TIAA-CREF to Shed Last Name to Become TIAA
February 24, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
NEW YORK – TIAA-CREF has shortened its name to TIAA and will soon tell the world about it.
The 98-year-old financial services group has developed a marketing campaign, new logo and redesigned website to bring the brand makeover to the attention of the international community, according to a statement.
A national advertising campaign will launch Feb. 29 across print, radio, television and digital media, TIAA said. The campaign will also include video and TV spots. The campaign will emphasize customer stories that show how TIAA has helped people build financial security “across all life stages.”
TIAA was founded in 1918 as the Teachers Insurance and Annuity Association of America, as the successor to the original vision of American steel magnate Andrew Carnegie to provide free pensions to teachers. The company then created the College Retirement Equities Fund, called CREF, after World War II to broaden its members’ retirement choices.
The company’s mission is “to aid and strengthen academic, medical, cultural and research institutions by seeking to provide financial security suited to the needs of institutions, their employees and their families,” according to BestLink.
TIAA manages assets of more than $854 billion, it said. Its 2014 purchase of Nuveen Investments for $6.25 billion boosted TIAA-CREF’s asset holdings by more than $220 billion at the time (Best’s News Service, April 15, 2014).
The operating insurance units of TIAA Group have a current Best’s Financial Strength Rating of A++ (Superior).