General Electric (GE) has unveiled potentially the largest US initial public offering (IPO) of next year with a $3bn (€2.5bn) flotation of Genworth Financial, its life and mortgage insurance business.

GE plans to sell around 30% of Genworth, a new company being formed with 20% of GE's financial services assets and around half of the assets of GE's insurance segment. The company estimates that the businesses had a book value of around $10bn at the end of September. GE said it would reduce its ownership in Genworth over the next three years so it becomes a fully independent company.