General Electric (GE) is reportedly considering sale of its Australia-based insurance business, GE Capital Insurance, in an effort to adjust its Australian portfolio, a source familiar with the deal has revealed.
The source was quoted by MarketWatch as saying that Nomura had already started sounding out potential buyers for the sale, which is expected to fetch approximately A$300m ($306m) for the company.
A provider of consumer credit insurance to three million customers across Australia and New Zealand, GE Capital Insurance has reported a net profit after tax of A$28m ($28.05m) and underwriting profit of A$16m ($16.03m) for the year ended 31 December 2012.
Besides Commonwealth Bank of Australia, ANZ Banking Group, Westpac Banking Corporation and National Australia Bank, the company's competitors in the consumer credit insurance segment include Insurance Australia Group, QBE Insurance Group, AIA Group, Metlife and Munich Re.
The sale will also include signing of a ten-year insurance distribution agreement between the buyer and the company's consumer finance unit, GE Capital, for sale of the latter's financial services products, including general and life insurance through its distribution network.
Meanwhile, a GE Capital Australia and New Zealand spokeswoman did not comment on the transaction.
General Electric had purchased Australia-based mining-equipment manufacturer, Industrea, for approximately A$700m ($701m) in 2012.
The acquisition followed sale of its Australia and New Zealand mortgage business comprising a portfolio of loans worth A$5bn ($5.09bn) to non-bank lender, Pepper Australia Group, the previous year, and spinoff of Genworth Financial in 2004.
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