Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. MARKETS
January 10, 2018 12:00 AM

AIG is said to have weighed $10 billion Voya Financial deal

Bloomberg
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    American International Group may be back in the market for large-scale deals.

    The insurer was in talks to buy Voya Financial in a transaction valued at more than $10 billion before negotiations fell apart in November over the price, according to people familiar with the matter.

    It's unclear whether the discussions will be renewed, said the people, who asked not to be identified talking about possible purchases. But they signal AIG Chief Executive Officer Brian Duperreault's interest in completing big transactions after years of retrenching and cost-cutting following the company's near demise during the financial crisis.

    "I want us to be better and better balanced and have more diversification on earnings stream," Mr. Duperreault told analysts in a November conference call. In thinking of deals, "My first thought is, is it strategic? Is it something that makes us better? Do we get better people or better technology or better market penetration?"

    Mr. Duperreault joined AIG in May of 2017 after the firm tussled with activist investors, who were pushing for a break up of the insurer. In his first earnings call as CEO, Mr. Duperreault said he would use excess capital for improving the business and pursuing acquisitions. Billionaire Carl Icahn, who won representation on the company's board, eased off his demands for asset sales to give the executive a chance to execute his plans, people familiar with the investor's thinking have said.

    Mr. Duperreault has said he would consider transactions in areas such as life insurance, international markets, personal lines and small- to middle-market U.S. firms. It's a shift for AIG, which had sold nearly $100 billion of assets since 2008, first to repay a government bailout and then to streamline operations. U.S. regulators also decided in September that AIG would no longer be labeled a systemically important financial institution, clearing the way for the insurer to expand.

    Cindy Leggett-Flynn, a spokeswoman for New York-based AIG, declined to comment, as did Voya's Christopher Breslin.

    Voya also has gone through a transformation. CEO Rodney Martin in December struck a deal to offload $54 billion of volatile insurance obligations to investors including Apollo Global Management, sending the insurer's shares to a record high.

    AIG wasn't aware of those plans while negotiating its deal last year, and the Apollo sale may now make Voya a more attractive takeover candidate to a wider array of suitors, the people said.

    Mr. Martin, who previously was an AIG executive, has been scaling back some businesses and cutting risks since the company split off from Dutch insurer ING Groep. The firm agreed in 2015 to sell $90 billion of life policies to Reinsurance Group of America Inc. to help free up capital. Voya has offered buyouts to customers for certain annuity products and exited a business to take on pension obligations from employers.

    Voya's December deal with Apollo, Crestview Partners and Reverence Capital Partners is expected to generate $500 million immediately, which will be used for buybacks, and a $2.3 billion after-tax reduction to shareholders equity, the insurer said.

    Related Articles
    AIG taps president, group retirement
    FSOC rescinds systemically important financial institution designation for AIG
    Voya Financial's assets up 3.5% for quarter; net inflows total $1.1 billion
    Voya Investment Management
    AIG to expand pension, hedge fund ties after $5.56 billion deal
    Recommended for You
    Stocks down_i.jpg
    U.S. regulators move on plan to cut bond reporting to 1 minute
    Mario Draghi looks on during the debate on government crisis following his resignation.
    Managers urge caution on peripheral debt as Italian prime minister resigns
    British_Parliament_With_flag_i.jpg
    U.K. government introduces bill to enhance competitiveness post-Brexit
    Private Markets
    Sponsored Content: Private Markets

    Reader Poll

    July 29, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Gaining Momentum: Where Next for Trend-Following?
    The market opportunity in U.S. residential mortgage-backed securities
    Credit Indices Evolve with Enhanced Data Inputs
    Hedge Funds 2.0: Back to the future
    How Has 2022's Carnage Reshaped Global Stock and Bond Markets?
    Crossroads: Politics, Inflation, & Bonds
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    August 1, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit