AIG, after reaching agreement on the two largest plan termination transactions of 2017, in June 2018 announced that it has further expanded its presence in the pension risk transfer market.
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. Pension risk transfer transactions by AIG member companies in 2017 totaled over $2.1 billion of business and over 35,000 plan members.
AIG expects continued growth in 2018 as well as over the longer term in the pension risk transfer market. According to Ali Vaseghi, Managing Director and Chief Operating Officer – Institutional Markets and leader of the Pension Risk Transfer business, there is “significant opportunity in this market, driven by tax reform, repatriation of assets from international operations and improved funded status.”
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