Global comglomerate GE loves the sort of profits its Employers Reinsurance Corporation (ERC) is bringing in – but Chairman and CEO Jeff Immelt still wants out of the insurance business. In a letter to shareholders, Mr Immelt says ERC is writing “disciplined, high-return new business. Their balance sheet and investment returns are strong.”

But he adds: “[Insurance] is not the right business for us in the future. It requires significant capital to grow and it does not fully leverage GE’s capabilities.”

So it’s not if, but when. Mr Immelt is floating off its life and mortgage insurance businesses, and has noted that ERC will stay with GE for now.