assets - TIAA-CREF

ANNUAL STATEMENT FOR THE YEAR 2011 OF THE TEACHERS INSURANCE and ANNUITY ASSOCIATION of AMERICANOTES TO FINANCIAL STATEMENTS(5) 12/31/2011 12/31/2010 Change(1) (2) (3) (4) (5) (6) (7) (8)(9)Ordinary %Capital %(Col 1+2)Total %Ordinary %Capital %(Col 4+5)Total %(Col 1–4)Ordinary %(Col 2–5)Capital %(Col 7+8)Total %Impact of Tax Planning Strategies(a) Adjusted GrossDTAs (% of TotalAdjusted GrossDTAs).............. 0.5% 0.0% 0.5% 2.7% 3.7% 6.4% (2.2)% (3.7)% (5.9)%(b) Net AdmittedAdjusted GrossDTAs (% of TotalNet AdmittedAdjusted GrossDTAs).............. 2.3% 0.0% 2.3% 0.0% 15.5% 15.5% 2.3% (15.5)% (13.2)%(6) 12/31/2011 12/31/2010 Change(1) (2) (3) (4) (5) (6) (7) (8)(9)OrdinaryCapital(Col 1+2)TotalOrdinaryCapital(Col 4+5)Total(Col 1–4)Ordinary(Col 2–5)Capital(Col 7+8)TotalSSAP No. 10R, Paragraphs 10.a., 10.b., and 10.c.:a) Admitted DeferredTax Assets ........ $ 1,567,438 $ 24,504 $ 1,591,942 $ 1,666,517 $ 497,607 $ 2,164,124 $ (99,079) $ (473,103) $ (572,182)b) Admitted Assets .... XXX XXX 224,440,003 XXX XXX 213,462,108 XXX XXX 10,977,895c) Adjusted StatutorySurplus * .......... XXX XXX 21,702,268 XXX XXX 24,073,703 XXX XXX (2,371,435)d) Total AdjustedCapital fromDTA’s ................... XXX XXX $ 1,591,942 XXX XXX $ 2,164,124 XXX XXX $ (572,182)Increases due to SSAP No. 10R, Paragraphs 10.e.:e) Admitted DeferredTax Assets ..............$ 1,417,630 $ 60,309 $ 1,477,939 $ 1,077,242 $ 4,819 $ 1,082,061 $ 340,388 $ 55,490 $ 395,878f) Admitted Assets .......... $ 1,417,630 $ 60,309 $ 1,477,939 $ 1,077,242 $ 4,819 $ 1,082,061 $ 340,388 $ 55,490 $ 395,878g) Adjusted StatutorySurplus.................. $ 1,417,630 $ 60,309 $ 1,477,939 $ 1,077,242 $ 4,819 $ 1,082,061 $ 340,388 $ 55,490 $ 395,878* As reported on the statutory balance sheet for the most recently filed statement with the domiciliary state commissioner adjusted inaccordance with SSAP No.10R, Paragraph 10biiB. Temporary differences for which a DTL has not been established:Not Applicable.C. Current income taxes incurred consist of the following major components (in thousands):12/31/2011 12/31/2010 Change1. Current Income Tax:a) Federal income taxes expense or (benefit) ................... $ 97,267 $ (28,219 ) $ 125,486b) Foreign taxes......................................................... --- --- ---c) Subtotal ................................................................ $ 97,267 $ (28,219 ) $ 125,486d) Federal income taxes on net capital gains .................$ 852,613 $ 136,952 $ 715,661e) Utilization of capital loss carry-forwards & netoperating loss carry-forwards................................ $ (1,088,745 ) $ (136,952 ) $ (951,793)f) Other................................................................$ --- $ --- $ ---g)Federal and foreign income taxes incurred or(benefit) .............................................................$ (138,865 ) $ (28,219 ) $ (110,646 )2. Deferred Tax Assets:(a) Ordinary:Policyholder reserves.................................................. $ 366,465 $ 379,895 $ (13,430 )Investments.............................................................. 793,597 69,641 723,956Deferred acquisition costs............................................ 27,928 27,872 56Policyholder dividends accrual................................ 604,016 586,037 17,979Fixed assets ............................................................. 85,153 75,312 9,841Compensation and benefits accrual ............................... 272,016 216,544 55,472Intangible Assets – Business in Force and Software .......... 7,597,661 8,005,142 (407,481 )Net operating loss carry-forward................................ 1,368,453 2,295,795 (927,342 )Tax credit carry-forward............................................... 32,191 24,067 8,124Other (including items < 5% of total ordinary taxassets ................................................................ 608,761 651,723 (42,962 )(99)Subtotal ........................................................... $ 11,756,241 $ 12,332,028 $ (575,787 )19.8