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Michael D. Fraizer - President and Chief Executive Officer, GE Financial Assurance
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GE Financial Assurance (GEFA) is a dynamic family of consumer insurance and investment businesses serving more than 20 million customers in 17 countries. GEFA was created in the mid-’90s through a series of strategic acquisitions. Since 1996, average annual income and production growth have exceeded 40%, and 1999 revenues topped $9 billion. Leading the way were our U.S. operations, where we grew new business broadly, with life insurance and annuity production up $3.3 billion, retirement income sales rising $2.3 billion and long-term care insurance increasing over 40%. Helping drive this growth is an expanding menu of offerings - including 30 new products introduced over the past year - and the strengthening of our brokerage, financial planner and direct distribution channels.
We continued to build GE’s brand awareness in the insurance and investments area with several new media campaigns. We are also educating consumers about their personal financial needs. In addition to launching a Web site dedicated to explaining long-term care insurance (www.ge.com/longtermcare), we introduced GE Education Solutionssm, which offers mutual funds to help cover education costs and an advice service to assist with the entire academic planning process.
With a strong presence in the U.S., our global future looks bright as well. In late 1999, we announced expansion of our Japan subsidiary, GE Edison Life, which gained 1.6 million new policy-holders from a restructured life company. When this transaction closes, GEFA’s worldwide assets under management will reach $100 billion. The future looks equally bright in Europe. GE Life, Ltd. was launched in the U.K. to provide retirement services to the over-50 market, and we plan to expand other activities on the continent.
Looking ahead, we, like the rest of GE, are thrilled by the power of the Internet. Launching the GE Financial Network (www.gefn.com) is one example of our commitment. Here, consumers can access all of GE’s consumer financial products online. Our business-to-business portals are another key thrust and will revolutionize how we work with our distribution partners. In a few short years, we have built a new and exciting company that consumers can trust over a lifetime - and the best is yet to come.
Visit GE Financial Assurance online at: http://www.gefn.com
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GE Financial Assurance can help you live the life you want. Whether you’re saving for a college education, protecting the ones you love, or planning for retirement, you can benefit from GE’s insurance and investment solutions at every life stage.
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