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GE Businesses - GE Capital Services - Page 2

Consumer Services

Dave Nissen, President and CEO, Global Consumer Finance 'Globalization was almost unheard of when I started working for GE. Today, GE receives 41% of its revenue from operations outside the U.S. and GCF is a large part of this equation.'

2001 was a strong year for the Consumer Services segment of GE Capital, with earnings rising a robust 39%. Among its top-performing businesses:

Global Consumer Finance, an international leader in store cards and personal lending products, increased earnings through organic growth, a strong acquisition pipeline and cost management. Adding operations in Korea and Mexico, we now serve more than 40 million consumers in 33 countries. A key 2001 acquisition was igroup, a leading British provider of home equity loans. Meanwhile, our relentless focus on risk management and collections resulted in credit losses of less than 2.5% worldwide.

GE Financial Assurance, a leader in consumer insurance and investment products, recorded another year of double-digit earnings growth as our diversified business lines, core growth and strong cost reductions offset softness in global equities markets.  Wealth and income management activities grew through retirement annuities, growth in institutional asset management, and the acquisition of Centurion Capital, which added individual fee-based investment accounts. Our protection segments – including term life, small business benefits, and long-term care insurance – expanded steadily. We strengthened our global capabilities with the purchase of U.K. retirement specialist National Mutual and the introduction of five new products in Japan. We also took customer focus to new levels with 51 specific quality projects and a brand expansion campaign using a nationwide "financial fitness" tour and new television ads.

Mike Fraizer, President and CEO, GE Financial Assurance 'GE Financial's associates are united globally by a single focus: helping people invest, protect and retire with a name they know and trust.'

One of America's largest providers of private-label store cards and corporate purchasing cards, GE Card Services shrugged off a weak U.S. retail environment to deliver record earnings. Our At the Customer, For the Customer initiative yielded $300 million in incremental sales and a $10 million expense reduction. Card acceptance across diverse businesses continued apace, with high-profile clients including JCPenney, ExxonMobil, WalMart, The Home Depot, Sam's Club, Macy's and Lowe's.

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