AIG to Put Annuities on FIDx Exchange

By Allison Bell

News November 06, 2019 at 11:22 AM

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A security guard stands inside the American International Group Inc. (AIG) headquarters office in New York, U.S., on Tuesday, Jan. 29, 2016. American International Group Inc., the insurer being pressured by activist investor Carl Icahn to divest assets, had the outlook on its credit rating changed to negative from stable by Standard & Poor's after announcing plans to sell a stake in mortgage insurer United Guaranty Corp. Photographer: Victor J. Blue/Bloomberg

The U.S. life arm of American International Group Inc. has agreed to offer annuities through the Fiduciary Exchange LLC (FIDx) Insurance Exchange system.

AIG Life & Retirement will put fixed, indexed and variable annuities on the Insurance Exchange, according to FIDx.

(Related: FIDx Opens Annuity Supermarket)

Todd Solash, the chief executive officer of AIG Life & Retirement's individual retirement unit, said in a statement that investors need help from advisors with retirement income planning.

"Financial advisors play a critical role in helping individuals achieve financial and retirement security," Solash said.

Putting AIG annuities on the FIDx exchange will help advisors help their clients, Solash said.

FIDx opened the exchange for business in June.

The Berwyn, Pennsylvania-based company recently announced that it has added Transamerica to its list of annuity providers.

The six initial issuers were Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial.

— Read Envestnet Aims to Open Its Insurance Exchange in June, on ThinkAdvisor.

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