GE Financial Enhances Variable Annuity Product Line; Changes to Subaccount Lineup for GE Series Variable Products Based on Customer Feedback.

Business Editors

RICHMOND, Va.--(BUSINESS WIRE)--May 28, 2003

Continuing its effort to bring high quality products to its institutional and retail clients, GE Life and Annuity Assurance Company today announced several enhancements to its GE Series variable annuity and variable life products.

Seventeen new portfolios from ten investment managers will be added to the GE Series variable products platform. These managers include AIM Advisors, Inc., Alliance Capital Management, L.P., Banc of America Advisors, LLC, Eaton Vance Management, Federated Investment Management Company, Fidelity Management & Research Company, GE Asset Management Incorporated, OppenheimerFunds, Inc., Prudential Investments LLC and Salomon Brothers Asset Management Inc. These complement the existing managers which include Janus Capital Management LLC, Massachusetts Financial Services Company (MFS(R)), Pacific Investment Management Company LLC (PIMCO), Rydex Global Advisors and Van Kampen Asset Management Inc.

"We are continually fine tuning our investment lineup to strategically position our products for our investment professional customers and their clients. We consistently review our managers and continue to make decisions based on performance, overall investment processes, and sales," said Mike Malinsky, Variable Funds Manager at GE Life & Annuity.

The GE Investments Funds, Inc. Total Return Fund, which follows the same asset allocation process as the GE Pension Trust, is now available in all GE Life & Annuity variable products. This Fund is also the underlying subaccount for GE Retirement Answer(SM), an innovative variable annuity launched last year and the core of GE Financial's focus on retirement income planning.

To improve its processes, GE Financial uses Voice of The Customer (VOC), a component of the businesses' Six Sigma quality approach. This entails detailed discussion with customers on ways to improve the product or process. In this case, VOC includes detailed discussions with policy owners, wholesalers, regional sales representatives and investment professionals.

"Our goal is to offer our customers the best in investment products, a world-class brand and stellar sales support," Malinsky said. "We're intent on offering customers a wide variety of investment choices. By using a multiple-manager structure that allows clients to select from world-class money managers, clients are offered a variety of investment options that span the risk-reward spectrum."

GE Financial is part of the General Electric Company, (NYSE:GE), based in Fairfield, Connecticut. It provides products and services that help people invest, protect and retire. Its consumer insurance and investment offerings are sold through multiple distribution channels and include: life insurance, annuities, mutual funds, retirement investment plans, long term care coverage, supplemental accident and health benefits, auto coverage, and life style enhancement products like travel services and automobile clubs. Headquartered in Richmond, Virginia, GE Financial operates in 17 countries and has $126 billion of assets under management. For more information, visit www.gefinancial.com.

For more information, contact:

-- Tim Benedict, GE Financial; [phone] [e-mail]

-- Josh Karpf, GE Financial; [phone] [e-mail]

GE Life and Annuity Assurance Company is not licensed in the state of New York and does not solicit business in the state of New York.

GE Retirement Answer is a variable annuity issued by GE Life and Annuity Assurance Company, 6610 West Broad Street, Richmond, VA 23230. Principal Underwriter: Capital Brokerage Corporation GE Capital Brokerage Corporation in MN, IN, NM and TX), 201 Merritt P.O. Box 5005, Norwalk, CT 06856-5005. Member NASD/SIPC.

GE Life and Annuity Assurance Company, GE Asset Management Inc. and Capital Brokerage Corporation are members of the GE Financial family of companies.

All guarantees are based on the claims-paying ability of the insurer and depend on all required payments and other contract requirements being satisfied. If all of the required payments are not made, you will still receive income payments beginning on the date you chose, however you may lose your minimum guarantee therefore, your payments could be lower. Your income payments will vary based on the performance of the subaccount.

Variable annuities are long-term investments designed for retirement purposes. Variable products are sold by prospectuses, which describe risk factors, fees and charges that may apply. You can obtain prospectuses by calling 1-800-THINK GE. Please read the prospectuses for the product and underlying portfolio carefully before you invest or send money.

GE Retirement Answer is GE Life and Annuity Assurance Company's schedule purchase payment variable deferred annuity, policy form P1161 (3/01). Not available in all states and markets. Features and benefits may vary by state.

GE Retirement Answer(SM) - Patent Pending

(C) 2003 GE Financial Assurance Holdings, Inc. All rights reserved.