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.
►Make it easy to keep up to date with more stories like this. Download the WZZM 13 app now.