In 2003, Agrotiki Insurance increased its production by 14,3%, compared to 2002.
The production increase in non life insurances corresponds to 4,3 points and the production increase of life and health insurance to 29,4 points.
It is worth mentioning that the average increase in production in the life and health market is estimated to be about 10%, these results are expected to lead to a further increase of the company's share in the market.
In real figures, the total Premium income - life and no life - amounted to 202.183.587 euros, compared to 176.938.165 euros in 2002. In particular, the non life insurance premiums amounted to 111.027.076 euros, compared to 106.487.668 euros and life and health insurance to 91.156.511 euros compared to 70.450.497 euros for the corresponding period last year.
The company's operation expenses have decreased significantly in 2003 as a result of the early retirement scheme of almost 150 employees, while the Motor Third Party Liability reserves have been increased from 162,3% to 183,4% of the relevant Premium
At the same time, Motor Third Party Liability loss ratio has decreased by 7,7 points corresponding at 102% of net premium or at 84,5% of the net premium plus policy fees.
The total loss ratio amounted to 65,2% of net insurances or 52,3% of net insurances plus the policy fees, decreased by 9,6 points compared to 2002.
Mr Dimitris Vidalis, Managing Director of Agrotiki Insurance, stated that in 2004 the company is expected to return to profits again, given that the market is under regularizations, the production is slendily increasing and the operation expenses are slendily decreasing.