GE Disappointed with its Employers Re Division

General Electric, parent company of Employers Reinsurance Company, on Friday released 4th quarter and preliminary 2002 earnings. In the press release, the company decried the performance of its reinsurance business. While the parent company achieved a record $15.1 billion in earnings in 2002, a 7% increase over 2001, and, excluding progress collections, generated $15.2 billion in cash from operating activities, up 10%, the Company said it was disappointed with its Employers Re business, furthering speculation that the company will be seeking either a spin off, or outright sale, of the divisio...