THE TIAA GENERAL ACCOUNT
Where strength and diversification
meet scale and consistency
TIAA General Account as of
December 31, 2023
This account combines a strong capital position with a diversified
portfolio and the scale and consistency of investment flows.
Strong capital position
Teachers Insurance and Annuity Association of America
(TIAA) is one of only three insurance groups in the United
States to currently hold the highest possible rating from three
of the four leading insurance company rating agencies for its
stability, claims-paying ability and overall financial strength.
4
Diversified portfolio
In keeping with our commitment to prudent asset/liability
management, the TIAA General Account invests in a broadly
diversified portfolio that enables us to pursue long-term
returns for the account while providing the stability and
liquidity needed to support our guaranteed annuity products.
Scale and consistency of investment flows
Nuveen, a TIAA company, is one of the top 20 largest global
asset managers.
5
As a result, we’re able to build our asset
base, develop specialized investment expertise and realize
economies of scale that smaller investors do not enjoy.
Total General Account assets—$293.8 billion
1
Total statutory capital—$48.9 billion
2
Option-adjusted duration is 7.0
3
Unwavering financial strength
Our commitment and beliefs
The TIAA General Account is one of the
largest general accounts to commit to
achieving net-zero carbon emissions
by 2050.
6
Climate beliefs of the TIAA General
Account
The world is transitioning to a low-
carbon economy, although the pace
is uncertain.
How markets react to this transition
will bring risks and opportunities
that influence how the GA invests.
Decarbonizing the GA portfolio
will allow us to properly manage
transition risks and embrace
investment opportunities.
The rate of decarbonization the
GA can achieve will depend on
government policy and regulatory
actions across various geographies
and sectors.
1
2
3
4
Thasunda Brown Duckett
TIAA President and CEO
The TIAA General Account is an insurance company account, does not present an investment
return and is not available to investors.
2 TIAA General Account
TIAA GENERAL ACCOUNT MAINTAINS A WELLDIVERSIFIED INVESTED ASSET ALLOCATION
Investment allocation % General Account assets
Bonds* 68.0%
Treasury 
Agency 
AAA 
AA 
A 
BBB 
BB 
B 
Below B 
NR 
Mortgages** 14.6%
Commercial mortgages 
Residential mortgages 
Non-fixed income 17.4%
*Letter ratings for some bonds are mapped from available NAIC ratings.
**Nearly 100% of all mortgages are in good standing.
TIAA GENERAL ACCOUNT DIVERSIFICATION
(For details, see the next page.)
Public fixed income 47%
Real estate equity 5%
Commercial mortgage 13%
Private fixed income 24%
Private equity funds and co-investments 4%
Real assets 3%
Operating subsidiaries 2%
Other subsidiary investments 1%
Other investments 1%
3 TIAA General Account
TIAA invested asset allocation as of Dec. 31, 2023—$293.8 billion
Public fixed income (in millions)
Percentage of General Account assets 
U.S. Government bonds (treasuries) 
U.S. Government-related bonds 
Other developed markets government bonds 
Municipal bonds 
Investment-grade corporate bonds 
High-yield corporate bonds 
Leveraged loan 
Emerging market bonds 
Agency MBS securities 
Non-agency MBS securities 
Residential mortgages 
Structured credit (ABS, CLO, CDO) 
Investment grade CMBS 

Private fixed income (in millions)
Percentage of General Account assets 
Private placements 
Project finance/infrastructure 
Credit tenant loans 
Middle market senior loans 
Middle market sub debt 
CMBS securities (subordinated) 
Distressed 
Private ABS 
Fund investments 

Commercial mortgages (in millions)
Percentage of General Account assets 13.0%
Housing $10,472
Industrial $6,480
Oce $9,634
Retail $6,412
Mixed use/other $5,047
$38,045
Real estate equity (in millions)
Percentage of General Account assets 
Housing 
Industrial 
Oce 
Retail 
Mixed use/other 
Funds 

Private equity funds and co-investments (in millions)
Percentage of General Account assets 
Leveraged buyout funds 
Leveraged buyout co-invest 
Mezzanine 
Secondaries 
Venture capital funds 
Impact private equity 
Other private equity 

Other investments (in millions)
Percentage of General Account assets 4.8%
Operating subsidiaries $7,481
Fixed income subsidiary investments $2,814
Other investments $3,848
$14,143
Real assets (in millions)
Percentage of General Account assets 
Agriculture 
Timberlands 
Infrastructure 

1. Total assets $346.5 billion. Total TIAA assets include, in addition to the General Account, separately managed accounts such as the Real Estate Account and
TIAA Stable Value.
2. Total statutory capital is composed of capital and surplus, and asset valuation reserve for TIAA.
3. The individual option-adjusted duration is calculated for the holdings of the General Account, excluding commercial mortgages, real estate, equities (REIT
equities, funds and common stock), cash and certain other investment products.
4. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three
insurance groups in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating
agencies: AM Best (A++ as of July 2023), Fitch (AAA as of August 2023) and S&P Global Ratings (AA+ as of October 2023), and the second highest possible
rating from Moody’s Investors Service (Aa1 as of September 2023). There is no guarantee that current ratings will be maintained. The financial strength ratings
represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s
claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.
5. Pensions & Investments, Rankings based on institutional tax-exempt assets under management as of 31 Dec 2022 reported by each responding asset manager.
6. As of Dec. 31, 2022, cash and invested assets were $293,881,381. Ranking based on U.S. insurers.
This information does not include TIAA Real Estate or the CREF variable annuities.
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product
recommendation. This material does not consider an individual’s own objectives or circumstances, which should be the basis of any investment decision.
The investment returns of the TIAA General Account do not flow directly to the TIAA Traditional Annuity or the TIAA Stable Return Annuity contracts but support
the payment obligations and the fulfillment of returns provided for under these contracts. Each premium allocated to such contracts buys a definite amount of
lifetime income for participants based on the rate schedule in eect at the time the premium is paid. In addition, the TIAA Traditional Annuity and Stable Return
Annuity provide a guarantee of principal, a guaranteed minimum rate of interest and the potential for additional amounts of interest when declared by TIAA’s Board
of Trustees. Additional amounts, when declared, remain in eect for the “declaration year” that begins each March 1 for accumulating annuities and January 1 for
lifetime payout annuities. Additional amounts are not guaranteed for future years.
Payment obligations and the fulfillment of the returns provided for in the TIAA Traditional Annuity and the TIAA Stable Return Annuity are subject to the claims-
paying ability of its issuer, Teachers Insurance and Annuity Association of America. Past interest rates are not indicative of future interest rates. These payment
obligations and guarantees are backed by the financial strength of TIAA’s General Account. For information about current rates on additional amounts, visit our
website at tiaa.org.
Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government
agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers
Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial
condition and contractual obligations.
©2024 and prior years, Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017.
GPF-3554679CR-S1223X (05/24)