Thursday, February 22, 2018

GE takes one-off insurance charge, eyes breakup

General Electric has said that it recorded a one-off charge of about US$6.2 billion in the fourth quarter of last year linked to its insurance businesses.

In addition, the firm said it is looking at breaking up its remaining business units.

GE chief executive officer John Flannery said the firm is weighing all its options, and cited examples of other units that already have been spun off as independent companies.

Flannery, who replaced Jeff Immelt at the helm of the company last summer, has been facing tough challenges since he began his tenure.

GE will consider similar measures for other parts of the company, including power, aviation and healthcare.

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