March 7, 2019 / 2:00 PM / 3 months ago

GE says its current insurance reserves "well-supported"

March 7 (Reuters) - General Electric Co said here on Thursday it believes its current reserves were "well-supported" for its ailing insurance business, as the U.S. industrial conglomerate continues to explore options to reduce insurance risk.

The Boston-based conglomerate said that, roughly in line with earlier statements, it had raised a further $1.9 billion in statutory reserves in the first quarter of this year.

The company added it was on course to raise around further $9 billion by 2024 as it seeks to cover the cost of long-term care policies taken out more than a decade ago. (Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru Editing by Bill Rigby, Saumyadeb Chakrabarty)

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