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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

--------------------------------------------------------------------------------

                                    FORM 10-Q

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           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 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 0-27394
                                                   -----------------------------

                     GE Global Insurance Holding Corporation
             (Exact name of registrant as specified in its charter)

                           Delaware                             95-3435367
                  (State or other jurisdiction of            (I.R.S. Employer
                  incorporation or organization)             Identification No.)

              5200 Metcalf, Overland Park, Kansas                 66202
              (Address of principal executive offices)          (Zip Code)

                                 (913) 676-5200
              (Registrant's telephone number, including area code)
                                                   -----------------------------

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

At August 1, 2003, 1,600 shares of common stock with a par value of $5,000 per
share were outstanding.

REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b)
OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE
FORMAT.

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<PAGE>


7/23/03 DRAFT

                                TABLE OF CONTENTS

                                                                          Page

    PART I - FINANCIAL INFORMATION

    Item 1. Financial Statements..............................................1

    Item 2. Management's Discussion and Analysis of Results of Operations.....7

    Item 4. Controls and Procedures..........................................12


    PART II - OTHER INFORMATION

    Item 6. Exhibits and Reports on Form 8-K.................................13

    Signatures.             .................................................14




INDEX TO EXHIBITS

    Exhibit 12. Computation of Ratio of Earnings to Fixed Charges............15

    Exhibit 31. Certifications Pursuant to Section 302 of the Sarbanes-Oxley
                Act of 2002..................................................16

    Exhibit 32. Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted
                Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002....18





<PAGE>


                                        1
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                     GE GLOBAL INSURANCE HOLDING CORPORATION
                          AND CONSOLIDATED SUBSIDIARIES

       Condensed, Consolidated Statement of Current and Retained Earnings

                                    Unaudited

<TABLE>
<S><C>

                                                         Second Quarter Ended                 Six Months Ended
(Dollars in millions)                                          June 30                            June 30
                                                  ----------------------------------------------------------------------
                                                        2003              2002             2003              2002
                                                  ----------------- ---------------------------------- -----------------
Revenues
Net premiums written                                    $ 2,510           $ 1,620          $ 4,842           $ 3,739
                                                  ================= ================================== =================

Net premiums earned                                     $ 2,646           $ 1,719          $ 5,010           $ 3,710
Net investment income                                       287               272              583               543
Net realized gains on investments                            86                18               83                58
Other revenues                                               42                21               86                76
                                                  ----------------- ---------------------------------- -----------------

Total revenues                                            3,061             2,030            5,762             4,387
                                                  ----------------- ---------------------------------- -----------------

Cost and Expenses
Claims, claim expenses and policy benefits                2,109             1,693            3,930             3,307
Insurance acquisition costs                                 562               469            1,002               899
Other operating costs and expenses                          197               183              424               363
Minority interest in net earnings of consolidated
   subsidiaries                                              22                22               44                44
                                                  ----------------- ---------------------------------- -----------------

Total costs and expenses                                  2,890             2,367            5,400             4,613
                                                  ----------------- ---------------------------------- -----------------

Earnings (loss)
Earnings (loss) before income taxes                         171              (337)             362              (226)
Income tax (expense) benefit                                (48)              120             (105)               94
                                                  ----------------- ---------------------------------- -----------------

Net earnings (loss)                                         123              (217)             257              (132)
Dividends on preferred stock                                 (2)               (2)              (4)               (4)
Retained earnings at beginning of period                  3,394             5,085            3,262             5,002
                                                  ----------------- ---------------------------------- -----------------
Retained earnings at end of period                      $ 3,515           $ 4,866          $ 3,515           $ 4,866
                                                  ================= ================================== =================

</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


<PAGE>


Item 1.  Financial Statements (Continued).

                     GE GLOBAL INSURANCE HOLDING CORPORATION
                          AND CONSOLIDATED SUBSIDIARIES

             Condensed, Consolidated Statement of Financial Position
<TABLE>
<S><C>

(Dollars in millions)                                                      June 30,       December 31,
                                                                             2003             2002
                                                                       ----------------------------------
                                                                         (Unaudited)
Assets
Investments:
   Fixed maturity securities, at fair value                                 $ 25,943         $ 22,200
   Equity securities, at fair value                                              604              627
   Other invested assets                                                       1,191            3,995
                                                                       ----------------------------------
     Total investments                                                        27,738           26,822

Cash                                                                             803              911
Premiums receivable                                                            4,357            4,447
Other receivables                                                              1,670            1,984
Reinsurance recoverables                                                      10,249           10,901
Deferred insurance acquisition costs                                           1,926            1,882
Other assets                                                                   5,677            4,839
                                                                       ----------------------------------

Total assets                                                                $ 52,420         $ 51,786
                                                                       ==================================

Liabilities and equity
Claims and claim expenses                                                   $ 25,072         $ 25,157
Accumulated contract values                                                    2,725            2,826
Future policy benefits for life and health contracts                           4,126            3,852
Unearned premiums                                                              3,244            3,231
Other reinsurance balances                                                     4,283            4,325
Other liabilities                                                              2,585            2,839
Long-term borrowings                                                           1,656            1,656
                                                                       ----------------------------------
   Total liabilities                                                          43,691           43,886
                                                                       ----------------------------------

Minority interest in equity of consolidated subsidiaries                       1,230            1,236
                                                                       ----------------------------------

Accumulated non-owner changes in equity:
   Accumulated unrealized gains on investments securities - net                  641              149
   Accumulated foreign currency translation adjustments                           17             (138)
   Derivatives qualifying as hedges                                              (54)              11
                                                                       ----------------------------------
     Total accumulated non-owner changes in equity                               604               22

Preferred stock                                                                  150              150
Common stock                                                                       8                8
Paid-in capital                                                                3,222            3,222
Retained earnings                                                              3,515            3,262
                                                                       ----------------------------------
   Total stockholder's equity                                                  7,499            6,664
                                                                       ----------------------------------

Total liabilities and equity                                                $ 52,420         $ 51,786
                                                                       ==================================

See Notes to Condensed, Consolidated Financial Statements.
</TABLE>


<PAGE>


Item 1.  Financial Statements (Continued).

                     GE GLOBAL INSURANCE HOLDING CORPORATION
                          AND CONSOLIDATED SUBSIDIARIES

                 Condensed, Consolidated Statement of Cash Flows
<TABLE>
<S><C>
                                    Unaudited
(Dollars in millions)                                                          Six Months Ended
                                                                                    June 30
                                                                       ----------------------------------
                                                                             2003             2002
                                                                       ----------------------------------

Cash flows from operating activities
Net earnings (loss)                                                            $ 257           $ (132)
Adjustments to reconcile net earnings (loss) to cash
   from operating activities:
   Claims and claim expenses                                                     (85)              63
   Reinsurance recoverables                                                      652              (76)
   Other operating activities                                                   (495)             473
                                                                       ----------------------------------
     Cash from operating activities                                              329              328
                                                                       ----------------------------------

Cash flows from investing activities Fixed maturity securities
available-for-sale:
   Purchases                                                                 (11,380)          (6,065)
   Sales                                                                       7,370            4,994
   Maturities                                                                  1,884              881
Equity securities:
   Purchases                                                                    (341)            (315)
   Sales                                                                         347              331
Net sales (purchases) of short-term investments                                2,718             (106)
Other investing activities                                                    (1,210)             (75)
                                                                       ----------------- ----------------

   Cash used for investing activities                                           (612)            (355)
                                                                       ----------------------------------

Cash flows from financing activities
Change in contract deposits                                                      (29)              13
Net contract accumulation payments                                              (101)             (81)
Proceeds from short-term borrowings                                              459               70
Principal payments on short-term borrowings                                      (80)             (21)
Dividends paid                                                                    (4)              (4)

                                                                       ----------------- ----------------
   Cash from (used for) financing activities                                     245              (23)
                                                                       ----------------------------------

Effect of exchange rate changes on cash                                          (70)              35
                                                                       ----------------------------------

Decrease in cash                                                                (108)             (15)
Cash at beginning of period                                                      911              470
                                                                       ----------------------------------
Cash at end of period                                                          $ 803            $ 455
                                                                       ==================================


See Notes to Condensed, Consolidated Financial Statements.

</TABLE>


<PAGE>


Item 1.  Financial Statements (Continued).


                     GE GLOBAL INSURANCE HOLDING CORPORATION
                          AND CONSOLIDATED SUBSIDIARIES

              Notes to Condensed, Consolidated Financial Statements

                                   (Unaudited)

1. The accompanying condensed, consolidated quarterly financial statements of GE
Global  Insurance  Holding  Corporation  ("GE  Global  Insurance")  include  the
accounts  and  operations,   after  intercompany  eliminations,   of  GE  Global
Insurance,   Employers  Reinsurance  Corporation,  GE  Reinsurance  Corporation,
Medical  Protective  Corporation and CORE Insurance  Holdings.  These statements
have been prepared on the basis of accounting  principles  generally accepted in
the United  States of America  ("GAAP").  GE Global  Insurance  is  collectively
referred to as "we", "us" or "our" in this document unless the context otherwise
requires.

2. The condensed,  consolidated  quarterly  financial  statements are unaudited.
These  statements  include  all  adjustments  (consisting  of  normal  recurring
accruals)  that we  considered  necessary  to  present a fair  statement  of the
results of operations, financial position and cash flows. We label our quarterly
information using a calendar convention,  that is, first quarter is consistently
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 to establish
actual  interim  closing  dates using a "fiscal"  calendar,  which  requires our
businesses  to close  their  books on a  Saturday  in  order  to  normalize  the
potentially disruptive effects of quarterly closings on business processes.  The
effects of this practice are modest and only exist within a reporting  year. The
results reported in these condensed, consolidated quarterly financial statements
should not be regarded as necessarily indicative of results that may be expected
for the entire year.

3. Financial  Accounting  Standards  Board (FASB)  Interpretation  No. (FIN) 46,
"Consolidation  of Variable  Interest  Entities" is effective  for us on July 1,
2003.  While FIN 46  represents a significant  change in  accounting  principles
governing   consolidation,   it  does  not   change   the   economic   or  legal
characteristics  of asset sales.  The adoption of FIN 46 did not have a material
effect on our financial position, operating results or cash flows.

In April  2003,  the FASB  finalized  SFAS 133  Implementation  Issue  No.  B36,
Modified  Coinsurance  Arrangements and Debt Instruments that Incorporate Credit
Risk   Exposures   that  are  Unrelated  or  Only   Partially   Related  to  the
Creditworthiness  of the Obligor under those Instruments.  In summary,  the FASB
determined  that  modified  coinsurance  arrangements  where the ceding  insurer
withholds funds may include an embedded  derivative that must be bifurcated from
the host  instrument  if it is not  clearly  and  closely  related  to such host
instrument. This situation often arises when the interest rate on the funds held
balance is linked to the actual performance of a specified pool of assets.  This
guidance is  effective on the first day of the first  fiscal  quarter  beginning
after  September  15, 2003.  We are  currently  evaluating  the effect that this
guidance may have on our financial  statements;  however,  based on  preliminary
analysis  performed,  we do not believe it will materially  impact our financial
position or future operating results.



<PAGE>


4.  Changes  in   stockholder's   equity  that  did  not  result  directly  from
transactions with the share owner were as follows:

<TABLE>
<S><C>

                                                                                Second Quarter Ended
     (Dollars in millions)                                                              June 30
                                                                           -----------------------------------
                                                                                 2003              2002
                                                                           ----------------- -----------------

     Net earnings (loss)                                                           $ 123            $ (217)
     Net unrealized gains on investment securities                                   386               186
     Foreign currency translation adjustments                                        135               130
     Derivatives qualifying as hedges                                                (63)                8
                                                                           ----------------- -----------------
        Total                                                                      $ 581            $  107
                                                                           ================= =================

                                                                                    Six Months Ended
     (Dollars in millions)                                                              June 30
                                                                           -----------------------------------
                                                                                 2003              2002
                                                                           ----------------- -----------------

     Net earnings (loss)                                                           $ 257            $ (132)
     Net unrealized gains on investment securities                                   492                77
     Foreign currency translation adjustments                                        155               125
     Derivatives qualifying as hedges                                                (65)               13
                                                                           ----------------- -----------------
        Total                                                                      $ 839            $   83
                                                                           ================= =================

5. Our operating segment activity is summarized as follows:

                                                                                  Second Quarter Ended
     (Dollars in millions)                                                              June 30
                                                                           -----------------------------------
                                                                                 2003              2002
                                                                           ----------------- -----------------
     Revenues
     Property and Casualty                                                       $ 2,173           $ 1,433
     Life                                                                            888               597
                                                                           ----------------- -----------------
        Total revenues                                                           $ 3,061           $ 2,030
                                                                           ================= =================

     Earnings (loss) before income taxes
     Property and Casualty                                                         $ 137            $ (349)
     Life                                                                             34                12
                                                                           ----------------- -----------------
        Total earnings (loss) before income taxes                                  $ 171            $ (337)
                                                                           ================= =================

                                                                                    Six Months Ended
     (Dollars in millions)                                                              June 30
                                                                           -----------------------------------
                                                                                 2003              2002
                                                                           ----------------- -----------------
     Revenues
     Property and Casualty                                                       $ 4,051           $ 3,143
     Life                                                                          1,711             1,244
                                                                           ----------------- -----------------
        Total revenues                                                           $ 5,762           $ 4,387
                                                                           ================= =================

     Earnings (loss) before income taxes
     Property and Casualty                                                         $ 293            $ (283)
     Life                                                                             69                57
                                                                           ----------------- -----------------
        Total earnings (loss) before income taxes                                  $ 362            $ (226)
                                                                           ================= =================
</TABLE>



<PAGE>


6. There is a high degree of  uncertainty  inherent in the estimates of ultimate
losses  underlying  the  liability for unpaid  claims and claim  expenses.  This
inherent   uncertainty  is  particularly   significant   for   liability-related
exposures,  including  latent claim  issues (such as asbestos and  environmental
related coverage  disputes)  because of the extended  period,  often many years,
that  transpires  between a loss  event,  receipt  of related  claims  data from
policyholders and/or primary insurers and ultimate settlement of the claim. This
situation is then further  exacerbated for  reinsurance  entities (as opposed to
primary  insurers)  because of lags in receiving  current  claims data.  Because
reinsurance  protection is often provided on an  "excess-of-loss"  basis whereby
the  reinsurer  is only  obligated  to pay  losses in excess of  pre-established
limits,  notification  is required to be provided to the reinsurer only when the
claim is assessed as having a reasonable  possibility  of exceeding  the primary
insurer's retention  thresholds.  This notification can often be years after the
loss event was initially reported to the primary insurer.

We continually  update loss estimates using both  quantitative  information from
our reserving  actuaries and qualitative  information from other sources.  While
detailed  analysis  is  performed  on a  quarterly  basis to assess the  overall
adequacy  of  recorded  claim  reserves,  a  more  comprehensive  evaluation  is
undertaken on an annual basis. Historically,  this more comprehensive review has
been  completed  during the fourth  quarter of each year using both reported and
paid claims  activity  as of  September  30.  Adjustments  to recorded  reserves
resulting  from these  reviews are  accounted  for as changes in  estimates  and
included in current operations.

7.  During  the  second  quarter  of  2003,  one  of  our  reinsurance   company
subsidiaries received significant  additional reported claims related to product
liability  coverage  provided  to a  pharmaceutical-related  entity.  While this
matter is in the very early stages, we believe there is evidence indicating that
our ultimate  liability,  if any, will be considerably less than reported claims
and have established  reserves consistent with this belief. As of June 30, 2003,
recorded  reserves  were  approximately  $75 million  less than  reported  claim
amounts.






<PAGE>


Item 2.  Management's Discussion and Analysis of Results of Operations.

The following  discussion  and analysis of our results of  operations  should be
read in conjunction with our condensed,  consolidated  financial  statements and
related  notes  included  elsewhere  in this  Form  10-Q and  with  Management's
Discussion and Analysis of Financial Condition and Results of Operations for the
year ended December 31, 2002 included in our Form 10-K.

SECOND QUARTER OF 2003 COMPARED WITH SECOND QUARTER OF 2002

Overview

Net earnings for the second quarter of 2003 were $123 million, which compares to
a net loss of $217 million for the second quarter of 2002. The increase in net
earnings principally resulted from (1) significant improvement in current year
underwriting results driven largely by the continued favorable pricing
environment within the overall property and casualty industry and, to a lesser
extent, lower levels of adverse development related to prior year loss events
and (2) increased net realized investment gains. We also reported a modest
increase in net investment income because of a higher level of invested assets.

Although the movement in certain foreign currency exchange rates during 2003 and
2002 had an impact on the individual revenue and expense categories, the overall
impact on net earnings was not significant. Specifically, most of the major
European currencies strengthened relative to the U.S. dollar during the second
quarter of 2003 as compared with the second quarter of 2002 and, accordingly,
this has contributed to an increase in most of the individual revenue and
expense line items in the accompanying earnings statement.

Our two business segments are (1) property and casualty insurance/reinsurance
and (2) life reinsurance. Business is conducted throughout the world utilizing
our network of local offices. Our operating segment activity is summarized as
follows:
<TABLE>
<S><C>
                                                                             Second Quarter Ended
(Dollars in millions)                                                               June 30
                                                                       ----------------------------------
                                                                             2003             2002
                                                                       ----------------------------------
Revenues
Property and Casualty                                                        $ 2,173          $ 1,433
Life                                                                             888              597
                                                                       ----------------------------------
   Total revenues                                                            $ 3,061          $ 2,030
                                                                       ==================================

Earnings (loss) before income taxes
Property and Casualty                                                          $ 137           $ (349)
Life                                                                              34               12
                                                                       ----------------------------------
   Total earnings (loss) before income taxes                                   $ 171           $ (337)
                                                                       ==================================

</TABLE>


Typically,  the  underwriting  performance of property and casualty  business is
measured in terms of a combined  ratio and earnings  before  income  taxes.  The
combined ratio is the sum of the loss ratio and the underwriting  expense ratio.
For the second  quarter of 2003,  the property and casualty  combined  ratio was
105.1%,  compared  with  142.1%  for the same  period in 2002.  The  significant
improvement in the 2003 second quarter combined ratio is primarily  attributable
to a decrease in the loss ratio, which reflects both the continued  hardening of
pricing within the overall  property and casualty  insurance  industry and lower
levels of prior-year adverse reserve  development in 2003 compared with 2002. To
a much lesser extent, the improvement in the combined ratio is also attributable
to a decrease in the  underwriting  expense ratio.  Earnings before income taxes
from property and casualty operations  increased $486 million to $137 million in
the second quarter of 2003,  principally as a result of the lower combined ratio
discussed above and, to a lesser extent, an increase in net realized  investment
gains.

The life reinsurance  segment typically  measures  performance based on revenues
and earnings before income taxes.  Revenues consist of net premiums earned,  net
investment  income,  net  realized  gains on  investments  and  other  revenues,
including fees generated from  investment-related  life reinsurance products and
financial  reinsurance  transactions.  For the quarter ended June 30, 2003,  the
life  operations  generated  revenues and earnings  before  income taxes of $888
million  and $34  million,  respectively,  compared  with $597  million  and $12
million,  respectively, for the same period in 2002. The increase in revenues is
principally  related to the acquisition of a block of life reinsurance  business
in the third quarter of 2002 (the "AUL  acquisition")  and the impact of changes
in foreign  exchange  rates  applicable to the second quarter of 2003 versus the
second quarter of 2002. The increase in earnings is also primarily  attributable
to the AUL acquisition, coupled with a decrease in claim activity in the current
quarter  as  compared  with the same  period in 2002 in  mortality  and  certain
health-related products as well as higher levels of investment-related income.

Operating Results

Net premiums  written and net premiums earned  increased $890 million or 55% and
$927 million or 54%, respectively.  This significant increase in premiums can be
primarily attributed to the combination of: (1) Current Year  Factors--including
the continued  favorable  pricing  environment  within the overall  property and
casualty  industry,  additional  premiums  resulting  from  the AUL  acquisition
completed  in the third  quarter  of 2002,  the  impact of  changes  in  foreign
exchange rates and volume growth in certain business  sectors,  partially offset
by decreases in other business sectors  resulting from the adherence to stricter
underwriting discipline and planned actions taken to exit certain product lines,
policies, contracts and specific customers for which, given the risk, acceptable
future  levels  of  profit  did  not  seem   achievable;   and  (2)  Prior  Year
Factors--increased  levels of ceded premiums associated with adverse development
related to prior year loss events.

Net  investment  income  increased $15 million or 6% in 2003,  principally  as a
result of higher  levels of invested  assets.  The  increase in invested  assets
includes  the impact of a $1.8  billion  capital  contribution  received  in the
fourth  quarter  of 2002 and the AUL  acquisition  that  occurred  in the  third
quarter of 2002.

Net  realized  gains on  investments  increased  $68 million in 2003,  primarily
attributable to increased  opportunities for gains within the overall investment
portfolio driven by the decreasing interest rate environment, somewhat offset by
a higher level of other-than-temporary  impairment charges recognized in 2003 as
compared to 2002.

Other revenues increased $21 million or 100% in 2003, primarily  attributable to
certain non-recurring revenues generated in 2003.

Claims,  claim  expenses and policy  benefits  increased  $416 million or 25% in
2003, principally resulting from the AUL acquisition discussed above, the impact
of changes in foreign  exchange  rates,  and volume  growth in certain  business
sectors partially offset by lesser levels of adverse reserve development related
to prior year loss events.

As we reported previously, during the fourth quarter of 2002, we reevaluated the
recorded  reserves  for  certain  liability-related  exposures  in  response  to
continued   escalated  levels  of  reported  claims  activity.   Following  this
evaluation,  we  concluded  that the  accumulated  data  supported  an increased
estimate of the ultimate  losses in several  lines of business  underwritten  in
1997 through 2001. Following these adjustments, we continued to monitor reported
claims activity for these lines of business.  For certain lines of business, the
2003 to-date  reported claims activity for prior accident years has continued to
develop at a level  exceeding  even our revised  expectations.  In addition,  we
incorporated  a  more   pessimistic  view  of  the  potential  for  individually
significant  losses on  certain  Product  Liability  and  Directors  &  Officers
exposures.  As a result,  we made adjustments of  approximately  $250 million to
reflect increased estimates of ultimate losses in the second quarter of 2003. We
will continue to monitor  reported  claims activity for all lines of business in
the future and take necessary  reserve  actions--either  to increase or decrease
reserves--as our estimates mature.

Insurance  acquisition  costs  increased  $93 million or 20% in 2003,  primarily
attributable to the increase in net earned premiums  discussed  above,  somewhat
offset by a decrease in contingent commissions as compared with 2002.

Other  operating  costs  and  expenses  increased  $14  million  or 8% in  2003,
primarily  resulting  from:  (1) an increase in average  employee  salaries  and
related benefits costs;  (2) the AUL acquisition;  and (3) the impact of changes
in foreign exchange rates.

Provision  for income  taxes was $48 million for the second  quarter of 2003 (an
effective  tax rate of 28.1%),  compared  with a benefit of $120 million for the
second  quarter of 2002 (an  effective tax rate of 35.6%).  In a pre-tax  income
quarter  such as  2003,  tax-exempt  income  reduces  otherwise  taxable  income
(resulting in a lower effective tax rate),  while in a pre-tax loss quarter such
as 2002,  the existence of tax-exempt  investment  income serves to increase the
otherwise taxable loss (resulting in a higher effective tax rate).

FIRST HALF OF 2003 COMPARED WITH FIRST HALF OF 2002

Overview

Net earnings for the first six months of 2003 were $257 million,  which compares
to a net loss of $132 million for the first six months of 2002.  The increase in
net earnings  principally  resulted from (1) significant  improvement in current
year  underwriting  results  driven largely by the continued  favorable  pricing
environment  within the overall property and casualty  industry and, to a lesser
extent,  lower levels of adverse  development  related to prior year loss events
and (2) increased  investment  related  income  (including  both net  investment
income and net realized investment gains).

Although the movement in certain foreign currency exchange rates during 2003 and
2002 had an impact on the individual revenue and expense categories, the overall
impact on net  earnings  was not  significant.  Specifically,  most of the major
European  currencies  strengthened  relative to the U.S. dollar during the first
six  months  of  2003 as  compared  with  the  first  six  months  of 2002  and,
accordingly,  this has  contributed  to an  increase  in most of the  individual
revenue and expense line items in the accompanying earnings statement.

Our two business  segments  are (1) property and casualty  insurance/reinsurance
and (2) life reinsurance.  Business is conducted  throughout the world utilizing
our network of local offices.  Our operating  segment  activity is summarized as
follows:


<PAGE>
<TABLE>
<S><C>



(Dollars in millions)                                                          Six Months Ended
                                                                                    June 30
                                                                       ----------------------------------
                                                                             2003             2002
                                                                       ----------------------------------
Revenues
Property and Casualty                                                        $ 4,051          $ 3,143
Life                                                                           1,711            1,244
                                                                       ----------------------------------
   Total revenues                                                            $ 5,762          $ 4,387
                                                                       ==================================

Earnings (loss) before income taxes
Property and Casualty                                                          $ 293           $ (283)
Life                                                                              69               57
                                                                       ----------------------------------
   Total earnings (loss) before income taxes                                   $ 362           $ (226)
                                                                       ==================================
</TABLE>



Typically,  the  underwriting  performance of property and casualty  business is
measured in terms of a combined  ratio and earnings  before  income  taxes.  The
combined ratio is the sum of the loss ratio and the underwriting  expense ratio.
For the first six months of 2003,  the property and casualty  combined ratio was
103.0%,  compared  with  123.6%  for the same  period in 2002.  The  significant
improvement in the 2003 combined ratio is primarily  attributable  to a decrease
in the loss ratio, which reflects both the continued hardening of pricing within
the  overall  property  and  casualty  insurance  industry  and lower  levels of
prior-year  adverse  reserve  development  in 2003 compared with 2002. To a much
lesser extent,  the improvement in the combined ratio is also  attributable to a
decrease in the  underwriting  expense ratio.  Earnings before income taxes from
property and casualty operations  increased $576 million to $293 million for the
first six months of 2003,  principally  as a result of the lower  combined ratio
discussed  above and, to a lesser  extent,  an  increase  in  investment-related
income.

The life reinsurance  segment typically  measures  performance based on revenues
and earnings before income taxes.  Revenues consist of net premiums earned,  net
investment  income,  net  realized  gains on  investments  and  other  revenues,
including fees generated from  investment-related  life reinsurance products and
financial reinsurance  transactions.  For the first six months of 2003, the life
operations generated revenues and earnings before income taxes of $1,711 million
and $69 million,  respectively,  compared  with $1,244  million and $57 million,
respectively,  for the  same  period  in  2002.  The  increase  in  revenues  is
principally  related to the AUL acquisition and the impact of changes in foreign
exchange  rates  applicable to the first six months of 2003 versus the first six
months of 2002. The increase in earnings is also primarily  attributable  to the
AUL acquisition.

Operating Results

Net premiums written and net premiums earned increased $1,103 million or 29% and
$1,300 million or 35%,  respectively.  This significant increase in premiums can
be   primarily   attributed   to  the   combination   of:   (1)   Current   Year
Factors--including  the  continued  favorable  pricing  environment  within  the
overall property and casualty industry,  additional  premiums resulting from the
AUL acquisition completed in the third quarter of 2002, the impact of changes in
foreign exchange rates and volume growth in certain business sectors,  partially
offset by decreases in other  business  sectors  resulting from the adherence to
stricter  underwriting  discipline and intentional actions taken to exit certain
product lines,  policies,  contracts and specific customers for which, given the
risk, acceptable future levels of profit did not seem achievable;  and (2) Prior
Year  Factors--increased  levels  of  ceded  premiums  associated  with  adverse
development related to prior year loss events.

Net  investment  income  increased $40 million or 7% in 2003,  principally  as a
result of higher  levels of invested  assets.  The  increase in invested  assets
includes  the impact of a $1.8  billion  capital  contribution  received  in the
fourth  quarter  of 2002 and the AUL  acquisition  that  occurred  in the  third
quarter of 2002.

Net  realized  gains  on  investments  increased  $25  million  or 43% in  2003,
primarily  attributable to increased  opportunities for gains within the overall
investment  portfolio  driven  by  the  decreasing  interest  rate  environment,
somewhat  offset by a higher level of  other-than-temporary  impairment  charges
recognized in 2003 as compared to 2002.

Other revenues increased $10 million or 13% in 2003,  primarily  attributable to
certain non-recurring revenues generated in 2003.

Claims,  claim  expenses and policy  benefits  increased  $623 million or 19% in
2003, principally resulting from the AUL acquisition discussed above, the impact
of changes in foreign  exchange  rates,  and volume  growth in certain  business
sectors partially offset by lesser levels of adverse reserve development related
to prior year loss events.

As we reported previously, during the fourth quarter of 2002, we reevaluated the
recorded  reserves  for  certain  liability-related  exposures  in  response  to
continued   escalated  levels  of  reported  claims  activity.   Following  this
evaluation,  we  concluded  that the  accumulated  data  supported  an increased
estimate of the ultimate  losses in several  lines of business  underwritten  in
1997 through 2001. Following these adjustments, we continued to monitor reported
claims activity for these lines of business.  For certain lines of business, the
to-date  reported  claims  activity for prior  accident  years has  continued to
develop at a level  exceeding  even our revised  expectations.  In addition,  we
incorporated  a  more   pessimistic  view  of  the  potential  for  individually
significant  losses on  certain  Product  Liability  and  Directors  &  Officers
exposures. As a result, we made further upward adjustments of approximately $350
million to reflect  increased  estimates  of  ultimate  losses in 2003.  We will
continue to monitor  reported  claims  activity for all lines of business in the
future and take  necessary  reserve  actions--either  to  increase  or  decrease
reserves--as our estimates mature.

Insurance  acquisition  costs  increased $103 million or 11% in 2003,  primarily
attributable to the increase in net earned premiums  discussed  above.

Other  operating  costs  and  expenses  increased  $61  million  or 17% in 2003,
primarily  resulting  from:  (1) an increase in average  employee  salaries  and
related  benefits costs;  (2) the AUL acquisition  discussed  above; and (3) the
impact of changes in foreign exchange rates.

Provision for income taxes was $105 million for the first six months of 2003 (an
effective  tax rate of 29.0%),  compared  with a benefit of $94  million for the
first six months of 2002 (an effective tax rate of 41.6%).  In a pre-tax  income
year such as 2003, tax-exempt income reduces otherwise taxable income (resulting
in a lower  effective tax rate),  while in a pre-tax loss year such as 2002, the
existence of  tax-exempt  investment  income  serves to increase  the  otherwise
taxable loss (resulting in a higher effective tax rate).

Other Considerations

Investment portfolio

Our investment  portfolio consists primarily of investment grade debt securities
and was $27.7  billion,  including  gross  unrealized  gains and  losses of $1.3
billion and $146 million,  respectively,  at June 30, 2003,  compared with $26.8
billion,  including gross  unrealized  gains and losses of $558 million and $263
million,  respectively,  as of December  31,  2002.  Investment  securities  are
regularly  reviewed for impairment  based on criteria that include the extent to
which cost exceeds  market  value,  the duration of that market  decline and the
financial  health and specific  prospects  for the issuer.  Of those  securities
whose carrying amount exceeded fair value at June 30, 2003,  approximately $65.0
million is at risk of being charged to earnings in the next 12 months.

Ratings action

During the quarter ended June 30, 2003,  A.M.  Best Company (A.M.  Best) revised
its  financial  strength  rating on Employers  Reinsurance  Corporation  and its
affiliated domestic and international non-life and life reinsurance companies to
A (Excellent) from A+ (Superior).  Concurrently,  the ratings on our senior debt
securities  were revised to "a-" from "a". We do not believe  these actions will
materially  affect our  liquidity  or capital  resources or the ability to write
future business.

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 because of changes in global economic, business, competitive market
and regulatory factors.

Item 4.  Controls and Procedures

As required by Rule 13a-15(b),  we,  including the Chief  Executive  Officer and
Chief  Financial  Officer,  conducted an  evaluation as of the end of the period
covered  by  this  report,  of the  effectiveness  of the  company's  disclosure
controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that
evaluation,  the Chief Executive  Officer and Chief Financial  Officer concluded
that the company's  disclosure  controls and procedures were effective as of the
end of the period  covered by this report.  As required by Rule  13a-15(d),  we,
including  the  Chief  Executive  Officer  and  Chief  Financial  Officer,  also
conducted  an  evaluation  of the  company's  internal  control  over  financial
reporting to determine  whether any changes  occurred during the quarter covered
by this  report  that have  materially  affected,  or are  reasonably  likely to
materially  affect,  the company's  internal  control over financial  reporting.
Based on that  evaluation,  there has been no such  change  during  the  quarter
covered by this report.




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                           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.

     Exhibit 31. Certifications Pursuant to Section 302 of the Sarbanes-Oxley
                 Act of 2002.

     Exhibit 32. Certifications 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.

A current report on Form 8-K was filed on July 10, 2003, under Item 5, reporting
that A.M.  Best  revised  its  financial  strength  ratings  for  certain of the
Company's insurance subsidiaries.


<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                  GE GLOBAL INSURANCE HOLDING CORPORATION
                                                            (Registrant)




Date:  August 1, 2003             By:
                                     -------------------------------------------
                                     William J. Steilen
                                     Vice President and Controller
                                     (Principal Accounting Officer)



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