GE Sheds $1.7 Billion in Pension Obligations in Deal With Athene

General Electric Co. transferred $1.7 billion in pension obligations to Athene Holding Ltd., chipping away at the industrial giant’s bloated benefits portfolio.

GE will use assets from its pension plan to buy annuity contracts from Athene, which is backed by Apollo Global Management Inc. The obligations provide about 70,000 GE retirees and beneficiaries with a $360 monthly benefit, which won’t change, GE Chief Human Resources Officer Kevin Cox said in a statement Tuesday.

“As we seek to balance GE’s ongoing obligations with the need to strengthen our balance sheet, we are pleased to enter into this arrangement with Athene ...