"Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement," her rep Jeff Raymond tells PEOPLE exclusively.
"As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."
Spears and Trawick confirmed their parting in a statement her rep released to PEOPLE.
"Jason and I have decided to call off our engagement," Spears says in the statement. "I'll always adore him and we will remain great friends."
Adds Trawick: "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."
The former The X Factor judge, 31, and Trawick began dating in 2009 and got engaged on Trawick's 40th birthday in December of 2011.
The news of the breakup comes on the same day that Spears announced she would not be returning to The X Factor.
Spears has two sons, Preston, 7, and Jayden, 6, with her ex-husband Kevin Federline. The couple divorced in 2006.
TMZ was first to report the couple's split.