GE Agrees Sell Japan Unit; Unions OK Pact

General Electric Co., which invested $30 billion in Japan in the last five years, said it has agreed to sell its Tokyo-based life insurance business to American International Group for about $2.15 billion.

Separately, GE’s biggest unions ratified a four-year contract that bars medical co-payment increases and raises pay an average of 16.5%. The contract covers about 16,500 members of the International Union of Electronic Workers-Communication Workers of America and the United Electrical Radio & Machine Workers of America.

Shares of Fairfield, Conn.-based GE fell 67 cents to $29.26 on the NYSE.