| **UNITED STATES SECURITIES AND EXCHANGE COMMISSION**WASHINGTON, D.C. 20549****FORM 10-Q
                                        
  (Mark One)
[ X ] 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended **March 31, 2003**
OR

[    ] 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
****
For the transition period from ____ to ____

Commission file number 0-14804
**GENERAL ELECTRIC CAPITAL SERVICES, INC.**
(Exact name of registrant as specified in its charter)
**Delaware **06-1109503          (State or other jurisdiction of incorporation or organization) 
 
(I.R.S.Employer Identification No.)
 
**260 Long Ridge Road, Stamford, CT **06927        (Address of principal executive offices) 
 (Zip Code)
(Registrant's telephone number, including area code)**(203)357-4000**

(Former name, former address and former fiscal year,if changed since last report)

Indicate by check mark whether the registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes  [ X]     No [    ]

Indicate by check mark whether the registrant is an acceleratedfiler (as defined in Rule 12b-2 of the Act).

Yes [X]    No [   ]

At May 1, 2003, 1,064 shares of common stock with a par $1,000were outstanding.
**REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONH(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THEREDUCED DISCLOSURE FORMAT.**
**General Electric Capital Services, Inc.**
**Part I - Financial Information **Page  
Item 1. Financial Statements  
Condensed Statement of Current and Retained Earnings 
1
Condensed Statement of Financial Position 
2
Condensed Statement of Cash Flows 
3
Notes to Condensed, Consolidated Financial Statements 
4
Item 2. Management's Discussion and Analysis of Results      of Operations and Financial Condition 
7
Item 4. Controls and Procedures 
16   **Part II - Other Information     
Item 6. Exhibits and Reports on Form 8-K 
17
Signatures 
18
Certifications Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 
19** 

Forward-Looking Statements**
           This document includes certain "forward-lookingstatements" within the meaning of the Private Securities Litigation ReformAct of 1995. These statements are based on management's current expectationsand are subject to uncertainty and changes in circumstances. Actual results maydiffer materially from these expectations due to changes in global political,economic, business, competitive, market and regulatory factors.
******Part I. Financial Information

Item 1. Financial Statements

Condensed Statement of Current and Retained Earnings

General Electric Capital Services, Inc. and consolidatedaffiliates** **First quarter ended March 31 (Unaudited) *(Dollars in millions)**2003  **2002         
Revenues from services
$
14,243  
$
13,083 
Sales of goods 
487   
816   
 
   
 
 
Total revenues 
14,730   
13,899         
Interest 
2,463   
2,288 
Operating and administrative 
4,081   
3,726 
Cost of goods sold 
437   
742 
Insurance losses and policyholder and annuity benefits 
3,985   
3,549 
Provision for losses on financing receivables 
762   
662 
Depreciation and amortization of equipment on operating      leases      
    (including buildings and equipment) 
974   
826 
Minority interest in net earnings of consolidated      affiliates 
38   
34   
 
   
 
 
Total costs and expenses 
12,740   
11,827         
Earnings before income taxes and accounting changes 
1,990   
2,072 
Provision for income taxes 
(320)   
(415)         
Earnings before accounting changes 
1,670   
1,657 
Cumulative effect of accounting changes (note 4) 
-   
(1,015)                
Net earnings 
1,670   
642
Dividends 
(169)   
(531
)

Retained earnings at beginning of period 
26,324   
24,678         
Retained earnings at end of period
$
27,825  
$
24,789 
See "Notes to Condensed, Consolidated FinancialStatements."

1
**Condensed Statement of Financial PositionGeneral Electric Capital Services, Inc. and consolidated affiliates***(Dollars in millions)**March 31, 2003  **December 31,      2002
 
  **(Unaudited)             
Cash and equivalents
$
8,345  
$
7,918 
Investment securities 
120,832   
116,530 
Financing receivables:       
Time sales and loans, net of deferred income 
144,160   
143,309 
Investment in financing leases, net of deferred income 
61,104   
62,120   
205,264   
205,429 
Allowance for losses on financing receivables 
(5,555
)  
(5,512
)
Financing receivables - net 
199,709   
199,917 
Insurance receivables 
31,216   
31,585 
Other receivables - net 
12,672   
12,996 
Inventories 
153   
208 
Equipment on operating leases (at cost) including      buildings and      
          equipment, less accumulated amortization of $13,417 and $12,882 
33,647   
33,461 
Intangible assets 
23,249   
23,131 
Other assets 
67,638   
64,082 
Total assets
$
497,461  
$
489,828         
Short-term borrowings
$
124,897  
$
130,126 
Long-term borrowings       
    Senior 
149,715   
139,573 
    Subordinated 
1,263   
1,263 
Insurance liabilities, reserves and annuity benefits 
135,746   
135,853 
All other liabilities 
31,382   
31,049 
Deferred income taxes 
10,744   
10,590 
Total liabilities 
453,747   
448,454         
Minority interest in equity of consolidated affiliates 
4,464   
4,445 
Accumulated gains (losses) - net       
Investment securities 
2,002   
1,191 
Currency translation adjustments 
(656
)  
(782
)
Derivatives qualifying as hedges 
(2,192
)  
(2,076
)
Accumulated non-owner changes other than earnings 
(846
)  
(1,667
)
Capital stock 
11   
11 
Additional paid-in capital 
12,260   
12,261 
Retained earnings 
27,825   
26,324 
Total share owners' equity 
39,250   
36,929         
Total liabilities and equity
$
497,461  
$
489,828 
See "Notes to Condensed, Consolidated FinancialStatements."

2
**Condensed Statement of Cash Flows

General Electric Capital Services, Inc. and consolidatedaffiliates** *(Dollars in millions)***First quarter ended March 31 (Unaudited)
**2003  **2002         **Cash Flows - Operating Activities       
Net earnings
$
1,670  
$
642 
Adjustments to reconcile net earnings to cash provided      from      
          operating activities       
Cumulative effect of accounting changes 
-   
1,015 
Provision for losses on financing receivables 
762   
662 
Depreciation and amortization of equipment on      
          operating leases (including buildings and equipment) 
974   
826 
All other operating activities 
(1,377
)  
1,315 
Cash from operating activities 
2,029   
4,460         **Cash Flows - Investing Activities       
Increase in loans to customers 
(53,924
)  
(41,682
)
Principal collections from customers - loans 
50,948   
38,147 
Investment in equipment for financing leases 
(4,320
)  
(3,722
)
Principal collections from customers - financing leases 
5,328   
4,305 
Net change in credit card receivables 
1,341   
1,692 
Equipment on operating leases (including buildings and      equipment):         
     **-******additions 
(1,400
)  
 (3,041
)
     **-******dispositions 
1,450   
1,432  
Payments for principal businesses purchased, net of cash      acquired 
-   
(160
)
Purchases of securities by insurance and annuity      businesses 
(15,088
)  
(13,310
)
Dispositions of securities by insurance and annuity      businesses 
12,162   
11,062 
All other investing activities 
(501
)  
(1,872
)
Cash used for investing activities 
(4,004
)  
(7,149
)        **Cash Flows - Financing Activities       
Net decrease in borrowings (maturities 90 days or less) 
(2,798
)  
(15,202
)
Newly issued debt - short-term (91-365 days) 
393   
1,058 
Newly issued debt - long-term senior 
16,058   
24,359 
Proceeds - non-recourse, leveraged lease debt 
49   
289 
Repayments and other reductions - short-term (91- 365      days) 
(10,895
)  
(6,294
)
Repayments and other reductions - long-term senior debt 
(271
)  
(655
)
Principal payments - non-recourse, leveraged lease debt 
(414
)  
(276
)
Proceeds from sales of investment contracts 
2,404   
1,746 
Redemption of investment contracts 
(1,955
)  
(1,900
)
Dividends paid 
(169
)  
(531
)
Cash from financing activities 
2,402   
2,594           **Increase (decrease) in cash and equivalents 
427   
(95
)          **Cash and equivalents at beginning of year 
7,918   
7,314           **Cash and equivalents at March 31
$
8,345  
$
7,219 ****
See "Notes to Condensed, Consolidated FinancialStatements."

3

 
**Notes to Condensed, Consolidated Financial Statements (Unaudited)**
           1.    The accompanying condensed, consolidated quarterly financialstatements represent the consolidation of General Electric Capital Services,Inc. and all of our affiliates (GECS) - companies that we directly orindirectly control (consolidated affiliates), including General Electric CapitalCorporation (GE Capital) and GE Global Insurance Holding Corporation (GE GlobalInsurance Holding), the parent of Employers Reinsurance Corporation (ERC). Allsignificant transactions among the parent and consolidated affiliates have beeneliminated. We reclassified certain prior year amounts to conform to the currentperiod presentation.

           2.     The condensed, consolidated quarterly financial statementsare unaudited. These statements include all adjustments (consisting of normalrecurring accruals) that we considered necessary to present a fair statement ofthe results of operations, financial position and cash flows.The results reported in these condensed, consolidated quarterly financialstatements should not be regarded as necessarily indicative of results that maybe expected for the entire year. We label ourquarterly information using a calendar convention, that is, first quarter isconsistently labeled as ending on March 31, second quarter as ending on June 30,and third quarter as ending on September 30. It is our longstanding practice toestablish actual interim closing dates using a "fiscal" calendar,which requires our businesses to close their books on a Saturday in order to normalize the potentiallydisruptive effects of quarterly closings on business processes. The effects ofthis practice are modest and only exist within a reporting year. The fiscalclosing calendar from 1993 through 2013 is available on our Web site, www.ge.com/en/company/investor/secreports.htm. 

           3.     In November 2002, the FinancialAccounting Standards Board (FASB) issued Interpretation No. (FIN) 45, *Guarantor's Accounting and DisclosureRequirements for Guarantees, Including Indirect Guarantees of Indebtedness ofOthers*. Among other things, the Interpretation requires guarantors torecognize, at fair value, their obligations to stand ready to perform undercertain guarantees. FIN 45 became effective for guarantees issued or modified onor after January 1, 2003 and had an inconsequential effect on our financialposition as of March 31, 2003 and results of operations for the first quarter of2003.

           In January 2003, the FASB issued FIN 46, *Consolidation ofVariable Interest Entities*, which we intend to adopt on July 1, 2003. FIN 46's consolidation criteria are based on analysis of risks and rewards, notcontrol, and represent a significant and complex modification of previousaccounting principles. FIN 46 represents an accounting change, not a change inthe underlying economics of asset sales. Under its provisions, certain assetspreviously sold to our special purpose entities (SPEs) could be consolidated onour books, and, if consolidated, certain assets and liabilities now on our booksrelated to those SPEs would be removed. In the event we consolidated theseassets, we would not reacquire their legal ownership, nor would our legal rightsand obligations change. We are also in the process of reviewing the applicationof FIN 46 to all of our investments in operating entities that are not presentlyconsolidated, including but not limited to joint ventures and associatedcompanies. The very complexity of the new consolidation rules and their evolvingclarification make forecasting that July 1 effect impracticable. It is alsoclear that many alternative structures for sales of financial assets wouldcontinue to be reported as sales under FIN 46 with the assets qualifying forsale not consolidated. We are evaluating whether characteristics of thosestructures can cost-beneficially be applied to our arrangements before the July1 effective date.

           4.     The FASB's Statement of Financial Accounting Standards (SFAS)142, *Goodwill and Other Intangible Assets*, generally became effective forus on January 1, 2002. Under SFAS 142, goodwill is no longer amortized but istested for impairment using a fair value methodology. We stopped amortizinggoodwill effective January 1, 2002.

4

           Under SFAS 142, we were required to test all existing goodwillfor impairment as of January 1, 2002, on a "reporting unit" basis. Areporting unit is the operating segment unless, at businesses one level belowthat operating segment (the "component" level), discrete financialinformation is prepared and regularly reviewed by management, in which case suchcomponent is the reporting unit.

           A fair value approach is used to test goodwill for impairment.An impairment charge is recognized for the amount, if any, by which the carryingamount of goodwill exceeds its fair value. We established fair values usingdiscounted cash flows. When available and as appropriate, we use comparativemarket multiples to corroborate discounted cash flow results.

           The result of testing goodwill impairment in accordance withSFAS 142, as of January 1, 2002, was a non-cash charge of $1,204 million ($1,015million after tax), which is reported in the caption "Cumulative effect ofaccounting changes." Substantially all of the charge relates to the ITSolutions business and the GE Auto and Home business, a direct subsidiary of GEFinancial Assurance. Factors contributing to the impairment charge were thedifficult economic environment in the information technology sector andheightened price competition in the auto insurance industry. No impairmentcharge had been required under our previous goodwill impairment policy, whichwas based on undiscounted cash flows.
**Intangibles Subject To Amortization****At March 31, 2003**At December 31, 2002
*(Dollars in millions)*
**Gross      
 carrying      
 amount**Accumulated      
 amortization
 **Gross      
  carrying      
  amount**Accumulated       
 amortization
Present value of future profits (PVFP)
$
5,240
$
(2,882
)
$
5,261
$
(2,804
)
Capitalized software
1,461
(591
)
1,462
(568
)
Servicing assets (a)
3,591
(3,322
)
3,582
(3,240
)
Patents, licenses and other
904
(523
)
843
(499
)
Total
$
11,196
$
(7,318
)
$
11,148
$
(7,111
)
 
(a)  Servicing assets, net of accumulated      amortization, are associated primarily with serviced residential mortgage      loans amounting to $27 billion and $33 billion at March 31, 2003 and      December 31, 2002, respectively.
5

           Amortization expense related to intangible assets for the firstquarters ended March 31, 2003 and 2002, was $298 million and $270 million,respectively. The estimated percentage of the December 31, 2002, net PVFPbalance to be amortized over each of the next five years follows.
**2003
 **2004
 **2005
 **2006
 **2007
11.2
%
 
9.7
%
 
8.7
%
 
7.6
%
 
6.7
%
           Amortization expense for PVFP in future periods will be affectedby acquisitions, realized capital gains/losses or other factors affecting theultimate amount of gross profits realized from certain lines of business.Similarly, future amortization expense for other intangibles will depend onacquisition activity and other business transactions.
**Goodwill

Goodwill balances follow:
** *(Dollars in millions)*
**Commercial
 Finance
  
**Consumer
 Finance
  
**Equipment
 Management
  
**Insurance
  
**All Other
 GECS
  
**Total
Balance,      December 31, 2002

$ 7,987
$ 5,562
$ 1,242
$ 4,176
$ 127
$ 19,094
Acquisitions/Purchase Accounting
     Adjustments
76
26
-
-
-
102
Foreign exchange and other

38
98
21
18
-
175
Balance, March 31, 2003

$ 8,101
$      5,686
$      1,263
$ 4,194
$ 127
$ 19,371
           5.    A summary of increases/(decreases) in share owners' equitythat did not result directly from transactions with share owners, net of incometaxes, follows:
  **First quarter ended *(Dollars in millions) **3/31/03 **3/31/02 
Net earnings 
$
1,670 
$
642 
Investment securities - net changes in value  
811  
(421
)
Currency translation adjustments - net  
126  
(266
)
Derivatives qualifying as hedges - net changes in value  
(116
) 
336 
Total 
$
2,491 
$
291 
6
**Item 2. Management's Discussion andAnalysis of Results of Operations and Financial Condition

A. Results of Operations - First Quarter of 2003 Comparedwith First Quarter of 2002

Overview**
           Earnings before accounting changes (discussed in note 4 to thecondensed, consolidated financial statements) for the first quarter of 2003 were$1,670 million, a $13 million (1%) increase over the first quarter of 2002. Theearnings increase reflected acquisitions and lower credit losses at CommercialFinance, as well as, growth in lower taxed earnings from internationaloperations, origination growth and productivity benefits at Consumer Finance.These increases were partially offset by lower securitization activity atConsumer Finance. Contributions from acquired companies to net earnings in thefirst quarter of 2003 and 2002 were approximately $78 million and $133 million,respectively. We integrate acquisitions as quickly as possible and only earningsduring the first 12 months following the quarter in which we complete theacquisition are considered to be related to acquired businesses.
**Operating Results
*Total revenues increased $831 million (6%) to $14,730million for the first quarter of 2003, compared with $13,899 million for thefirst quarter of 2002. This increase primarily resulted from acquisitions andorigination growth at Commercial Finance, Consumer Finance and Insurance,partially offset by lower volume at IT Solutions and decreased utilization andprice at Equipment Management.
***Interest expense on borrowings for the first quarter of2003 was $2,463 million, 8% higher than for the first quarter of 2002. Theincrease reflected the effects of higher average borrowings used to financeasset growth, partially offset by the effects of lower interest rates. Theaverage composite interest rate on our borrowings for the first quarter of 2003was 3.76% compared with 4.06% in the first quarter of 2002.
***Operating and administrative expenses were $4,081million for the first quarter of 2003, a 10% increase over the first quarter of2002. The increase primarily reflected expenses associated with recentacquisitions partially offset by productivity benefits.
***Cost of goods sold is associated with activities of ourcomputer equipment distribution business. This cost amounted to $437 million forthe first quarter of 2003, compared with $742 million for the first quarter of2002. The decrease primarily reflected volume declines at Commercial Finance andIT Solutions.
***Insurance losses and policyholder and annuity benefits**increased $436 million to $3,985 million for the first quarter of 2003,compared with the first quarter of 2002. The increase is primarily the result ofpremium volume at GE Financial Assurance, additional claim activity associatedwith a newly acquired line of business in the life sector of ERC, and certainlarge claims in the ERC casualty reinsurance segment.
***Provision for losses on financing receivables was $762million for the first quarter of 2003 compared with $662 million for the firstquarter of 2002. These provisions relate to Consumer Finance financingreceivables (installment loans, auto loans and leases, and residentialmortgages), Commercial Finance financing receivables (loans and leases to theequipment, commercial and industrial, real estate and commercial aircraftindustries) and Other, principally Equipment Management financing receivables,all of which are discussed on page 13. The increase in the provision primarilyreflected higher average receivable balances and higher credit losses in theConsumer Finance businesses, partially offset by lower specific reserverequirements in Commercial Finance.
***Depreciation and amortization of equipment on operating leases***(including buildings and equipment)*** increased to $974 million forthe first quarter of 2003, compared with $826 million for the first quarter of2002. The increase was principally the result of higher levels of equipment onoperating leases, primarily reflecting origination growth, acquisitions andasset impairments at Commercial Finance.
***Provision for*income taxes***was $320million for the first quarter of 2003 (an effective tax rate of 16.1%), comparedwith $415 million for the first quarter of 2002 (an effective tax rate of20.0%). The lower effective tax rate primarily reflected increased lower taxedearnings from international operations.

7
** 

Operating Segments**
           Revenues and earnings before accounting changes, by operatingsegment, for the first quarters ended March 31, 2003 and 2002 aresummarized and discussed below. Amounts have been reclassified as a consequenceof the change in segment leverage ratios, the revision of our historicaltechniques for allocating shared costs and unusual items and the alignment ofcertain businesses previously reported in the All Other GECS segment to theCommercial Finance segment. Additionally, the Commercial Finance (CF) businesswithin our Commercial Finance segment has been renamed Corporate FinancialServices.
Consolidated

 **First quarter ended *(Dollars in millions)**3/31/03 **3/31/02 **Revenues      
Commercial Finance
$
4,337 
$
4,016 
Consumer Finance 
2,759  
2,372 
Equipment Management 
981  
1,031 
Insurance 
6,368  
5,768 
All Other GECS 
285  
712 
    Total revenues
$
14,730 
$
13,899 **Net earnings      
Commercial Finance
$
826 
$
720 
Consumer Finance 
546  
498 
Equipment Management 
57  
75 
Insurance 
512  
516 
All Other GECS 
(271
) 
(152
)
     Total earnings before accounting changes 
1,670  
1,657 
Cumulative effect of accounting changes 
-  
(1,015
)
     Total net earnings
$
1,670 
$
642 
           Following is a discussion of revenues and net earnings fromoperating segments for the first quarter of 2003 and 2002.

8
Commercial Finance

 **First quarter ended *(Dollars in millions)**3/31/03 **3/31/02 **Revenues      
Commercial Equipment Financing
$
1,003 
$
993 
Real Estate 
603  
448 
Corporate Financial Services 
536  
610 
Structured Finance Group 
276  
296 
Aviation Services 
714  
568 
Vendor Financial Services 
1,020  
953 
Other Commercial Finance 
185  
148 
    Total revenues
$
4,337 
$
4,016  
   **Net earnings      
Commercial Equipment Financing
$
148 
$
158 
Real Estate 
266  
168 
Corporate Financial Services 
130  
110 
Structured Finance Group 
100  
131 
Aviation Services 
135  
98 
Vendor Financial Services 
74  
69 
Other Commercial Finance 
(27
) 
(14
)
     Total net earnings
$
826 
$
720  **At  **3/31/03  **3/31/02  **12/31/02**Total assets        
Commercial Equipment Financing
$
52,226 
$
47,557 
$
51,757
Real Estate 
29,578  
24,334  
29,522
Corporate Financial Services 
27,585  
26,049  
26,897
Structured Finance Group 
19,235  
17,149  
19,293
Aviation Services 
30,264  
26,797  
30,512
Vendor Financial Services 
26,647  
21,374  
25,518
Other Commercial Finance 
10,532  
9,152  
10,746
     Total assets
$
196,067 
$
172,412 
$
194,245
Financing receivables **-**      net
$
128,602 
$
117,267 
$
128,277
               Commercial Finance revenues and net earnings increased 8%    and 15%, respectively, compared with the first quarter of 2002. The increase    in revenues and net earnings resulted primarily from asset growth across all    business units reflecting acquisitions and origination growth, partially    offset by lower securitization gains at Commercial Equipment Financing and a    specific loss on a telecommunications investment by Structured Finance    Group, with lower credit losses also contributing to the increase in net    earnings. Other Commercial Finance principally includes revenues of $177    million and $136 million and net earnings of $29 million and $24 million of    the Healthcare Financial Services business in the first quarter of 2003 and    2002, respectively.

9
Consumer Finance

 **First quarter ended *(Dollars in millions)**3/31/03 
 **3/31/02**
 **Revenues     
Global Consumer Finance
$
1,866 
$
1,469 
Card Services 
893  
903 
    Total revenues
$
2,759 
$
2,372        **Net earnings      
Global Consumer Finance
$
390 
$
313 
Card Services 
181  
209 
Other Consumer Finance 
(25
) 
(24
)
     Total net earnings
$
546 
$
498         **At  **3/31/03 **3/31/02 **12/31/02 **Total assets         
Global Consumer Finance
$
60,112 
$
44,644 
$
58,310 
Card Services 
17,744  
17,797  
18,655 
     Total assets
$
77,856 
$
62,441 
$
76,965 
Financing receivables - net
$
62,919 
$
46,915 
$
63,254 ****
           Consumer Finance revenues and net earnings increased 16% and10%, respectively, compared with the first quarter of 2002. The increase inrevenues resulted primarily from origination growth and acquisitions partiallyoffset by lower securitization gains at Card Services. Net earnings increasedprimarily as a result of growth in lower taxed earnings from internationaloperations, origination growth and productivity, partially offset by lowersecuritization activity at Card Services.

10
Equipment Management

 **First quarter ended *(Dollars in millions)**3/31/03  **3/31/02 **Revenues       
Equipment Management total revenues
$
981  
$
1,031       **Net earnings       
Equipment Management total net earnings
$
57  
$
75          **At **3/31/03  **3/31/02 **12/31/02**Total assets          
Equipment Management total assets
$
25,474  
$
24,683 
$
25,222 
Equipment leased to others
$
9,431  
$
9,441 
$
9,416 
             Equipment Management revenues and net earnings decreased 5%  and 24%, respectively, compared with the first quarter 2002. The decrease in  revenues and net earnings was attributable to lower asset utilization and  price.
Insurance

 **First quarter ended *(Dollars in millions)**3/31/03  **3/31/02 **Revenues       
GE Financial Assurance
$
3,253  
$
2,983 
Mortgage Insurance 
291   
280 
GE Global Insurance Holdings (ERC) 
2,693   
2,407 
Other Insurance 
131   
98 
    Total revenues
$
6,368  
$
5,768 **Net earnings       
GE Financial Assurance
$
201  
$
254 
Mortgage Insurance 
119   
119 
GE Global Insurance Holdings (ERC) 
121   
87 
Other Insurance 
71   
56 
     Total net earnings
$
512  
$
516 
               Insurance revenues increased 10% compared with the first    quarter 2002 as a result of growth in premium revenues, partially offset by lower investments gains.    The growth in premium revenues is primarily attributable to the combination    of price increases achieved at ERC, origination volume at GE Financial    Assurance, and post acquisition revenues from acquired businesses. This was    somewhat offset by a decrease in premium volume resulting from the adherence    to stricter underwriting discipline at ERC. The lower investment gains are    primarily attributable to higher levels of other-than-temporary impairments    recognized during the first quarter of 2003. Net earnings decreased slightly    (1%) for the first quarter of 2003 as the improved underwriting results at    ERC were offset by lower investment gains.

11
All Other GECS
 **First quarter ended *(Dollars in millions)**3/31/03  **3/31/02 **Revenues       
IT Solutions
$
129  
$
495 
GE Equity 
(83
)  
(55
)
Other - All Other GECS 
239   
272 
    Total revenues
$
285  
$
712 **Net earnings       
IT Solutions
$
(29
) 
$
(8
)
GE Equity 
(72
)  
(70
)
Other - All Other GECS 
(170
)  
(74
)
     Total net earnings
$
(271
) 
$
(152
)
All Other GECS includes our activities and businesses that    we do not measure within one of the other financial services segments.

       Three factors explain these results:
IT Solutions - Revenues and net earnings decreased as a result of    lower volume attributable to market conditions and product line and    geographic market exits.*GE Equity*- GE Equity manages equity investments in early-stage,    early growth, and pre-IPO companies. GE Equity revenues include income,    gains and losses on such investments. Revenues and net earnings during the    first quarter of 2003 reflected increased losses on investments including    losses in the telecommunications and software industries. Effective in the    fourth quarter of 2002, GE Equity ceased making new investments. GE Equity    will continue to give financial support to companies within its existing    portfolio. The existing portfolio will be managed for maximum value over    time, eventually winding down.    *Other - All Other GECS includes GECS corporate function expenses,    liquidating businesses and other non-segment-aligned operations, the most    significant of which were Auto Financial Services and GE Auto and Home.      
12**B. Statement of Financial Position        
*Investment securities***comprise mainlyinvestment-grade debt securities held by Insurance in support of obligations toannuitants and policyholders. Investment securities were $120.8 billion as ofMarch 31, 2003, compared with $116.5 billion as of December 31, 2002. Theincrease of $4.3 billion resulted from investment of premiums received,reinvestment of investment income and increases in fair value, primarily debtsecurities, partially offset by sales and maturities as well as impairments andlosses related to certain debt and equity securities.
           Grossunrealized gains and losses were $6.0 billion and $2.5 billion, respectively, atMarch 31, 2003 ($4.4 billion and $2.4billion, respectively, as of December 31, 2002). Market value used indetermining unrealized gains and losses is defined by relevant accounting standards and should not be viewed as aforecast of future gains or losses. We estimate that available gains, net ofhedging positions and estimated impairment of insurance intangible assets, couldbe as much as $1.8 billion.

           Weregularly review investment securities for impairment based on criteria thatinclude the extent to which cost exceeds market value, the duration of thatmarket decline and the financial health and specific prospects for the issuer.Of securities with unrealized losses at first quarter 2003, approximately $600million of portfolio value is at risk of being charged to earnings in the next12 months. Impairment losses recognized for the first quarter of 2003 were$155.4 million.
***Financing Receivables is our largest category of assetsand represents one of our primary sources of revenues. The portfolio offinancing receivables, before allowance for losses decreased to $205.3 billionat March 31, 2003, from $205.4 billion at the end of 2002, as discussed in thefollowing paragraphs. The related allowance for losses at March 31, 2003,amounted to $5.6 billion ($5.5 billion at the end of 2002), representing ourbest estimate of probable losses inherent in the portfolio.

           A discussion of the quality of certain elements of the financingreceivables portfolio follows. "Nonearning" receivables are those thatare 90 days or more delinquent (or for which collection has otherwise becomedoubtful) and "reduced-earning" receivables are commercial receivableswhose terms have been restructured to a below-market yield.

           Commercial Finance financing receivables before allowance forlosses totaled $131.2 billion at March 31, 2003 ($130.9 billion at December 31,2002) and consisted of loans and leases to the equipment, commercial andindustrial, real estate and commercial aircraft industries. This portfolio ofreceivables increased primarily as a result of origination growth and the neteffects of foreign currency translation, partially offset by securitizations. Related nonearning and reduced-earning receivables wereconsistent at $2.2 billion, about 1.7% of outstandings at March 31, 2003 and atyear-end 2002. Commercial Finance financing receivables are generally backed byassets and there is a broad spread of geographic and credit risk in theportfolio. Write-offs for the first quarter of 2003 were $0.2 billion comparedwith $0.1 billion during the first quarter of 2002.

           Consumer Finance financing receivables before allowance forlosses, primarily installment loans, auto loans and leases, and residentialmortgages, were $65.8 billion at March 31, 2003, a decrease of $0.2 billion fromyear-end 2002. This portfolio of receivables decreased as a result ofnormal seasonal variation in consumer spending and the transfer of Home Depotprivate label credit card receivables (assets held for sale) to Other Assets inpreparation for their sale when that contract is terminated in 2003, partiallyoffset by the net effects of foreign currency translation. Nonearning consumerreceivables at March 31,2003, were $1.7 billion, about 2.5% of outstandings,compared with $1.6 billion, about 2.4% of outstandings at year-end 2002.Write-offs for the first quarter of 2003 were $0.5 billion compared with $0.4billion during the first quarter of 2002.

           Other, principally Equipment Management financing receivablesbefore allowance for losses amounted to $8.3 billion at March 31, 2003, adecrease of $0.2 billion from year-end 2002, primarily as a result of therun-off of the liquidating Auto Financial Services portfolio reported within theAll Other GECS segment. Nonearning receivables were consistent at $0.1 billion,about 1.0% of outstandings at the end of the first quarter of 2003 and at year-end2002.

13

           Delinquency rates on Consumer Finance financing receivables were5.84% at March 31, 2003 and 5.58% at year-end 2002, on a managed basis.Delinquency rates on Commercial Finance equipment loans and leases were 1.92% atthe end of the first quarter of 2003 and 1.71% at year-end 2002, on a managedbasis.
**C. Additional Considerations***Commercial Airlines*
           Deteriorating aircraft utilization and pricing generallynegatively affects Commercial Finance, which owned 1,172 commercial aircraft atthe end of the first quarter of 2003. However, despite pressure on the industry,1,166, or 99% of its commercial aircraft were on lease. We believe, however,that the financial difficulties of our airline customers will continue to weighon the airline industry.

           At the end of the first quarter of 2003, Commercial Finance hadprovided loans and leases of $26.3 billion and combined with our insurancebusiness had $2.2 billion of investment securities related to the airlineindustry. In addition, Commercial Finance had funding commitments of $1.2billion and had placed multi-year orders for various Boeing, Airbus and otheraircraft with list prices totaling approximately $14.9 billion at the end of thefirst quarter of 2003. Commercial Finance held placement agreements withcommercial airlines for 33 of the 34 aircraft scheduled for delivery over theremainder of 2003. 

           UAL Corp and Air Canada, the parent companies of two of ourmajor airline customers areexperiencing significant financial difficulties and both filed forreorganization in bankruptcy. UAL Corp filed for bankruptcy protection in 2002and Air Canada filed in Canada on April 1, 2003. At the end of the first quarterof 2003, our exposure related to these airlines amounted to $3.4 billion,including loans, leases, investment securities, guarantees and commitments. Various Boeing, Airbus and Bombardier aircraft securesubstantially all of these financial exposures. Another one of our major airlinecustomers, US Airways Group, parent of US Airways, filed for reorganization inbankruptcy in 2002 but emerged from bankruptcy on March 31, 2003. Our financialstatements include provisions for probable losses based on our best estimates ofsuch losses. Subsequent to their bankruptcy filing, we issued a $0.7 billiondebtor-in-possession financing commitment to Air Canada.

*Telecommunications*
           Financial services investments in and contractual commitments tocustomers in the telecommunications and cable industries amounted to $9.5billion and $3.0 billion, respectively at March 31, 2003, and primarily comprisedfinancing receivables and investment securities. Included in thetelecommunications amount is Commercial Finance's equity method investment inSES Global of $1.8 billion. Like all financial services positions, thesereceivables and investments have been entered into subject to strict risk andunderwriting criteria, are diversified, and financing receivables are generallysecured. During recent declines in the values of these portfolios, the positionshave been routinely reviewed for credit and impairment losses, and actions havebeen taken to mitigate exposures. We have made provision for probable losses.Future losses, if any, will depend upon business and economic developments aswell as the success of risk mitigation actions. 

**D. Liquidity**
The major debt-rating agencies evaluate the financial conditionof GE Capital Corporation (GE Capital), our major public borrowing entity.Factors that are important to the ratings of GE Capital include the following:cash generating ability - including cash generated from operating activities;earnings quality - including revenue growth and the breadth and diversity ofsources of income; leverage ratios - such as debt to total capital andinterest coverage; and asset utilization, including return on assets and assetturnover ratios. Considering those factors, the major rating agencies continueto give the highest ratings to debt of GE Capital (long term credit ratingAAA/Aaa; short-term credit rating A-1+/P-1).

14

           One of our strategic objectives is to maintain these ratings on debt issued byGE Capital. Our Triple-A rating lowers our cost of borrowings and facilitatesaccess to a variety of lenders. We manage our businesses in a manner consistentwith maintaining these Triple-A ratings.

           To support the GE Capital rating, at the end of 2002, General Electric Company (GE) was contractuallycommitted to maintain the ratios of earnings to fixed charges at GE Capital at aspecified level. To build equity, the GECS Board of Directors intends to reduceour dividend payments to GE to 10% of operating earnings. GE contributed $6.3billion of cash in 2002, of which $1.8 billion funded certain loss developmentat ERC. Our plans are to eliminate the debt allocated to All Other GECS by 2005.Proceeds from any strategic dispositions will be evaluated when and if they arereceived, but we anticipate using at least some of those proceeds to reducefinancial services debt.

           *Globalcommercial paper markets* are also a primary source of liquidity for us. GECapital is the most widely-held name in those markets and is the principalissuer of financial services debt. The following table shows financial servicesdebt composition as of the first quarter of 2003 and December 31, 2002:

        **March 31, 2003        
       **December 31, 2002        
Senior Notes      
54        
%        
       
52      
%        
Commercial Paper      
30        
       
 
31      
 
Other - principally current portion of long-term debt
16        
 
17      
Total      
100%        
       
100%      
           During the first quarter of 2003, GE Capital issuedapproximately $16 billion of long-term debt in U.S. and international markets.These funds were used primarily to fund maturing long-term debt, reduce theamount of commercial paper outstanding and to fund new asset growth. We target aratio for commercial paper of 25% to 35% of outstanding debt based on theanticipated composition of our assets. GE Capital anticipates issuingapproximately $44 billion of additional long-term debt using both U.S. andinternational markets during the remainder of 2003. The proceeds from suchissuances will be used to fund maturing long-term debt, additional acquisitionsand asset growth. The ultimate amount of debt issuances will depend on thegrowth in assets, acquisition activity, availability of markets and movements ininterest rates.

           We believe that alternative sources of liquidity are sufficientto permit an orderly transition from commercial paper in the unlikely event ofimpaired access to those markets. Funding sources on which we would rely woulddepend on the nature of such a hypothetical event, but includes $54 billion ofcontractually committed lending agreements with highly-rated global banks andinvestment banks, as well as other sources of liquidity, including medium andlong-term funding, monetization, asset securitization, cash receipts from ourlending and leasing activities, short-term secured funding on global assets, andpotential asset sales.

           We use special purpose entities (SPEs) as described in our AnnualReport on Form 10-K for the year ended December 31, 2002. Receivables held bySPEs as of the end of the first quarter of 2003 and year-end2002, were $40.1 billion and $42.2 billion, respectively. Net credit andliquidity support amounted to $26.0 billion after consideration of participatedliquidity and arrangements that defer liquidity draws beyond 2003 a reduction of$1.2 billion from year-end 2002. This amount includes credit support, in whichwe provide recourse for a maximum of $16.4 billion of credit losses in SPEs.

15

**Item 4. Controls and Procedures**

           Within the 90-day period prior to the filing of this report, we,including the Chairman of the Board (serving as the principal executive officer)and Chief Financial Officer, conducted an evaluation of the effectiveness of thedesign and operation of the company's disclosure controls and procedures asdefined in Exchange Act Rule 13a-14 (c). Based on that evaluation, the Chairmanof the Board and Chief Financial Officer concluded that the company's disclosurecontrols and procedures were effective as of the date of that evaluation. There have been no significant changes in internal controls, or in factors thatcould significantly affect internal controls, subsequent to the date theChairman of the Board and Chief Financial Officer completed their evaluation.

16
**Part II. Other Information

Item 6. Exhibits and Reports on Form 8-K**
a. Exhibits

Exhibit 12. Computation of Ratio of Earnings to Fixed        Charges and Computation of Ratio of Earnings to Combined Fixed Charges        and Preferred Stock Dividends

Exhibit 99.1 Certification Pursuant to 18 U.S.C. Section        1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of        2002

Exhibit 99.2 Certification Pursuant to 18 U.S.C. Section        1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of        2002

 

b. Reports on Form 8-K during the quarter ended March 31,  2003.

None.

17
**Signatures**
Pursuant to the requirements of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned thereunto duly authorized.

General Electric Capital Services, Inc.(Registrant)

 

May 2, 2003 

/s/ James A. Parke
Date  J. A. ParkeVice Chairman and Chief Financial Officer(Principal Financial Officer)  
May 2, 2003

 /s/ Philip D. Ameen
Date  Philip D. Ameen Senior Vice President and Controller(Principal Accounting Officer)
 

18

 
**GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATEDAFFILIATES**
CERTIFICATIONS PURSUANT TO

SECTION 302 OFTHE SARBANES-OXLEY ACT OF 2002
**CERTIFICATION**
I, Dennis D. Dammerman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of GeneralElectric Capital Services, Inc.;

2. Based on my knowledge, this quarterly report does not containany untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under whichsuch statements were made, not misleading with respect to the period covered bythis quarterly report;

3. Based on my knowledge, the financial statements, and otherfinancial information included in this quarterly report, fairly present in allmaterial respects the financial condition, results of operations and cash flowsof the registrant as of, and for, the periods presented in this quarterlyreport;

4. The registrant's other certifying officers and I areresponsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant andhave:

a) designed such disclosure controls and procedures to ensure  that material information relating to the registrant, including its  consolidated subsidiaries, is made known to us by others within those  entities, particularly during the period in which this quarterly report is  being prepared;

b) evaluated the effectiveness of the registrant's disclosure  controls and procedures as of a date within 90 days prior to the filing date  of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about  the effectiveness of the disclosure controls and procedures based on our  evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I havedisclosed, based on our most recent evaluation, to the registrant's auditors andthe audit committee of registrant's board of directors (or persons performingthe equivalent functions):

a) all significant deficiencies in the design or operation of  internal controls which could adversely affect the registrant's ability to  record, process, summarize and report financial data and have identified for  the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal controls; and

6. The registrant's other certifying officers and I haveindicated in this quarterly report whether there were significant changes ininternal controls or in other factors that could significantly affect internalcontrols subsequent to the date of our most recent evaluation, including anycorrective actions with regard to significant deficiencies and materialweaknesses.

  

Date: May 2, 2003

 

/s/ Dennis D. Dammerman

Dennis D. Dammerman

Chairman of the Board

19
**CERTIFICATION

I, James A. Parke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of GeneralElectric Capital Services, Inc.;

2. Based on my knowledge, this quarterly report does not containany untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under whichsuch statements were made, not misleading with respect to the period covered bythis quarterly report;

3. Based on my knowledge, the financial statements, and otherfinancial information included in this quarterly report, fairly present in allmaterial respects the financial condition, results of operations and cash flowsof the registrant as of, and for, the periods presented in this quarterlyreport;

4. The registrant's other certifying officers and I areresponsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant andhave:

a) designed such disclosure controls and procedures to ensure  that material information relating to the registrant, including its  consolidated subsidiaries, is made known to us by others within those  entities, particularly during the period in which this quarterly report is  being prepared;

b) evaluated the effectiveness of the registrant's disclosure  controls and procedures as of a date within 90 days prior to the filing date  of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about  the effectiveness of the disclosure controls and procedures based on our  evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I havedisclosed, based on our most recent evaluation, to the registrant's auditors andthe audit committee of registrant's board of directors (or persons performingthe equivalent functions):

a) all significant deficiencies in the design or operation of  internal controls which could adversely affect the registrant's ability to  record, process, summarize and report financial data and have identified for  the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal controls; and

6. The registrant's other certifying officers and I haveindicated in this quarterly report whether there were significant changes ininternal controls or in other factors that could significantly affect internalcontrols subsequent to the date of our most recent evaluation, including anycorrective actions with regard to significant deficiencies and materialweaknesses.

  Date: May 2, 2003

 

/s/ James A. Parke

James A. Parke

Vice Chairman and Chief Financial Officer

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