American International Group is reportedly in talks with Canada’s largest pension fund over the sale of insurance operations connected to Lloyd’s of London.
According to the Wall Street Journal, the deal could also include AIG’s reinsurance company based in Bermuda, though the discussions are still in the early stages with no sign of an agreement being struck just yet.
But what do we know about the Canada Pension Plan Investment Board? Here are seven quick fire statistics to get you started:
- According to its website, CPPIB’s “critical purpose is to help provide a foundation upon which 19 million Canadians build their financial security in retirement”
- In terms of scale, it is one of world’s 10 largest retirement funds, worth $278.9 billion in the financial year ending March 2016
- The company projects that by 2020 this will rise to $300 billion, and by 2030 to a massive $518 billion
- CPPIBs asset mix is broken down as follows: Infrastructure (7.6 percent); Canadian equities (5.5 percent); Foreign developed market equities (40.6 percent); Emerging market equities (6.3 percent); Bonds and money market securities (19.4 percent); Real estate (13.2 percent); Other debt (7.5 percent)
- The United States is the region with the single highest amount of investment, housing $39.7 percent of CPPIB’s investments
- The CPPIB was formed in 1997 by an act of parliament in a bid to sure up Canada’s pensions
- In October 2015 a specialist investment office in Mumbai, India, was opened
For more information on the CPPIB visit the company’s website at www.cppib.com
Read the August 2016 issue of Business Review USA & Canada magazine