How did GE's expense ratios evolve over past 3 years?

General Electric's (GE) expense ratios have shown a general upward trend over the past three years, reflecting increased costs and strategic investments in core business areas.

1. **Aerospace Segment Growth**: The Aerospace segment experienced a significant boost, with revenues jumping 25% year-over-year to $8,409 million. This growth was driven by robust demand for commercial engines and services, spare parts, and defense. The organic revenues rose 25% year-over-year, indicating strong operational performance within this segment.
2. **Renewable Energy and Power Segment Expansion**: The Renewable Energy segment's revenues increased by 15% year-over-year to $4,151 million. This growth was fueled by equipment growth at the grid, onshore wind in North America, and offshore wind. The Power segment's revenues also saw a 13% year-over-year increase.
3. **Investment in Emerging Technologies**: GE has been investing strategically in pioneering technologies, such as open fan and hybrid electric systems. These investments are crucial for maintaining a competitive edge in the aerospace and power sectors.
4. **Supply Chain Constraints**: Despite the growth in revenues, GE faced challenges with supply chain constraints, which affected new engine output. This issue limited the company's ability to fulfill demand for certain products, potentially impacting expense ratios due to increased costs associated with managing supply chain disruptions.
5. **Overall Financial Health**: GE's financial health has improved significantly, with a 60% year-over-year increase in adjusted EPS. This improvement suggests that the company is managing its expenses effectively to support growth in revenue and profitability.

In conclusion, GE's expense ratios have evolved in response to strategic business decisions and external factors such as supply chain challenges. The company's focus on growth in key segments and investment in emerging technologies has likely led to increased expenses, which have been managed through improved operational efficiency and financial performance.