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Insurance took bold actions in 2002 to position itself for improved returns and performance in 2003 and beyond. Employers Reinsurance Corporation is expected to improve its performance substantially through restructuring, product line exits (including the potential sale of its life reinsurance business) and continued strong gains in pricing. In the Life and Retirement segment, GE Financial will accelerate its penetration of key retirement and income protection markets—gaining strength from growing distribution alliances, introducing innovative products like the “GE Retirement Answer” and streamlining operations.
In the Credit segment, GE Mortgage Insurance continues to expand its services to lenders by leveraging smart underwriting and processing technologies and growing in international markets. FGIC (Financial Guaranty Insurance Company), which provides bond insurance, is coming off a year of double-digit volume growth in serving municipalities, which issued debt at record levels in 2002. This increased volume is expected to translate into future revenue growth. FGIC is poised to expand selectively in other credit enhancement markets as well.
Looking ahead, the focus of Insurance is on disciplined growth, strong risk management with reduced volatility, and stringent capital and return management.
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Michael D. Fraizer
President and CEO
GE Insurance
2002 TOTAL ASSETS: $182.3 billion
BREAKTHROUGHS
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1974 : Insurance
Long-Term Care: Fireman’s Fund pioneers long-term care insurance; Becomes part of GE in 1995. 2002 Insurance revenues: $23.3 billion
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GE Financial Web site |
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ERC Group Web site |
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Very Useful