Higher profit meets analysts' estimates as conglomerate gets lift from Employers Reinsurance.
January 16, 2004: 6:14 AM EST
BOSTON (Reuters) - General Electric Co. said Friday fourth-quarter earnings rose sharply on a turnaround at its reinsurance unit.
GE reported net earnings of $4.56 billion, or 45 cents a share. That compared with net earnings of $3.1 billion, or 31 cents per share, in the year-earlier quarter when GE took a pretax charge of $2.5 billion to bolster reserves at Employers Reinsurance Corp.
Analysts were expecting Fairfield, Conn.-based GE (GE: Research, Estimates) to earn 45 cents a share, according to consensus estimates compiled by Reuters Research.
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