The Group profit after tax amounted to Euro 7.599 thous. versus Euro 8.742 thous. for the first quarter of 2006. The respective profit for the Holding Company amounted to Euro 5.560 thous. versus Euro 8.379 thous. in 2006. However, it should be noted that the current quarter's results have materially improved compared to the previous consecutive three quarters.
The Group profit before tax for the 1Q07 reached Euro 7.501 thous. versus Euro 10.699 thous. for the 1Q06. The Holding Company's respective profit amounted to Euro 5.142 thous. versus Euro 10.385 thous. Certain costs and expenses have been charged against the 1Q07 profits, which were incurred in subsequent quarters of year 2006.
The improved performance of the Holding Company, compared with the previous three quarters, fuels the expectation of achieving the annual targets and delivering satisfactory profitability, given the high growth rate of the business. In particular, gross written premiums in the Life business increased by 44,6% and in the Non-Life business by 9,7% versus 1Q06. Due to the time span of the business written, the aforementioned increase in premiums will be realized in the results of subsequent periods of the year.
The growth ratio of new Individual Life business has been impressive, for another consecutive quarter, exceeding 30% compared with the 1Q06, as a result of the exceptional efforts of the Company's tied agency sales force. In addition, Group Life premium income, excluding Bancassurance, increased by 26% versus 1Q06.
The performance of the NBG's branch network has been outstanding. The successful launching of two new insurance products in January 2007 depicts the dynamic potential of this network. It is worth noting that as many as seven new insurance products are currently distributed through the Bank's network, as opposed to just one in March 2005, achieving the sales targets set for each of these products. The total premium income from Bancassurance business amounted to Euro44.706 thous. for 1Q07, during which, the best performance of single premium Bancassurance products was achieved, since launching.
Motor business registered an increase of 8,1% compared with the 1Q06, after a number of years of showing continuous reduction of premiums in this line of business. Future prospects of Motor business appear favourable for the Company. New vehicles insured increased by 82% compared with the 1Q06, while cancellations decreased by 12%. In addition to the above, several new vehicles were insured, acquired from the portfolio of those insurance companies that have had their licenses revoked. These vehicles account for approximately 4,5% of the Company's portfolio. The detailed monitoring of outstanding claims development of the last three quarters reassures for the adequacy of Motor claims reserves. The average premium per vehicle has decreased by just 0,5% in 1Q07, significantly lower than the market average premium decrease of 7,5%, according to recent data published by the Greek Insurance Companies Statistical Service. This was in part as a result of an improved portfolio mix, where the facultative covers represent 27,2%, as opposed to 25,4% in the respective quarter of the previous year.
Investment income amounted to Euro 27.376 thous. versus Euro 23.984 thous. for the respective period in 2006, thus contributing significantly to the results of the current period.
Profit after tax of the subsidiaries amounted to Euro 2.039 thous. versus Euro 363 thous. for 1Q06. This outstanding result is mainly due to the significant growth of the profitability of the Romanian subsidiaries and an increased contribution from the Cyprus operations. The merger of the Romanian subsidiaries has almost been completed. The recently established joint venture companies in Bulgaria are already profitable, showing promising future prospects.