GE to take $6.2 billion after-tax charge in 4Q

MGN Online
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BOSTON (AP) -- General Electric is taking a $6.2 billion after-tax charge in the fourth quarter tied to its review and reserve testing of GE Capital's run-off insurance portfolio. GE Capital will also suspend its dividend to GE for the foreseeable future.

GE Capital plans to make statutory reserve contributions of about $15 billion over seven years. It will contribute about $3 billion in 2018's first quarter and approximately $2 billion annually from 2019 through 2024.

GE said Tuesday the review was mostly related to long-term care policies written by primary insurance companies and reinsured by North American Life & Health.

AP-WF-01-16-18 1157GMT



 
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