The bad news keeps piling up for General Electric shareholders as the company announced worse-than-expected insurance portfolio results.
GE said Tuesday after a review of its GE Capital insurance portfolio that it will take a $6.2 billion after-tax charge for the fourth quarter of 2017 and expects to contribute $15 billion over the next seven years to shore up the portfolio's reserves.
General Electric also said on a call with investors that it will report 2017 earnings per share, ex-insurance charges, at the low end of its $1.05 to $1.10 guidance range versus the Wall Street consensus of $1.07.
Its shares dropped 3.8 percent Tuesday.
"At a time when we are moving forward as a company, a charge of this magnitude from a legacy insurance portfolio in run-off for more than a decade is deeply disappointing," CEO John Flannery said in the release Tuesday.