GE Insurance Solutions Q1 Profit Up 8%
NU Online News Service, April 18, 9:41 p.m. EDT?GE Insurance Solutions, part of Fairfield, Conn.-based General Electric Company, posted $151 million in net income for the first quarter, up 8 percent compared to last year.[@@]
The insurance unit's improved net result was announced Friday with General Electric's corporatewide quarterly income, which climbed to $4.04 billion from $3.24 billion one year ago.
The insurance unit will release more detailed statutory data in a few weeks, the company said.
In a conference call this morning, GE Chief Financial Officer Keith Sherin commented that GE Insurance Solutions had "solid operating results" for the 2005 first quarter.
Mr. Sherin pointed to the unit's "disciplined underwriting approach" as well as lower adverse development during the quarter, which was somewhat offset by windstorm losses in Europe. Mr. Sherin said GE Insurance Solutions' strategy this year is to "continue to exit unprofitable lines."
GE Insurance Solutions sells a wide range of insurance and investment products, including commercial insurance, reinsurance and other services to carriers, Fortune 1000 companies, self-insurers and health care providers.
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