GE Insurance Solutions Has Fourth-Quarter Loss
NU Online News Service, Jan. 21, 12:16 p.m. EST?GE Insurance Solutions, part of Fairfield, Conn.-based General Electric Company, reported a $207 million 2004 fourth-quarter loss impacted by catastrophe claims. [@@]
In 2003, the company registered a $121 million profit for the period, GE said.
The company for the full year had a net profit of $36 million, a drop from 2003 when GE Insurance Solutions recorded a $482 million net profit.
Last year's fourth-quarter loss was caused by increased losses from catastrophes and adverse developments, said GE Insurance Solutions spokesman John Novaria. For full-year 2004, GE Insurance Solutions reported $1.15 billion for adverse developments for years 1997 to 2001.
Mr. Novaria said GE Insurance has made a strong first-quarter start, having renewed more than 90 percent of its targeted property-casualty businesses at Jan. 1. The company has also secured more than 65 new clients in its p-c treaty business this year.
GE Insurance Solutions' parent corporation, General Electric Company, reported strong earnings for 2004, posting $16.6 billion in net profit for the full year, up 6 percent from the year before.
GE Insurance Solutions offers a wide range of insurance and investment products, including commercial insurance and reinsurance products and services to insurance companies, Fortune 1000 companies, self-insurers, and health care providers.
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