American International Group, Inc. (NYSE: AIG) (AIG) has announced plans to sell a stake in its life and retirement unit. The firm is aiming for an IPO to sell part of its life and retirement business. It is expected that Blackstone Group, Inc. (NYSE:BX), a private equity firm, will purchase a 9.9% stake in the unit for USD 2.2 billion.

AIG is making efforts to split its life insurance and retirement businesses from its property and casualty operations.