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GE says its current insurance reserves 'well-supported'

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GE says its current insurance reserves 'well-supported'
FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company's site of its energy branch in Belfort, France, February 5, 2019. REUTERS/Vincent Kessler/File Photo   -   Copyright  Vincent Kessler(Reuters)
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(Reuters) – General Electric Co said on Thursday it believes its current reserves were “well-supported” for its ailing insurance business, as the U.S. industrial conglomerate continues to explore options to reduce insurance risk.

The Boston-based conglomerate said that, roughly in line with earlier statements, it had raised a further $1.9 billion (1.4 billion pounds) in statutory reserves in the first quarter of this year.

The company added it was on course to raise around further $9 billion by 2024 as it seeks to cover the cost of long-term care policies taken out more than a decade ago.

(Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru; Editing by Bill Rigby, Saumyadeb Chakrabarty)

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