<PAGE>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION



                             WASHINGTON, D.C. 20549

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

                                    FORM 10-Q
                           --------------------------


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

                  For the quarterly period ended March 29, 1997
                                                 --------------

                                       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                          66201
     (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 April 30, 1997,  1,000 shares of common stock with a par value of $5,000 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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<TABLE>
<CAPTION>
                                                        TABLE OF CONTENTS

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<S>                                                                                                      <C>
    PART I - FINANCIAL INFORMATION.

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

     Item 2.              Management's Discussion and Analysis of Results of Operations...................5

     Exhibit 12.          Computation of Ratio of Earnings to Fixed Charges...............................7


    PART II - OTHER INFORMATION.

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

     Signatures.          ................................................................................9

     Index to Exhibits.  ................................................................................10
</TABLE>


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<TABLE>
<CAPTION>
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.


                                           GE GLOBAL INSURANCE HOLDING CORPORATION
                                                       AND SUBSIDIARIES

                             Condensed, Consolidated Statement of Current and Retained Earnings

                                                         (Unaudited)

                                                                              Three months ended
                                                                 -------------------------------------------
(In millions)                                                      March 29, 1997            March 30, 1996
                                                                 ------------------        -----------------

<S>                                                                       <C>                         <C>
Revenues
Net premiums earned                                                     $1,344                      $1,236
Net investment income                                                      224                         203
Net realized gains on investments                                           88                          86
Other revenues                                                              13                          12
                                                                        ------                      ------
Total revenues                                                           1,669                       1,537
                                                                        ------                      ------

Costs and Expenses
Claims, claim expenses and policy benefits                               1,055                         952
Insurance acquisition costs                                                248                         254
Other operating costs and expenses                                         119                         103
Minority interest in net earnings of consolidated subsidiaries              21                          22
                                                                        ------                      ------
Total costs and expenses                                                 1,443                       1,331
                                                                        ------                      ------

Earnings before income taxes                                               226                         206

Provision for income taxes                                                  68                          70
                                                                        ------                      ------

Net earnings                                                               158                         136
Dividends on preferred stock                                                (2)                         (2)
Retained earnings at beginning of period                                 3,245                       2,743
                                                                        ------                      ------
Retained earnings at end of period                                      $3,401                      $2,877
                                                                        ======                      ======
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


                                        1


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<TABLE>
<CAPTION>
Item 1.  Financial Statements (Continued).


                                           GE GLOBAL INSURANCE HOLDING CORPORATION
                                                       AND SUBSIDIARIES

                                   Condensed, Consolidated Statement of Financial Position


(In millions)                                                       March 29, 1997         December 31, 1996
                                                                    --------------         -----------------
                                                                     (Unaudited)

<S>                                                                        <C>                        <C>
Assets
Investments:
  Fixed maturity securities available-for-sale, at fair value           $13,466                    $13,572
  Equity securities, at fair value                                        2,299                      2,303
  Other invested assets                                                     965                        604
                                                                        -------                    -------
Total investments                                                        16,730                     16,479

Cash                                                                        123                        377
Premiums receivable                                                       2,314                      2,645
Other receivables                                                         1,232                      1,220
Reinsurance recoverables                                                  2,432                      2,358
Deferred insurance acquisition costs                                        617                        495
Other assets                                                              1,902                      1,814
                                                                        -------                    -------

Total assets                                                            $25,350                    $25,388
                                                                        =======                    =======


Liabilities and equity
Claims and claim expenses                                               $11,132                    $10,869
Accumulated contract values                                               1,565                      1,643
Future policy benefits for life and health contracts                      1,327                        831
Unearned premiums                                                         1,229                      1,170
Other reinsurance balances                                                1,142                      1,836
Other liabilities                                                         2,503                      2,517
Long-term borrowings                                                        557                        556
                                                                        -------                    -------
  Total liabilities                                                      19,455                     19,422
                                                                        -------                    -------

Minority interest in equity of consolidated  subsidiaries                 1,185                      1,206
                                                                        -------                    -------

Common stock                                                                  5                          5
Preferred stock                                                             150                        150
Paid-in capital                                                             845                        845
Unrealized gains on investment securities                                   357                        500
Foreign currency translation adjustments                                    (48)                        15
Retained earnings                                                         3,401                      3,245
                                                                        -------                    -------
  Total stockholder's equity                                              4,710                      4,760
                                                                        -------                    -------

Total liabilities and equity                                            $25,350                    $25,388
                                                                        =======                    =======
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


                                        2


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<TABLE>
<CAPTION>
Item 1.  Financial Statements (Continued).


                                           GE GLOBAL INSURANCE HOLDING CORPORATION
                                                       AND SUBSIDIARIES

                                       Condensed, Consolidated Statement of Cash Flows

                                                         (Unaudited)

                                                                              Three months ended
                                                                --------------------------------------------
(In millions)                                                     March 29, 1997            March 30, 1996
                                                                ------------------        ------------------

<S>                                                                     <C>                         <C>
Cash from operating activities                                        $  203                      $  178
                                                                      ------                      ------

Cash Flows From Investing Activities
Fixed maturity securities available-for-sale:
  Purchases                                                           (1,361)                     (1,579)
  Sales                                                                1,135                       1,340
  Maturities                                                             182                         129
Equity securities:
  Purchases                                                             (298)                       (330)
  Sales                                                                  286                         334
Net (purchases) sales of short-term investments                         (345)                          5
Other investing activities                                               (21)                         (8)
                                                                      ------                      -------
  Cash used for investing activities                                    (422)                       (109)
                                                                      ------                      -------

Cash Flows From Financing Activities
Change in contract deposits                                               41                         (31)
Net contract accumulation receipts (payments)                             (9)                          9
Principal payments on short-term borrowings                                -                        (600)
Proceeds from long-term borrowings                                         -                         555
Dividends paid                                                            (2)                         (2)
                                                                      ------                      -------
  Cash from (used for) financing activities                               30                         (69)
                                                                      ------                      -------

Effect of exchange rate changes on cash                                  (65)                         27
                                                                      ------                      ------

Increase (decrease) in cash                                             (254)                         27
Cash at beginning of period                                              377                         455
                                                                      ------                      ------
Cash at end of period                                                 $  123                      $  482
                                                                      ======                      ======
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


                                        3


<PAGE>
Item 1.  Financial Statements (Continued).


                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                 AND SUBSIDIARIES

              Notes to Condensed, Consolidated Financial Statements

                                   (Unaudited)


1.       The accompanying condensed, consolidated quarterly financial statements
         represent  the  adding   together  of  GE  Global   Insurance   Holding
         Corporation  and its  wholly-owned  subsidiary,  Employers  Reinsurance
         Corporation and its consolidated subsidiaries (collectively called "the
         Corporation").  All  significant  intercompany  transactions  have been
         eliminated. Certain prior period data have been reclassified to conform
         to the current presentation.

2.       The  condensed,   consolidated   quarterly  financial   statements  are
         unaudited.  These  statements  include all  adjustments  (consisting of
         normal  recurring  accruals)  considered  necessary  by  management  to
         present  a fair  statement  of the  results  of  operations,  financial
         position  and cash  flows.  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.       The Corporation has adopted Statement of Financial Accounting Standards
         (SFAS) No. 125,  Accounting  for  Transfers  and Servicing of Financial
         Assets and Extinguishments of Liabilities.  Among other things, the new
         statement  distinguishes  transfers of financial  assets that are sales
         from transfers that are secured borrowings, based on the control of the
         transferred  assets.  SFAS No. 125 is  effective  for all  transfers of
         financial  assets  occurring  after  December 31, 1996. The adoption of
         this  statement  did not have an effect on the  financial  position  or
         results of operations of the Corporation.


                                        4


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


Overview

Net earnings for the first three months of 1997 were $158 million, a $22 million
increase  over the first three months of 1996.  The increase was  primarily  the
result of increased  investment  income  related to the continued  growth of the
investment portfolios.

The  Company's  two  primary   business   segments  are  property  and  casualty
insurance/reinsurance and life reinsurance. Business is conducted throughout the
world utilizing the Company's network of local offices.

Property  and  casualty  insurance/reinsurance  (P&C) is the  largest of the two
business segments.  Typically,  the underwriting  performance of P&C business is
measured in terms of a combined  ratio and earnings  before  income  taxes.  The
combined ratio  (calculated in accordance  with  generally  accepted  accounting
principles) is the sum of the loss ratio and the underwriting expense ratio. For
the first three months of 1997,  the P&C combined  ratio was 102.9%  compared to
103.3% for the same period in 1996.  The primary  reason for the  improvement in
the 1997  combined  ratio was a general  decrease in domestic  incurred  losses,
caused by a decline in both  frequency and severity of claims.  Earnings  before
income taxes from P&C operations increased $29 million in the first three months
of 1997,  primarily  due to an  increase  in net  investment  income  caused  by
continued growth in the P&C investment  portfolios,  an increase in net realized
gains on investments and the improvement in the combined ratio.

The life reinsurance  segment typically  measures  performance based on revenues
and earnings before income taxes. Revenues include life insurance premiums,  net
investment  income,  net realized gains on  investments  and income from certain
investment-related  products.  For the  first  three  months  of 1997,  the life
operations  generated  revenues and earnings before income taxes of $429 million
and $24  million,  respectively,  compared  to  $211  million  and $33  million,
respectively, for the same period in 1996. The $218 million increase in revenues
primarily reflects two significant quota share reinsurance contracts obtained in
1997. The primary reasons for the $9 million  decrease in earnings before income
taxes are a decrease in net  realized  gains on  investments  and an increase in
other  operating  costs and  expenses,  partially  offset by an  increase in net
investment  income. The increase in net investment income was principally caused
by the continued growth in the life reinsurance investment portfolios.


Operating Results

Net premiums earned  increased $108 million or 9% over the first three months of
1996,  primarily  attributable  to a  significant  increase in domestic life net
premiums  earned  offset  partially by a decrease in domestic and  international
property and casualty net premiums earned. The significant  increase in domestic
life net  premiums  earned  principally  reflects  two  significant  quota share
reinsurance contracts obtained in 1997.

Net investment  income  increased $21 million or 10% over the first three months
of 1996, with most of the increase  attributable to the continued  growth in the
investment portfolios.

Claims,  claim expenses and policy  benefits  increased $103 million or 11% over
the first three months of 1996, primarily related to the corresponding  increase
in net premiums earned.


                                        5


<PAGE>
Item 2.  Management's Discussion and Analysis of Results of Operations (Cont'd).


Insurance  acquisition  costs  decreased  $6 million or 2% over the first  three
months of 1996,  compared to a 9% increase in net premiums earned.  The decrease
in insurance  acquisition  costs compared to the increase in net premiums earned
was primarily due to the growth in longer duration life reinsurance business and
the resulting  amortization of insurance acquisition costs over a longer average
time period.

Other operating  costs and expenses  increased $16 million or 16% over the first
three months of 1996. The increase primarily reflected costs associated with the
integration and financing of businesses acquired in recent years.

Provision  for income  taxes was $68 million for the first three  months of 1997
(an  effective  tax rate of 30.1%),  compared to $70 million for the first three
months  of 1996 (an  effective  tax rate of  34.0%).  The  decrease  in the 1997
effective tax rate as compared to 1996 resulted  primarily  from a change in the
relative levels of life reinsurance business recorded in such periods.


                                        6


<PAGE>
                           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 27.  Financial Data Schedule (filed electronically only)


b.      Reports on Form 8-K.

        None.


                                        8


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                                   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:  May 13, 1997               By:              /s/ JAMES DORE
                                      -----------------------------------------
                                                     James Dore,
                                     Vice President and Chief Financial Officer
                                    (Principal Financial and Accounting Officer)


                                        9


<PAGE>
                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES


                                Index to Exhibits



    Exhibit No.                                                             Page
    -----------                                                             ----


       12         Computation of ratio of earnings to fixed charges..........7

       27         Financial Data Schedule (filed electronically only)


                                       10