RICHMOND, Va.--(BUSINESS WIRE)--Sept. 9, 2003--GE Financial today released disturbing findings from a new Retirement Income Readiness Survey1 that indicates many Americans are on a path that could see them run out of money well before they die. Despite the fact that life expectancy in America continues to increase at a steady pace and people should be looking at spending as much as twenty to thirty years in retirement, forty-one percent of those surveyed were completely unfamiliar with the idea of retirement income planning.
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ERC Responds to S&P Ratings Action OVERLAND PARK, Kan.--(BUSINESS WIRE)--Sept. 3, 2003--GE's Employers Reinsurance Corporation (GE ERC) today responded to Standard & Poor's A+ rating by reaffirming the company's financial strength and progress on its turnaround.
S&P's rating says more about our past than our future, said Ron Pressman, Chairman, President, CEO. We have faced the challenges of the past and made tremendous progress. ERC has never been stronger financially or strategically than it is today, and our future is bright.
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STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 26, 2003--GE Consumer Finance announced today that it has signed a three-year extension of its agreement with Brooks Brothers, a leading American retailer of upscale men's and women's clothing currently celebrating its 185th anniversary, to continue to provide private label credit card services for consumers.
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--Aug. 11, 2003--To meet the rapidly changing financing needs of businesses in North America, General Electric announced today the launch of GE Business Credit Services.
The new organization, formerly GE Distribution Finance, will continue its role as a leading provider of inventory finance, but has expanded its business structure to include commercial sales finance. Services encompass open account trade receivable management, business revolving charge programs, and receivables purchasing.
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STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 5, 2003--
-- Strategic Fit of Products and Services
-- Expands GE's Distribution Finance Platform
-- Enhances Key GE Commercial Finance Segments
GE Commercial Finance, the business-to-business financial services unit of the General Electric Company (NYSE: GE), announced today it has agreed to acquire most of Transamerica's commercial finance business. The transaction will add approximately $8.5 billion in managed assets to GE Commercial Finance's $200 billion asset portfolio.
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RICHMOND, Va.--(BUSINESS WIRE)--Aug. 4, 2003-- Average Costs Rise 7% in Two Years;
Range from $35,900 to $166,700 Annually
A survey of nursing home costs commissioned by GE Financial's Long Term Care Insurance division shows that a year in a nursing home costs approximately $85,000 or more in the nation's five most expensive areas. The cost of a year of nursing home care in Alaska, the most expensive area in the country to obtain such care, is $166,700. Louisiana is the least expensive, with an average annual cost of $35,900.
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RICHMOND, Va.--(BUSINESS WIRE)--Aug. 4, 2003--GE Insurance today announced it has reached a definitive agreement to sell Financial Guaranty Insurance Company (FGIC) to a group of investors led by The PMI Group, Inc. (PMI).
GE will realize total value from the transaction of approximately $2.16 billion. This transaction is consistent with GE Insurance's strategy to focus its global operations on key segments, while allowing GE to selectively re-deploy capital in new business lines it intends to grow rapidly.
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FORT WAYNE, Ind.--(BUSINESS WIRE)--July 25, 2003--As part of GE Medical Protective's annual Day of Caring, more than 100 volunteers from MedPro performed a series of Project Safeguard(SM) safety retrofits at four Fort Wayne daycare centers. Those centers are Children's Cottage (2820 Reed Street), TLC (2041 Reed Road), Lamb Ministries (14621 Amstutz Road) and Matthew's House (2305 Goshen Road).
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RICHMOND, Va.--(BUSINESS WIRE)--July 1, 2003-- Company recognized at industry conference for being the first life insurance company to deliver ACORD XML pending case downloads GE Financial today announced it received three awards for technical excellence from the Association for Cooperative Operations Research and Development (ACORD), a non-profit organization aimed at standardizing technology and applications used across the insurance industry.
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RICHMOND, Va.--(BUSINESS WIRE)--June 30, 2003--
Americans Encouraged to Secure Their Financial Independence This July 4th
The GE Center for Financial Learning today announced the start of its Second Annual $tart Out $aving Week, which runs today through July 5. As part of this national initiative, which encourages