GE: heavy charge in GE Capital's NALH portfolio
(CercleFinance.com) - GE has announced that it will book a charge of 6.
2 billion dollars after tax (9.5 billion dollars before tax) in its Q4 2017 accounts, after a comprehensive review of GE Capital's North American Life & Health (NALH) insurance portfolio.
The financial arm of the conglomerate will also make contributions to regulatory reserves amounting to around 15 billion dollars over seven years, including about three billion dollars in the first quarter of 2018 and two billion dollars per year between 2019 and 2024.
We are taking these steps to make GE Capital smaller and more focused, while maintaining its capacity to support the funding of GE's industrial products, said CEO John Flannery. He continued, saying that they will also help restore GE Capital's ratios to appropriate levels.
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