Exclusive - GE seeking to shed troubled insurance business: sources [Reuters (UK)]
GE Aerospace (GE)
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Source: Reuters
Exclusive - GE seeking to shed troubled insurance business: sources | Reuters 4 Min Read (Reuters) - General Electric Co ( GE.N ) is working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators, people familiar with the matter said on Tuesday. The move comes after GE announced in January it would take a $6.2 billion (4.62 billion pounds) after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit, mainly concerning long-term care (LTC) policies. Many providers of LTC insurance, including GE, underestimated the cost of servicing policies, meaning premiums have been unable to cover the spiralling costs of healthcare and longer life expectancy. While GE’s insurance operations has stopped generating new business, existing contracts managed to maturity in a process known as
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