TIAA’s General Account: Powering retirement security
Where financial strength and long-term investment prowess back greater retirement security—in an investment engine designed to deliver guaranteed payments to millions of savers and retirees for decades to come.
$316.3B
In total assets1—One of the largest2 general accounts of any U.S. life insurer.
$48.0B
In statutory capital—Highest among insurers3. This financial base supports stability and high credit ratings.
#1
Largest alternatives portfolio—Most assets among peer insurers4.
Overview
The $316B investment engine behind our promises
For more than a century, TIAA has helped workers retire more securely and with dignity. Our General Account (GA)5—a fund that pools and invests contributions received from annuity holders—is the force that backs up our commitments to employees building savings, and retirees seeking enduring income.
Through prudent portfolio construction and diligent capital management, the GA’s investment returns have also funded higher-than-guaranteed interest rates and retirement payout increases through our flagship fixed annuity, TIAA Traditional6. The GA backs the guarantees of the TIAA Secure Income Account fixed annuity7 as well.
Investment approach
Long-term, liability-driven investing
TIAA’s GA isn't focused on beating benchmarks—it's designed around making good on our long-term promises. Our goal is to deliver competitive interest rates and annuity payouts, while also meeting liquidity and asset-liability needs (financial obligations to savers and annuitants).
The portfolio is managed to weather market cycles, focusing on maximizing risk-adjusted returns while balancing liability matching and the pursuit of market opportunities.
Most of the TIAA GA portfolio is invested in anchor fixed income allocations to public and private bonds, high-grade commercial mortgage loans, U.S. Treasuries, high-yield fixed income, and structured credit.
The GA generally intends to hold fixed income investments to maturity.
A portion of the portfolio is in real estate and other alternative investments, such as real assets (timberland, farmland), infrastructure, and private equity. These potentially higher returning investments aim to supplement the fixed income returns.
TIAA’s large capital base allows us to maintain our top credit ratings, even with the additional risk alternative investments bring.
As of December 31, 2025. Totals may not equal 100% due to rounding.
Our disciplined risk framework and financial strength enhance our ability to weather downturns and allow some room to take advantage of market dislocations—buying when others are selling.
Alternative investments: Where innovation meets impact
Our alternative investments are tangible assets touching millions of lives, that focus on four essential human needs: power, food, materials, and housing.
- Apartment buildings
- Toll roads
- Timberland
- Farmland
- Data centers
- Vineyards
Investing for the long haul
Because we can generally anticipate our cash needs for years to come, the GA invests in long-term private market investments that offer additional return potential over publicly traded alternative investments.
Profit-sharing
Built to return profits to participants
With a not-for-profit heritage and no outside shareholders, TIAA’s model is designed around returning profits to participants and reinvesting in the business. Premiums (contributions) from participants into TIAA products flow into the GA, where they’re invested to generate portfolio income.
How portfolio income is used
Expenses
Goes toward TIAA operating expenses and strategic initiatives.
Surplus set-aside
Builds surplus used to manage long-term risk.
Payments to participants
To meet guarantees and share profits through interest and income above the guaranteed minimums9.
Top-rated
Our industry-leading capital base
Our strong capital base is why TIAA is one of only three insurance groups in the U.S. to currently hold the highest possible rating from all four leading independent insurance company ratings agencies10.
AAA
Fitch
AA+
S&P
Aa1
Moody’s
A++
A.M. Best
Investment team
Meet the team
Emilia (“Emily”) Wiener
Chief Investment Officer
TIAA General Account
Emily is responsible for the portfolio strategy, asset allocation and risk-adjusted targets for the $300+ billion General Account. She has spent most of her career in portfolio management within the debt capital markets with a focus on underwriting and pricing credit risk, structuring, negotiating and documenting complex private transactions, debt restructurings and managing fixed income and alternative investment portfolios for insurance companies.
Emily graduated with a B.A., Magna Cum Laude, from Wheaton College, Norton, Massachusetts and an M.B.A. in Finance from New York University Stern School of Business. She was inducted to YWCA (New York) Academy of Women Achievers and was named to the List of 80 Elite Hispanic Women, Hispanic Business Magazine.
Wen-Fu Wu
Deputy Chief Investment Officer and Head of Fixed Income
TIAA General Account
Wen-Fu supports the CIO in directing overall portfolio strategy and providing oversight across all of the General Account’s assets. As Head of Fixed income, he focuses on the GA’s more than $200B of fixed income investments, developing and directing investment strategy within these mandates.
Wen-Fu holds dual bachelor’s degrees from the Massachusetts Institute of Technology and an M.B.A. from University of Chicago’s Booth School of Business. He is a member of the Board of Directors at LEAP, a nonprofit organization dedicated to the development and representation of Asian and Pacific Islanders. He also serves on the Advisory Board for AsianUpward and is a member of the Ascend Executive Network of pan-Asian leaders.
Marc deBree, CAIA
Head of Real Estate and Alternatives
TIAA General Account
Marc is responsible for developing and directing investment strategy and overseeing investment activity within the General Account’s global, multi-asset class alternatives portfolio.
Previously, Marc had been part of the portfolio management team at Nuveen Real Estate where he led acquisition and disposition activities for multiple accounts along with the development of investment management strategies for existing investments. Marc graduated with a B.A. in Urban Studies from The College of Wooster, and both an M.B.A. and a Master's of Regional Planning from the University of North Carolina at Chapel Hill and is a CAIA charterholder.
Michael DeBello
Head of Asset Allocation and Third-Party Investments
TIAA General Account
Michael brings over 18 years of industry expertise to the TIAA General Account (GA) organization. He is responsible for leading overall portfolio construction and managing the annual investment program for TIAA’s $300B GA Investment portfolio. Additionally, Michael invests directly for the GA through its Third-Party Investments mandate and is accountable for portfolio positioning and strategy for allocation strategies managed through external asset managers. Prior to his current role, Michael was a key member of both the TIAA GA Fixed Income and Real Estate & Alternatives teams.
Michael holds a Bachelor of Business Administration in Finance, Cum Laude and High Honors in Finance from Hofstra University, New York.
Resources
Explore more
Alternative assets in DC plans: ahead of the curve.
Core strength: Inside TIAA’s $294 billion investment engine.
How TIAA’s General Account allocates up to $30 billion in new money annually.
2026 General Account: AI and economic uncertainty.
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1 As of December 31, 2025, TIAA General Account total assets ($316.3B) reflect the merger between Teachers Insurance and Annuity Association of America (TIAA) and TIAA-CREF Life Insurance Company (TC Life). Total assets $380.3 billion. Total TIAA assets include, in addition to the General Account, separately managed accounts such as the Real Estate Account and TIAA Stable Value. Total statutory capital is composed of capital and surplus, and asset valuation reserve for TIAA.
2 TIAA is ranked number 2, according to SNL Financial, as of Dec. 31, 2023.
3 Total statutory capital is composed of capital and surplus, and asset valuation reserve for TIAA as of December 31, 2025. TIAA is ranked number 1, according to SNL Financial, as of Dec. 31, 2023.
4 According to a J.P. Morgan peer analysis of Life Insurers’ Asset Allocations. TIAA’s “Schedule BA Assets and Real Estate” totaled $48.9 billion, compared with $38.2 billion for the next largest peer. As of Dec. 31, 2023.
5 The TIAA General Account is solely owned by TIAA and supports TIAA’s contractual guarantees and business operations; its performance is not directly allocated to any specific contract or obligation. The TIAA General Account backs TIAA’s fixed annuities. The TIAA General Account is an insurance company account and is not available to investors as an investment. All guarantees are subject to TIAA's claims-paying ability.
6 Available through 403(b) defined contribution (DC) plans and individual retirement arrangements (IRAs). TIAA may declare additional amounts of interest and income benefits above contractually guaranteed levels. Additional amounts are not guaranteed beyond the period for which they are declared. Past performance is no guarantee of future results.
7 Available inside 401(k) plans.
8 Zorast Wadia, Alan Perry and Ryan Cook, “2025 Corporate Pension Funding Study.” Milliman, April 30, 2025. The average total market value of the 100 U.S. public companies with the largest defined benefit plans was $12.6 billion, as of Dec. 31, 2024.
9 TIAA may share profits through declared additional amounts of interest during accumulation, higher initial annuity income, and through further increases in annuity income benefits during retirement. These additional amounts are not guaranteed beyond the period for which they were declared.
10 For 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 possible rating from all four leading insurance company rating agencies: A.M. Best (A++ rating affirmed as of Jul. 23, 2025), Fitch (AAA rating affirmed as of Aug. 5, 2025), Standard & Poor’s (AA+ rating affirmed as of Nov. 13, 2025), and Moody’s Investors Service (Aa1 rating affirmed as of May 21, 2025). 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.
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.
TIAA Traditional and TIAA Secure Income Account are fixed annuities issued by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: TIAA Traditional form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. TIAA Secure Income Account form series: TIAA-UQDIA-002-K, TIAA-STDFA-001-NUV and related state specific versions. Not all contracts are available in all states or currently issued. Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.
Investors should be aware that alternative investments including private equity and private debt are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies. The real estate industry is subject to various risks including fluctuations in underlying property values, expenses and income, and potential environmental liabilities. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.
The value and income generated by bonds and other debt securities will fluctuate based on interest rates. If rates rise, the value of these investments generally drops. Taxable fixed income securities are subject to credit risk, interest rate risk, foreign risk, and currency risk.