US watchdog probes GE in $6.2 billion insurance case
24 Jan 2018 10:40 PM IST
New York: US securities regulators are investigating General Electric over a hefty charge in its insurance business that contributed to a fourth-quarter loss, the company said on Wednesday.
The Securities and Exchange Commission is "investigating the process leading to the insurance reserve increase and the fourth quarter charge," GE Chief Financial Officer Jamie Miller told analysts on a conference call.
"We are cooperating fully with the investigation, which is in very early stages." The company on January 16 disclosed that it would book $6.2 billion in one-time costs after determining the insurance business needed additional reserves following a review with outside counsel.
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