AIG Plans Major Boost in Investment Portfolio to Private Credit

American International Group Inc. plans to increase its allocation to private assets as the insurer aims to grow its net investment income, with the biggest boost going to private credit.

The New York-based firm aims to allocate between 12% and 15% of its general insurance investment portfolio to private credit, up from 8% as of now. It also plans to allot 6% to 8% of that book to private equity, instead of 5% currently, the firm said Monday in slides for its investor day presentation.

During the presentation, Executive Vice President and Chief Financial Officer Keith Walsh said it doesn’t ...