3rd Quarter Results

General Electric Company
15 October 2002

               GE Delivers Third-Quarter Earnings of $4.1 Billion

                             On 9% Revenue Growth;

                      Cash Flow Ex-Progress Increases 16%

 Fairfield, Conn., October 11, 2002 - GE's third-quarter 2002 earnings of $4.1
     billion, or $.41 per share, increased 25% over third quarter 2001, and
    year-to-date cash flow from operations, excluding progress collections,
    increased 16%, GE Chairman and CEO Jeff Immelt announced on October 11.

'GE delivered 41 cents per share and strong cash flow growth in what continues
to be a more difficult economic environment than anticipated,' Immelt said. 'We
are managing through a variety of short-term challenges at some of our
businesses. However, in total, GE continues to deliver. This is a tribute to the
strength of the GE business model - a great set of leading businesses with
strong growth capability and exceptional cash discipline.'

Financial highlights include:

  • Earnings rose 25% to $4.087 billion from $3.281 billion in third quarter
    2001, and earnings per share (EPS) increased 24% to $.41 from $.33 last
    year. Comparisons reflect charges in third quarter 2001 of approximately
    $400 million for Sept. 11-related reinsurance losses. Power Systems, NBC,
    Commercial Finance and Consumer Finance all contributed double-digit
    earnings growth. As previously disclosed, the third quarter included a $317
    million gain from the disposition of GE Global eXchange Services (GXS), a
    $156 million loss at Employers Reinsurance Corporation (ERC) resulting from
    current-period claims and increased estimates of prior-year losses, and a
    $167 million loss at GE Equity. All amounts are after tax.


        As required by new accounting rules, as of Jan. 1, 2002, goodwill is no
        longer amortized. Without goodwill amortization in third quarter 2001,
        EPS in third quarter 2002 would have increased 14%; adjusted for two
        significant non-cash items, goodwill and pension income, EPS would have
        increased 19%.

  • Consolidated Revenues rose 11% over third quarter 2001 to $32.6 billion;
    excluding the GXS sale, revenues rose 9%. Industrial revenues, excluding the
    sale of GXS, grew 6%, with double-digit growth at NBC, Specialty Materials
    and Industrial Systems. Revenues at GE's financial services businesses were
    $15.0 billion, up 13%, reflecting last year's Sept. 11-related reduction in
    net reinsurance premiums earned. Net revenues (revenues less interest costs)
    at Commercial Finance, Consumer Finance and Equipment Management grew 19%.
  • Cash generated from GE's operating activities, excluding progress
    collections, was a record $9.6 billion for the first nine months of 2002, up
    16% from $8.3 billion last year. Reported cash flow from operations was $5.7
    billion, which, reflecting the record progress collections in 2001, was 51%
    lower than last year's reported $11.7 billion. GE returned $6.9 billion to
    shareowners in the first nine months of 2002 through $5.4 billion in
    dividends and $1.5 billion in share repurchases.
  • Operating margin in the quarter was 19.3%, up from last year's 18.9%,
    reflecting GE's continuing productivity gains and sales of high-margin
    services. For the first nine months of 2002, operating margin was 19.6%, up
    from last year's 19.1%.
  • Financial Services earnings grew to $1.551 billion, up 19% from last
    year's $1.301 billion. This comparison reflects the Sept. 11-related
    reinsurance losses in third quarter 2001. Financial Services assets totaled
    $473 billion at the end of the quarter, up 21% from $391 billion at the end
    of third quarter 2001.

Among third-quarter business highlights:

  • GE Power Systems (GEPS) shipped 76 heavy-duty gas turbines in the quarter,
    including 57 from its Greenville, South Carolina facility. Revenue from
    customer terminations, net of costs, increased pre-tax operating profit in
    the quarter by $57 million, but was more than offset by restructuring
    charges. GEPS Energy Services added 12 new contractual services agreements
    during the quarter, bringing the level of commitments to $26.5 billion, an
    increase of $5.9 billion, or 29 percent, over third quarter 2001. More than
    1,350 gas turbines were covered by GEPS service agreements at the end of the
    quarter, 64% more than at the end of third quarter 2001. During the quarter
    GEPS completed the acquisition of Panametrics Inc., a global provider of
    high-technology ultrasonic testing equipment and process control
    instrumentation.
  • GE Medical Systems (GEMS) revenues grew 7% to $2.1 billion, as some U.S.
    and Asia projects and financing approvals were extended into future
    quarters. Demand for new GEMS technology drove third quarter orders up 11%,
    to $2.5 billion. The new GE VolusonTM 730 4D and GE LOGIQBookTM Portable
    Ultrasound System led ultrasound order growth of 20%, or $185 million. The
    GE Lightspeed16, GE's industry-leading 16-slice CT (computed tomography)
    scanner, drove CT orders 12% to more than $300 million. MR (magnetic
    resonance) orders, led by new GE EXCITE MRI systems, grew 9% to more than
    $305 million. X-Ray orders, fueled by demand for the GE Innova digital
    cardiac X-ray system, grew 12% to more than $305 million. Orders for
    healthcare information technology systems grew 43% to more than $325
    million.
  • GE Aircraft Engines (GEAE) and CFMI (jointly owned by GEAE and Snecma) won
    $1.0 billion in commercial engine orders in the quarter, including orders
    from Federal Express, Japan Airlines and COPA. GEAE continued to invest in a
     wide range of development programs, and made the first flight tests of the
    world's most powerful jet engine, the GE90-115B, and initial tests of the
    CF34-10 regional jet engine for the Embraer 190/195. The GE-90 will power
    Boeing's extended-range 777, test flights of which will begin early next
    year; regional jets are the fastest-growing sector of commercial aviation.
    Firm and option orders for CF34 engines, including orders received in the
    quarter from Alitalia and Jet Airways, total $7.1 billion. During the
    quarter GEAE also received more than $2.3 billion in military contracts,
    including a multi-year $1.9 billion U.S. Navy procurement contract for the
    F414 engines, devices and spare modules that power the Navy's advanced F/
    A-8E/F Super Hornet fighter jet.
  • GE Commercial Finance assets grew 34% from the prior-year period and
    totaled $185 billion at the end of the quarter. Asset quality remained
    stable in a difficult environment, with delinquency rates stable compared to
    the end of third quarter 2001. During the quarter, units of Commercial
    Finance agreed to acquire Deutsche Financial Services' commercial inventory
    financing business for $2.9 billion, and most of ABB's structured finance
    operations for $2.3 billion.
  • GE Consumer Finance assets totaled $73 billion at the end of the quarter,
    up 20% from third quarter 2001. Consumer Finance's disciplined risk
    management and collections practices resulted in stable delinquency rates
    compared to the end of third quarter last year. During the quarter, Consumer
    Finance completed the acquisition of SDL Leasing, an auto financing company
    in Singapore, and Kawai Assist in Japan, which offers consumer financing to
    merchants.
  • NBC maintained its lead through the third quarter in key advertiser
    demographics in virtually every important daypart -- morning news, daytime,
    evening news, prime time, late night and Sunday-morning public affairs - and
    enjoyed strong advertising pricing as a result. NBC won its eighth
    consecutive summer in the key advertiser demographic of adults 18-49 with 10
    of the top 20 programs in that category. In September, NBC led the premiere
    week of the 2002-03 prime-time season by a commanding 17 percent margin
    among adults 18-49. Telemundo registered prime-time ratings increases of 61%
    over third quarter last year among adults 18-49 in its first full quarter
    since NBC acquired it.
  • GE Transportation Systems (GETS) won $1 billion in new locomotive,
    maintenance services and signaling orders in the quarter, including nearly
    $500 million in orders for DASH-9 locomotives. GETS's signaling unit signed
    a $63 million contract with the Maryland Transit Administration for a
    state-of-the-art wayside and car-borne signaling and field communications
    system, and completed its acquisition of certain assets from Railway
    Technologies Inc., furthering GETS's expansion into remote control yard
    switch products.
  • GE Industrial Systems (GEIS) continued its expansion into the high-tech
    sensor and security markets through the acquisitions of Druck Holdings plc,
    NovaSensor Inc. and Kilsen. GEIS also agreed to acquire Ion Track, a pioneer
    in the development of advanced trace detection technologies for security and
    law enforcement agencies.

Immelt said, 'The economy is much tougher than anyone planned, but the
fundamentals of GE are in great shape. We've got a great team of people who
continue to serve our customers effectively and who come to work looking for new
products and services, and new markets for growth. We are maintaining our
full-year target of $1.65 per share in the environment we see today.'

GE (NYSE: GE) is a diversified technology and services company dedicated to
creating products that make life better. From aircraft engines and power
generation to financial services, medical imaging, television programming and
plastics, GE operates in more than 100 countries and employs more than 300,000
people worldwide. For more information, visit the company's Web site at http://
www.ge.com.

Caution Concerning Forward-Looking Statements

This document includes certain 'forward-looking statements' within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. More detailed information about
those factors is contained in GE's filings with the Securities and Exchange
Commission.

Contact:      General Electric, Fairfield

          David Frail, 203/373-3387

          [e-mail]



Condensed Statement of Earnings

3rd Quarter 2002
                                      Consolidated                     GE               Financial Services (GECS)
Third quarter ended September     2002      2001       V%      2002      2001      V%      2002      2001      V%
30
Revenues
Sales of goods and services       $18,048   $17,072            $17,386   $16,359              $779      $778
Earnings of GECS before                 -         -              1,551     1,301                 -         -
accounting changes
GECS revenues from services        14,080    12,382                  -         -            14,202    12,520
Other income                          457        14                486        76                 -         -
Total revenues                     32,585    29,468      11%    19,423    17,736     10%    14,981    13,298    13%

Costs and expenses
Cost of sales, operating and       19,597    18,180             14,024    13,267             5,757     5,071
administrative expenses
Interest and other financial        2,773     2,640                212       244             2,645     2,503
charges
Insurance losses and                4,227     3,618                  -         -             4,227     3,618
policyholder and annuity
benefits
Provision for losses on               640       567                  -         -               640       567
financing receivables
Minority interest in net               84        59                 45        32                39        27
earnings of consolidated
affiliates
Total costs and expenses           27,321    25,064       9%    14,281    13,543      5%    13,308    11,786    13%
Earnings before income taxes        5,264     4,404              5,142     4,193             1,673     1,512
and accounting changes
Provision for income taxes        (1,177)   (1,123)            (1,055)     (912)             (122)     (211)
Earnings before accounting          4,087     3,281      25%     4,087     3,281     25%     1,551     1,301    19%
changes
Cumulative effect of accounting         -         -                  -         -                 -         -
changes
Net earnings                       $4,087    $3,281      25%    $4,087    $3,281     25%    $1,551    $1,301    19%
Per-share amounts before
accounting changes (in dollars)
Diluted earnings per share          $0.41     $0.33      24%
Basic earnings per share            $0.41     $0.33      24%
Per-share amounts after
accounting changes (in dollars)
Diluted earnings per share          $0.41     $0.33      24%
Basic earnings per share            $0.41     $0.33      24%
Dividends declared per share        $0.18     $0.16
(in dollars)



Dollar amounts in millions; per-share amounts in dollars; unaudited.
Supplemental consolidating data are shown for 'GE' and 'Financial Services
(GECS)'. Transactions between GE and Financial Services (GECS) have been
eliminated form the 'consolidated' columns. See note 1 to the consolidated
financial statements in the 2001 Annual Report to Share Owners for further
information about consolidation matters.







Consolidated Statement of Earnings

3rd Quarter 2002 Year to Date
                                        Consolidated                    GE              Financial Services (GECS)
Nine months ended September 30     2002      2001      V%     2002      2001      V%      2002       2001      V%
Revenues
Sales of goods and services        $55,797   $52,412          $53,593   $49,797            $2,494     $2,806
Earnings of GECS before                  -         -            4,535     4,179                 -          -
accounting changes
GECS revenues from services         39,925    39,297                -         -            40,238     39,614
Other income                           598       229              675       385                 -          -
Total revenues                      96,320    91,938     5%    58,803    54,361     8%     42,732     42,420     1%
Costs and expenses
Cost of sales, operating and        59,050    56,500           43,065    40,284            16,449     16,617
administrative expenses
Interest and other financial         7,590     8,423              444       614             7,362      8,072
charges
Insurance losses and                11,465    10,853                -         -            11,465     10,853
policyholder and annuity
benefits
Provision for losses on              2,087     1,546                -         -             2,087      1,546
financing receivables
Minority interest in net               250       262              137       136               113        126
earnings of consolidated
affiliates
Total costs and expenses            80,442    77,584     4%    43,646    41,034     6%     37,476     37,214     1%
Earnings before income taxes and    15,878    14,354           15,157    13,327             5,256      5,206
accounting changes
Provision for income taxes         (3,847)   (4,159)          (3,126)   (3,132)             (721)    (1,027)
Earnings before accounting          12,031    10,195    18%    12,031    10,195    18%      4,535      4,179     9%
changes
Cumulative effect of accounting    (1,015)     (444)          (1,015)   $ (444)         $ (1,015)    $ (169)
changes
Net earnings                       $11,016    $9,751    13%   $11,016    $9,751    13%     $3,520     $4,010  (12%)
Per-share amounts before
accounting changes (in dollars)
Diluted earnings per share           $1.20     $1.01    19%
Basic earnings per share             $1.21     $1.03    17%
Per-share amounts after
accounting changes (in dollars)
Diluted earnings per share           $1.10     $0.97    13%
Basic earnings per share             $1.11     $0.98    13%
Dividends declared per share (in     $0.54     $0.48
dollars)



Dollar amounts in millions; per-share amounts in dollars; unaudited.
Supplemental consolidating data are shown for 'GE' and 'Financial Services
(GECS)'. Transactions between GE and Financial Services (GECS) have been
eliminated form the 'consolidated' columns. See note 1 to the consolidated
financial statements in the 2001 Annual Report to Share Owners for further
information about consolidation matters.




Summary of Operating Segments                                                                                 3Q 2002
General Electric Company and Consolidated Affiliates

                                           THIRD QUARTER                       THIRD QUARTER YTD
(Dollars in millions)             2002       2001      V%             2002        2001       V%
Revenues
Aircraft Engines                    2,721      2,851     (5)             8,062       8,644     (7)
Commercial Finance
Commercial Equipment Financing      1,278      1,240       3             3,529       3,193      11
Real Estate                           552        471      17             1,570       1,530       3
Aviation Services (GECAS)             741        497      49             1,992       1,602      24
Structured Finance Group              323        275      17               915         862       6
Commercial Finance                    615        473      30             1,779       1,433      24
Vendor Financial Services             569        533       7             1,658       1,491      11
Other Commercial Finance               67          -       F               180           -       F
Total Commercial Finance            4,145      3,489      19            11,623      10,111      15
Consumer Finance
Global Consumer Finance             1,787      1,376      30             4,758       4,064      17
GE Card Services                      912        967     (6)             2,777       3,045     (9)
Other Consumer Finance                  2          -       F                 1           1       -
Total Consumer Finance              2,701      2,343      15             7,536       7,110       6
Consumer Products
Appliances                          1,540      1,535       -             4,554       4,252       7
Lighting                              576        618     (7)             1,682       1,872    (10)
Total Consumer Products             2,116      2,153     (2)             6,236       6,124       2
Equipment Management                1,073      1,159     (7)             3,154       3,312     (5)
Industrial Products and
Systems
Industrial Systems                  1,250      1,025      22             3,620       3,369       7
Transportation                        521        595    (12)             1,597       1,715     (7)
GE Supply                             630        558      13             1,788       1,710       5
Total Industrial Products and       2,401      2,178      10             7,005       6,794       3
Systems
Insurance
GE Financial Assurance              3,209      3,084       4             9,009       9,382     (4)
Mortgage Insurance                    265        247       7               801         826     (3)
GE Global Insurance Holdings        2,585      1,684      54             7,068       6,746       5
Other GE Insurance                    138        171    (19)               350         399    (12)
Total Insurance                     6,197      5,186      19            17,228      17,353     (1)
Materials
Plastics                            1,329      1,255       6             3,928       4,066     (3)
Specialty Materials                   689        426      62             1,698       1,405      21
Total Materials                     2,018      1,681      20             5,626       5,471       3
NBC                                 1,370      1,050      30             5,355       4,232      27
Power Systems                       5,123      5,038       2            16,920      14,440      17
Technical Products and
Services
Medical Systems                     2,130      1,992       7             6,205       5,780       7
GXS                                   102        114    (11)               311         472    (34)
Total Technical Products and        2,232      2,106       6             6,516       6,252       4
Services
All Other GECS                        865      1,121    (23)             3,191       4,534    (30)
Eliminations and corporate          (377)      (887)      57           (2,132)     (2,439)      13
items
Consolidated revenues             $32,585    $29,468      11          $ 96,320    $ 91,938       5




Summary of Operating Segments                                                                                   3Q 2002
General Electric Company and

Consolidated Affiliates
                                             THIRD QUARTER                       THIRD QUARTER YTD
(Dollars in millions)               2002      2001      V%             2002        2001       V%
Segment profit (a)
Aircraft Engines                        512       560     (9)             1,499       1,592    (6)
Commercial Finance
Commercial Equipment Financing          184       186     (1)               517         425     22
Real Estate                             182       170       7               477         425     12
Aviation Services (GECAS)               129        88      47               341         373    (9)
Structured Finance Group                122       113       8               376         325     16
Commercial Finance                      205       115      78               450         320     41
Vendor Financial Services                91        80      14               232         199     17
Other Commercial Finance               (32)       (1)       U              (63)         (3)      U
Total Commercial Finance                881       751      17             2,330       2,064     13
Consumer Finance
Global Consumer Finance                 354       271      31               997         810     23
GE Card Services                        149       184    (19)               536         548    (2)
Other Consumer Finance                  (2)       (2)       -               (4)         (4)      -
Total Consumer Finance                  501       453      11             1,529       1,354     13
Consumer Products
Appliances                              119        98      21               329         278     18
Lighting                               (22)        30       U                27         167   (84)
Total Consumer Products                  97       128    (24)               356         445   (20)
Equipment Management                     82       108    (24)               222         364   (39)
Industrial Products and Systems
Industrial Systems                      124       124       -               356         417   (15)
Transportation                           91       108    (16)               268         280    (4)
GE Supply                                29        29       -                77          69     12
Total Industrial Products and           244       261     (7)               701         766    (8)
Systems
Insurance
GE Financial Assurance                  182       169       8               408         477   (14)
Mortgage Insurance                      124       114       9               357         331      8
GE Global Insurance Holdings          (156)     (229)      32             (312)          57      U
Other GE Insurance                       61        58       5               168         104     62
Total Insurance                         211       112      88               621         969   (36)
Materials
Plastics                                224       278    (19)               706         951   (26)
Specialty Materials                      56        59     (5)               197         237   (17)
Total Materials                         280       337    (17)               903       1,188   (24)
NBC                                     330       207      59             1,188         996     19
Power Systems                         1,418     1,222      16             4,880       3,232     51
Technical Products and Services
Medical Systems                         347       344       1             1,014         993      2
GXS                                       1       (2)       F                16          96   (83)
Total Technical Products and            348       342       2             1,030       1,089    (5)
Services
All Other GECS                        (124)        23       U             (167)       (153)    (9)
Total segment profit                  4,780     4,504       6            15,092      13,906      9
GECS goodwill amortization                -     (146)       F                 -       (419)      F
Corporate items and eliminations        574        79       F               509         454     12
GE interest and other financial       (212)     (244)      13             (444)       (614)     28
charges
GE provision for income taxes       (1,055)     (912)    (16)           (3,126)     (3,132)      -
Net earnings before accounting        4,087     3,281      25            12,031      10,195     18
changes
Effect of accounting changes              -         -                   (1,015)       (444)
Consolidated net earnings            $4,087    $3,281      25           $11,016      $9,751     13

(a) Segment profit excludes any goodwill amortization and accounting changes. Segment profit includes or excludes
interest and other financial charges and segment income taxes according to how segment management is measured -
excluded in determining operating profit for Aircraft Engines, Consumer Products, Industrial Products and Systems,
Materials, NBC, Power Systems and Technical Products and Services, but included in determining net earnings for
Commercial Finance, Consumer Finance, Equipment Management, Insurance and All Other GECS.










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