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October 10, 2003 at 08:00 PM
NU Online News Service, Oct. 10, 2003, 5:45 p.m. EDT – The insurance operations at General Electric Company, Fairfield, Conn., are reporting $604 million in net income for the third quarter on $6.8 billion in revenue, up from $327 million in net income on $6.2 billion in revenue for the third quarter of 2002.
Total GE insurance net income is up 85%, and GE insurance revenue is up 10%.
Earnings at GE Financial Assurance, the unit that sells products such as long term care insurance, jumped 45%, to $376 million.
But General Electric says it will “continue to exit low growth/low return businesses.” General Electric lumps superabrasives and insurance together in that category in a slide presentation that discusses the company’s latest earnings.
