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AIG sells a piece of life unit to Blackstone for $ 2.2 billion



American International Group Inc. on Wednesday said it had agreed to sell a $ 9.9% stake in its life and pension business to Blackstone Group Inc. for $ 2.2 billion and entered into an asset management relationship with the treasurer.

In addition, AIG is selling its US portfolio of affordable housing to a $ 5.1 billion Blackstone subsidiary. As part of its life and pension sales, AIG entered into a "long-term strategic asset management relationship" with Blackstone to initially manage $ 50 billion of the life unit's investment portfolio, according to a joint statement from AIG and Blackstone. The amount will increase to $ 92.5 billion over six years.

The deal "results in significant new capital for AIG to use to support our capital management priorities," said Peter Zaffino, President and CEO of AIG, in the statement. [1

9659002] AIG has maintained its affordable housing portfolio for more than 30 years, he said.

"Although the highly specialized assets covered by this transaction are attractive investments, they are no longer at the core of AIG's long-term investment strategy," says Mr. Sade Zaffino.

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