b r eport best’s rating report · 2019-07-29 · page 1 of 32 printed july 15, 2019 b est’s r...

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of 32 Printed July 15, 2019

Teachers Insurance and Annuity Association of AmericaBEST’S RATING REPORT

BEST’S RATING REPORTBEST’S RATING REPORT

AM BEST

A++ Superior

Financial Strength Rating

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA A++730 Third Avenue, New York, New York, United States 10017-3206AMB #: 007112 NAIC #: 9345 FEIN#: 13-1624203Phone: 212-490-9000 Fax: 800-842-5916 Website: www.tiaa.org

TIAA-CREF LIFE INSURANCE COMPANY A++730 Third Avenue, New York, New York, United States 10017-3206AMB #: 060222 NAIC #: 60142 FEIN#: 13-3917848Phone: 800-223-1200 Fax: 800-842-5916 Website: www.tiaa.org

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Teachers Insurance and Annuity Association of America

Report Release Date: Rating Effective Date:July 8, 2019 June 20, 2019

Disclosure Information: View A.M. Best’s Rating Disclosure Form

Analytical Contacts

A.M. Best Rating Services, Inc.

Richard Francis Kenneth JohnsonSenior Financial Analyst Senior [email protected] [email protected]+1(908) 439-2200 Ext. 5152 +1(908) 439-2200 Ext. 5056

Ultimate Parent: 007112 - Teachers Insurance and Annuity Association of America

A.M. Best Rating Unit: 070362 - TIAA Group

Best's Credit Ratings:Rating Effective Date: June 20, 2019

Best's Financial Strength Rating: A++ Outlook: Stable Action: AffirmedBest's Issuer Credit Rating: aaa Outlook: Stable Action: Affirmed

Five Year Credit Rating History:

Best's Financial Strength Ratings Best's Issuer Credit RatingsDate Rating Outlook Action Rating Outlook Action06/20/2019 A++ Stable Affirmed aaa Stable Affirmed06/12/2018 A++ Stable Affirmed aaa Stable Affirmed06/08/2017 A++ Stable Affirmed aaa Stable Affirmed06/08/2016 A++ Stable Affirmed aaa Stable Affirmed06/05/2015 A++ Stable Affirmed aaa Stable Affirmed

Corporate Overview:

Teachers Insurance and Annuity Association of America (TIAA) was established in 1918 as a legal reserve life insurance companyunder the insurance laws of the State of New York by the Carnegie Foundation for the advancement of teaching. Under its charter,TIAA's purpose is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profitinstitutions by providing retirement and insurance benefits for their employees and their families and by counseling such organizationsand their employees on benefit plans and other measures of economic security, all without profit to the corporation or its stockholders.Net earnings in excess of the amounts needed to provide for contractual benefits and to establish necessary asset valuation andcontingency reserves are available for distribution to TIAA policyholders in the form of additional amounts, or remain available forpurposes that the TIAA Board of Trustees determines can uphold TIAA's mission. Also, according to its charter, all of the outstandingcommon stock of TIAA is held by TIAA Board of Overseers. TIAA Board of Overseers is a Type B New York not-for-profit corporationincorporated in the state of New York, created for the purpose of holding the stock of TIAA. TIAA Board of Overseers elects the

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Corporate Overview: (Continued...)

members of the TIAA Board of Trustees. TIAA Board of Trustees oversees the management of TIAA and, among other things,approves changes to TIAA's organizational documents. All policies and contracts issued by TIAA are non-participating.

TIAA operates in conjunction with its companion organization, the College Retirement Equities Fund (CREF), a separate entity formedin 1952 as a not-for-profit membership corporation under the laws of the state of New York to provide variable annuity contracts asalternatives to TIAA's fixed annuity contracts. CREF is registered as an open-end diversified management investment company. TIAAand CREF policyholders traditionally have been able to allocate their retirement annuity contributions between the TIAA fixed accountand CREF's variable annuity accounts. With total assets under administration of $981 billion as of year-end 2016, TIAA-CREF is amajor financial services organization. Together, TIAA and CREF represent one of the largest retirement systems in the U.S.

An important provision of the TIAA system is that it provides full funding, immediate vesting and portability of pension funds, whichenables educational or research professionals to change employer without forfeiting accrued pension rights. Today, TIAA and CREFserve approximately 5.0 million people across more than 16,000 colleges, universities, and related education and research institutionsin the United States.

TIAA-CREF Life Insurance Company (TIAA-CREF Life) was incorporated and commenced business in 1996, as a stock companyunder the laws of the state of New York. It is a direct wholly-owned subsidiary of TIAA. TIAA-CREF Life sells life insurance and annuityproducts to the general public with a large focus on marketing its products to individuals who own retirement annuities or insurancepolicies issued by TIAA. TIAA-CREF Life also sells funding agreements and separate account guaranteed interest contracts (SAGIC).These funding agreements are issued directly to states in support of state sponsored 529 college savings and scholarship plans.SAGICs are unallocated, non-participating, deposit type contracts in the separate account and are designed as an investment vehicleoffered to trustees and/or plan sponsors of stable value funds. The majority of the services required for its business operations areprovided by TIAA and certain of its direct and indirect wholly-owned subsidiaries pursuant to various service, investment management,administrative, selling and distribution agreements.

Corporate Structure

AMB# Company Name Domicile Percentage Own (%)007112 Teachers Ins & Annuity Assoc NY 100060222 TIAA-CREF Life Ins Co NY 100

Rating Rationale:The following text is derived from Best's Credit Report on TIAA Group (AMB#070362)

Balance Sheet Strength: Strongest

• Strongest level of risk-adjusted capitalization as measured by Best's Capital Adequacy Model that is sustained by profitableoperating performance.

• A significant portion of the Group's general account reserves are not subject to discretionary withdrawal supporting a stableliability structure with low liquidity requirements.

• The company does not provide secondary or living benefit guarantees in its pension and insurance businesses reducing risk andcapital requirements.

• Overall conservative investment portfolio, with exposure to real estate-related assets approaching industry averages.

Operating Performance: Very Strong

• Sustained trend of strong net operating performance, particularly in the Group's core individual and group annuity businesses.

• Substantial net premiums written annually contribute to growing asset balances.

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• Higher general account and separate account balances driving strong investment performance and increasing assetmanagement fee income, partly offset by dampening effect of persistent low interest rate environment.

• Lean expense structure due to significant scale and low distribution costs.

Business Profile: Very Favorable

• TIAA Group enjoys strong brand recognition and is a market leader in the higher education retirement and pension market.

• The TIAA Group has a unique liability structure such that approximately 75% of the general account pension business cannot besurrendered and can only be received as a death benefit or in the form of an annuity payout.

• Low-cost distribution system through institutions and strong relationships with universities.

Enterprise Risk Management: Very Strong

• TIAA has a well-developed risk management framework that is continuously reviewed and supported by a sound governancestructure composed of key risk committees that are headed by the Enterprise Risk Management and Compliance Committee.

• Risk appetites and tolerances are well defined and integrated into risk monitoring and reporting processes at various levels ofthe Group. Key risks to the organization are identified and monitored by the appropriate committee.

• TIAA regularly performs capital modeling and stress testing on its annuity business targeting major risks to capital. Its substantialamount of excess capital serves to backstop its ERM program.

• TIAA has conservative reserves that include no significant secondary or living benefit guarantees and generally do not allow forwithdrawals other than in the form of annuity benefits allowing for longer-duration investment strategies.

OutlookThe stable outlooks reflect the Group's strongest balance sheet strength assessment, very strong operating performance and ERM,with a very favorable business profile.

Rating DriversA negative rating action could occur if there is a significant and sustained decline in risk-adjusted capitalization.

A negative rating action could occur if there was a material and sustained decline in TIAA's operating performance.

Financial Data Notes:

Time Period: Annual - 2018 Status: A.M. Best Quality Cross Checked Data as of: 05/16/2019

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Key Financial Indicators:

Key Financial Indicators (000)Year End - December 31

2018 2017 2016 2015 2014

Assets 303,286,269 295,146,995 282,442,386 270,094,422 262,634,190Policyholders' Surplus 38,126,304 36,336,069 35,583,089 34,735,498 33,919,944Asset Valuation Reserve 5,259,527 5,388,226 4,166,706 3,910,350 5,020,051Net Premiums Written 15,033,997 15,386,525 15,184,108 11,950,939 11,185,673Net Investment Income 12,291,093 11,681,209 11,761,234 11,069,347 11,070,478Net Income 1,453,054 1,020,442 1,489,730 1,254,017 984,254Source: Bestlink - Best's Statement File - L/H, US

(*) Within several financial tables of this report, this company is compared against the Group Annuity Composite.(*) Data reflected within all tables of this report has been compiled from the company-filed statutory statement.

Credit Analysis:Balance Sheet Strength

Capitalization:

Capital Generation AnalysisYear End - December 31

2018 2017 2016 2015 2014

Pre-Tax Net Operating Gain ($000) 2,086,604 1,614,280 1,666,008 1,658,327 1,323,830Realized Capital Gains ($000) -656,605 -597,528 -160,734 -486,816 -376,569Income Taxes ($000) -23,055 -3,690 15,543 -82,505 -36,993Unrealized Capital Gains ($000) -356,897 1,173,656 -607,769 -1,160,981 484,967Change in AVR ($000) 128,699 -1,221,521 -256,356 1,109,701 -386,765Other Changes ($000) 565,379 -219,598 221,986 -387,183 2,058,363Change in Capital & Surplus ($000) 1,790,234 752,980 847,592 815,554 3,140,819Change in Capital & Surplus (%) 4.9 2.1 2.4 2.4 10.2Source: Bestlink - Best's Statement File - L/H, US

Liquidity AnalysisYear End - December 31

2018 2017 2016 2015 2014

Operating Cash Flow ($000) 6,704,597 7,588,076 8,582,940 5,344,078 5,166,180Non-Investment Grade Bonds / Capital (%) 43.3 42.0 41.8 35.6 31.4Mortgage Loans & RE to Capital (%) 74.0 68.7 58.7 54.3 45.1Affiliated Investment to Capital (%) 67.7 68.4 60.0 57.5 57.4

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Capitalization: (Continued...)

Liquidity Ratios (%)Company Industry Composite

Year End - December 31 Year End - December 312018 2017 2016 2015 2014 2018 2017 2016 2015 2014

Quick Liquidity 40.0 42.6 46.7 47.4 49.9 34.8 36.3 38.2 38.8 40.5Current Liquidity 83.8 84.9 88.4 89.6 90.5 72.9 73.1 74.8 75.2 76.0Source: Bestlink - Best's Statement File - L/H, USIndustry Composite: Group Annuity Composite - Bestlink - Best's Statement File - L/H, US

Leverage Analysis (%)Company Industry Composite


Capital & Surplus to Liabilities 19.6 19.3 19.0 19.2 19.7 14.1 13.7 13.6 14.0 13.1Reinsurance Leverage 1.0 1.1 1.2 1.2 1.2 217.9 212.6 195.3 198.8 137.5NPW & Deposits to Total Capital 0.4 0.4 0.4 0.3 0.3 1.3 1.3 1.4 0.8 1.2Change in NPW & Deposits -2.1 1.6 25.6 6.5 -10.3 5.5 -9.0 71.1 -31.6 4.7Source: Bestlink - Best's Statement File - L/H, USIndustry Composite: Group Annuity Composite - Bestlink - Best's Statement File - L/H, US

Capital & Surplus to Liabilities

0.0

4.0

8.0

12.0

16.0

20.0

2014 2015 2016 2017 2018

19.7 19.2 19.0 19.3 19.6

13.1 14.0 13.6 13.7 14.1

- Company - Industry Composite

Source: Bestlink - Best's Statement File - L/H, USIndustry Composite: Group Annuity Composite - Bestlink - Best's Statement File - L/H, US

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Reinsurance Leverage

-50.0

0.0

50.0

100.0

150.0

200.0

250.0

2014 2015 2016 2017 2018

1.2 1.2 1.2 1.1 1.0

137.5

198.8 195.3212.6 217.9



Asset Liability Management – Investments:

Bond Portfolio - 2018 Bonds Distribution by Maturity (%)Years Years Average

0-1 1-5 5-10 10-20 20+ Maturity

Government 0.7 3.9 4.1 5.0 5.9 13.6Government Agencies 0.4 0.7 2.5 4.7 2.6 14.3Industrial & Miscellaneous 2.3 16.9 22.9 11.2 12.6 10.7Affiliated ... 0.4 ... ... ... 3.1Hybrid Securities ... ... ... 0.1 0.1 18.1Total 3.3 23.2 31.2 21.1 21.2 11.5

Source: Bestlink - Best's Statement File - L/H, US

Bond Distribution by Issuer TypeYear End - December 31

2018 2017 2016 2015 2014Bonds ($000) 187,351,103 184,895,396 185,215,929 181,246,840 180,086,454US Government (%) 16.6 17.5 19.9 21.4 21.8Foreign Government (%) 2.9 2.7 2.6 2.7 2.4State, Municipal & Special Revenue - US (%) 10.8 10.8 9.8 10.4 10.9Industrial, SVO Identified & Hybrid (%) 69.3 68.4 67.3 65.0 63.8Affiliated (%) 0.4 0.4 0.4 0.5 1.1Source: Bestlink - Best's Statement File - L/H, US

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Asset Liability Management – Investments: (Continued...)

2018 Bond Distribution By Issuer Type

16.6%

2.9%

10.8%

69.3%

0.4%

US Government (%) Foreign Government (%) State, Municipal & Special Revenue - US (%) Industrial, SVO Identified & Hybrid (%) Affiliated (%)


Operating Performance

Underwriting Results:

Profitability Test (%)Year End - December 31

2018 2017 2016 2015 20145-YR

Avg/TotalBenefits Paid to NPW & Deposits 113.0 101.5 91.0 115.6 118.0 106.9Commissions & Expenses to NPW & Deposits 11.0 10.4 9.9 11.7 12.7 11.0Net Operating Gains to Total Assets 0.7 0.6 0.6 0.7 0.5 0.6Net Operating Gains to Total Revenues 6.8 5.3 5.4 6.5 5.2 5.8Operating Return on Equity 5.7 4.5 4.7 5.1 4.2 4.8Net Yield 4.87 4.79 5.01 4.84 4.97 4.89Pre-tax Invest Total Return 4.47 5.16 4.54 4.06 4.89 4.63Source: Bestlink - Best's Statement File - L/H, US

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Underwriting Results: (Continued...)

Net Operating Gain ($000)Year End - December 31

2018 2017 2016 2015 2014

Ordinary life 44,636 50,563 30,850 36,330 40,125Supplementary contracts -129,022 -136,537 -150,105 -140,688 -144,222Individual annuities 2,101,054 1,405,573 1,253,716 1,356,033 994,937Group annuities 92,059 262,231 515,592 504,696 605,207Individual A&H 931 762 556 587 17Other ... 35,379 -143 -16,125 -135,240Total 2,109,659 1,617,970 1,650,465 1,740,832 1,360,824Source: Bestlink - Best's Statement File - L/H, US

Accident & Health StatisticsYear End - December 31

2018 2017 2016 2015 2014

Net Premiums Written ($000) 2 2 2 2 2Net Premiums Earned ($000) 2 2 2 3 1Loss Ratio (%) -96.7 161.3 306.5 163.6 999.9Expense Ratio (%) -99.9 -99.9 999.9 -99.9 -99.9Underwriting Results ($000) 921 761 563 559 15Source: Bestlink - Best's Statement File - L/H, US

Business ProfileThe following text is derived from Best's Credit Report on TIAA Group (AMB# 070362):

TIAA Group, directly and through its subsidiaries and affiliates, offers a wide array of financial services and products, including: fixedand variable annuities (directly and through separate accounts); mutual funds; wealth management advice; non-commissionedinvestment advice; education savings programs; life insurance; trust and banking services; planned giving and endowment services;brokerage services; and institutional third-party asset management. TIAA Group is the market leader and the TIAA brand is widelyrecognized in the higher education and not-for-profit market. TIAA Group's asset management firm, Nuveen Investments Inc.(Nuveen), is also a widely recognized name and holds market leading positions in several major fund categories. Nuveen wasacquired in 2014 adding scale to TIAA's existing asset management business with the expansion of products and services available toits customers also adding diversification to its current investment and distribution platforms. More recently, TIAA acquired EverBankFinancial Group (EverBank) in 2017 to accelerate development of its banking platform and to diversify, expand, and strengthenrelationships with the Group's individual retail customers. EverBank was rebranded as TIAA Bank in 2018.

TIAA Group's primary business is providing individual retirement annuities to fund defined contribution pension plans at participatinginstitutions. TIAA Group provides retirement annuities and insurance coverage to approximately 5 million individuals at over 15,000colleges, universities, primary and secondary schools (K-12), independent schools, government entities, hospitals, and other non-profit organizations across the U.S. All aspects of the institutional relationship, including product development and management,service, distribution and sales are offered. At year-end 2018, approximately 98% of the group's general account policy and contractreserves were attributable to pension and retirement annuities and as such, A. M. Best notes that TIAA Group's business is highlyconcentrated in the pension and retirement annuity space.

TIAA Group does not have a commissioned sales force to distribute its products (other than the TIAA-CREF Life operations) andpremiums for pension annuity and mutual fund products are remitted directly by participating institutions. TIAA Group recognizes thatits customers are looking for financial solutions that meet their needs at every life stage. From the individual client perspective, TIAAGroup looks to offer advice, products and services related to fulfilling the client's long-term financial goals, while from the institutionalperspective, TIAA Group offers efficient and cost-effective delivery of products and administration.

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2018 Top Product Lines of Business (Net Premiums Written)

1.6%

42.8%

55.7%

Ordinary life Individual annuities Group annuities


2018 By-Line Business

Product Line

Direct PremiumsWritten

ReinsurancePremiumsAssumed

ReinsurancePremiums Ceded

Net PremiumsWritten

($000) (%) ($000) (%) ($000) (%) ($000) (%)

Ordinary life 237,138 1.6 ... ... 186 1.4 236,953 1.6

Individual annuities 6,427,178 42.7 ... ... ... ... 6,427,178 42.8

Group annuities 8,369,865 55.6 ... ... ... ... 8,369,865 55.7

Individual A&H 12,712 0.1 ... ... 12,710 96.4 2 ...

Group A&H 291 ... ... ... 291 2.2 ... ...

Total 15,047,184 100.0 ... ... 13,187 100.0 15,033,997 100.0Source: Bestlink - Best's Statement File - L/H, US

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Geographical Breakdown By Direct Premium Writings

2018 2017 2016 2015 2014

New York 3,099,195 3,450,997 2,910,255 2,369,021 2,187,421

Pennsylvania 978,193 984,578 1,037,985 854,405 802,837

New Jersey 939,403 958,375 877,958 748,255 646,415

California 819,455 852,577 917,728 734,485 711,939

Michigan 784,002 741,985 703,444 545,216 495,020

Massachusetts 723,385 741,516 733,934 598,822 587,741

Illinois 607,748 532,619 555,480 424,791 415,024

Ohio 526,780 553,797 516,568 405,758 403,707

Maryland 441,513 426,767 444,236 350,808 332,174

Florida 414,817 434,075 490,711 342,649 286,140

All Other 5,922,453 5,935,240 6,203,124 4,777,781 4,546,055

Total 15,256,944 15,612,526 15,391,422 12,151,991 11,414,471Source: Bestlink - Best's Statement File - L/H, US

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Financial Statements:

Balance Sheet:

Balance Sheet:

Admitted Assets Year End - December 31

2018 ($000) 2017 ($000)Bonds 187,325,119 184,895,396Preferred Stocks 245,061 337,552Common Stocks 5,899,247 5,680,368Mortgage Loans 29,958,576 26,596,620Real Estate 2,151,883 2,078,326Contract Loans 1,889,983 1,680,316Cash & short-term Investments 597,573 640,239Other Invested Assets 30,316,689 29,784,383Premiums & Consideration Due 50,704 55,112Investment income due & accrued 1,802,319 1,794,448Other Assets 4,760,505 4,008,618

Total assets excluding separate accounts 264,997,658 257,551,377Separate account assets 38,288,611 37,595,618

Total Assets 303,286,269 295,146,995

Liabilities & Surplus Year End - December 31

2018 ($000) 2017 ($000)Net policy reserves (see components below) 211,345,452 205,948,190Liabilities for deposit type contracts 1,105,190 1,061,965Policy Claims 687,442 653,808Interest maintenance reserve 2,148,531 2,135,605Commissions, taxes and expenses 1,105,297 1,039,207Asset Valuation Reserve 5,259,527 5,388,226Other Liabilities 5,263,929 5,018,626

Total liabilities excluding separate accounts 226,915,368 221,245,628Separate account liabilities 38,244,597 37,565,298

Total Liabilities 265,159,965 258,810,926

YE 2018: Life $436,005; annuities $207,334,254; supplementary contracts with life contingencies $3,477,316; disability active lives$3,675; disability disabled lives $65,367; miscellaneous reserves $28,826; accident & health $8.

YE 2017: Life $440,430; annuities $201,733,424; supplementary contracts with life contingencies $3,676,102; disability active lives$4,272; disability disabled lives $64,849; miscellaneous reserves $29,098; accident & health $14.

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Balance Sheet: (Continued...)


Capital & Surplus Year End - December 31

2018 ($000) 2017 ($000)Common Stock 2,500 2,500Surplus Notes 5,041,067 5,040,742Paid-in & Contributed Surplus 550 550Contingency Reserve 33,082,187 31,292,278

Total Policyholders' Surplus 38,126,304 36,336,069Total Liabilities & Surplus 303,286,269 295,146,995


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Summary of Operations:

Summary of Operations (000)

Statement of Income 2018 ($000) Expenses 2018 ($000)Premiums: Death benefits 67,304Ordinary life premiums 236,953 Claims incurred (PC) ...Individual annuities premiums 6,427,178 Matured endowments 57Credit life premiums ... Annuity & old age benefits 7,470,643Group life premiums ... Disability & Accident & Health benefits 8,976Group annuities premiums 8,369,865 Coupons, annual endowments & similar

benefits...

Accident & Health group premiums ... Surrender benefits 9,868,831Accident & Health credit premiums ... Group conversion ...Accident & Health other premiums 2 Accident & Health benefits 5Industrial life premiums ... Interest on contract or deposit-type funds 29,929Miscellaneous premiums ... Payments on supplemental contracts 90,701Premiums & annuity considerations ... Accumulated coupon payments ...Fraternal premiums ... Total benefits recodes ...Aviation reinsurance premiums ... Increase in life reserves 5,279,313Deposit type funds ... Increase in accident & health reserves -6Employee benefits plan premiums ... Increase in liabilities for premium deposit funds ...Deposit administration funds ... Change in reserves ...Other premiums ... Reserve adjustment on reinsurance assumed ...Reinsurance premiums ... Other reserves ...Total net premiums 15,033,997 Claim adjustment (PC only) ...Supplementary contracts 84,411 Administrative expenses (PC only) ...Coupon accum interest ... Commissions on premiums & annuity

considerations...

Net investment income 12,291,093 Commissions & expenses on reinsuranceassumed

...

Amortization of Interest Maintenance Reserve 259,282 Other commissions & expenses ...Net operating gain from separate accounts 13,694 Reinsurance expenses ...Commissions & expense allowance on reinceded

... Interest expenses ...

Reserve adjustment on reinsurance ceded ... Insurance taxes, licenses & fees 69,518Reinsurance income ... General insurance expenses 1,641,970Other income 3,226,824 Net transfer to separate accounts 441,636Difference between net earned & net written (PConly)

... Other expenses 327,497

Management and/or service fees ...Total operating income 30,909,303 Total expenses 25,296,373

Net operating gain before federal income taxes ...Net operating gain before taxes & dividends 5,612,929Net operating gain before refunds to members ...Dividends - life 3,526,325Dividends - accident & health ...Refund to members (fraternal only) ...

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Summary of Operations: (Continued...)

Summary of Operations (000) (Continued...)

Statement of Income 2018 ($000) Expenses 2018 ($000)Net operating gain after dividends & beforetaxes

2,086,604

Federal income taxes -23,055Net operating gain ...Net operating gain after federal income taxes ...Net operating gain after dividends & taxes 2,109,659Net operating gain after refunds to members ...


Cash Flow Analysis ($000)


Funds Provided 2018 ($000) Funds Applied 2018 ($000)Gross cash from operations 28,346,088 Benefit and loss payments 17,632,571Transfers from separate accounts ... Commissions, taxes & expenses paid 1,865,333Federal income tax refunds ... Transfers to separate accounts ...Decrease in contract loans & premium notes ... Dividends to policyholders ...Bond proceeds 17,950,449 Federal income taxes paid ...Stock proceeds ... Increase in contract loans & premium notes ...Mortgage loans proceeds 2,851,950 Surplus notes paid back ...Real estate proceeds ... Capital notes paid back ...Collateral loans proceeds ... Capital paid back ...Surplus notes paid in ... Repaid borrowed money ...Capital notes paid in ... Repaid capital notes ...Capital paid in ... Bonds acquired 19,837,907Borrowed money ... Stocks acquired ...Capital notes ... Mortgage loans acquired 6,351,377Other investment proceeds 5,469,099 Real estate acquired ...

Collateral loans acquired ...Other investments acquired 6,786,823Dividends to stockholders ...

Total Other cash provided 78,407 Total Other cash apportioned 2,264,647Decrease in cash & short-term investments 42,666 Increase in cash & short-term investments ...Total 54,738,658 Total 54,738,658Source: Bestlink - Best's Statement File - L/H, US

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Teachers Insurance and Annuity Association of AmericaReport Revision Date:July 8, 2019

Company Attributes:

Industry: InsuranceBusiness Type: Life, Annuity, and AccidentEntity Type: Operating CompanyOrganization Type: StockBusiness Status: In Business - Actively UnderwritingMarketing Type: Direct ResponseFinancial Size: XV ($2 Billion or greater)

Company History:

Date Incorporated: 03/04/1918 Date Commenced: 05/17/1918 Domicile: United States: New York

Company Operations:

Licensed Territory: (Current since 06/12/2010).The company is licensed in the District of Columbia, Puerto Rico, U.S. Virgin Islandsand all states.

2018Rank Top 5 Lines of Business by NPW1 Group annuities 55.7%2 Individual annuities 42.8%3 Ordinary life 1.6%

2018Rank Top 5 Geographic Distribution by DPW1 United States: NY 20.3%2 United States: PA 6.4%3 United States: NJ 6.2%4 United States: CA 5.4%5 United States: MI 5.1%


Company Management:

Last significant update on 06/14/2018

Officers

President and CEO: Roger W. Ferguson, Jr.Senior EVP and CEO: Vijay C. Advani (Nuveen)Senior EVP and CEO: Kathie J. Andrade (Retail Financial Services)Senior EVP and CEO: Ronald R. Pressman (Institutional Financial Services)Senior EVP, Chief Operations Officer and Chief Technology Officer: Rahul N. MerchantSenior EVP and CFO: Virginia M. WilsonSenior EVP and Chief Risk Officer: Stephen B. GruppoSenior EVP and Chief Administrative Officer: Glenn R. Richter

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Company Management: (Continued...)

Officers (Continued...)

Senior EVP and Chief Actuary: Sue A. CollinsSenior EVP and Chief Legal Officer: J. Keith MorganSenior EVP and Chief Human Resource Officer: Otha T. SpriggsCorporate Secretary and Managing Director: Mona Bhalla (Senior)

Directors

Jeffrey R. BrownJames R. ChambersRoger W. Ferguson, Jr.Lisa W. HessEdward M. HundertLawrence H. LindenMaureen O'HaraDonald K. PetersonSidney A. RibeauDorothy K. RobinsonKim M. SharanDavid L. ShedlarzRonald L. Thompson (Chair)Marta Tienda

Regulatory:

Auditor: PricewaterhouseCoopers, LLP

An examination of the financial condition was made as of December 31, 2013, by the insurance department of New York. The 2017annual independent audit of the company was conducted by PricewaterhouseCoopers, LLP. The annual statement of actuarial opinionis provided by John Esch, Vice President & Senior Actuary.

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TIAA-CREF Life Insurance CompanyBEST’S RATING REPORT

TIAA-CREF Life Insurance Company



Analytical Contacts









Rating Rationale:TIAA-CREF Life is a member of the TIAA Group rating unit as it remains a strategic part of current and future business strategies.TIAA-CREF Life maintains solid stand-alone risk-adjusted capitalization further enhanced by a financial support agreement with itsparent, Teachers Insurance and Annuity Association of America (TIAA). TIAA-CREF Life is fully integrated with TIAA through itsinvestment management, back-office operations, and corporate oversight. TIAA-CREF Life markets individual annuities, life insurance,funding agreements and separate account guaranteed investment contracts. Its life insurance and individual annuity products areavailable to the general public as well as individuals who own retirement annuities or insurance policies issued by TIAA. The TIAA-CREF name is arguably more widely recognized than its parent company.

The following text is derived from Best's Credit Report on TIAA Group (AMB#070362)


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• Strongest level of risk-adjusted capitalization as measured by Best's Capital Adequacy Model that is sustained by profitableoperating performance.

• A significant portion of the Group's general account reserves are not subject to discretionary withdrawal supporting a stableliability structure with low liquidity requirements.

• The company does not provide secondary or living benefit guarantees in its pension and insurance businesses reducing risk andcapital requirements.

• Overall conservative investment portfolio, with exposure to real estate-related assets approaching industry averages.

Operating Performance: Very Strong

• Sustained trend of strong net operating performance, particularly in the Group's core individual and group annuity businesses.

• Substantial net premiums written annually contribute to growing asset balances.

• Higher general account and separate account balances driving strong investment performance and increasing assetmanagement fee income, partly offset by dampening effect of persistent low interest rate environment.

• Lean expense structure due to significant scale and low distribution costs.

Business Profile: Very Favorable

• TIAA Group enjoys strong brand recognition and is a market leader in the higher education retirement and pension market.

• The TIAA Group has a unique liability structure such that approximately 75% of the general account pension business cannot besurrendered and can only be received as a death benefit or in the form of an annuity payout.

• Low-cost distribution system through institutions and strong relationships with universities.

Enterprise Risk Management: Very Strong

• TIAA has a well-developed risk management framework that is continuously reviewed and supported by a sound governancestructure composed of key risk committees that are headed by the Enterprise Risk Management and Compliance Committee.

• Risk appetites and tolerances are well defined and integrated into risk monitoring and reporting processes at various levels ofthe Group. Key risks to the organization are identified and monitored by the appropriate committee.

• TIAA regularly performs capital modeling and stress testing on its annuity business targeting major risks to capital. Its substantialamount of excess capital serves to backstop its ERM program.

• TIAA has conservative reserves that include no significant secondary or living benefit guarantees and generally do not allow forwithdrawals other than in the form of annuity benefits allowing for longer-duration investment strategies.

OutlookThe stable outlooks reflect the Group's strongest balance sheet strength assessment, very strong operating performance and ERM,with a very favorable business profile.

Rating DriversA negative rating action could occur if there is a significant and sustained decline in risk-adjusted capitalization.

A negative rating action could occur if there was a material and sustained decline in TIAA's operating performance.

TIAA-CREF Life Insurance Company



Analytical Contacts









Rating Rationale:TIAA-CREF Life is a member of the TIAA Group rating unit as it remains a strategic part of current and future business strategies.TIAA-CREF Life maintains solid stand-alone risk-adjusted capitalization further enhanced by a financial support agreement with itsparent, Teachers Insurance and Annuity Association of America (TIAA). TIAA-CREF Life is fully integrated with TIAA through itsinvestment management, back-office operations, and corporate oversight. TIAA-CREF Life markets individual annuities, life insurance,funding agreements and separate account guaranteed investment contracts. Its life insurance and individual annuity products areavailable to the general public as well as individuals who own retirement annuities or insurance policies issued by TIAA. The TIAA-CREF name is arguably more widely recognized than its parent company.

The following text is derived from Best's Credit Report on TIAA Group (AMB#070362)


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Financial Data Notes:

Time Period: Annual - 2018 Status: A.M. Best Quality Cross Checked Data as of: 05/16/2019

Key Financial Indicators:

Key Financial Indicators (000)Year End - December 31

2018 2017 2016 2015 2014

Assets 13,267,152 12,556,663 11,882,471 10,774,241 9,803,159Policyholders' Surplus 500,884 411,541 409,674 362,518 354,575Asset Valuation Reserve 52,486 46,916 40,826 33,643 27,305Net Premiums Written 689,021 734,603 692,252 713,351 675,516Net Investment Income 268,871 240,431 209,120 180,964 161,035Net Income -14,632 29,237 2,552 -39,793 -17,526Source: Bestlink - Best's Statement File - L/H, US

(*) Within several financial tables of this report, this company is compared against the Individual Annuity Composite.(*) Data reflected within all tables of this report has been compiled from the company-filed statutory statement.

Credit Analysis:Balance Sheet Strength

Capitalization:

Capital Generation AnalysisYear End - December 31

2018 2017 2016 2015 2014

Pre-Tax Net Operating Gain ($000) -13,087 38,244 15,181 -31,711 -13,629Realized Capital Gains ($000) 819 1,900 -325 -4,539 2,969Income Taxes ($000) 2,364 10,907 12,303 3,543 6,867Unrealized Capital Gains ($000) -202 -574 -281 290 54Change in AVR ($000) -5,571 -6,089 -7,183 -6,338 -9,368Other Changes ($000) 109,748 -20,707 52,068 53,784 7,582Change in Capital & Surplus ($000) 89,343 1,867 47,155 7,943 -19,258Change in Capital & Surplus (%) 21.7 0.5 13.0 2.2 -5.2Source: Bestlink - Best's Statement File - L/H, US

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Liquidity AnalysisYear End - December 31

2018 2017 2016 2015 2014

Operating Cash Flow ($000) 291,280 381,094 381,065 356,325 338,781Non-Investment Grade Bonds / Capital (%) 8.6 11.0 19.4 14.8 19.3Mortgage Loans & RE to Capital (%) ... ... ... ... ...Affiliated Investment to Capital (%) ... 0.3 0.3 0.3 0.3

Liquidity Ratios (%)Company Industry Composite


Quick Liquidity 66.5 65.7 64.8 65.8 65.8 40.9 42.2 43.3 45.2 46.9Current Liquidity 105.0 104.2 105.1 104.8 105.8 85.3 85.5 85.2 86.1 86.6Source: Bestlink - Best's Statement File - L/H, USIndustry Composite: Group Annuity Composite - Bestlink - Best's Statement File - L/H, US

Leverage Analysis (%)Company Industry Composite


Capital & Surplus to Liabilities 7.2 6.5 7.7 7.7 8.3 10.1 10.4 10.4 10.6 11.0Reinsurance Leverage 122.5 150.6 141.5 152.0 148.7 182.7 180.8 180.9 176.8 175.9NPW & Deposits to Total Capital 3.6 5.1 3.5 4.7 5.9 1.2 1.5 1.7 1.8 2.0Change in NPW & Deposits -15.0 45.8 -14.2 -17.9 -13.0 -12.8 -7.2 -1.8 -8.3 48.3Source: Bestlink - Best's Statement File - L/H, USIndustry Composite: Group Annuity Composite - Bestlink - Best's Statement File - L/H, US

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Capital & Surplus to Liabilities

0.0

3.0

6.0

9.0

12.0

15.0

2014 2015 2016 2017 2018

8.3 7.7 7.76.5 7.2

11.0 10.6 10.4 10.4 10.1



Reinsurance Leverage

0.0

40.0

80.0

120.0

160.0

200.0

2014 2015 2016 2017 2018

148.7 152.0 141.5 150.6

122.5

175.9 176.8 180.9 180.8 182.7



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0-1 1-5 5-10 10-20 20+ Maturity

Government 0.7 2.0 1.3 0.2 0.1 5.1Government Agencies 3.2 3.1 1.4 2.0 1.7 8.2Industrial & Miscellaneous 4.6 20.9 30.8 5.1 23.0 11.2Total 8.5 25.9 33.5 7.3 24.8 10.6



2018 2017 2016 2015 2014Bonds ($000) 7,913,172 7,240,086 6,100,510 5,242,138 4,743,873US Government (%) 3.2 4.0 5.5 7.0 7.0Foreign Government (%) 0.8 1.1 1.0 0.4 1.4State, Municipal & Special Revenue - US (%) 9.8 9.7 8.0 6.7 8.7Industrial, SVO Identified & Hybrid (%) 86.2 85.2 85.5 85.9 82.9Source: Bestlink - Best's Statement File - L/H, US


3.2%

0.8%

9.8%

86.2%

US Government (%) Foreign Government (%) State, Municipal & Special Revenue - US (%) Industrial, SVO Identified & Hybrid (%)



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Underwriting Results: (Continued...)

Profitability Test (%)Year End - December 31

2018 2017 2016 2015 20145-YR

Avg/TotalBenefits Paid to NPW & Deposits 18.0 11.7 15.3 11.0 9.1 12.8Commissions & Expenses to NPW & Deposits 7.7 5.6 9.0 8.1 5.8 7.1Net Operating Gains to Total Assets -0.1 0.2 ... -0.3 -0.2 -0.1Net Operating Gains to Total Revenues -1.5 2.6 0.3 -3.5 -2.2 -0.8Operating Return on Equity -3.4 6.7 0.7 -9.8 -5.6 -2.1Net Yield 3.54 3.65 3.64 3.54 3.65 3.60Pre-tax Invest Total Return 3.41 3.77 3.60 3.33 3.61 3.55Source: Bestlink - Best's Statement File - L/H, US

Net Operating Gain ($000)Year End - December 31

2018 2017 2016 2015 2014

Ordinary life -44,458 -1,789 -44,925 -77,260 -109,193Group life -266 -109 12,289 8,305 1,055Supplementary contracts -4,096 -8,062 -6,889 -7,782 -13,706Individual annuities -7,407 2,808 15,563 -24,632 17,945Group annuities 40,764 34,472 26,838 66,320 83,142Individual A&H 13 16 1 -204 262Total -15,451 27,337 2,877 -35,254 -20,496Source: Bestlink - Best's Statement File - L/H, US

Accident & Health StatisticsYear End - December 31

2018 2017 2016 2015 2014

Underwriting Results ($000) 14 14 1 -183 174Source: Bestlink - Best's Statement File - L/H, US

Business ProfileThe following text is derived from Best's Credit Report on TIAA Group (AMB# 070362):

TIAA Group, directly and through its subsidiaries and affiliates, offers a wide array of financial services and products, including: fixedand variable annuities (directly and through separate accounts); mutual funds; wealth management advice; non-commissionedinvestment advice; education savings programs; life insurance; trust and banking services; planned giving and endowment services;brokerage services; and institutional third-party asset management. TIAA Group is the market leader and the TIAA brand is widelyrecognized in the higher education and not-for-profit market. TIAA Group's asset management firm, Nuveen Investments Inc.(Nuveen), is also a widely recognized name and holds market leading positions in several major fund categories. Nuveen wasacquired in 2014 adding scale to TIAA's existing asset management business with the expansion of products and services available toits customers also adding diversification to its current investment and distribution platforms. More recently, TIAA acquired EverBankFinancial Group (EverBank) in 2017 to accelerate development of its banking platform and to diversify, expand, and strengthenrelationships with the Group's individual retail customers. EverBank was rebranded as TIAA Bank in 2018.



0-1 1-5 5-10 10-20 20+ Maturity

Government 0.7 2.0 1.3 0.2 0.1 5.1Government Agencies 3.2 3.1 1.4 2.0 1.7 8.2Industrial & Miscellaneous 4.6 20.9 30.8 5.1 23.0 11.2Total 8.5 25.9 33.5 7.3 24.8 10.6



2018 2017 2016 2015 2014Bonds ($000) 7,913,172 7,240,086 6,100,510 5,242,138 4,743,873US Government (%) 3.2 4.0 5.5 7.0 7.0Foreign Government (%) 0.8 1.1 1.0 0.4 1.4State, Municipal & Special Revenue - US (%) 9.8 9.7 8.0 6.7 8.7Industrial, SVO Identified & Hybrid (%) 86.2 85.2 85.5 85.9 82.9Source: Bestlink - Best's Statement File - L/H, US


3.2%

0.8%

9.8%

86.2%

US Government (%) Foreign Government (%) State, Municipal & Special Revenue - US (%) Industrial, SVO Identified & Hybrid (%)



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TIAA Group's primary business is providing individual retirement annuities to fund defined contribution pension plans at participatinginstitutions. TIAA Group provides retirement annuities and insurance coverage to approximately 5 million individuals at over 15,000colleges, universities, primary and secondary schools (K-12), independent schools, government entities, hospitals, and other non-profit organizations across the U.S. All aspects of the institutional relationship, including product development and management,service, distribution and sales are offered. At year-end 2018, approximately 98% of the group's general account policy and contractreserves were attributable to pension and retirement annuities and as such, A. M. Best notes that TIAA Group's business is highlyconcentrated in the pension and retirement annuity space.

TIAA Group does not have a commissioned sales force to distribute its products (other than the TIAA-CREF Life operations) andpremiums for pension annuity and mutual fund products are remitted directly by participating institutions. TIAA Group recognizes thatits customers are looking for financial solutions that meet their needs at every life stage. From the individual client perspective, TIAAGroup looks to offer advice, products and services related to fulfilling the client's long-term financial goals, while from the institutionalperspective, TIAA Group offers efficient and cost-effective delivery of products and administration.

2018 Top Product Lines of Business (Net Premiums Written)

42.4%

7.3%

50.2%

Ordinary life Group life Individual annuities


2018 By-Line Business

Product Line

Direct PremiumsWritten

ReinsurancePremiumsAssumed

ReinsurancePremiums Ceded

Net PremiumsWritten

($000) (%) ($000) (%) ($000) (%) ($000) (%)

Ordinary life 356,547 44.7 ... ... 64,105 59.0 292,443 42.4

Group life 88,204 11.1 ... ... 37,594 34.6 50,610 7.3

Individual annuities 345,968 43.4 ... ... ... ... 345,968 50.2

Individual A&H 6,964 0.9 ... ... 6,964 6.4 ... ...

Total 797,683 100.0 ... ... 108,662 100.0 689,021 100.0Source: Bestlink - Best's Statement File - L/H, US

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Geographical Breakdown By Direct Premium Writings

2018 2017 2016 2015 2014

California 478,014 430,103 389,637 301,041 263,400

Michigan 284,903 313,938 221,316 191,143 166,147

Connecticut 191,788 333,121 104,882 93,508 76,322

Georgia 145,100 223,081 81,588 72,043 72,524

New York 120,163 133,847 127,671 121,803 109,104

Minnesota 93,497 90,804 76,432 68,079 178,211

Wisconsin 75,747 65,564 73,416 58,781 47,878

Florida 60,151 49,633 49,065 50,443 65,766

Oklahoma 55,228 129,772 26,587 21,919 24,652

Pennsylvania 45,606 47,721 44,675 58,892 405,219

All Other 527,474 622,685 514,420 942,634 970,911

Total 2,077,671 2,440,269 1,709,688 1,980,285 2,380,134Source: Bestlink - Best's Statement File - L/H, US

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Financial Statements:

Balance Sheet:

Balance Sheet:

Admitted Assets Year End - December 31

2018 ($000) 2017 ($000)Bonds 7,913,172 7,240,086Preferred Stocks 183 183Contract Loans 33,771 27,016Cash & short-term Investments 171,753 102,646Other Invested Assets 4,707 4,725Premiums & Consideration Due 19,793 18,839Investment income due & accrued 69,960 63,092Other Assets 37,387 47,574

Total assets excluding separate accounts 8,250,726 7,504,162Separate account assets 5,016,425 5,052,500

Total Assets 13,267,152 12,556,663

Liabilities & Surplus Year End - December 31

2018 ($000) 2017 ($000)Net policy reserves (see components below) 3,532,203 3,287,996Liabilities for deposit type contracts 4,104,701 3,700,451Policy Claims 14,860 8,443Interest maintenance reserve 11,169 13,796Commissions, taxes and expenses 848 3,562Asset Valuation Reserve 52,486 46,916Other Liabilities 48,453 45,178

Total liabilities excluding separate accounts 7,764,721 7,106,341Separate account liabilities 5,001,547 5,038,780

Total Liabilities 12,766,268 12,145,122

YE 2018: Life $2,194,992; annuities $1,291,482; supplementary contracts with life contingencies $3,692; disability active lives $10,175;disability disabled lives $1,672; miscellaneous reserves $30,191.

YE 2017: Life $1,921,034; annuities $1,339,157; supplementary contracts with life contingencies $2,996; disability active lives $9,267;disability disabled lives $1,498; miscellaneous reserves $14,044.

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Capital & Surplus Year End - December 31

2018 ($000) 2017 ($000)Common Stock 2,500 2,500Paid-in & Contributed Surplus 557,500 457,500Unassigned Surplus -59,116 -48,459

Total Policyholders' Surplus 500,884 411,541Total Liabilities & Surplus 13,267,152 12,556,663


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Summary of Operations:

Summary of Operations (000)

Statement of Income 2018 ($000) Expenses 2018 ($000)Premiums: Death benefits 27,126Ordinary life premiums 292,443 Claims incurred (PC) ...Individual annuities premiums 345,968 Matured endowments ...Credit life premiums ... Annuity & old age benefits 64,418Group life premiums 50,610 Disability & Accident & Health benefits 217Group annuities premiums ... Coupons, annual endowments & similar

benefits...

Accident & Health group premiums ... Surrender benefits 198,554Accident & Health credit premiums ... Group conversion ...Accident & Health other premiums ... Accident & Health benefits ...Industrial life premiums ... Interest on contract or deposit-type funds 65,250Miscellaneous premiums ... Payments on supplemental contracts 334Premiums & annuity considerations ... Accumulated coupon payments ...Fraternal premiums ... Total benefits recodes ...Aviation reinsurance premiums ... Increase in life reserves 244,207Deposit type funds ... Increase in accident & health reserves ...Employee benefits plan premiums ... Increase in liabilities for premium deposit funds ...Deposit administration funds ... Change in reserves ...Other premiums ... Reserve adjustment on reinsurance assumed ...Reinsurance premiums ... Other reserves ...Total net premiums 689,021 Claim adjustment (PC only) ...Supplementary contracts 1,216 Administrative expenses (PC only) ...Coupon accum interest ... Commissions on premiums & annuity

considerations24,437

Net investment income 268,871 Commissions & expenses on reinsuranceassumed

...

Amortization of Interest Maintenance Reserve 1,139 Other commissions & expenses ...Net operating gain from separate accounts 1,507 Reinsurance expenses ...Commissions & expense allowance on reinceded

18,777 Interest expenses ...

Reserve adjustment on reinsurance ceded 16,144 Insurance taxes, licenses & fees 12,853Reinsurance income ... General insurance expenses 133,312Other income 25,106 Net transfer to separate accounts 214,334Difference between net earned & net written (PConly)

... Other expenses 49,823

Management and/or service fees ...Total operating income 1,021,780 Total expenses 1,034,867

Net operating gain before federal income taxes -13,087Net operating gain before taxes & dividends ...Net operating gain before refunds to members ...Dividends - life ...Dividends - accident & health ...Refund to members (fraternal only) ...

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Summary of Operations: (Continued...)

Summary of Operations (000) (Continued...)

Statement of Income 2018 ($000) Expenses 2018 ($000)Net operating gain after dividends & beforetaxes

...

Federal income taxes 2,364Net operating gain ...Net operating gain after federal income taxes -15,451Net operating gain after dividends & taxes ...Net operating gain after refunds to members ...




Funds Provided 2018 ($000) Funds Applied 2018 ($000)Gross cash from operations 992,167 Benefit and loss payments 304,039Transfers from separate accounts ... Commissions, taxes & expenses paid 173,344Federal income tax refunds ... Transfers to separate accounts ...Decrease in contract loans & premium notes ... Dividends to policyholders ...Bond proceeds 638,932 Federal income taxes paid ...Stock proceeds ... Increase in contract loans & premium notes ...Mortgage loans proceeds ... Surplus notes paid back ...Real estate proceeds ... Capital notes paid back ...Collateral loans proceeds ... Capital paid back ...Surplus notes paid in ... Repaid borrowed money ...Capital notes paid in ... Repaid capital notes ...Capital paid in ... Bonds acquired 1,312,893Borrowed money ... Stocks acquired ...Capital notes ... Mortgage loans acquired ...Other investment proceeds ... Real estate acquired ...

Collateral loans acquired ...Other investments acquired ...Dividends to stockholders ...

Total Other cash provided 458,544 Total Other cash apportioned 230,259Decrease in cash & short-term investments ... Increase in cash & short-term investments 69,108Total 2,089,643 Total 2,089,643Source: Bestlink - Best's Statement File - L/H, US

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TIAA-CREF Life Insurance CompanyReport Revision Date:July 8, 2019

Company Attributes:

Industry: InsuranceBusiness Type: Life, Annuity, and AccidentEntity Type: Operating CompanyOrganization Type: StockBusiness Status: In Business - Actively UnderwritingMarketing Type: Other DirectFinancial Size: XV ($2 Billion or greater)

Company History:

Date Incorporated: 11/20/1996 Date Commenced: 12/18/1996 Domicile: United States: New York

Company Operations:

Licensed Territory: (Current since 02/25/2004).The company is licensed in the District of Columbia and all states.

2018Rank Top 5 Lines of Business by NPW1 Individual annuities 50.2%2 Ordinary life 42.4%3 Group life 7.3%

2018Rank Top 5 Geographic Distribution by DPW1 United States: CA 23.0%2 United States: MI 13.7%3 United States: CT 9.2%4 United States: GA 7.0%5 United States: NY 5.8%


Company Management:

Last significant update on 05/15/2019

Officers

President and CEO: Christopher WeyrauchVice President and CFO: Stacy EisenhauerVice President and Actuary: Sue CollinsSecretary: Marjorie Pierre-Merritt

Directors

Rashmi Badwe

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Copyright © 2019 A.M. Best Company, Inc. and/or its affiliates. All rights reserved.No portion of this content may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permis-sion of AM Best. While the content was obtained from sources believed to be reliable, its accuracy is not guaranteed. For additional details, refer to our Terms of Use available at AM Best website: www.ambest.com/terms.

Best’s Credit Rating Methodology | Disclaimer | Best’s Credit Rating Guide


Directors (Continued...)

Elizabeth D. BlackSue CollinsEric T. JonesMeredith KornreichRussell G. NolesScot ParnellChristopher Van BurenChristopher Weyrauch

Regulatory:



A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contractsand do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds ofmisrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate anyinsurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does itaddress the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does notindependently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

Visit http://www.ambest.com/ratings/notice.asp for additional information or http://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings

Best's Credit Rating Methodology | Disclaimer | Best's Credit Rating Guide


Directors (Continued...)

Elizabeth D. BlackSue CollinsEric T. JonesMeredith KornreichRussell G. NolesScot ParnellChristopher Van BurenChristopher Weyrauch

Regulatory:



A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contractsand do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds ofmisrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate anyinsurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does itaddress the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does notindependently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

Visit http://www.ambest.com/ratings/notice.asp for additional information or http://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings

Best's Credit Rating Methodology | Disclaimer | Best's Credit Rating Guide

Copyright © 2019 A.M. Best Company, Inc. and/or its affiliates. All rights reserved.No portion of this content may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permis-sion of AM Best. While the content was obtained from sources believed to be reliable, its accuracy is not guaranteed. For additional details, refer to our Terms of Use available at AM Best website: www.ambest.com/terms.

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b r eport best’s rating report · 2019-07-29 · page 1 of 32 printed july 15, 2019 b est’s r...

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