- General Electric said on Nov. 9 that it plans to split into three publicly-listed parts.
- The U.S. conglomerate will hive off its healthcare business in 2023, keeping a 19.9% stake, and its energy and power division in 2024, leaving its jet-engine division as a stand-alone company. - Chief Executive Larry Culp will continue to lead the aviation business, while also serving as non-executive chair of the healthcare company after it is spun off.
- GE has $37.7 billion of estimated future payments related to its long-term care insurance business, which covers old-age care costs for around 316,000 people, as counted at the end of 2020. - The policies will sit with the aviation business after GE’s breakup. GE holds 11% more in reserves than it expects to need, based on the firm’s annual test conducted in September.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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