GE Won't Be The Last Insurer To Pay Billions In Long-Term Care Charges [Forbes]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Forbes
(Credit: Getty Royalty Free) Someone filling out Long Term Care Insurance Form. Companies selling long-term care coverage are expected to take “material reserve charges” through next year in the life insurance sector’s “riskiest business,” a sobering new report from Fitch Ratings says. Already, General Electric grabbed headlines for its troubles in the long-term care business, which contributed to the ouster of CEO John Flannery after a little more than a year as the conglomerate’s top executive. GE has taken charges and set aside $15 billion to strengthen reserves to deal with its long-term care business. Long-term care insurance companies miscalculated how long people would live and may continue to be doing so amid a fast-growing population of aging baby boomers. In many cases, the pricing of policies were made decades ago so insurers still in the business have raised rates, cut benefits and strengthened reserves to pay future claims. E
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- 4/23/24 - Beat
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