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 (Photo: Victor J. Blue/Bloomberg)

American International Group Inc. says it is changing the name it uses for its VALIC retirement plan unit to AIG Retirement Services.

The unit provides retirement plans and related products and services for K-12 schools, colleges, health care organizations, charitable organizations and other nonprofit employers.

(Related: AIG Completes Rebranding)

AIG manages a total of about $230 billion in retirement plan assets.

The nonprofit retirement plan unit rebranding should give the unit better name recognition among plan sponsors, consultants and retirement plan participants, AIG says.

The unit has relationships with about 1,250 advisors, according to AIG.

Although the marketing name of the unit will change, Variable Annuity Life Insurance Company, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company will keep their legal names, AIG says.

Variable Annuity Life Insurance Company was founded in 1955 and began selling annuities in 1960.

The unit ended 2017 with $82 billion in assets, according to the Texas Department of Insurance insurer database.

— Read Closed-End Fund Replaces VALIC As Advisoron ThinkAdvisor.

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