9-Month Results

The strategic decisions made by the management of Agrotiki Insurance and Agrotiki Life concerning the development of networks, design of new products as well as the investment policy allowed to both companies to increase significantly the production of premiums during the first nine months, from January to September, exceeding by far the average increase in the market.

Agrotiki Insurance premiums increased by 26,2% compared to the corresponding period last year, a percentage that is estimated to be twice as high as the average increase of the market during the same period. In terms of numbers, the premiums amounted to 81.500.000 Euros compared to 64.500.000 Euros in the first nine months of 2001.

It is worth mentioning that the Agrotiki Insurance premiums in the field of major constructing projects for this year were more than doubled (10.500.000 Euros) while the fire insurance premiums manifested a significant increase of 10% (10.800.000 Euros).

Even in the field of Life Insurances where the market conditions continue to be unfavorable, the new production of premiums exceeded the amount of 16.000.000 Euros during the first nine months from January to September, that is to say increased by 10% compared to the corresponding period last year.

During the same period, the overall portfolio of life insurance premiums amounted to 50.000.000 Euros (46.900.000 Euros during the first nine months in 2001), showing an increase of 6,5%, a percentage extremely high considering the fact that this year's estimations were rather unfavorable regarding this financial size, suggesting even a negative sign.

The results so far confirm that the management's choices were right and sensible and it is now certain that they will lead to the increase of the market share held by those companies as well as to keep the profitability for another year yet to come.

The strategic decision of the two companies' merger aiming at the achievement of scale economies, exploitation of their cooperation as well as implementation of common investment schemes amounting to more than 45.000.000 Euros has proved to be of the utmost importance based on the new facts as they are determined in the Greek and International market.

The companies' management feels that the up to now course as well as the investment schemes along with the high capital adequacy provide significant advantages to the companies of the Group in a time when the conditions for the development of insurance businesses could in no case be considered favorable.


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