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GE

General Electric

$18.76

-0.26 (-1.37%)

06:39
01/16/18
01/16
06:39
01/16/18
06:39

GE to take $6.2B charge in Q4 on insurance operations

GE announced that the comprehensive review and reserve testing for GE Capital's run-off insurance portfolio, North American Life & Health, will result in an after-tax GAAP charge of $6.2B for the fourth quarter of 2017, and GE Capital expects to make statutory reserve contributions of ~$15B over seven years. The Kansas Insurance Department, NALH's primary regulator, approved a phased contribution of ~$3B in 1Q'18 and ~$2B annually from 2019 through 2024. "As we disclosed during the company's second- and third-quarter earnings calls and further discussed during our November 13, 2017, investor presentation, earlier this year GE Capital initiated a comprehensive review of our insurance reserves with the assistance of leading outside experts," said John Flannery, chairman and CEO of GE. "This was a rigorous process involving complex factors and estimates relating primarily to long-term care policies written by primary insurance companies and reinsured by NALH." Flannery added, "The required contributions to the statutory reserve will be made by GE Capital, which has sufficient liquidity to do so. We have been taking ongoing actions to make GE Capital smaller and more focused while maintaining its key capabilities to support financing for GE Industrial products. These actions will also help restore GE Capital ratios to appropriate levels. At a time when we are moving forward as a company, a charge of this magnitude from a legacy insurance portfolio in run-off for more than a decade is deeply disappointing."

  • 24

    Jan

GE General Electric
$18.76

-0.26 (-1.37%)

12/13/17
DBAB
12/13/17
NO CHANGE
DBAB
Sell
Deutsche concerned Ed Garden won't stay long on GE board
If Trian were to significantly reduce its ownership stake in General Electric in the coming year, from just the 80 basis points of shares it owns now, Ed Garden would likely be forced to step down from the company's board, Deutsche Bank analyst John Inch tells investors in a research note titled "GE Board risk." The analyst believes Trian could realize incremental pressure to reduce or exit its GE position, especially if the stock, as Inch expects, struggles to gain upward traction. Garden leaving the board would create "substantial headline risk," particularly given the public vote of confidence that new GE CEO John Flannery has placed in him, the analyst contends. As such, Inch sees risk that Garden may not end up serving on GE's Board over the long term. The analyst believes his selection to the board raises some questions given Trian's relatively small stake in GE. Were there not other equally qualified candidates with more prospective longevity for the position versus a hedge fund executive whose firm owns just 80 basis points of the stock, Inch asks. The analyst keeps a Sell rating on GE with a $15 price target. The shares closed yesterday up 26c to $17.97.
12/21/17
DBAB
12/21/17
NO CHANGE
Target $15
DBAB
Sell
GE could exit Baker Hughes in 2018, says Deutsche Bank
Deutsche Bank analyst John Inch believes General Electric (GE) could exit its 62.5% ownership of Baker Hughes (BHGE) sometime in 2018. The eventual monetization and separation of GE's entire oil and gas portfolio would be consistent with management's signaling regarding its investment in Baker Hughes, Inch tells investors in a research note. GE's exit timing may not be optimal, however, considering that the pickup in industry activity is likely to continue given improved energy prices, the analyst contends. He adds that GE would forego $188M of dividend from Baker Hughes and any future additional share repurchase benefit by the company. Inch has a Sell rating on GE with a $15 price target.
01/08/18
JPMS
01/08/18
NO CHANGE
Target $16
JPMS
Underweight
JPMorgan sees 'too many risks,' cuts GE price target to $16
JPMorgan analyst C. Stephen Tusa says he sees "too many risks" to change his view on shares of General Electric. The analyst keeps an Underweight rating on the name and cut his price target for the stock to $16 from $17. There is no other company in the sector where earnings and free cash expectations were cut by 50% last year, Tusa tells investors in a research note. GE's leverage remains high and one-third of its core business lacks a "credible turnaround plan in the face of a dramatic fundamental shift," Tusa writes.
01/12/18
JPMS
01/12/18
NO CHANGE
JPMS
Underweight
GE management changes 'red flags for ongoing concern,' says JPMorgan
The recently announced departures of key executives at General Electric, namely Joe Mastrangelo, CEO of Gas Power Systems this week, and Rich Laxer CEO of GE Capital in late December, should not be overlooked, JPMorgan analyst C. Stephen Tusa tells investors in a research note. The departures are "further red flags around the uncertainties that remain" and for the company's "ongoing concern," Tusa contends. The analyst continues to think that calls for a bottom based "merely on stock price continue to ignore the fundamental realities at play" relating to GE's leverage, "weak" free cash flow, and "challenged" businesses like Power. Tusa thinks "there are still shoes to drop." He keeps an Underweight rating on General Electric.

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