Company: GE
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000040545-25-000132
Chunk: 114

Company: GENERAL ELECTRIC CO
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 114
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 result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%.On February 3, 2025, we closed the Canadian life and health insurance portfolio reinsurance transaction that was announced in 2024. We received a ceding commission of $128 million and the gain was deferred and will be recognized over the remaining life of the policies or earlier if the underlying treaties are novated. Included in Insurance losses and annuity benefits in our Statement of Earnings (Loss) for the three and nine months ended September 30, 2025, is a benefit of $275 million, related to executed novations, resulting in a remaining deferred gain balance of approximately $60 million. See Notes 3 and 9 for further information related to our run-off insurance operations.

NOTE 13. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories; principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Operations.PRINCIPAL PENSION PLANSThree months ended September 30Nine months ended September 302025202420252024Service cost for benefits earned$14 $16 $47 $53 Prior service cost amortization(2)1 (7)5 Expected return on plan assets(375)(392)(1,125)(1,360)Interest cost on benefit obligations325 317 976 1,085 Net actuarial gain amortization(126)(105)(379)(362)Net periodic expense (income)$(164)$(163)$(488)$(579)Less discontinued operations$— $— $— $(88)Continuing operations - net periodic expense (income)$(164)$(163)$(488)$(491)Principal retiree benefit plans income was $17 million and $22 million for the three months ended September 30, 2025 and 2024, and $49 million and $79 million for the nine months ended September 30, 2025 and 2024, respectively. Principal retiree benefit plans income from continuing operations was $22 million and $