General Electric's (GE) Presents Insurance Update Broker Conference Call (Transcript)

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General Electric Co (NYSE:GE) Insurance Update Call January 16, 2017 8:30 AM ET


Matthew Cribbins - VP, Investor Communications

John Flannery - Chairman & CEO

Ryan Zanin - Chief Risk Officer

Jamie Miller - CFO & Senior VP


Andrew Obin - Bank of America Merrill Lynch

Charles Tusa - JPMorgan Chase & Co.

Jeffrey Sprague - Vertical Research Partners

Deane Dray - RBC Capital Markets

Christopher Glynn - Oppenheimer


Good day, ladies and gentlemen, and welcome to the General Electric Insurance Update. [Operator Instructions]. My name is Ellen, and I will be your conference coordinator today. I would now like to turn the program over to your host for today's conference, Matt Cribbins, Vice President of Investor Relations. Please proceed.

Matthew Cribbins

Good morning, and welcome to today's webcast. I'm joined by our Chairman and CEO, John Flannery; CFO, Jamie Miller; and Chief Risk Officer of GE Capital, Ryan Zanin. Before we start, I would like to remind you that the press release, presentation and supplemental have been available since earlier today on our investor website at

Please note that some of the statements we are making today are forward-looking and are based on our best view of the world in our businesses as we see them today. As described in our SEC filings and on our website, those elements can change as the world changes.

And now I will turn the call over to John Flannery.

John Flannery

Thanks, Matt. Good morning. As we discussed with you last year, we've been performing a comprehensive review of our insurance portfolio. We finished that work late last week and reviewed it with our regulator, and we're going to share those results of that review with you today. We've taken an after-tax GAAP charge of $6.2 billion, which is $7.5 billion at a 21% tax rate. And you will see

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