GE Eyes Citigroup’s Long-Term Care

GE Financial Assurance plans to purchase most of Citigroup’s long-term care business, making it the largest nursing home and related old age care insurer in the country. Terms of the purchase were not released. GE plans to continue selling policies through Citigroup’s agent network. GE’s policies cover 500,000 people. The addition of Citigroup’s Traveler’s business will add 140,000, representing 90 percent of Citigroup’s longterm care premiums, which are worth about $213 million annually. The deal will give GE about 30 percent of the total long-term market, worth about $2.9 billion annually.