Company: GE
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000040545-25-000132
Chunk: 150

Company: GENERAL ELECTRIC CO
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 1
Chunk 150
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30, 2025 and 2024, respectively. GE Aerospace has no costs associated with this program.

NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits are comprised of obligations to annuitants and insureds in our run-off insurance operations. These insurance operations (net of eliminations) generated revenue of $875 million and $899 million, profit was $361 million and $171 million and net income was $287 million and $135 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, revenues were $2,681 million and $2,649 million, profit was $714 million and $541 million and net income was $567 million and $427 million, respectively. These operations were primarily supported by investment securities, substantially all debt securities, of $37,822 million and $37,352 million, limited partnerships of $4,925 million and $4,321 million, a diversified commercial mortgage loan portfolio collateralized by first liens on U.S. commercial real estate properties of $1,841 million and $1,887 million (net of allowance for credit losses of $37 million and $46 million) and residential mortgage loans of $345 million and $251 million (net of allowance for credit losses of an insignificant amount), as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the commercial mortgage loan portfolio had no delinquent or non-accrual loans and about one-fourth of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 69%, debt service coverage of 1.9, and an insignificant amount of scheduled maturities through 2026. A summary of our insurance liabilities and annuity benefits is presented below.

September 30, 2025Long-term careStructured settlement annuitiesLifeOther contractsTotalFuture policy benefit reserves$25,801 $8,467 $976 $356 $35,599 Investment contracts— 669 — 502 1,171 Other— — 113 271 384 Total$25,801 $9,136 $1,088 $1,129 $37,153 December 31, 2024Future policy benefit reserves$24