AIG plans Q1'22 IPO for life and retirement biz after close of Blackstone deal

American International Group Inc. expects the IPO for a minority stake of its life and retirement business to take place in the first quarter of 2022, and that terms of the proposed sale of a smaller slice of the business to The Blackstone Group Inc. will improve the prospects of the unit as a separ...

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Bibliographic Details
Published inSNL Financial Services Daily
Main Author Trice, Calvin
Format Trade Publication Article
LanguageEnglish
Published Charlottesville SNL Financial LC 09.08.2021
Subjects
Affordable housing
Demutualization
Foreign tax credits
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Summary:American International Group Inc. expects the IPO for a minority stake of its life and retirement business to take place in the first quarter of 2022, and that terms of the proposed sale of a smaller slice of the business to The Blackstone Group Inc. will improve the prospects of the unit as a separate entity, President and CEO Peter Zaffino said. AIG eventually plans to sell larger stakes in the business line as part of a separation strategy, and the proceeds from an affordable housing portfolio sale to Blackstone will offer the group more flexibility for further equity sell-offs, Zaffino noted. AIG had been in talks with Blackstone on "several strategic initiatives" during the last year, and the asset manager was an interested party for buying the minority stake that AIG planned to IPO, as well as the insurer's entire investment management group before it ditched the minority sale strategy, Zaffino said.