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Report: GE hires i-bankers to help divest insurance biz

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Report: GE hires i-bankers to help divest insurance biz

General Electric Co. has brought in investment bankers to help it find ways to off-load its troubled insurance business, Reuters reported, citing people familiar with the matter.

The sources reportedly stressed that there is no guarantee that a deal will materialize.

GE announced in January that it would incur an after-tax GAAP charge of $6.2 billion for the fourth quarter of 2017 related to a legacy long-term care business. It also expects to allocate $15 billion, or about $50,000 per policy, in reserves to cover potential payouts for approximately 300,000 policies.