Insurer AIG Says BlackRock Will Manage Part of Life and Retirement Unit’s Assets

Insurer American International Group Inc (AIG) said BlackRock Inc, the world's largest asset manager, will manage $60 billion of its global investment portfolio and up to $90 billion of assets on behalf of its life and retirement business.

Source: Reuters | Published on March 28, 2022

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BlackRock will manage certain liquid fixed income and private placement assets according to the deal, which comes less than a year after AIG announced plans to use an initial public offering (IPO) to sell part of its life and retirement business.

In July, AIG had sold a 9.9% equity stake in the unit, which sells insurance and annuities, to Blackstone Inc for $2.2 billion.

BlackRock's Aladdin platform will provide investment management technology for both AIG as well as the life and retirement unit, the insurer said