Admitted
Assets		  

General Account:

                    

Cash, cash equivalents and short-term investments

      $ 1,570        $ 1,570          0.51 %         0.52 % 

Securities lending collateral assets

        1,373          1,373          0.45 %         0.46 % 

Total General Account Collateral Assets

      $ 2,943        $ 2,943          0.96 %         0.98 % 
   

Separate Account:

                    

Securities lending collateral assets

      $ 2        $ 2          — %         — % 

Total Separate Account Collateral Assets

      $ 2        $ 2          — %         — % 
   

 

       2024  
        Amount        % of Total
Liabilities		  

Recognized Obligation to Return Collateral Asset (General Account)

      $ 2,943          1.13 % 

Recognized Obligation to Return Collateral Asset (Separate Account)

      $ 2          — % 

 

       2023  
Collateral Assets      Book/Adjusted
Carrying Value
(“BACV”)		        Fair
Value		        BACV to Total
Assets (Admitted
and Nonadmitted)		        BACV to Total
Admitted
Assets		  

General Account:

                    

Cash, cash equivalents and short-term investments

      $ 1,039        $ 1,039          0.34 %         0.35 % 

Securities lending collateral assets

        652          652          0.21 %         0.22 % 

Total General Account Collateral Assets

      $ 1,691        $ 1,691          0.55 %         0.57 % 
   

Separate Account:

                    

Securities lending collateral assets

      $ 2        $ 2          — %         — % 

Total Separate Account Collateral Assets

      $ 2        $ 2          — %         — % 
   

 

B-142   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

       2023  
        Amount       

% of Total

Liabilities

  

Recognized Obligation to Return Collateral Assets (General Account)

      $ 1,691          0.66 % 

Recognized Obligation to Return Collateral Asset (Separate Account)

      $ 2          — % 

The Company receives primarily cash collateral for derivatives. The Company reinvests the cash collateral or uses the cash for general corporate purposes.

Note 12—derivative financial instruments

The Company uses derivative instruments for economic hedging and asset replication purposes. The Company does not engage in derivative financial instrument transactions for speculative purposes. The Company does not enter into derivative financial instruments with financing premiums.

Counterparty and Credit Risk: Derivative financial instruments used by the Company may be exchange-traded or contracted in the over-the-counter market (“OTC”). The Company’s OTC derivative transactions are cleared and settled through central clearing counterparties (“OTC-cleared”) or through bilateral contracts with other counterparties (“OTC-bilateral”). Should an OTC-bilateral counterparty fail to perform its obligations under contractual terms, the Company may be exposed to credit-related losses. The current credit exposure of the Company’s derivatives is limited to the net positive fair value of derivatives at the reporting date, after taking into consideration the existence of netting agreements and any collateral received. All of the credit exposure for the Company from OTC-bilateral contracts is with investment grade counterparties. The Company also monitors its counterparty credit quality on an ongoing basis.

The Company currently has International Swaps and Derivatives Association (“ISDA”) master swap agreements in place with each derivative counterparty relating to OTC transactions. In addition to the ISDA agreement, Credit Support Annexes (“CSA”), which are bilateral collateral agreements, are put in place with a majority of the Company’s derivative OTC-bilateral counterparties. The CSAs allow the Company’s mark-to-market exposure to a counterparty to be collateralized by the posting of cash or highly liquid U.S. government securities. The Company also exchanges cash and securities margin for derivatives traded through a central clearinghouse. Due to the level of material swap exposure, the Company also entered Uncleared Margin Rules (“UMR”) agreements with certain non-clearinghouse counterparties to adhere to Initial Margin (“IM”) obligations for uncleared swap transactions. As of December 31, 2024 and 2023, counterparties pledged the following cash and initial margins to the Company (in millions):

 

       December 31,  
        2024        2023  

Cash collateral and margin

      $ 1,570        $ 1,039  

Securities collateral and margin

      $ 398        $ 184  

The Company must also post collateral or margin to the extent its net position with a given counterparty or clearinghouse is at a loss relative to the counterparty. As of December 31, 2024 and 2023, the Company pledged the following collateral and initial margins to its counterparties (in millions):

 

       December 31,  
        2024        2023  

Cash collateral and margin

      $ 5        $ 129  

Securities collateral and margin

      $ 1,113        $ 88  

The amount of accounting loss the Company will incur if any party to the derivative contract fails completely to perform according to the terms of the contract and the collateral or other security, if any, for the amount due proved to be of no value to the Company is equal to the gross asset value and accrued interest receivable of all derivative contracts which, as of December 31, 2024 and 2023, were $2,066 million and $1,491 million, respectively.

Certain of the Company’s master swap agreements governing its derivative instruments contain provisions that require the Company to maintain a minimum credit rating from two of the major credit rating agencies. If the Company’s credit rating falls below the specified minimum, each of the counterparties to agreements with such requirements could terminate all outstanding derivative transactions between such counterparty and the Company. The termination requires immediate payment of amounts expected to approximate the net liability positions of such transactions with such counterparty. The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position on December 31, 2024 and 2023 were $235 million and $121 million, respectively, for which the Company posted collateral of $244 million and $100 million, respectively, through the normal course of business.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-143  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Derivative Types: The Company utilizes the following types of derivative financial instruments and strategies within its portfolio:

Interest Rate Swap Contracts: The Company enters into interest rate swap contracts to economically hedge against the effect of interest rate fluctuations on certain variable interest rate bonds and other commitments. The Company also uses interest rate swap contracts in certain replication synthetic asset transactions. (“RSAT”). RSATs are derivative transactions (the derivative component) established concurrently with other investments (the cash component) in order to “replicate” the investment characteristics of another permissible instrument (the reference entity). The Company does not apply hedge accounting for these derivatives instruments.

Foreign Currency Swap Contracts: The Company enters into foreign currency swap contracts and forward foreign currency swap contracts to exchange fixed and variable amounts of foreign currency at specified future dates and at specified rates (in U.S. dollars) as a cash flow hedge to manage currency risks on investments denominated in foreign currencies. The Company applies hedge accounting to certain of these derivatives instruments and fair value accounting to the majority of these derivatives instruments.

Foreign Currency Forward Contracts: The Company enters into foreign currency forward contracts to exchange foreign currency at specified future dates and at specified rates (in U.S. dollars) to manage currency risks on investments denominated in foreign currencies. The Company does not apply hedge accounting for these derivatives instruments.

Purchased Credit Default Swap Contracts: The Company purchases credit default swaps to hedge against unexpected credit events on selective investments held in the Company’s investment portfolio. The Company pays a periodic fee in exchange for the right to put the underlying investment back to the counterparty at par upon a credit event by the underlying referenced issuer. Credit events are typically defined as bankruptcy, failure to pay, or certain types of restructuring. The Company does not apply hedge accounting for these derivatives instruments.

Written Credit Default Swaps used in Replication Transactions: Credit default swaps are used by the Company in conjunction with long-term bonds as RSAT. The Company sells credit default swaps on single name corporate or sovereign credits, credit indices, or credit index tranches and provides credit default protection to the buyer. Events or circumstances that would require the Company to perform under a written credit default swap may include, but are not limited to, bankruptcy, failure to pay, debt moratorium, debt repudiation, debt restructuring, or default. The Company does not apply hedge accounting for these derivatives instruments.

Asset Swap Contracts: The Company enters into asset swap contracts to hedge against inflation risk associated with its TIPS. The Company also uses asset swap contracts in certain RSATs. For hedges of its TIPS, the Company pays all cash flows received from the TIPS security to the counterparty in exchange for fixed interest rate coupon payments. The Company applies hedge accounting for asset swaps used in hedging transactions, and does not apply hedge accounting for asset swaps used in RSATs.

Total Return Swap Contracts: The Company enters into total return swap contracts in conjunction with long-term bonds as part of its RSAT strategy. The Company does not apply hedge accounting for these derivatives instruments.

Bond Forward Contracts: The Company enters into forward bond contracts to purchase an identified bond at a specified price on a future date as part of its RSAT strategy. The Company does not apply hedge accounting for these derivatives instruments.

The table below illustrates the change in net unrealized capital gains and losses and realized capital gains and losses from derivative instruments. Instruments utilizing hedge accounting treatment are shown as qualifying hedge relationships. Instruments that utilize fair value accounting are shown as non-qualifying hedge relationships. Derivatives used in replication strategies are shown as derivatives used for other than hedging purposes (in millions):

 

     December 31, 2024      December 31, 2023      December 31, 2022  
Qualifying hedge relationships   

Change in
Net Unrealized
Capital Gain

(Loss)

      Net Realized
Capital Gain
(Loss)		      Change in
Net Unrealized
Capital Gain
(Loss)		     

Net Realized
Capital Gain

(Loss)

     

Change in
Net Unrealized
Capital Gain

(Loss)

     

Net Realized
Capital Gain

(Loss)

  

Foreign currency swap

    $ 246      $ 2      $ (101 )     $ (3 )     $ 296      $ 11  
Total qualifying hedge relationships    $246      $2      $(101)      $(3)      $296      $11  
Non-qualifying hedge relationships                                                

Foreign currency swaps

    $ 195      $ (7 )     $ (417 )     $ 85      $ 476      $ 33  

Foreign currency forwards

      444        2        (147 )       28        (37 )       412  

Interest rate contracts

      (1 )       —        86        (172 )       (103 )       —  

Total non-qualifying hedge relationships

    $ 638      $ (5 )     $ (478 )     $ (59 )     $ 336      $ 445  

Derivatives used for other than hedging purposes

    $ —      $ (105 )     $ —      $ 19      $ —      $ 3  

Total derivatives

    $ 884      $ (108 )     $ (579 )     $ (43 )     $ 632      $ 459  
                                                       

 

B-144   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Events or circumstances that would require the Company to perform under a written credit derivative position may include, but are not limited to, bankruptcy, failure to pay, debt moratorium, debt repudiation, restructuring of debt and acceleration, or default. The maximum potential amount of future payments (undiscounted) the Company could be required to make under the credit derivative is represented by the notional amount of the contract. Should a credit event occur, the amounts owed to a counterparty by the Company may be subject to recovery provisions that include, but are not limited to:

 

1.

Notional amount payment by the Company to Counterparty and/or delivery of physical security by Counterparty to the Company.

 

2.

Notional amount payment by the Company to Counterparty net of contractual recovery fee.

 

3.

Notional amount payment by the Company to Counterparty net of auction determined recovery fee.

The Company will record an other-than-temporary impairment loss on a derivative position if an existing condition or set of circumstances indicates there is a limited ability to recover an unrealized loss.

The Company enters into replication transactions whereby credit default swaps have been written by the Company on credit indices, credit index tranches, or single name corporate or sovereign credits. Credit index positions represent replications where credit default swaps have been written by the Company on the Dow Jones North American Investment Grade Series of indexes (“DJ.NA.IG”). Each index is comprised of 125 liquid investment grade credits domiciled in North America and represents a broad exposure to the investment grade corporate market. Index positions also represent replications where credit default swaps have been written by the Company on the Dow Jones North American High Yield Series of indexes (“DJ.NA.HY”). Each index is comprised of 100 high yield credits domiciled in North America and represents a broad exposure to the high yield corporate market.

The Company writes contracts on the “Senior” tranche of the Dow Jones North American Investment Grade Index Series, whereby the Company is obligated to perform should the default rates of each index fall between 7%-15%. The Company also writes contracts on the “Super Senior” tranche of the Dow Jones North American High Yield Index Series, whereby the Company is obligated to perform should the default rates of each index fall between 35%-100%. The maximum potential amount of future payments (undiscounted) the Company could be required to make under these positions is represented by the notional amount of the contracts.

Information related to the credit quality of replication positions involving credit default swaps appears below. The values below are listed in order of their NAIC credit designation, with a designation of 1 having the highest credit quality based on the underlying asset referenced by the credit default swap (in millions):

 

            December 31, 2024                 December 31, 2023        
      Referenced Credit Obligation      CDS
Notional
Amount		        CDS
Estimated
Fair Value		        Weighted
Average
Years to
Maturity		                  CDS
Notional
Amount		        CDS
Estimated
Fair Value		        Weighted
Average
Years to
Maturity		         

RSAT NAIC Designation

                                        

1 Highest quality

    Single name credit default swaps      $ —        $ —          —             $ —        $ —          —    
   Credit default swaps on indices        12,327          948          4                     12,862          991          4          
     Subtotal        12,327          948          4                     12,862          991          4          

2 High quality

    Single name credit default swaps        —          —          —               —          —          —    
   Credit default swaps on indices        150          3          4                     55          2          4          
     Subtotal        150          3          4                     55          2          4          

3 Medium quality

    Single name credit default swaps        —          —          —               —          —          —    
   Credit default swaps on indices        —          —          —                     —          —          —          
     Subtotal        —          —          —                     —          —          —          
Total           $ 12,477        $ 951          4                   $ 12,917        $ 993          4          
           

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-145  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The table below illustrates derivative asset and liability positions held by the Company, including notional amounts, carrying values and estimated fair values. Instruments utilizing hedge accounting treatment are shown as qualifying hedge relationships. Hedging instruments that utilize fair value accounting are shown as non-qualifying hedge relationships. Derivatives used in replication strategies are shown as derivatives used for other than hedging purposes.

 

         

Summary of Derivative Positions

  
         

(in millions)

  
         

December 31, 2024

               December 31, 2023  
Qualifying hedge relationships          Notional      Carrying
Value		      Estimated
FV		                Notional        Carrying
Value		        Estimated
FV		  

Asset swaps

    Assets    $1,210      $ —      $ (258 )          $ 1,210        $ —        $ (282 ) 
    

Liabilities

    —        —        —                   —          —          —  

Foreign currency swaps

    Assets    4,634        432        428             3,027          220          266  
    

Liabilities

    556        (22 )       (9 )                  1,364          (56 )         (57 ) 

Total qualifying hedge relationships

       $6,400      $ 410      $ 161           $ 5,601        $ 164        $ (73 ) 
Non-qualifying hedge relationships                                                                    

Interest rate swaps

    Assets    $—      $ —      $ —           $ —        $ —        $ —  
    

Liabilities

    116        (5 )       (5 )                  116          (4 )         (4 ) 

Foreign currency swaps

    Assets    5,569        488        488             4,044          367          367  
    

Liabilities

    1,140        (33 )       (33 )                  2,473          (102 )         (99 ) 

Foreign currency forwards

    Assets    6,381        291        291             285          —          —  
    

Liabilities

    10        (1 )       (1 )                  5,305          (155 )         (155 ) 

Total non-qualifying hedge relationships

       $13,216      $ 740      $ 740           $ 12,223        $ 106        $ 109  
Derivatives used for other than hedging purposes                                                                    

Written credit default swaps

    Assets    $8,912      $ 718      $ 876           $ 9,352        $ 771        $ 939  
    

Liabilities

    3,565        (37 )       75                   3,565          (48 )         53  

Asset swaps and total return swaps

    Assets    835        —        (7 )            835          —          (7 ) 
    

Liabilities

    —        —        —                   —          —          —  

Bond Forwards

    Assets    9,175        —        (879 )            9,175          —          (31 ) 
    

Liabilities

    —        —        —                   —          —          —  

Interest Rate Swaps

    Assets    50        —        (9 )            50          —          (9 ) 
    

Liabilities

    —        —        —                   —          —          —  

Total derivatives used for other than hedging purposes

         $22,537      $ 681      $ 56                 $ 22,977        $ 723        $ 945  

Total derivatives

         $42,153      $ 1,831      $ 957                 $ 40,801        $ 993        $ 981  
                                                                         

For the year ended December 31, 2024 and 2023, the average fair value of derivatives used for other than hedging purposes, was $452 million and $626 million.

Note 13—separate accounts

The TIAA Separate Account VA-1 (“VA-1”) is a segregated investment account established on February 16, 1994 under the insurance laws of the State of New York for the purpose of issuing and funding after-tax variable annuity contracts for employees of non-profit institutions organized in the United States, including governmental institutions. VA-1 is registered with the Securities and Exchange Commission, (the “Commission”) effective November 1, 1994 as an open-end, diversified management investment company under the Investment Company Act of 1940. VA-1 consists of a single investment portfolio, the Stock Index Account (“SIA”). The SIA was established on October 3, 1994 and invests in a diversified portfolio of equity securities selected to track the overall market for common stocks publicly traded in the United States.

The TIAA Real Estate Account (“REA” or “VA-2”) is a segregated investment account organized on February 22, 1995, under the insurance laws of the State of New York for the purpose of providing an investment option to TIAA’s pension customers to direct investments to an investment vehicle that invests primarily in real estate. VA-2 is registered with the Commission under the Securities Act of 1933 effective October 2, 1995. VA-2’s target is to invest between 75% and 85% of its assets directly in real estate or in real estate-related investments, with the remainder of its assets invested in publicly-traded securities and other instruments easily converted to cash to maintain adequate liquidity. During 2024, REA’s liquid assets have comprised less than 10% of its net assets, primarily due to higher contract owner withdrawals driven by unfavorable market trends in the U.S. commercial real estate market, with elevated interest rates negatively impacting property values.

The TIAA Separate Account VA-3 (“VA-3”) is a segregated investment account organized on May 17, 2006 under the laws of the State of New York for the purposes of funding individual and group variable annuities for retirement plans of employees of

 

B-146   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

colleges, universities, other educational and research organizations, and other governmental and non-profit institutions. VA-3 is registered with the Commission as an investment company under the Investment Company Act of 1940, effective September 29, 2006, and operates as a unit investment trust.

The TIAA Stable Value Separate Account (“TSV”) is an insulated, non-unitized separate account established on March 31, 2010 qualifying under New York Insurance Law 4240(a)(5)(ii). The separate account supports a flexible premium group deferred fixed annuity contract intended to be offered to employer sponsored retirement plans. The assets of this account are carried at book value.

In accordance with the domiciliary state procedures for approving items within the separate accounts, the separate accounts classification of the following items are supported by a specific state statute:

 

Product Identification    Product Classification    State Statute Reference

TIAA Separate Account VA-1

    Variable annuity    Section 4240 of the New York Insurance Law

TIAA Real Estate Account

    Variable annuity    Section 4240 of the New York Insurance Law

TIAA Separate Account VA-3

    Variable annuity    Section 4240 of the New York Insurance Law

TIAA Stable Value

    Group deferred fixed annuity    Section 4240(a)(5)(ii) of the New York Insurance Law

The 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 statement includes legally insulated assets as of December 31 attributed to the following products (in millions):

 

Product      2024        2023  

TIAA Real Estate Account

      $ 23,656        $ 25,269  

TIAA Separate Account VA-3

        20,447          18,163  

TIAA Separate Account VA-1

        1,316          1,208  

TIAA Stable Value

        3,086          2,985  

Total

      $ 48,505        $ 47,625  
   

In accordance with the products recorded within the separate accounts, some separate account liabilities are guaranteed by the General Account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the General Account.

The General Account provides the REA with a liquidity guarantee to ensure it has funds available to meet participant transfer or cash withdrawal requests. When the REA cannot fund participant requests, the General Account will fund the requests by purchasing accumulation units in the REA. Under this agreement, the Company guarantees participants will be able to redeem their accumulation units at their accumulation unit value determined after the transfer or withdrawal request is received in good order. See Note 20 – Contingencies and Guarantees for additional disclosures on purchases of accumulation units in the REA during 2024.

Additional information regarding separate accounts of the Company is as follows for the years ended December 31, (in millions):

 

       2024        
        Non-indexed
Guarantee less
than/equal to 4%		        Non-indexed
Guarantee
more than 4%		        Non-guaranteed
Separate Accounts		        Total         

Premiums, considerations or deposits

      $ 661        $ —        $ 5,076        $ 5,737    

Reserves

                      

For accounts with assets at:

                      

Fair value

      $ —        $ —        $ 43,398        $ 43,398    

Amortized cost

        2,895          —          —          2,895          

Total reserves

      $ 2,895        $ —        $ 43,398        $ 46,293          
           

By withdrawal characteristics:

                      

Subject to discretionary withdrawal:

                      

At book value without market value adjustment and with current surrender charge of 5% or less*

      $ 2,895        $ —        $ —        $ 2,895    

At fair value

        —          —          43,398          43,398          

Total reserves

      $   2,895        $   —        $   43,398        $   46,293          
           

 

*

Withdrawable at book value without adjustment or charge.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-147  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

       2023        
        Non-indexed
Guarantee less
than/equal to 4%		        Non-indexed
Guarantee
more than 4%		        Non-guaranteed
Separate Accounts		        Total         

Premiums, considerations or deposits

      $ 547        $ —        $ 3,720        $ 4,267    

Reserves

                      

For accounts with assets at:

                      

Fair value

      $ —        $ —        $ 42,392        $ 42,392    

Amortized cost

        2,822          —          —          2,822          

Total reserves

      $ 2,822        $ —        $ 42,392        $ 45,214          
           

By withdrawal characteristics:

                      

Subject to discretionary withdrawal:

                      

At book value without market value adjustment and with current surrender charge of 5% or less*

      $ 2,822        $ —        $ —        $ 2,822    

At fair value

        —          —          42,392          42,392          

Total reserves

      $    2,822        $   —        $   42,392        $   45,214          
           

 

*

Withdrawable at book value without adjustment or charge.

 

       2022        
        Non-indexed
Guarantee less
than/equal to 4%		        Non-indexed
Guarantee
more than 4%		        Non-guaranteed
Separate Accounts		        Total         

Premiums, considerations or deposits

      $ 837        $ —        $ 4,347        $ 5,184    

Reserves

                      

For accounts with assets at:

                      

Fair value

      $ —        $ —        $ 46,032        $ 46,032    

Amortized cost

        2,870          —          —          2,870          

Total reserves

      $ 2,870        $ —        $ 46,032        $ 48,902          
           

By withdrawal characteristics:

                      

Subject to discretionary withdrawal:

                      

At book value without market value adjustment and with current surrender charge of 5% or less*

      $ 2,870        $ —        $ —        $ 2,870    

At fair value

        —          —          46,032          46,032          

Total reserves

      $    2,870        $   —        $   46,032        $   48,902          
           

 

*

Withdrawable at book value without adjustment or charge.

The following is a reconciliation of transfers to (from) the Company to the separate accounts for the years ended December 31, (in millions):

 

        2024        2023        2022  

Transfers reported in the Summary of Operations of the separate accounts statement:

               

Transfers to separate accounts

      $ 6,099        $ 4,562        $ 5,565  

Transfers from separate accounts

        (6,781 )         (7,511 )         (5,971 ) 

Reconciling adjustments:

               

Fund transfer exchange gain (loss)

        —          —          (1 ) 

Transfers reported in the Summary of Operations of the Life, Accident & Health Annual Statement

      $ (682 )       $ (2,949 )       $ (407 ) 
   

Note 14—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, New York State Regulation 213, and VM-21 as applicable.

 

B-148   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The Company has established policy reserves on deferred and payout annuity contracts issued January 1, 2001 and later that exceed the minimum amounts determined under Appendix A-820, “Minimum Life and Annuity Reserve Standards” of NAIC SAP. The excess above the minimum is as follows (in millions):

 

        December 31, 2024        December 31, 2023  

Deferred and payout annuity contracts issued after 2000

      $ 4,309        $ 4,132  

The Company performed asset adequacy analysis in order 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, 2024 and 2023.

For ordinary and collective life insurance, reserves for all policies are calculated in accordance with New York State Insurance Regulation 147. Reserves for regular life insurance policies are computed by the Net Level Premium method for issues prior to January 1, 1990, and by the Commissioner’s Reserve Valuation Method for the vast majority of issues on and after such date. Five-year renewable term policies issued on or after January 1, 1994 use the greater of unitary and segmented reserves, where each segment is equal to the term period. Annual renewable term policies and cost of living riders issued on and after January 1, 1994, uses the segmented reserves, where each segment is equal to one year in length.

Liabilities for incurred but not reported life insurance claims are based on historical experience and 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.

As of December 31, 2024 and 2023, the Company had $124 million and $141 million, respectively, of insurance in force for which the gross premiums were less than the net premiums according to the standard of valuation set by the Department.

The Tabular Interest, Tabular Less Actual Reserve Released and Tabular Cost are determined by formulae as prescribed by the NAIC except for deferred annuities, for which tabular interest is determined from the basic data.

Withdrawal characteristics of individual annuity reserves, group annuity reserves, and deposit-type contract funds for the years ended December 31, are as follows (in millions):

 

     2024        
INDIVIDUAL ANNUITIES:    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $   —        $ 21,963        $ 21,963          11.8%    

At book value without adjustment (minimal or no charge or adjustment)

      29,365          —          —          29,365          15.9%    

Not subject to discretionary withdrawal

      133,713          —          —          133,713          72.3%          

Total (direct + assumed)

    $ 163,078        $ —        $ 21,963        $ 185,041          100.0%          
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 163,078        $ —        $ 21,963        $ 185,041                     
           

 

     2023        
INDIVIDUAL ANNUITIES:    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $   —        $ 22,426        $ 22,426          12.0%    

At book value without adjustment (minimal or no charge or adjustment)

      30,096          —          —          30,096          16.2%    

Not subject to discretionary withdrawal

      133,626          —          —          133,626          71.8%          

Total (direct + assumed)

    $ 163,722        $ —        $ 22,426        $ 186,148          100.0%          
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 163,722        $ —        $ 22,426        $ 186,148                     
           

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-149  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

     2024        
GROUP ANNUITIES:    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $ —        $ 21,425        $ 21,425          22.6 %   

At book value without adjustment
(minimal or no charge or adjustment)

      41,356          2,888          —          44,244          46.6 %   

Not subject to discretionary withdrawal

      29,255          —          —          29,255          30.8 %         

Total (direct + assumed)

    $ 70,611        $ 2,888        $ 21,425        $ 94,924          100.0 %         
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 70,611        $ 2,888        $ 21,425        $ 94,924                     
           

 

     2023        
GROUP ANNUITIES:    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $ —        $ 19,954        $ 19,954          22.4%    

At book value without adjustment
(minimal or no charge or adjustment)

      38,655          2,814          —          41,469          46.7%    

Not subject to discretionary withdrawal

      27,527          —          —          27,527          30.9%          

Total (direct + assumed)

    $ 66,182        $ 2,814        $ 19,954        $ 88,950          100.0%          
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 66,182        $ 2,814        $ 19,954        $ 88,950                     
           
     2024        

DEPOSIT-TYPE CONTRACTS:

(no life contingencies)

    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $ —        $ 10        $ 10          0.1%    

At book value without adjustment
(minimal or no charge or adjustment)

      1,335          7          —          1,342          15.3%    

Not subject to discretionary withdrawal

      7,434          —          —          7,434          84.6%          

Total (direct + assumed)

    $ 8,770        $ 7        $ 10        $ 8,786          100.0%          
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 8,770        $ 7        $ 10        $ 8,786                     
           
     2023        

DEPOSIT-TYPE CONTRACTS:

(no life contingencies)

    General
Account		        Separate
Account with
Guarantees		        Separate
Account
Nonguaranteed		        Total        % of Total         

Subject to Discretionary Withdrawal:

                         

At fair value

    $ —        $ —        $ 12        $ 12          0.1%    

At book value without adjustment
(minimal or no charge or adjustment)

      1,284          8          —          1,292          15.2%    

Not subject to discretionary withdrawal

      7,215          —          —          7,215          84.7%          

Total (direct + assumed)

    $ 8,499        $ 8        $ 12        $ 8,519          100.0%          
           

Reinsurance ceded

      —          —          —          —                     

Total (net)

    $ 8,499        $ 8        $ 12        $ 8,519                     
           

Note 15—management agreements

Under Cash Disbursement and Reimbursement Agreements, the Company serves as the common pay-agent for certain subsidiaries and affiliates. Under management agreements, the Company provides investment advisory and administrative services for TIAA Life and administrative services to VA-1. The Company provided administrative services to TIAA, FSB (“the

 

B-150   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Bank”), a subsidiary of FSB, through July 30, 2023. Additionally, under a General Service and Facilities Agreement with Nuveen, LLC, the Company provides and receives general services at cost inclusive of charges for overhead.

As the common pay-agent, the Company allocated expenses of $2,737 million, $2,572 million and $2,254 million to its various subsidiaries and affiliates for the years ended December 31, 2024, 2023 and 2022, respectively. The expense allocation process determines the portion of the operating expenses attributable to each legal entity based on defined allocation methodologies. These methodologies represent either shared or direct costs depending on the nature of the service provided. At the completion of the allocation process all expenses are assigned to a legal entity.

Activities necessary for the operation of the College Retirement Equities Fund (“CREF”), a companion organization of TIAA, are provided at-cost by the Company and two of its subsidiaries, TIAA-CREF Investment Management, LLC (“TCIM”) and TIAA-CREF Individual and Institutional Services, LLC (“TC Services”). Such services are provided in accordance with an Administrative Service Agreement between CREF and the Company, an Investment Management Agreement between CREF and TCIM, and a Principal Underwriting and Distribution Services Agreement between CREF and TC Services (collectively the “CREF Agreements”). The Company is the common pay-agent for CREF and TC Services. The Company collects the distribution expense reimbursements from CREF and then remits those payments to TC Services. The administration and investment expenses incurred by the Company are included in operating expenses and offset against the related expense reimbursements received from CREF and Nuveen Services, respectively. The expense reimbursements under the CREF Agreements and the equivalent expenses, amounted to approximately $578 million, $577 million, and $518 million for the years ended December 31, 2024, 2023 and 2022, respectively.

TC Services maintains a Distribution Agreement with the Company under which TC Services is the principal underwriter and distributor for variable annuity contracts issued by the Company. Such activities performed by TC Services are reimbursed at cost. The Company paid $13 million, $10 million, and $9 million for the years ended December 31, 2024, 2023, and 2022, respectively for these services. TC Services also maintains a Distribution Agreement with the Company under which TC Services is the distributor for proprietary and non-proprietary mutual funds, whereby the Company does not provide cost reimbursements to TC Services.

The Company had a General Service Agreement through July 30, 2023, whereby the Company provided general administrative services such as technology, marketing, finance, corporate overhead and individual advisory services to the Bank. Expense allocations to the Bank were $44 million and $81 million for the years ended December 31, 2023 and 2022, respectively.

Teachers Advisors, LLC (“Advisors”) provides investment advisory services for VA-1, certain proprietary funds and other separately managed portfolios in accordance with investment management agreements. Nuveen Securities, LLC (“Securities”), an indirect subsidiary of Nuveen, LLC, distributes registered securities for certain proprietary funds and non-proprietary mutual funds.

The Company has Investment Management Agreements with Advisors, Nuveen Alternatives Advisors, LLC, and Churchill Asset Management, wholly owned subsidiaries of Nuveen, LLC, to manage, at a negotiated fee, investments held within the Company’s General Account including investments owned by investment subsidiaries of the Company. As of June 30, 2023, a portion of the Investment Management Agreement between the Company and Nuveen Alternative Advisors, LLC was permanently assigned to Churchill Asset Management. The Company paid $153 million, $155 million, and $164 million to Advisors, and $289 million, $316 million, and $333 million to Nuveen Alternatives Advisors, LLC, for the years ended December 31, 2024, 2023, and 2022, respectively. The Company paid $126 million and $46 million to Churchill Asset Management for the years ended December 31, 2024, and 2023, respectively.

The Company has an Omnibus Service Agreement with Nuveen, LLC, pursuant to which Nuveen, LLC directly or through its subsidiaries agreed to provide services complementary to investment management to the Company at cost, inclusive of charges for overhead. The Company paid $7 million to Nuveen, LLC for each of the years ended December 31, 2024, 2023 and 2022.

The Company has a sublease agreement for certain leases and leasehold improvements with Nuveen Services, LLC. The Company makes the applicable lease payments on behalf of Nuveen Services, LLC and then allocates those costs. Under the sublease agreement, the Company allocated $14 million, $15 million and $15 million to Nuveen Services, LLC for the years ended December 31, 2024, 2023, and 2022, respectively.

All services necessary for the operation of the REA are provided at-cost by the Company and TC Services. The Company provides investment management and administrative services for the REA in accordance with an Investment Management and Administrative Agreement. Distribution services for the REA are provided in accordance with a Distribution Agreement among TC Services, the Company and the REA (collectively the “Agreements”). The Company and TC Services receive payments from the REA on a daily basis according to formulae established annually and adjusted periodically for performance of these Agreements. The daily fee is based on an estimate of the at-cost expenses necessary to operate the REA and is based on projected REA expense and asset levels, with the objective of keeping the fees as close as possible to actual expenses attributable to operating the REA. At the end of each quarter, any differences between the daily fees paid and actual expenses for the quarter are added to or deducted from REA’s fee in equal daily installments over the remaining days in the immediately following quarter.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-151  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Reimbursements collected under the Agreements amounted to approximately $161 million, $170 million, and $153 million for the periods ended December 31, 2024, 2023 and 2022, respectively.

The Company provides certain separate account guarantees, including a liquidity guarantee to REA, and is compensated for these guarantees. See Note 20 Contingencies and Guarantees for additional information on separate account guarantees.

The Company had a Service Agreement with the Bank through July 30, 2023, whereby the Bank provided general services in support of the Company’s and its subsidiaries’ activities at cost inclusive of charges for overhead. The Company paid $1 million and $5 million to the Bank for the years ended December 31, 2023 and 2022, respectively.

The Company has a Cash Disbursement and Reimbursement Agreement with Nuveen Investments, an indirect subsidiary of Nuveen, LLC, whereby the Company provides cash disbursements and related services at cost. The Company allocated $101 million, $105 million, and $108 million to Nuveen Investments for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company has a Cash Disbursement and Reimbursement Agreement with TIAA Kaspick, LLC (“Kaspick”), an indirect subsidiary of TIAA, whereby the Company provides cash disbursements and related services at cost. The Company allocated $42 million, $40 million, and $37 million to Kaspick for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company has a Cash Disbursement and Reimbursement Agreement with TIAA-CREF Tuition Financing, Inc. (“TFI”), a subsidiary of the Company, whereby the Company provides cash disbursements and related services at cost. The Company allocated $100 million, $87 million, and $84 million to TFI for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company has a Service Agreement with TIAA Global Business Services (India) Private Limited (“TIAA India”), an indirect wholly-owned subsidiary of the Company, whereby TIAA India provides information technology and non-technology services for the Company and its affiliates. The Company paid $170 million, $143 million, and $112 million to TIAA India for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company has a Technology Support and Services Agreement with MyVest Corporation (“MyVest”), a wholly-owned subsidiary of the Company, whereby MyVest provides project and program management services for the Company. The Company paid $31 million, $37 million, and $36 million to MyVest for the years ended December 31, 2024, 2023, and 2022, respectively. The Company agrees to provide MyVest administrative services for use in its day to day operations. MyVest reimbursed the Company for administrative services in the amount of $1 million and $2 million for each of the years ended December 31, 2023, and 2022, respectively. No reimbursements were made for the year-ended December 31, 2024.

The Bank provided custody and trustee services to the Company through July 30, 2023. The Company paid $4 million and $6 million to the Bank for the years ended December 31, 2023, and 2022, respectively, for these services. As of July 31, 2023, these services are provided by the Trust pursuant to a general services agreement. The Company paid $7 million and $2 million to the Trust during the years ended December 31, 2024 and 2023, respectively.

The Company has a service and subcontracting agreement with TIAA Shared Services, LLC (“TSS”), a wholly-owned subsidiary of the Company. Under the agreement, TSS serves as an internal administrative service provider for the Company as well as for CREF and the Company’s affiliates with existing administrative services agreements with the Company. The Company pays TSS compensation it receives (and TSS reimburses the Company for disbursements it makes) relating to the provision of administrative services for the Company. The Company also reimburses TSS at cost for administrative services provided in support of the Company’s insurance business and the fulfillment of its contractual obligation to provide such services to CREF and the Company’s affiliates. The Company also provides to TSS any services necessary to conduct its operations, and TSS reimburses the Company at cost for these services. TSS reimbursed the Company $666 million, $612 million, and $600 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Note 16—federal income taxes

By charter, the Company is a stock life insurance company operating on a non-profit basis. However, the Company has been fully subject to federal income taxation as a stock life insurance company since January 1, 1998.

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, 2024 or December 31, 2023.

 

B-152   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Components of the net deferred tax asset/(liability) are as follows (in millions):

 

    12/31/2024     12/31/2023     Change        
     (1)
Ordinary		     (2)
Capital		     (3)
(Col 1+2)
Total		     (4)
Ordinary		     (5)
Capital		     (6)
(Col 4+5)
Total		     (7)
(Col 1–4)
Ordinary		     (8)
(Col 2–5)
Capital		     (9)
(Col 7+8)
Total		         

a) Gross Deferred Tax Assets

   $ 5,525     $ 2,991     $ 8,516     $ 5,318     $ 2,348     $ 7,666     $ 207     $ 643     $ 850    

b) Statutory Valuation Allowance Adjustments

     —       —       —       —       —       —       —       —       —          

c) Adjusted Gross Deferred Tax Assets (a–b)

     5,525       2,991       8,516       5,318       2,348       7,666       207       643       850    

d) Deferred Tax Assets Non-admitted

     1,163       2,051       3,214       1,479       1,426       2,905       (316 )      625       309          

e) Subtotal Net Admitted Deferred Tax Asset (c-d)

     4,362       940       5,302       3,839       922       4,761       523       18       541    

f) Deferred Tax Liabilities

     2,620       896       3,516       2,183       850       3,033       437       46       483          

g) Net Admitted Deferred Tax Assets/(Net Deferred Tax Liability) (e–f)

   $ 1,742     $ 44     $ 1,786     $ 1,656     $ 72     $ 1,728     $ 86     $ (28 )    $ 58          
                                                                         

 

    12/31/2024     12/31/2023     Change        
    

(1)

Ordinary

    

(2)

Capital

    

(3)

(Col 1+2)

Total

     (4)
Ordinary		     (5)
Capital		     (6)
(Col 4+5)
Total		     (7)
(Col 1–4)
Ordinary		     (8)
(Col 2–5)
Capital		     (9)
(Col 7+8)
Total		         

Admission Calculation Components SSAP No. 101

                    

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)

     1,742       44       1,786       1,656       72       1,728       86       (28 )      58    

1. Adjusted Gross DTA Expected to be Realized Following the Balance Sheet Date

     1,742       44       1,786       1,656       72       1,728       86       (28 )      58    

2. Adjusted Gross DTA Allowed per Limitation Threshold

     XXX       XXX       5,885       XXX       XXX       6,050       XXX       XXX       (165 )   

c) Adjusted Gross DTA (Excluding The Amount Of DTA From (a) and (b) above) Offset by Gross DTL

     2,620       896       3,516       2,184       850       3,034       436       46       482          

d) DTA Admitted as the result of application of SSAP No. 101. Total ((a)+(b)+(c))

   $ 4,362     $ 940     $ 5,302     $ 3,840     $ 922     $ 4,762     $ 522     $ 18     $ 540          
                                   

 

        2024      2023  

Ratio percentage used to determine recovery
period and threshold limitation amount

        933 %       979 % 

Amount of adjusted capital and surplus used to
determine the threshold limitation in (b)2 above (in millions)

      $ 39,231      $ 40,332  

 

     12/31/2024      12/31/2023      Change  
      (1)
Ordinary		      (2)
Capital		      (3)
Ordinary		      (4)
Capital		      (5)
(Col 1–3)
Ordinary		      (6)
(Col 2–4)
Capital		  

Impact of Tax Planning Strategies: (in millions)

                  

Determination of adjusted gross DTAs and net admitted DTAs, by tax character as a percentage

                  

Adjusted Gross DTAs Amount From Above

    $ 5,525      $ 2,991      $ 5,318      $ 2,348      $ 207      $ 643  

Percentage Of Adjusted Gross DTAs By Tax Character Attributable To The Impact Of Tax Planning Strategies

      —%        —%        —%        —%        —%        —%  

Net Admitted Adjusted Gross DTAs Amount From Above

    $ 4,361      $ 940      $ 3,839      $ 922      $ 522      $ 18  

Percentage Of Net Admitted Adjusted Gross DTAs By Tax Character Admitted Because Of The Impact Of Tax Planning Strategies

      12.48%        —%        19.13%        —%        (6.65 )%       —%  

The Company supports the admittance of $544 million of DTA with $2,952 million of tax planning strategies. The Company does not have tax planning strategies that include the use of reinsurance.

The Company has no temporary differences for which DTLs are not recognized.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-153  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

Income taxes incurred consist of the following major components as of December 31, (in millions):

 

        2024        2023        2022  

Current Income Tax:

               

Federal income tax expense (benefit)

      $ (548 )       $ (582 )       $ (717 ) 

Foreign taxes

        1          —          1  

Subtotal

      $ (547 )       $ (582 )       $ (716 ) 

Federal income taxes expense on net capital gains

        135          (48 )         254  

Generation/(utilization) of loss carry-forwards

        413          630          463  

Intercompany tax sharing expense/(benefit)

        (139 )         (6 )         (81 ) 
    

 

 

  

Federal and foreign income tax expense / (benefit)

      $ (138 )       $ (6 )       $ (80 ) 
    

 

 

  

 

        12/31/2024        12/31/2023        Change  

Deferred Tax Assets:

               

Ordinary:

               

Policyholder reserves

      $ 11        $ 10        $ 1  

Investments

        387          376          11  

Policyholder dividends accrual

        485          496          (11 ) 

Fixed assets

        248          222          26  

Compensation and benefits accrual

        482          460          22  

Net operating loss carry-forward

        1,264          932          332  

Other (including items < 5% of total ordinary tax assets)

        697          715          (18 ) 

Intangible assets–business in force and software

        1,951          2,107          (156 ) 

Subtotal

      $ 5,525        $ 5,318        $ 207  

Statutory valuation allowance adjustment

      $ —        $ —        $ —  

Non-admitted

        1,163          1,479          (316 ) 

Admitted ordinary deferred tax assets

      $ 4,362        $ 3,839        $ 523  
   

Capital:

               

Investments

      $ 2,967        $ 2,328        $ 639  

Real estate

        24          20          4  

Subtotal

      $ 2,991        $ 2,348        $ 643  

Statutory valuation allowance adjustment

      $ —        $ —        $ —  

Non-admitted

        2,051          1,426          625  

Admitted capital deferred tax assets

        940          922          18  

Admitted deferred tax assets

      $ 5,302        $ 4,761        $ 541  
   
        12/31/2024        12/31/2023        Change  

Deferred Tax Liabilities:

               

Ordinary:

               

Investments

      $ 2,563        $ 2,080        $ 483  

Reserves transition adjustment

        52          102          (50 ) 

Other (including items < 5% of total ordinary tax liabilities)

        5          1          4  

Subtotal

      $ 2,620        $ 2,183        $ 437  

Capital:

               

Investments

      $ 896        $ 850        $ 46  

Subtotal

      $ 896        $ 850        $ 46  

Deferred tax liabilities

      $ 3,516        $ 3,033        $ 483  
   

Net Deferred Tax:

               

Assets/Liabilities

      $ 1,786        $ 1,728        $ 58  
   

 

B-154   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

The provision for federal and foreign income taxes incurred differs from the amount obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference at December 31, 2024 are as follows (in millions):

 

Description      Tax Effect        Effective
Tax Rate		  

Provision computed at statutory rate

      $ (340 )         21.00 % 

Dividends received deduction

        (56 )         3.46  

Transfer pricing adjustment

        18          (1.10 ) 

Amortization of interest maintenance reserve

        (44 )         2.70  

Statutory impairment of affiliated common stock

        7          (0.46 ) 

Other permanent differences

        6          (0.35 ) 

Prior year true-ups (TIAA & Subs)

        (40 )         2.50  

Prior year true-ups (TIAA & Subs)–tax credits

        (49 )         3.00  

Current year tax credit activity

        13          (0.83 ) 

Current year non-admitted assets

        (60 )         3.80  

Other

        21          (1.30 ) 

Total statutory income taxes

      $ (524 )         32.42 % 
                       

Federal and foreign income tax expense (benefit)–Ordinary

        (138 )         8.52  

Federal and foreign income tax expense (benefit)–Capital

        —          —  

Change in net deferred income tax charge (benefit)

        (386 )         23.90  

Total statutory income taxes

      $ (524 )         32.42 % 
                       

As of December 31, 2024, the Company had the following net operating loss carry forwards (in millions):

 

Year Incurred      Net Operating Losses        Year of
Expiration		  

2022

      $ 1,732          Indefinite  

2023

        2,573          Indefinite  

2024

        1,714          Indefinite  

Total

      $ 6,019             
   

As of December 31, 2024, the Company had the following foreign tax credit carry forwards (in millions):

 

Year Incurred      Foreign Tax Credit        Year of
Expiration		  

2015

      $ 45          2025  

2018

        3          2028  

2019

        3          2029  

2020

        1          2030  

2021

        1          2031  

2022

        42          2032  

2023

        37          2033  

Total

      $ 132             
   

As of December 31, 2024, the Company has no taxes available for recoupment in the event of future losses.

At December 31, 2024, the Company had no net capital loss carry forwards.

At December 31, 2024, the Company has general business credits of $133 million generated during the years 2005 to 2023 and expiring between 2025 to 2043.

The Company does not have any protective tax deposits on deposit with the Internal Revenue Service under IRC Section 6603.

Beginning in 1998, the Company filed a consolidated federal income tax return with its includable affiliates (the “consolidating companies”). The consolidating companies participate in tax-sharing agreements. Under the general agreement, which applies to all of the below listed entities except those denoted with an asterisk (*), 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 their income (loss) contributes to or reduces consolidated federal tax expense. The consolidating companies are reimbursed for net operating losses or other tax attributes they have generated when utilized in the consolidated return.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-155  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

1) 730 Texas Forest Holdings, Inc.

2) GreenWood Resources, Inc.

3) MyVest Corporation

4) NIS/R&T, Inc.*

5) Nuveen Holdings, Inc.*

6) Nuveen Holdings 1, Inc.*

7) Nuveen Investments, Inc.*

8) Nuveen Investments Holdings, Inc.*

9) Nuveen Securities, LLC*

10) T-C SP, Inc.

11) TIAA-CREF Life Insurance Company

12) Terra Land Company

13) TIAA Board of Governors

14) TIAA-CREF Tuition Financing, Inc.

15) TIAA Trust, N.A.

16) Westchester Group Farm Management, Inc.

17) Westchester Group Investment Management Holding Company, Inc.

18) Westchester Group Investment Management, Inc.

19) Westchester Group Real Estate, Inc.

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. 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 Holdings 1, Inc. 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.

Amounts receivable (payable) from the Company’s subsidiaries for federal income taxes are $2 million and $(91) million at December 31, 2024 and 2023, respectively.

The Company’s tax years 2018 through 2020 are currently under examination by the Internal Revenue Service (“IRS”), and tax years 2021 through 2023 are open to examination.

The Inflation Reduction Act of 2022 (“the Act”) was enacted on August 16, 2022. The Act included a new Corporate Alternative Minimum Tax (“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 2023 and 2024 for applicable corporations.

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 will not be liable for CAMT in 2024.

Note 17—repurchase and securities lending programs

Repurchase program

The Company has a repurchase program to sell and repurchase securities for the purposes of providing additional liquidity. For repurchase agreements, the Company’s policy requires a minimum of 95% of the fair value of securities transferred under repurchase agreements to be maintained as collateral.

The Company has procedures in place to monitor the value of the collateral held and the fair value of the securities transferred under the agreements. If at any time the value of the collateral received from the counterparty falls below 95% of the fair value of the securities transferred, the Company is entitled to receive additional collateral from its counterparty. The Company monitors the estimated fair value of the securities sold under the agreements on a daily basis with additional collateral sent/obtained as necessary. If the counterparty were to default on its obligation to return the securities sold under the agreement on the repurchase date, the Company has the right to retain the collateral.

During the years ended December 31, 2024 and 2023, the Company engaged in certain repurchase transactions as cash taker. These transactions were “bilateral” in nature and the Company did not engage in any “Tri-party” repurchase transactions during the year. Additionally, there were no securities sold during the years ended December 31, 2024 and 2023 that resulted in default.

As of December 31, 2024 and 2023, the Company had no outstanding repurchase agreements.

 

B-156   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Securities lending program

The Company has a securities lending program whereby it may lend securities to qualified institutional borrowers to earn additional income. The Company receives collateral (in the form of cash) against the loaned securities and maintains collateral in an amount not less than 102% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Company the next business day. Cash collateral received by the Company will generally be invested in high-quality short-term instruments or bank deposits.

As of December 31, 2024, the estimated fair value of the Company’s securities on loan under the program was $1,342 million. The estimated fair value of collateral held by the Company for the securities on loan as of December 31, 2024, was reported in “Securities lending collateral assets” with an offsetting collateral liability of $1,373 million included in “Payable for collateral for securities loaned”. This collateral received is cash and has not been sold or re-pledged as of December 31, 2024.

Of the cash collateral received from the program, $1,373 million is held as cash or reinvested in overnight, government backed, repurchase agreements as of December 31, 2024. Thus, the collateral remains liquid and could be returned in the event of a collateral call. The amortized cost and fair value of the reinvested cash collateral by the maturity date of the invested asset is as follows as of December 31, 2024 (in millions):

 

        Amortized Cost        Fair Value  

Open

      $ 1,373        $ 1,373  

Total collateral reinvested

      $ 1,373        $ 1,373  
   

As of December 31, 2023 the estimated fair value of the Company’s securities on loan under the program was $638 million. The estimated fair value of collateral held by the Company for the securities on loan as of December 31, 2023, was reported in “Securities lending collateral assets” with an offsetting collateral liability of $652 million included in “Payable for collateral for securities loaned.” This collateral received was cash and had not been sold or re-pledged as of December 31, 2023.

Of the cash collateral received from the program, $652 million was held as cash or reinvested in overnight, government backed, repurchase agreements as of December 31, 2023. Thus, the collateral remains liquid and could be returned in the event of a collateral call. The amortized cost and fair value of the reinvested cash collateral by the maturity date of the invested asset is as follows as of December 31, 2023 (in millions):

 

        Amortized Cost        Fair Value  

Open

      $ 652        $ 652  

Total collateral reinvested

      $ 652        $ 652  
   

Note 18—federal home loan bank of new york membership and borrowings

The Company is a member of the FHLBNY. Through its membership, the Company has the ability to conduct business activity (“advances”) with the FHLBNY. It is part of the Company’s strategy to utilize these funds to provide additional liquidity to supplement existing sources. The Company is required to pledge collateral to the FHLBNY in the form of eligible securities for all advances received. The Company considers the amount of collateral pledged to the FHLBNY as the amount encumbered by advances from the FHLBNY at a point in time. The Company has determined the estimated maximum borrowing capacity as about $17,499 million. The Company calculated this amount using 5% of total net admitted assets at the current reporting date.

The following table shows the FHLBNY capital stock held in the General Account as of December 31, (in millions):

 

        2024        2023  

Membership stock - class A

      $ —        $ —  

Membership stock - class B

        50          50  

Activity stock

        323          317  

Excess stock

        —          —  

Total

      $ 373        $ 367  
   

There were no FHLBNY capital stock held in separate accounts as of December 31, 2024 and 2023.

Membership stock at December 31, 2024 and 2023, is not eligible for redemption.

The Company had $7,078 million and $6,876 million in funding agreements and $100 million and $160 million in debt outstanding at December 31, 2024 and December 31, 2023 respectively.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-157  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

The following table shows the maximum collateral pledged to FHLBNY in the General Account during the year ending December 31, (in millions):

 

     2024            2023        
      Fair
Value		      Carrying
Value		      Amount
Borrowed
at Time of
Maximum
Collateral		             Fair
Value		      Carrying
Value		      Amount
Borrowed
at Time of
Maximum
Collateral		         

Total

    $ 9,347      $ 10,362      $ 8,280              $ 9,717      $ 10,729      $ 8,657          
                    

There was no collateral pledged to FHLBNY in the separate accounts during the years ended December 31, 2024 and 2023.

The following table shows the maximum borrowing from FHLBNY in the General Account during the year ending December 31, (in millions):

 

        2024        2023  

Debt

      $ 1,785        $ 2,600  

Funding agreements

        6,496          6,057  

Total

      $ 8,281        $ 8,657  
   

There were no borrowings from FHLBNY in the separate accounts during the year ended December 31, 2024 and 2023.

The following table shows the collateral pledged to FHLB in the General Account as of December 31, 2024 and 2023 (in millions):

 

     2024            2023        
      Fair
Value		     

Carrying

Value

      Aggregate
Total
Borrowing		             Fair
Value		      Carrying
Value		      Aggregate
Total
Borrowing		         

Total

    $ 8,213      $ 9,108      $ 7,178              $ 7,974      $ 8,729      $ 7,036          
                    

There was no collateral pledged to FHLB in the separate account as of December 31, 2024 and 2023.

Note 19—capital and contingency reserves and shareholders’ dividends restrictions

The portion of contingency reserves increased or (reduced) by each item below for the years ended December 31 are as follows (in millions):

 

        2024        2023        2022  

Net income (loss)

      $ (1,216 )       $ (674 )       $ (408 ) 

Change in net unrealized capital gains (losses), net of taxes

        71          167          (612 ) 

Change in asset valuation reserve

        715          (214 )         1,776  

Change in net deferred income tax

        386          609          271  

Change in non-admitted assets

        (625 )         (471 )         (1,289 ) 

Surplus (contributed to) withdrawn from Separate Accounts

        (294 )         (618 )         —  

Change in surplus of separate accounts

        260          594          —  

Change in surplus notes

        (349 )         —          —  

Change in post-retirement benefit liability

        (6 )         (4 )         10  

As of December 31, 2024 and 2023, the portion of contingency reserves represented by cumulative net unrealized gains was $3,581 million and $3,503 million, gross of deferred taxes, respectively.

Capital: The Company has 2,500 shares of Class A common stock authorized, issued and outstanding. All of the outstanding common stock of the Company is held by the TIAA Board of Governors, a not-for-profit corporation created for the purpose of holding the common stock of the Company. By charter, the Company operates without profit to its sole shareholder.

 

B-158   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     continued

 

Surplus Notes: The following table provides information related to the Company’s outstanding surplus notes as of December 31, 2024 (in millions):

 

Date Issued    Interest
Rate		      Original
Issue
Amount of
Note		      Carrying Value
of Note Prior
Year		      Carrying Value
of Note
Current Year		      Current Year
Interest
Expense
Recognized		      Life-To-Date
Interest
Expense
Recognized		      Life-To-Date
Principal Paid		      Date of
Maturity		  

12/16/2009

      6.850 %     $ 2,000      $ 1,049      $ 1,049      $ 72      $ 1,079      $ 950        12/16/2039  

09/18/2014

      4.900 %       1,650        1,649        1,649        81        808        —        09/15/2044  

05/08/2017

      4.270 %       2,000        1,994        1,995        85        642        —        05/15/2047  

05/07/2020

      3.300 %       1,250        1,249        1,249        41        187        —        05/15/2050  

Total

             $ 6,900      $ 5,941      $ 5,942      $ 279      $ 2,716      $ 950           
                     

In 2024, the Company called a $350 million fixed to floating surplus note that was issued on September 18, 2014. It bore interest at a fixed annual rate of 4.375% until September 15, 2024, at which time it converted to a floating rate and became callable. The current year interest expense was $16 million.

For the years ended December 31, 2024 and 2023, the Company did not have any related parties as holders of surplus notes or unapproved interest or principal. There were no amounts of current year interest offset or principal paid and the notes were not contractually linked. Surplus note payments are not subject to administrative offsetting and proceeds were not used to purchase assets directly from the holder of the note.

The instruments listed in the above table, are unsecured debt obligations of the type generally referred to as “surplus notes” and are issued in accordance with Section 1307 of the New York Insurance Law. The surplus notes are subordinated in right of payment to all present and future indebtedness, policy claims and other creditor claims of the Company and rank pari passu with any future surplus notes of the Company and with any other similarly subordinated obligations.

The notes were issued in transactions pursuant to Rule 144A under the Securities Act of 1933, as amended, and the notes are evidenced by one or more global notes deposited with a custodian for, and registered in the name of a nominee of, The Depository Trust Company.

No subsidiary or affiliate of the Company is an obligor or guarantor of the notes, which are solely obligations of the Company. No affiliates of the Company hold any portion of the notes.

The notes are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims of the Company. Under New York Insurance Law, the notes are not part of the legal liabilities of the Company. The notes are not scheduled to repay any principal prior to maturity. Each payment of interest and principal may be made only with the prior approval of the Superintendent and only out of the Company’s surplus funds, which the Superintendent of the Department determines to be available for such payments under New York Insurance Law. In addition, provided that approval is granted by the Superintendent of the Department, the notes may be redeemed at the option of the Company at any time at the “make-whole” redemption price equal to the greater of the principal amount of the notes to be redeemed, or the sum of the present values of the remaining scheduled interest and principal payments, excluding accrued interest as of the redemption date, discounted to the redemption date on a semi-annual basis at the adjusted Treasury rate plus a pre-defined spread, plus in each case, accrued and unpaid interest payments on the notes to be redeemed to the redemption date.

Dividend Restrictions: The Company is subject to stockholder dividend restrictions under the New York Insurance Law. However, all of the outstanding common stock of the Company is collectively held by TIAA Board of Governors, a non-profit corporation created to hold the stock of the Company, and therefore the Company does not make stockholder dividend payments.

Note 20—contingencies and guarantees

Subsidiary and affiliate guarantees:

At December 31, 2024, the Company has a financial support agreement with TIAA Life. Under this agreement, the Company will provide support so TIAA Life will have the greater of (a) capital and surplus of $250 million or (b) the amount of capital and surplus necessary to maintain TIAA Life’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 TIAA Life’s financial strength rating at least the same as the Company’s rating at all times. Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. At December 31, 2024, the capital and surplus of TIAA Life was in excess of the minimum capital and surplus amount referenced, and its total adjusted capital was in excess of the referenced RBC-based amount calculated at December 31, 2024.

The Company has agreed that it will cause TIAA Life to be sufficiently funded at all times in order to meet all its contractual obligations on a timely basis including, but not limited to, obligations to pay policy benefits and to provide policyholder services.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-159  

Notes to statutory–basis financial statements     

Teachers Insurance and Annuity Association of America

 

This agreement is not an evidence of indebtedness or an obligation or liability of the Company and does not provide any creditor of TIAA Life with recourse to or against any of the assets of the Company.

The Company has unconditionally guaranteed $1,000 million in 4.0% senior unsecured notes issued by Nuveen, LLC due in 2028. The Company agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise, and as if such payment were made by Nuveen, LLC. The guarantee is made to/on behalf of a wholly-owned subsidiary, and as such the liability is excluded from recognition. The maximum potential amount of future payments the Company could be required to make under the guarantee as of December 31, 2024, is $1,160 million, which includes the future undiscounted interest payments. Should action under the guarantee be required, the Company would contribute cash to Nuveen, LLC, to fund the obligation, thereby increasing the Company’s investment in Nuveen, LLC, as reported in other invested assets. Based on Nuveen, LLC’s financial position and operations, the Company views the risk of performance under this guarantee as remote.

Additionally, the Company has the following agreements and lines of credit with subsidiaries, affiliates, and other related parties:

The Company provides a $100 million unsecured 364-day revolving line of credit arrangement with TIAA Life. $75 million of this facility is maintained on a committed basis with an expiration date of June 27, 2025. As of December 31, 2024, there were no balances outstanding.

The Company also provides a $1,000 million uncommitted line of credit to certain accounts of CREF and certain TIAA-CREF Funds (“Funds”). Loans under this revolving credit facility are for a maximum of 60 days and are made solely at the discretion of the Company to fund shareholder redemption requests or other temporary or emergency needs of CREF and the Funds. As of December 31, 2024, there were no balances outstanding. It is the intent of the Company, CREF, and the Funds to use this facility as a supplemental liquidity facility, which would only be used after CREF and the Funds have exhausted the availability of the current $500 million committed credit facility maintained with a group of banks.

The Company guarantees CREF transfers to the Company for the immediate purchase of lifetime payout annuities will produce guaranteed payments that will never be less than the amounts calculated at the stipulated interest rate and mortality defined in the applicable CREF contract.

The Company provides a $100 million unsecured 364-day revolving line of credit arrangement with the Trust. $100 million of this facility is maintained on a committed basis with an expiration date of June 30, 2025. As of December 31, 2024, there were no balances outstanding.

The Company provides a $5 million unsecured 364-day revolving line of credit arrangement with MyVest, Inc. This line has an expiration date of December 30, 2025. As of December 31, 2024, $4 million was outstanding.

The Company provides a $250 million committed 364-day revolving line of credit arrangement with Nuveen, LLC. This line has an expiration date of December 18, 2025. As of December 31, 2024, there were no balances outstanding.

The Company also provides a $200 million unsecured revolving line of credit arrangement with T-C S-T REIT LLC. This line of credit has an open ended expiration date and is effective until terminated. As of December 31, 2024, $128 million was outstanding.

Separate Account Guarantees: The Company provides mortality and expense guarantees to VA-1, for which it is compensated. The Company guarantees, at death, the total death benefit payable from the fixed and variable accounts will be at least a return of total premiums paid less any previous withdrawals. The Company also guarantees expense charges to VA-1 participants will never rise above the maximum amount stipulated in the contract.

The Company provides mortality, expense and liquidity guarantees to REA and is compensated for these guarantees. The Company guarantees once REA participants begin receiving lifetime annuity income benefits, monthly payments will never be reduced as a result of adverse mortality experience. The Company also guarantees expense charges to REA participants will never rise above the maximum amount stipulated in the contract. The Company provides REA with a liquidity guarantee to ensure it has funds available to meet participant transfer or cash withdrawal requests. If REA cannot fund participant requests, TIAA’s general account will fund them by purchasing accumulation units. Under this agreement, TIAA guarantees that participants will be able to redeem their accumulation units at the accumulation unit value next determined after the transfer or withdrawal request is received in good order.

Pursuant to the liquidity guarantee obligation, the TIAA General Account has purchased 1,851 thousand accumulation units issued by the REA for a total of $911 million since the guarantee was activated in 2023 and continues to hold these accumulation units as of December 31, 2024. The fair value of these accumulations units was $854 million as of December 31, 2024. Accumulation units owned by TIAA are valued in the same manner as units owned by individual REA participants on a fair value basis and will fluctuate in value.

The Company provides mortality and expense guarantees to VA-3 and is compensated for these guarantees. The Company guarantees once VA-3 participants begin receiving lifetime annuity income benefits, monthly payments will never be reduced as a result of adverse mortality experience. The Company also guarantees expense charges to VA-3 participants will never rise above the maximum amount stipulated in the contract.

 

B-160   Statement of Additional Information  ∎  Single Premium Immediate Annuities

     concluded

 

Other contingencies:

In the ordinary conduct of certain of its investment activities, the Company provides standard indemnities covering a variety of potential exposures. For instance, the Company provides indemnifications in connection with site access agreements relating to due diligence review for real estate acquisitions, and the Company provides indemnification to underwriters in connection with the issuance of securities by or on behalf of the Company or its subsidiaries. It is the Company management’s opinion that the fair value of such indemnifications are negligible and do not materially affect the Company’s financial position, results of operations or liquidity.

Other contingent liabilities arising from litigation and other matters over and above amounts already provided for in the financial statements or disclosed elsewhere in these notes 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; federal governmental authorities; and the Financial Industry Regulatory Authority (“FINRA”), seeking a broad range of information. 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 21 – subsequent events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through March 6, 2025, the date the financial statements were available to be issued.

 

Single Premium Immediate Annuities  ∎  Statement of Additional Information     B-161  

 

 
      A10896 (05/25)  

PART C - OTHER INFORMATION

Item 27. Exhibits

 

(a)    Board of Directors Resolution.
   Resolutions of the Board of Directors of TIAA-CREF Life establishing the Registrant (Incorporated by reference to the initial filing of the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, dated August 18, 1998 (File No. 333-61761)).
(b)    Custodian Agreements.
   None
(c)    Underwriting Contracts.
(A)    Distribution Agreement by and among TIAA-CREF Life, TIAA-CREF Life on behalf of the Registrant, and Teachers Personal Investors Services, Inc. (TPIS) (Incorporated by reference to the Pre-Effective Amendments Nos. 1 and 2 to the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, dated December 7, 1998 and December 22, 1998, respectively (File No. 333-61761)).
(B)    Selling Agreement between TPIS and TIAA-CREF Individual and Institutional Services, Inc. and Amendment thereto (Incorporated by reference to the initial filing of the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, dated August 18, 1998 (File No. 333-61761)).
(C)    Principal Underwriter Distribution Agreement for the TIAA-CREF Life Insurance Company Unit Investment Trust Separate Accounts. (Incorporated by reference to Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, filed on April 19, 2012 (File Nos 333-145064 and 811-08963)).
(D)    Cash Disbursement and Reimbursement Agreement for the TIAA-CREF Life Insurance Company Unit Investment Trust Separate Accounts. (Incorporated by reference to Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, filed on April 19, 2012 (File Nos 333-145064 and 811-08963)).
(d)    Contracts.
   Forms of TIAA-CREF Life Single Premium Immediate Annuity (SPIA) Contracts
(A)    One-Life Immediate Annuity contract (Incorporated by reference to the Post-Effective Amendment No. 2 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts, on October 25, 2002 (File No. 333-46414)).
(B)    Two-Life Immediate Annuity contract (Incorporated by reference to the Post-Effective Amendment No. 2 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts, on October 25, 2002 (File No. 333-46414)).
(C)    Fixed Period Immediate Annuity contract (Incorporated by reference to the Post-Effective Amendment No. 2 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts, on October 25, 2002 (File No. 333-46414)).
(D)    Endorsement Internal Revenue Code Section 72(s) (Incorporated by reference to the Registration Statement on Form S-1 filed on March 23, 2016 (File No 333-210342)).
(e)    Applications.
   Form of Application for the SPIA Contracts (Incorporated by reference to the Post-Effective Amendment No. 2 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts, on October 25, 2002 (File No. 333-46414)).
(f)    Depositor’s Certificate of Incorporation and By-Laws.
(A)    Charter of TIAA-CREF Life (Incorporated by reference to the Pre-Effective Amendments Nos. 1 and 2 to the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, dated December 7, 1998 and December 22, 1998, respectively (File No. 333-61761)).
(B)    Bylaws of TIAA-CREF Life (Incorporated by reference to the Pre-Effective Amendments Nos. 1 and 2 to the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, dated December 7, 1998 and December 22, 1998, respectively (File No. 333-61761)).
(g)    Reinsurance Contracts.
   None
(h)    Participation Agreements.
(A)    Amendment to Participation/Distribution Agreement among TIAA-CREF Life Insurance Company, TIAA-CREF Life Funds, and Teachers Personal Investors Services, Inc., dated as of September 15, 2005 (Incorporated by reference to the Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 for the Personal Annuity Select variable annuity contracts, on May 1, 2006 (File No. 333-61761)).
(B)    Participation Agreement among TIAA-CREF Life Funds, Teachers Personal Investors Services, Inc., Teachers Advisors, Inc. and TIAA-CREF Life Insurance Company. (Incorporated by reference to the Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, filed on February 28, 2014 (File Nos 333-145064 and 811-08963)).
(i)    Administrative Contracts.
   None
(j)    Other Material Contracts
(A)    Form of Shareholder Information Agreement between Teachers Personal Investors Services, Inc. and TIAA-CREF Life insurance Company (Incorporated by reference to the Post-Effective Amendment No. 20 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts on May 1, 2007 (File No. 333-46414)).

 

C-1

(B)    Investment Accounting Agreement by and between State Street Bank and Trust Company and Teachers Insurance and Annuity Association of America and TIAA-CREF Life Insurance Company on behalf of the Separate Account. (Incorporated by reference to the Post-Effective Amendment No. 25 to the Registration Statement on Form N-4 for the Single Premium Immediate Annuity Contracts on May 1, 2008 (File No. 333-46414)).
(C)    Investment Advisory Agreement between TIAA-CREF Life Funds and Teachers Advisors, Inc. (Incorporated by reference to Post-Effective No. 29 to the Registration Statement on Form N-6, filed on May 1, 2010 (File No. 333-46414)).
(D)    Administrative Services Agreement between TIAA-CREF Funds and Teachers Advisors, Inc. (Incorporated by reference to Post-Effective No. 29 to the Registration Statement on Form N-6, filed on May 1, 2010 (File No. 333-46414)).
(E)    Domestic Custody Agreement by and between JPMorgan Chase Bank, N.A. and TIAA-CREF Life Insurance Company on behalf of the Separate Account. (Incorporated by reference to Post-Effective Amendment No. 25 to the Registration Statement on Form N-4 for the Single Premium Annuity Contracts on May 1, 2008 (File No. 333-46414)).
(F)   
(G)    Master Services Agreement effective as of September 30, 2015 between Teachers Insurance and Annuity Association of America and Accenture LLP (Incorporated by reference to the Registration Statement on Form S-1 filed on March 23, 2016 (File No. 333-210342)).
(H)    Service and Subcontracting agreement by and between Teachers Insurance and Annuity Association of America and TIAA Shared Services, LLC (Incorporated by reference to the Post-Effective Amendment No. 16 to the Registration Statement on Form N-4 filed on April 27, 2021 (File No. 333-145064 and 811-08963)).
(k)    Legal Opinion.
(A)    Opinion and Consent of Aneal Krishnamurthy.*
(l)    Other Consents
(A)    Consents of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm—*
(m)    Omitted Financial Statements.
   None
(n)    Initial Capital Agreements.
   None
(o)    Form of Initial Summary Prospectus.
   None
(p)    Powers of Attorney.
(A)    Powers of Attorney (Incorporated by reference to the Post-Effective Amendment No. 15 to the Registration Statement on Form N-4, filed on May 1, 2020 (File Nos 333-145064 and 811-08963)).
(B)    Powers of Attorney (Incorporated by reference to the Post-Effective Amendment No. 16 to the Registration Statement on Form N-4, filed on April 27, 2021 (File Nos 333-145064 and 811-08963)).
(C)    Powers of Attorney (Incorporated by reference to the Post-Effective Amendment No. 22 to the Registration Statement on Form N-4, filed on January 11, 2022 (File Nos 333-46414 and 811-08963)).
(D)    Power of Attorney for Jill Richman (Incorporated by reference to the Post-Effective Amendment No. 25 to the Registration Statement on Form N-4, filed on April 30, 2024 (File Nos 333-46414 and 811-08963)).
(E)    Power of Attorney for Christopher Lynch, Keith Floman and Jill Richman*
(q)    XBRL
   101.INS XBRL Instance Document—Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document*
   101.SCH XBRL Taxonomy Extension Schema Document*
   101.CAL XBRL Taxonomy Extension Calculation Linkbase*

 

C-2

   101.DEF XBRL Taxonomy Extension Definition Linkbase*
   101.LAB XBRL Taxonomy Extension Labels Linkbase*
   101.PRE XBRL Taxonomy Extension Presentation Linkbase*
 
*

Filed herewith

Item 28 Directors and Officers of the Depositor

 

Name and Principal Business Address*

   

Position and Offices with Depositor

Ali Iqbal    President, Chief Executive Officer and Director
Keith Floman    Director
Bradley Finkle    Director
Christopher Lynch    Director
Nicholas Calarco    Director
Barry C. Corday    Vice President, Illustration Actuary
Jill Richman    Director
Timothy Penrose    Director
Stacy Eisenhauer    Vice President, Chief Financial Officer
Carol Fracasso    Vice President, Consumer Services Officer
Christopher J. Heald    Vice President, Treasurer
Peter Pisapia    Chief Compliance Officer of the TIAA Life Separate Accounts
John D. Piller    General Counsel
Wayne M. Smiley    Chief Compliance Officer
Wayne Agard    Secretary

 

*

The principal business address for each officer and director is 730 Third Avenue, New York, New York 10017-3206

 

C-3

Item 29. Persons Controlled by or under Common Control with the Depositor or Registrant

The following chart indicates subsidiaries of Teachers Insurance and Annuity Association of America. These subsidiaries are included in the consolidated financial statements of Teachers Insurance and Annuity Association of America.

All Teachers Insurance and Annuity Association of America subsidiary companies are Delaware corporations, except as indicated.

 

LOGO

This chart is a representation of the organizational structure of TIAA and does not detail each subsidiary of TIAA. For a complete list of subsidiaries, please refer to the attachment.

 

C-4

Exhibit A*

 

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

AGR Partners LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    75    To manage investments.
AGR Services LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    1    To act as an employer entity.
AGR Services LLC    DE   

Operating

Subsidiary

   

AGR

Partners LLC

    Member    99    To act as an employer entity.
AMC Holding, Inc.    FL   

Operating

Subsidiary

    TIAA, FSB    Shareholder    100    To act as a holding company.
Anglo Sino Henderson Investment Consultancy (Beijing) Co Ltd    China   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide investment consulting services.
Business Property Lending, Inc.    DE   

Operating

Subsidiary

    TIAA, FSB    Shareholder    100    To act as a servicer of securitized commercial mortgage loans.
CAM HR Resources LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    1    To act as an employer entity.
CAM HR Resources LLC    DE   

Operating

Subsidiary

   

Churchill

Asset

Management

LLC

   

Managing

Member

    99    To act as an employer entity.
Churchill Agency Services LLC    DE   

Operating

Subsidiary

   

Churchill

Asset

Management

LLC

    Member    100    To act as administrative and collateral agent in connection with certain investments.
Churchill Asset Management LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    75    To act as a registered investment adviser for senior loan investments, primarily in U.S. middle-market companies.
Clean Energy Partners CEP 2012 Limited    France   

Operating

Subsidiary

   

Glennmont

Asset

Management

Limited

    Shareholder    100    Financial Services—Investment Management.
Clean Energy Partners CEP Services Limited   

United

Kingdom

   

Operating

Subsidiary

   

Glennmont

Asset

Management

Limited

    Shareholder    100    To manage investments.
Glennmont Asset Management Limited   

United

Kingdom

   

Operating

Subsidiary

   

Clean Energy

Partners

HoldCo LLP

    Shareholder    100    To manage investments.
Glennmont Partners I Limited   

United

Kingdom

   

Operating

Subsidiary

   

Clean Energy

Partners CEP

2012 Limited

    Shareholder    100    To manage investments.
GreenWood Resources Capital Management, LLC    DE   

Operating

Subsidiary

   

GreenWood

Resources,

Inc.

    Member    100    To act as a registered investment advisor.

 

C-5

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

GREENWOOD RESOURCES POLAND SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ    Poland   

Operating

Subsidiary

   

Greenwood

Resources

Forest

Management,

LLC

    Shareholder    100    To provide property management services.
GreenWood Resources, Inc.    DE   

Operating

Subsidiary

   

Beaver

Investment

Holdings

LLC

    Shareholder    100    To act as an advisor and manager of investments.
Greenworks Lending LLC    DE   

Operating

Subsidiary

   

Nuveen CP

LLC

    Member    100    To originate loans.
Gresham Asset Management LLC    DE   

Operating

Subsidiary

   

Nuveen

Investments,

Inc.

    Member    0.01    To serve as a shell entity.
Gresham Investment Management LLC    DE   

Operating

Subsidiary

   

Nuveen

Investments,

Inc.

   

Managing

Member

    78.9    To act as a registered investment advisor, commodity pool operator, and commodity trading advisor, provide investment advisory and management services to Nuveen Group-sponsored investment vehicles.
GWR Uruguay S.A.    Uruguay   

Operating

Subsidiary

   

Greenwood

Resources

Forest

Management,

LLC

    Shareholder    100    To act as a property manager.
HENDERSON EUROPEAN RETAIL PROPERTY FUND MANAGEMENT S.A.R.L.    Luxembourg   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    94.4    To manage real estate funds.
Jatoba Brasil Investimentos Florestais Ltda    Brazil   

Operating

Subsidiary

   

GTR Brasil

Participações

Ltda.

    Shareholder    100    To facilitate asset acquisitions of timber assets.
MyVest Corporation    DE   

Operating

Subsidiary

   

Teachers

Insurance

and Annuity

Association

of America

    Shareholder    100    To provides digital financial account management services.
Nuveen Administration Limited   

United

Kingdom

   

Operating

Subsidiary

   

Nuveen

Investment

Management

Holdings

Limited

    Shareholder    100    To provide administrative services and act as employer.
Nuveen Alternatives Advisors LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    100    To provide advisory services for alternative investments.
NUVEEN ALTERNATIVES EUROPE S.À. R.L    Luxembourg   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    100    To act as an authorized alternative investment fund manager and a management company.
Nuveen Alternatives Services LLC    DE   

Operating

Subsidiary

   

Nuveen

Alternative

Holdings

LLC

    Member    100    To provide administrative services.

 

C-6

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

NUVEEN ASSET MANAGEMENT EUROPE S.À. R.L    Luxembourg   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    100    To hold or distribute investments.
Nuveen Asset Management, LLC    DE   

Operating

Subsidiary

   

Nuveen

Fund

Advisors,

LLC

    Member    100    To provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. U.S. Securities and Exchange Commission registered investment adviser.
Nuveen Australia Limited    Australia   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide real estate advisory and management services.
Nuveen Canada Company    Canada   

Operating

Subsidiary

   

Nuveen

International

Holdings

LLC

    Shareholder    100    To provide sales and marketing services with respect to the investment advisory and management services offered by its affiliates.
Nuveen Churchill Advisors LLC    DE   

Operating

Subsidiary

   

NCBDC

Holdings

LLC

    Member    100    To act as a primary adviser.
Nuveen Consulting (Shanghai) Co Ltd    China   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide investment consulting services.
Nuveen Corporate Secretarial Services Limited   

United

Kingdom

   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide administrative services.
Nuveen Development Management Services LLC    DE   

Operating

Subsidiary

   

Nuveen

Real Estate

Global LLC

    Member    100    To provide construction and development management services.
Nuveen France SAS    France   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide real estate advisory services.
Nuveen Fund Advisors, LLC    DE   

Operating

Subsidiary

   

Nuveen

Investments,

Inc.

    Member    100    To provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles. U.S. Securities and Exchange Commission registered investment adviser. U.S. Commodity Futures Trading Commission registered commodity pool operator.
Nuveen Fund Management (Jersey) Limited    Jersey   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    100    To manage real estate funds.

 

C-7

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

Nuveen Hong Kong Limited    Hong Kong   

Operating

Subsidiary

   

TGAM HK

HC LLC

    Shareholder    100    To serve as a regulated entity.
Nuveen Investment Management Holdings Limited   

United

Kingdom

   

Operating

Subsidiary

   

TIAA

International

Holdings 3

Limited

    Shareholder    99.6    To act as the holding company.
Nuveen Investment Management Holdings Limited   

United

Kingdom

   

Operating

Subsidiary

   

TIAA

International

Holdings 1

Limited

    Shareholder    0.4    To act as the holding company.
Nuveen Investment Management International Limited   

United

Kingdom

   

Operating

Subsidiary

   

Nuveen

FCACO

Limited

    Shareholder    100    To manage real estate funds.
Nuveen Italy S.R.L.    Italy   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To manage real estate investments.
NUVEEN JAPAN CO., LTD    Japan   

Operating

Subsidiary

   

Nuveen

International

Holdings

LLC

    Shareholder    100    Investment management, agency business, financial instruments exchange, market and investment research, and a financial distribution business office.
Nuveen Management AIFM Limited   

United

Kingdom

   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    100    To act as an asset manager.
Nuveen Management Austria GMBH    Austria   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    65    To manage real estate funds.
NUVEEN MANAGEMENT COMPANY (LUXEMBOURG) NO 1 SÀRL    Luxembourg   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    94.4    To manage real estate funds.
Nuveen Management Finland OY    Finland   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To act as an employer for the asset manager in connection with a fund.
Nuveen Natural Capital Limited   

United

Kingdom

   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Shareholder    100    To manage farmland fund entities.
Nuveen Opportunistic Strategies LLC    DE   

Operating

Subsidiary

   

Teachers

Insurance

and Annuity

Association

of America

    Member    99.99    To hold investments.
Nuveen Opportunistic Strategies LLC    DE   

Operating

Subsidiary

   

Teachers

Advisors,

LLC

    Member    0.01    To hold investments.
Nuveen Property Management (Jersey) Limited    Jersey   

Operating

Subsidiary

   

Nuveen

Europe

Holdings

Limited

    Shareholder    100    To manage real estate funds.

 

C-8

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

Nuveen Real Estate Global Cities Advisors, LLC    DE   

Operating

Subsidiary

   

Nuveen

Real Estate

Global LLC

    Member    100    To manage and advise legal entities.
Nuveen Securities, LLC    DE   

Operating

Subsidiary

   

Nuveen

Investments,

Inc.

    Member    100    To act as a broker-dealer that distributes and/or underwrites Nuveen Group-sponsored investment vehicles and facilitates certain trades made by the Nuveen Group’s investment managers on behalf of their clients.
Nuveen Services, LLC    DE   

Operating

Subsidiary

   

Nuveen,

LLC

    Member    100    To act as the employer entity and to enter into commercial relationships pertaining to the provision of shared services.
Nuveen Singapore Private Limited    Singapore   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To act as a real estate investment advisor.
NWQ Investment Management Company, LLC    DE   

Operating

Subsidiary

   

NWQ

Partners,

LLC

    Member    100    To provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. U.S. Securities and Exchange Commission registered investment adviser.
Pace Financial Servicing, LLC    DE   

Operating

Subsidiary

   

Nuveen CP

LLC

    Member    100    To engage in servicing activities.
Permian Investor Asset Manager LLC    DE   

Operating

Subsidiary

   

Nuveen

Permian

Investor

Asset

Manager

Member

LLC

    Member    50    To hold real estate and other investments.
Plata Wine Partners, LLC    CA   

Operating

Subsidiary

   

The Plata

Wine

Partners

Trust

    Member    45    To hold agricultural investments.
Plata Wine Partners, LLC    CA   

Operating

Subsidiary

   

Plata

Advisors,

LLC

    Member    45    To hold agricultural investments.
Plata Wine Partners, LLC    CA   

Operating

Subsidiary

   

Plata

Managers,

LLC

    Member    10    To hold agricultural investments.
Santa Barbara Asset Management, LLC    DE   

Operating

Subsidiary

   

Nuveen

Investments,

Inc.

    Member    100    To provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts.

 

C-9

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

Symphony Alternative Asset Management LLC    DE   

Operating

Subsidiary

   

Nuveen

Asset

Management,

LLC

    Member    100    To act as an asset manager.
Taurion, S.A.    Uruguay   

Operating

Subsidiary

   

Global

Timber Spain

S.L.

    Shareholder    100    To hold alternative investments.
Teachers Advisors, LLC    DE   

Operating

Subsidiary

   

Nuveen

Finance,

LLC

    Member    100    To act as a registered investment advisor to provide investment management services.
TIAA Advisory, LLC    DE   

Operating

Subsidiary

   

TIAA RFS,

LLC

    Member    100    To provide investment advisory services to managed account programs.
TIAA Commercial Finance, Inc.    DE   

Operating

Subsidiary

    TIAA, FSB    Shareholder    100    To engage in equipment leasing and commercial financing.
TIAA Global Business Services (India) Private Limited    India   

Operating

Subsidiary

   

TIAA GBS

Holding LLC

    Shareholder    1    To provide certain information technology related services and other support services.
TIAA Global Business Services (India) Private Limited    India   

Operating

Subsidiary

   

TIAA GBS

Singapore

Holding

Company

Pte. Ltd.

    Shareholder    99    To provide certain information technology related services and other support services.
TIAA Kaspick, LLC    DE   

Operating

Subsidiary

   

TIAA-CREF

Redwood,

LLC

    Member    100    To act as a registered investment adviser and provide investment advice and gift administration services to charitable organizations and other non-profit institutions through investment management and gift administration agreements with charitable organizations.
TIAA, FSB    FL   

Operating

Subsidiary

   

TIAA FSB

Holdings,

Inc.

    Shareholder    100    To provide consumer lending, commercial lending, and trust services nationwide.
TIAA-CREF Individual & Institutional Services, LLC    DE   

Operating

Subsidiary

   

Teachers

Insurance

and Annuity

Association

of America

    Member    100    To act as a registered broker-dealer and investment advisor and to provide distribution and related services for College Retirement Equities Fund, TIAA Real Estate Account and TIAA Separate Account VA-3, distribution services for the TIAA-CREF Funds, Nuveen Funds, and third party funds within retirement and savings plans and administrative services to tuition savings products.
TIAA-CREF Insurance Agency, LLC    DE   

Operating

Subsidiary

   

TIAA RFS,

LLC

    Member    100    To act as a licensed life insurance agent offering insurance services and products.
TIAA-CREF Investment Management, LLC    DE   

Operating

Subsidiary

   

TIAA-CREF

Asset

Management

LLC

    Member    100    To serve as a registered investment advisor, which provides investment management services for College Retirement Equities Fund.

 

C-10

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

TIAA-CREF Life Insurance Company    NY   

Operating

Subsidiary

- 1704(c)

Insurance

Subsidiary

   

Teachers

Insurance

and Annuity

Association

of America

    Shareholder    100    A life insurance company that issues guaranteed and variable annuities and funding agreements to the general public.
TIAA-CREF LUXEMBOURG S.A.R.L.    Luxembourg   

Operating

Subsidiary

   

Nuveen

Group

Holdings

Limited

    Shareholder    100    To provide accounting and domiciliary services to legal entities.
TIAA-CREF Tuition Financing, Inc.    DE   

Operating

Subsidiary

   

Teachers

Insurance

and Annuity

Association

of America

    Shareholder    100    To administer and provide program management services on behalf of state entities to qualified tuition programs formed pursuant to Section 529 of the Internal Revenue Code.
Westchester Group Chile Investment Management, SPA    Chile   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Shareholder    100    To facilitate management operations.
Westchester Group Farm Management, Inc.    IL   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Member    100    To hold investments.
Westchester Group Investment Management, Inc.    DE   

Operating

Subsidiary

   

Westchester

Group

Investment

Management

Holding

Company,

Inc.

    Shareholder    100    To hold investments.
Westchester Group of Poland Sp. Z.o.o.    Poland   

Operating

Subsidiary

   

Nuveen

Natural

Capital

Limited

    Shareholder    100    To manage farmland fund entities.
Westchester Group Real Estate, Inc.    IL   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Member    100    To provide brokerage services related to agricultural investments.
Westchester Group South America Gestao De Investimentos Ltda.    Brazil   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Shareholder    100    To manage farmland funds.
Westchester Group SRL    Romania   

Operating

Subsidiary

   

Nuveen

Natural

Capital

Limited

    Shareholder    100    To manage farmland fund entities.
Westchester NGFF Investment, LLC    DE   

Operating

Subsidiary

   

Westchester

Group

Investment

Management,

Inc.

    Member    100    To hold investments.

 

C-11

Entity Name

   

Domestic

Jurisdiction

   

Entity

Classification

   

Owner Name

   

Owner Type

   

Ownership%

   

Business Purpose

Winslow Capital Management, LLC    DE   

Operating

Subsidiary

   

Nuveen

WCM

Holdings,

LLC

    Member    100    To provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. U.S. Securities and Exchange Commission registered investment adviser.

 

*

Note: TIAA has control of the subsidiaries included in this filing (each, a “Subsidiary”) through: (i) direct or indirect ownership of a majority of the voting securities of the Subsidiary; (ii) TIAA, or a subsidiary of TIAA, acting as asset manager or manager of the Subsidiary (or in a similar role); or (iii) corporate governance provisions present in the Subsidiary’s constituent documents.

Item 30. Indemnification

The TIAA-CREF Life Insurance Company bylaws provide that TIAA-CREF Life will indemnify, in the manner and to the fullest extent permitted by law, each person made or threatened to be made a party to any action, suit or proceeding, whether or not by or in the right of TIAA-CREF Life, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that he or she or his or her testator or intestate is or was a director, officer or employee of TIAA-CREF Life, or is or was serving at the request of TIAA-CREF Life as director, officer or employee of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, if such director, officer or employee acted, in good faith, for a purpose which he reasonably believed to be in, or in the case of service for any other corporation or any partnership, joint venture trust, employee benefit plan or other enterprise, not opposed to, the best interests of TIAA-CREF Life and in criminal actions or proceedings, in addition, had no reasonable cause to believe his or her conduct was unlawful. To the fullest extent permitted by law such indemnification shall include judgments, fines, amounts paid in settlement, and reasonable expenses, including attorneys’ fees. No payment of indemnification, advance or allowance under the foregoing provisions shall be made unless a notice shall have been filed with the Superintendent of the New York State Department of Financial Services not less than thirty days prior to such payment specifying the persons to be paid, the amounts to be paid, the manner in which payment is authorized and the nature and status, at the time of such notice, of the litigation or threatened litigation.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to officers and directors of the Depositor, pursuant to the foregoing provision or otherwise, the Depositor has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in that Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Depositor of expenses incurred or paid by a director or officer in connection with the successful defense of any action, suit or proceeding) is asserted by a director or officer in connection with the securities being registered, the Depositor will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in that Act and will be governed by the final adjudication of such issue.

 

C-12

Item 31. Principal Underwriters

(a) TIAA-CREF Individual & Institutional Services, LLC (“TC Services”) acts as principal underwriter of the contracts as defined in the Investment Company Act of 1940, as amended. TC Services is also principal underwriter for TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds, and variable annuity contracts issued by TIAA-CREF Life Separate Account VA-1 and TIAA Separate Account VA-1.

(b) Management

 

Name and Principal Business Address*    Positions and Offices with Underwriter
Rashmi Badwe    Manager
Raymond Bellucci    Manager, Senior Managing Director
James Deats    Manager
Derek Heaslip    Manager
Angela Kahrmann    Manager, President, Chief Executive Officer, Chairman
Benjamin Lewis    Manager
Ross Abbott    Chief Operating Officer
Christopher Stickrod    Manager
Christopher A. Baraks    Vice President
Christopher Beam    Assistant Treasurer
Helen Barnhill    Assistant Secretary, Director, Chief Legal Officer
Jeremy Intihar    Managing Director
Lisa Humphries    Chief Conflict of Interest Officer
Troy Burk    Chief Anti-Money Laundering & Sanctions Officer
Megan Sendlak    Managing Director, Controller
Christopher J. Heald    Treasurer
Jeanne Zelnick    Secretary
Eric Poe    Managing Director
Jessica Martin    Chief Risk Officer
Jennifer Mangano    Chief Financial Officer
Derek Heaslip    Manager
Scott Weinstein    Chief Compliance Officer, Managing Director
Niladri Mukherjee    Manager

 

*

The address of each Director and Officer is c/o TIAA-CREF Individual & Institutional Services, LLC, 730 Third Avenue, New York, NY 10017-3206

(c) Not applicable.

Item 32. Location of Accounts and Records

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated there under are maintained at the Registrant’s home office, 730 Third Avenue, New York, New York 10017, and at other offices of the Registrant located at 8500 Andrew Carnegie Boulevard, Charlotte, North Carolina 28262. In addition, certain duplicated records are maintained at Iron Mountain 22 Kimberly Road East Brunswick, NJ 08816, 64 Leone Lane, Chester, New York, 10918, 11333 East 53 Street, Denver, CO 80239, State Street Bank and Trust Company 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108. and JPMorgan Chase Bank, 4 Chase Metrotech Center Brooklyn, NY 11245.

Item 33. Management Services

Not applicable.

Item 34. Fee Representation

TIAA - CREF Life Insurance Company (“TIAA Life”) represents that the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by TIAA Life.

 

C-13

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 30th of April, 2025.

 

TIAA-CREF LIFE SEPARATE ACCOUNT VA-1

By:  

TIAA-CREF Life Insurance Company

(On behalf of the Registrant and itself)

By:   /s/ Ali Iqbal
  Ali Iqbal
  President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons on April 30, 2025 in the capacities and on the dates indicated.

 

Signature

   

Title

*

Ali Iqbal

   

President, Chief Executive Officer and Director

*

Keith Floman

   

Director

*

Bradley Finkle

   

Director

*

Christopher Lynch

   

Director

*

Jill Richman

   

Director

*

Nicholas Calarco

   

Director

*

Timothy Penrose

   

Director

Signed by John D. Piller as attorney-in-fact pursuant to a Power of Attorney effective:

March 30, 2020, January 10, 2022, and April 1, 2025.

 

/s/ John D. Piller

John D. Piller

   
Attorney-in-fact     

 

C-14

Exhibit Index

 

(k)    Legal Opinion.
  

(A) Opinion and consent of Aneal Krishnamurthy, Esquire

(I)    Other Consents.
   (A) Consents of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm
(p)    Powers of Attorney.
   (E) Power of Attorney for Christopher Lynch, Keith Floman and Jill Richman*
(q)    XBRL
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   101.SCH XBRL Taxonomy Extension Schema Document
   101.CAL XBRL Taxonomy Extension Calculation Linkbase
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   101.LAB XBRL Taxonomy Extension Labels Linkbase
   101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

C-15

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

OPINION AND CONSENT OF ANEAL KRISHNAMURTHY, ESQUIRE

CONSENTS OF PRICEWATERHOUSECOOPERS LLP

POWERS OF ATTORNEY

XBRL TAXONOMY EXTENSION SCHEMA

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IDEA: R1.htm

IDEA: FilingSummary.xml

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