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Propelling this growth was our focus on new product development, stronger distribution, strategic acquisitions and global expansion. Using a variety of Six Sigma-driven processes, we introduced 37 products in 2000, supporting our goal to have 50% of sales originate from products less than 18 months old. GEFA companies also broadened their distribution. We now have approximately 200,000 representatives licensed to sell our products. We also achieved preferred provider status in 43 banks and 29 brokerage firms, signed up our 1,500th long term care insurance specialist and experienced a near twofold increase in our network of independent financial planners. Our core financial security activities grew income in excess of 20%, driven by strong sales of annuity products as well as life insurance and long term care insurance. In addition, we are excited by our purchase of Phoenix American Life, which bolstered GEFA's position as a benefits supplier to employees of small- and medium-size companies—a fast-growing segment that accounts for half the U.S. work force. Global expansion continued in Japan and Europe. GE Edison Life completed a transfer of $22 billion in assets from Toho, a restructured Japanese life company, increased its sales by 86% and now serves two million customers with its best-in-class Customer Care Center. In Europe, GE Insurance Holdings' income protection business had double-digit income growth. Agreements to provide Bradford & Bingley customers with credit insurance and Lunn Poly customers with travel insurance—plus the launch of a range of new income and annuity products—helped drive our growth. Looking ahead, we see huge opportunities to improve customer responsiveness, support growth and drive efficiencies through digitized processes. For example, our rapidly expanding GE Financial Pro portal improves productivity for financial intermediaries by enabling business submissions, account tracking and status updates—right on the Web. The GE Financial Service site is providing similar life-simplification service for consumers, giving them the ability to change everything from their addresses to investment accounts online. In just five short years, GEFA has become a trusted global partner for thousands of companies, producers and consumers. We can't wait to tackle the next five years. www.gefn.com | ||||||||
