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American International Group Inc. on Wednesday said it had agreed to sell a 9.9% stake in its life and retirement business to Blackstone Group Inc. for $2.2 billion and entered an asset management relationship with the money manager.
In addition, AIG is selling its U.S. affordable housing portfolio to a Blackstone affiliate for $5.1 billion.
The announcement comes eight months after AIG announced that it was considering selling or spinning off up to 19.9% of its life and retirement operations. An AIG spokeswoman said the insurer will continue to pursue an initial public offering for its life and retirement business.
As part of the life and retirement sale, AIG entered a “long-term strategic asset management relationship” with Blackstone to manage an initial $50 billion of the life unit’s investment portfolio, according to an AIG and Blackstone joint statement. The amount will increase to $92.5 billion over six years.
The deal “results in significant new capital for AIG to deploy to support our capital management priorities,” Peter Zaffino, president and CEO of AIG, said in the statement.
AIG has maintained its affordable housing portfolio for more than 30 years, he said.
“While the highly specialized assets subject to this transaction are attractive investments, they are no longer core to AIG’s long-term investment strategy,” Mr. Zaffino said.
American International Group Inc. will push ahead with an initial public offering to spin off its life and retirement business despite overtures from other companies interested in buying a portion of the business, its top executive said Friday after the insurer reported a significantly higher quarterly profit.