GE 2002 Annual Report Download - page 37
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Please find page 37 of the 2002 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.36 GE 2002 ANNUAL REPORT
management and the continued pursuit of operational
excellence through Six Sigma. In addition, Equipment
Management is expanding its service offerings and
launching several new high-technology products as
part of its core growth strategy. These actions, and its
commitment to partner with customers to solve their
productivity, financial and fleet-management chal-
lenges, will position Equipment Management for
strong performance in 2003.
www.geem.com [as of April 2003]
Industrial Systems
PRESIDENT AND CEO: Lloyd G. Trotter
2002 REVENUES: $5.0 billion
Industrial Systems is continuing the transformation it
began in 2002 into a high-tech, faster-growth business
by expanding its new platforms in sensors and security.
The sensor and security markets, which are growing
at two to three times GDP, do what Industrial Systems
has done since the 1880s: provide peace of mind by
protecting people, property and productivity.
Sensors from Industrial Systems provide monitoring,
protection and control in a variety of extreme environ-
ments, from the stratosphere to the ocean floor — even
inside the heart, where GE sensors are placed via
catheters to help predict conditions for heart attacks
and strokes.
Industrial Systems is also helping to protect the
traveling public in airports with ion-based detection sys-
tems, families in their homes with award-winning
wireless alert systems, and companies’ employees and
assets with state-of-the-art access controls and surveil-
lance systems. Industrial Systems is also exploring
the use of advanced technologies in new fields such as
healthcare and elder care, and in combination with
heritage products, such as transformers and switchgear,
to enhance their protective capabilities.
www.geindustrialsystems.com
Insurance
PRESIDENT AND CEO: Michael D. Fraizer
2002 TOTAL ASSETS: $182.3 billion
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 restruc-
turing, 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 retire-
ment and income protection markets — gaining strength
from growing distribution alliances, introducing innova-
tive 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 disci-
plined growth, strong risk management with reduced
volatility, and stringent capital and return management.
www.gefinancial.com and www.ercgroup.com
Medical Systems
PRESIDENT AND CEO: Joseph M. Hogan
2002 REVENUES: $9.0 billion
With breakthrough innovations in medical diagnostics,
information and services, Medical Systems is pushing
the limits of medical science and affecting the lives of
millions of people. Revolutionary new diagnostic imag-
ing technologies such as Medical Systems’ LightSpeed16™
multi-slice CT (computed tomography) scanner are
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