GE Employers Re Says First-Quarter Profits Up

GE Employers Re Says First-Quarter Profits Up

NU Online News Service, April 9, 2:23 p.m. EDT?General Electric Company's insurance unit, GE Employers Reinsurance, reported improved first-quarter earnings with net income increasing 16 percent to $140 million compared to the period last year.[@@]

The full quarterly financial records for the reinsurer won't be made public for a few more weeks, according to John Novaria, a representative for GE Employers Reinsurance. But he said ERC saw very strong quarterly results.

"We had a 16 percent increase in net income. Pricing is solid, and we had strong operational executions. We are pleased with the results," he said. "We are meeting our targets."

ERC, a G.E. company, is the world's fourth-largest reinsurer. ERC serves clients in property-casualty, life, health care, and professional liability insurance and reinsurance and other risk management services. For full-year 2003, ERC saw a net loss of $740.72 million, with a net underwriting loss of $523 million and a combined ratio for the year of 111.