<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 June 28, 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 July 15,  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.


<PAGE>
<TABLE>
<CAPTION>
                                                        TABLE OF CONTENTS

                                                                                                        Page
                                                                                                        ----

<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>


<PAGE>
<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                      Six months ended
                                                  --------------------------------        -------------------------------
(In millions)                                     June 28, 1997      June 29, 1996        June 28, 1997     June 29, 1996
                                                  -------------      -------------        -------------     -------------
<S>                                                    <C>                <C>                  <C>               <C>    
Revenues
Net premiums earned                                  $1,214             $1,052               $2,558            $2,288
Net investment income                                   211                211                  435               414
Net realized gains on investments                       100                 34                  188               120
Other revenues                                           22                 (6)                  35                 6
                                                     ------             ------               ------            ------
Total revenues                                        1,547              1,291                3,216             2,828
                                                     ------             ------               ------            ------

Costs and Expenses
Claims, claim expenses and policy benefits              879                758                1,934             1,710
Insurance acquisition costs                             304                258                  552               512
Other operating costs and expenses                      118                 90                  237               193
Minority interest in net earnings of
   consolidated subsidiaries                             21                 23                   42                45
                                                     ------             ------               ------            ------
Total costs and expenses                              1,322              1,129                2,765             2,460
                                                     ------             ------               ------            ------

Earnings before income taxes                            225                162                  451               368

Provision for income taxes                               70                 28                  138                98
                                                     ------             ------               ------            ------

Net earnings                                            155                134                  313               270
Dividends on preferred stock                             (2)                (2)                  (4)               (4)
Retained earnings at beginning of period              3,401              2,877                3,245             2,743
                                                     ------             ------               ------            ------
Retained earnings at end of period                   $3,554             $3,009               $3,554            $3,009
                                                     ======             ======               ======            ======
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.


                                       1


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


                                           GE GLOBAL INSURANCE HOLDING CORPORATION
                                                       AND SUBSIDIARIES

                                   Condensed, Consolidated Statement of Financial Position


(In millions)                                                       June 28, 1997          December 31, 1996
                                                                    -------------          -----------------
                                                                     (Unaudited)
<S>                                                                       <C>                      <C>    
Assets
Investments:
  Fixed maturity securities available-for-sale, at fair value          $14,285                  $13,572
  Equity securities, at fair value                                       2,564                    2,303
  Other invested assets                                                    908                      604
                                                                       -------                  -------
Total investments                                                       17,757                   16,479

Cash                                                                       185                      377
Premiums receivable                                                      2,519                    2,645
Other receivables                                                        1,202                    1,220
Reinsurance recoverables                                                 2,563                    2,358
Deferred insurance acquisition costs                                       719                      495
Other assets                                                             1,815                    1,814
                                                                       -------                  -------

Total assets                                                           $26,760                  $25,388
                                                                       =======                  =======


Liabilities and equity
Claims and claim expenses                                              $11,175                  $10,869
Accumulated contract values                                              1,630                    1,643
Future policy benefits for life and health contracts                     1,439                      831
Unearned premiums                                                        1,186                    1,170
Other reinsurance balances                                               1,479                    1,836
Other liabilities                                                        2,988                    2,517
Long-term borrowings                                                       556                      556
                                                                       -------                  -------
  Total liabilities                                                     20,453                   19,422
                                                                       -------                  -------

Minority interest in equity of consolidated  subsidiaries                1,177                    1,206
                                                                       -------                  -------

Common stock                                                                 5                        5
Preferred stock                                                            150                      150
Paid-in capital                                                            845                      845
Unrealized gains on investment securities                                  606                      500
Foreign currency translation adjustments                                   (30)                      15
Retained earnings                                                        3,554                    3,245
                                                                       -------                  -------
  Total stockholder's equity                                             5,130                    4,760
                                                                       -------                  -------

Total liabilities and equity                                           $26,760                  $25,388
                                                                       =======                  =======
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.


                                        2


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


                                           GE GLOBAL INSURANCE HOLDING CORPORATION
                                                       AND SUBSIDIARIES

                                       Condensed, Consolidated Statement of Cash Flows

                                                         (Unaudited)

                                                                               Six months ended
                                                                   ---------------------------------------
(In millions)                                                      June 28, 1997             June 29, 1996
                                                                   -------------             -------------

<S>                                                                      <C>                      <C>   
Cash from operating activities                                        $   379                   $  351
                                                                      -------                   ------

Cash Flows From Investing Activities
Fixed maturity securities available-for-sale:
  Purchases                                                            (3,481)                  (2,963)
  Sales                                                                 2,534                    2,578
  Maturities                                                              315                      270
Equity securities:
  Purchases                                                              (614)                    (801)
  Sales                                                                   611                      758
Net (purchases) sales of short-term investments                          (275)                      19
Other investing activities                                                (38)                     137
                                                                      -------                   ------
  Cash used for investing activities                                     (948)                      (2)
                                                                      -------                   ------

Cash Flows From Financing Activities
Change in contract deposits                                               435                       37
Net contract accumulation receipts                                         46                       21
Principal payments on short-term borrowings                                 -                     (600)
Proceeds from long-term borrowings                                          -                      555
Contribution to capital                                                     -                        1
Dividends paid                                                             (4)                      (4)
                                                                      -------                   ------
  Cash from financing activities                                          477                       10
                                                                      -------                   ------

Effect of exchange rate changes on cash                                  (100)                    (214)
                                                                      -------                   ------

Increase (decrease) in cash                                              (192)                     145
Cash at beginning of period                                               377                      455
                                                                      -------                   ------
Cash at end of period                                                  $  185                   $  600
                                                                      =======                   ======
</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 six months of 1997 were $313  million,  a $43 million
increase  over the first six months of 1996.  The  increase  was  primarily  the
result of increased net premiums earned and net investment income resulting from
origination  volume  and  continued  growth  in the  investment  portfolios,  in
addition to a higher level of net realized gains on investments. These increases
were partially  offset by increased  claims,  claim expenses and policy benefits
and insurance acquisition costs, primarily related to the corresponding increase
in net premiums earned, and increased other operating costs and expenses.

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 six months of 1997,  the P&C  combined  ratio was 103.3%  compared  to
102.9% for the same period in 1996. The primary  reason for the slight  increase
in the 1997 combined ratio was an increase in  underwriting  expenses.  Earnings
before income taxes from P&C  operations  increased $74 million in the first six
months of 1997,  primarily due to an increase in both net investment  income and
net realized gains on investments.

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 fee income from certain
investment-related  products.  For the  first  six  months  of  1997,  the  life
operations  generated  revenues and earnings before income taxes of $791 million
and $72  million,  respectively,  compared  to  $410  million  and $63  million,
respectively, for the same period in 1996. The $381 million increase in revenues
primarily reflects three significant quota share reinsurance  contracts obtained
in 1997.  The  primary  reasons for the $9 million  increase in earnings  before
income  taxes are an increase  in both net  investment  income and net  realized
gains on investments,  partially  offset by an increase in other operating costs
and expenses.

Operating Results

Net premiums  earned  increased $270 million or 12% over the first six months of
1996,  primarily  attributable  to a  significant  increase in domestic life net
premiums  earned,  partially  offset by a  decrease  in  domestic  property  and
casualty net premiums  earned.  The  significant  increase in domestic  life net
premiums earned  principally  reflects three significant quota share reinsurance
contracts obtained in 1997.

Net investment  income  increased $21 million or 5% over the first six months of
1996,  with most of the increase  attributable  to the  continued  growth in the
investment portfolios.

Net realized  gains on  investments  increased $68 million or 57% over the first
six months of 1996,  primarily as a result of restructuring  certain  investment
portfolios and capitalizing on favorable market conditions that existed in 1997.

Other  revenues  increased  $29  million  over the  first  six  months  of 1996,
primarily   attributable   to  an   increase   in  the   fees   generated   from
investment-related products and financial reinsurance transactions.


                                        5


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


Claims,  claim expenses and policy  benefits  increased $224 million or 13% over
the first six  months of 1996,  which  corresponds  to the 12%  increase  in net
premiums earned.

Insurance  acquisition  costs  increased  $40  million  or 8% over the first six
months of 1996, primarily related to the corresponding  increase in net premiums
earned.

Other operating  costs and expenses  increased $44 million or 23% over the first
six months of 1996. The increase  primarily  reflected costs associated with the
Company's continued global expansion activities.

Provision for income taxes was $138 million for the first six months of 1997 (an
effective  tax rate of 30.6%),  compared to $98 million for the first six months
of 1996 (an effective tax rate of 26.6%). The increase in the 1997 effective tax
rate as compared to 1996  resulted  primarily  from an increase in the effective
tax rate  for  operations  in  foreign  tax  jurisdictions  and a change  in the
relative levels of net realized gains on investments 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


<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:  July 30, 1997      By:               /s/ ROBERT DELLINGER
                              -------------------------------------------------
                                              Robert Dellinger
                              Senior 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