In a joint statement that was shared on the Today show on April 15, they expressed their admiration for each other and said they would continue to work together.
"We have realized we are better as friends and look forward to remaining so," the statement began.
"We will continue to work together and support each other on our shared businesses and projects. We wish the best for each other and one another's children. Out of respect for them, the only other comment we have is to say is thank you to everyone who has sent kind words and support."
Jennifer and Alex both have children from previous marriages. J.Lo shares twins Max and Emme, 13, with ex-husband Marc Anthony, and A-Rod's kids, Natasha, 16, and Ella, 12, are from his relationship with Cynthia Scurtis.
The former couple's official statement about ending their engagement comes after a report from March 12 stated they had broken up and their relationship had been "on the rocks."
"All the reports are inaccurate," the couple told TMZ in a joint statement the following day. "We are working through some things."
A source later said the two had never officially broken up, but had discussed it: "She's working in the Dominican Republic and he's in Miami, so it's tough seeing each other, especially with quarantining and COVID, but they want to try to stay together."
The A-listers began dating in 2017 and reportedly moved in together that year. In March 2019, Alex proposed during a trip to the Bahamas. The pair purchased a US$40 million home on a private island in Florida in August 2020 – one of several properties they own together.
Last year, they had to postpone their nuptials twice due to the coronavirus pandemic. The singer and athlete had originally intended to have a big church wedding, which would not have been possible due to COVID-19 restrictions.
We wish Jennifer, Alex and their families the best during this time.