Expects Continued Growth in 2018 Following Agreements on Two
Largest Plan Termination Transactions in 2017
NEW YORK--(BUSINESS WIRE)--May 29, 2018--
American International Group, Inc. (NYSE:AIG), announced that it has
further expanded its presence in the pension risk transfer market, after
reaching agreement on the two largest plan termination transactions of
2017. The two transactions, entered into by American General Life
Insurance Company, part of AIG’s Life & Retirement business, represented
over $1.5 billion in pension plan obligations covering more than 24,000
retirees, beneficiaries, deferred and active members.
AIG expects continued growth in 2018 as well as over the longer term in
the pension risk transfer market. Ali Vaseghi, Managing Director and
Chief Operating Officer – Institutional Markets and leader of the
Pension Risk Transfer business, said, “We are seeing significant
opportunity in this market, driven by tax reform, repatriation of assets
from international operations and improved funded status. AIG’s
investment expertise, together with our strong operational capabilities,
prudent risk management, disciplined pricing and strong balance sheet,
position us well to meet the needs of this growing marketplace, while
remaining focused on achieving targeted economic returns.”
Continued Vaseghi: “For over 35 years AIG has established itself as a
trusted partner to plan sponsors as they navigate the plan termination
process. The strength of our underwriting expertise – in addition to our
proven track record through the onboarding and ongoing administration of
more complex plan termination cases – has given our clients confidence
in our transaction execution during this important process.”
AIG member companies have provided commitments with respect to over $2.1
billion of pension risk transfer business in 2017 – serving over 35,000
retirees, beneficiaries, deferred and active members.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, and other financial services to customers in more than 80
countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance www.twitter.com/AIGinsurance
| LinkedIn: www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180529005390/en/
Source: American International Group, Inc.
American International Group, Inc.
Kenny Juarez, 212-458-8352
kenny.juarez@aig.com
or
Linda
Malamut, 310-772-6533
linda.malamut@aig.com