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.-basedGeneral Electric Company, posted $151 million in net income for thefirst quarter, up 8 percent compared to last year.[@@]

The insurance unit's improved net result was announced Fridaywith General Electric's corporatewide quarterly income, whichclimbed to $4.04 billion from $3.24 billion one year ago.

The insurance unit will release more detailed statutory data ina few weeks, the company said.

In a conference call this morning, GE Chief Financial OfficerKeith Sherin commented that GE Insurance Solutions had "solidoperating results" for the 2005 first quarter.

Mr. Sherin pointed to the unit's "disciplined underwritingapproach" as well as lower adverse development during the quarter,which was somewhat offset by windstorm losses in Europe. Mr. Sherinsaid GE Insurance Solutions' strategy this year is to "continue toexit unprofitable lines."

GE Insurance Solutions sells a wide range of insurance andinvestment products, including commercial insurance, reinsuranceand other services to carriers, Fortune 1000 companies,self-insurers and health care providers.