General Electric (GE) 8-K Other events

Exhibit 99(c) 

Operating Segments

            Revenues and net earnings before accounting changes, of our financial services segments for the four quarters and total year of 2002 are summarized and discussed below.

            All quarters presented have been reclassified to conform to the change in segment leverage ratios, the revision of our historical techniques for allocating shared costs and unusual items and the alignment of certain operations previously reported in the All Other GECS segment to Vendor Financial Services within the GE Commercial Finance segment. 

CONSOLIDATED

 

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
GE Commercial Finance	$	4,016		$	4,404		$	4,522		$	4,839		$	17,781
GE Consumer Finance		2,372			2,463			2,701			2,730			10,266
GE Equipment Management		1,031			1,050			1,073			1,100			4,254
GE Insurance		5,768			5,263			6,197			6,068			23,296
All Other GECS		712			672			488			718			2,590
Total revenues	$	13,899		$	13,852		$	14,981		$	15,455		$	58,187
Net earnings
GE Commercial Finance	$	720		$	735		$	879		$	855		$	3,189
GE Consumer Finance		498			466			467			368			1,799
GE Equipment Management		75			67			83			88			313
GE Insurance		516			95			327			(1,033	)		(95	)
All Other GECS		(152	)		(36	)		(205	)		(187	)		(580	)
Total earnings before accounting changes		1,657			1,327			1,551			91			4,626
Cumulative effect of accounting changes		(1,015	)		–			–			–			(1,015	)
Total net earnings	$	642		$	1,327		$	1,551		$	91		$	3,611

 

GE Commercial Finance

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
Commercial Equipment Financing	$	993		$	1,069		$	1,147		$	1,330		$	4,539
Real Estate		448			545			543			588			2,124
Commercial Finance (CF)		610			554			615			571			2,350
Structured Finance Group		296			296			323			328			1,243
Aviation Services		568			683			741			702			2,694
Vendor Financial Services		953			1,081			974			1,122			4,130
Other GE Commercial Finance		148			176			179			198			701
Total revenues	$	4,016		$	4,404		$	4,522		$	4,839		$	17,781
Net earnings
Commercial Equipment Financing	$	158		$	149		$	166		$	246		$	719
Real Estate		168			140			187			155			650
Commercial Finance (CF)		110			141			208			140			599
Structured Finance Group		131			127			124			106			488
Aviation Services		98			121			133			102			454
Vendor Financial Services		69			81			87			132			369
Other GE Commercial Finance		(14	)		(24	)		(26	)		(26	)		(90	)
Total net earnings	$	720		$	735		$	879		$	855		$	3,189
Assets
Commercial Equipment Financing	$	47,557		$	49,965		$	49,782		$	51,757		$	51,757
Real Estate		24,334			30,144			29,273			29,522			29,522
Commercial Finance (CF)		26,049			26,073			26,188			26,897			26,897
Structured Finance Group		17,149			17,701			17,514			19,293			19,293
Aviation Services		26,797			27,968			28,741			30,512			30,512
Vendor Financial Services		21,374			22,197			22,272			25,518			25,518
Other GE Commercial Finance		9,152			9,396			9,584			10,746			10,746
Total assets	$	172,412		$	183,444		$	183,354		$	194,245		$	194,245
Financing receivables – net	$	117,267		$	119,885		$	119,413		$	128,277		$	128,277

   

GE Consumer Finance

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
Global Consumer Finance	$	1,469		$	1,501		$	1,789		$	1,730		$	6,489
Card Services		903			962			912			1,000			3,777
Total revenues	$	2,372		$	2,463		$	2,701		$	2,730		$	10,266
Net earnings
Global Consumer Finance	$	313		$	315		$	343		$	253		$	1224
Card Services		209			175			148			138			670
Other GE Consumer Finance		(24	)		(24	)		(24	)		(23	)		(95	)
Total net earnings	$	498		$	466		$	467		$	368		$	1,799
Assets
Global Consumer Finance	$	44,644		$	52,712		$	54,968		$	58,310		$	58,310
Card Services		17,797			16,327			17,759			18,655			18,655
Total assets	$	62,441		$	69,039		$	72,727		$	76,965		$	76,965
Financing receivables – net	$	46,915		$	56,793		$	60,438		$	63,254		$	63,254

GE Equipment Management

		2002
(In millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total Year
Revenues	$	1,031	$	1,050	$	1,073	$	1,100	$	4,254
Net earnings	$	75	$	67	$	83	$	88	$	313
Assets	$	24,683	$	25,140	$	24,923	$	25,222	$	25,222
Equipment leased to others	$	9,441	$	9,435	$	9,235	$	9,416	$	9,416

GE Insurance

		2002
(In millions)		First Quarter		Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
GE Financial Assurance	$	2,983	$	2,817		$	3,209		$	3,308		$	12,317
Mortgage Insurance		280		256			265			289			1,090
GE Global Insurance Holding (ERC)		2,407		2,076			2,585			2,364			9,432
Other GE Insurance		98		114			138			107			457
Total revenues	$	5,768	$	5,263		$	6,197		$	6,068		$	23,296
Net earnings
GE Financial Assurance	$	254	$	118		$	260		$	302		$	934
Mortgage Insurance		119		152			142			125			538
GE Global Insurance Holding (ERC)		87		(229	)		(143	)		(1,509	)		(1,794	)
Other GE Insurance		56		54			68			49			227
Total net earnings	$	516	$	95		$	327		$	(1,033	)	$	(95	)

 

  All Other GECS

		2002
(In millions)		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues
IT Solutions	$	495		$	473		$	501		$	523		$	1,992
GE Equity		(55	)		(87	)		(206	)		(36	)		(384	)
Americom gain		–			–			–			–			–
Americom		–			–			–			–			–
Asset impairments		–			–			–			–			–
Product line exits		–			–			–			–			–
PaineWebber gain		–			–			–			–			–
Wards		–			–			–			–			–
Other – All Other GECS		272			286			193			231			982
Total revenues	$	712		$	672		$	488		$	718		$	2,590
Net earnings
IT Solutions	$	(8	)	$	(4	)	$	(8	)	$	(26	)	$	(46	)
GE Equity		(70	)		(84	)		(166	)		(55	)		(375	)
Americom gain		–			–			–			–			–
Americom		–			–			–			–			–
Asset impairments		–			–			–			–			–
Product line exits		–			–			–			–			–
Restructuring		–			–			–			–			–
PaineWebber gain		–			–			–			–			–
Wards		–			–			–			–			–
Other – All Other GECS		(74	)		52			(31	)		(106	)		(159	)
Total net earnings	$	(152	)	$	(36	)	$	(205	)	$	(187	)	$	(580	)