US conglomerate General Electric (GE) is getting rid of most of its life insurance and mortgage insurance businesses, with analysts suggesting it would be happy to see the rest go, too. It’s selling about 30% of its unprofitable insurance business through an initial public offering (IPO) early next year. The company says the book value of the assets for sale is about $23 billion.

GE is shedding non-performing assets as fast as it can, with analysts suggesting now is a good time for an IPO in the financial services industry. The New York Times said that over the past 12 months, 16 of 49 IPOs have been in the financial services sector.

Interestingly, the real loser for GE’s financial services wing has been Employers Re, which isn’t for sale. Rumours of approaches to Warren Buffett have been denied.

GE has said it intends to reduce its insurance-related assets to 15% of its total financial services assets. At present, they are about 40%. So far it has sold GE Edison Life, its personal lines business in the US and its Financial Guaranty insurance operation.