NEW YORK--(BUSINESS WIRE)--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.