During the nine-month period from January to September Agrotiki Insurance and Agrotiki Life have accomplished a considerably higher increase in production than the average market despite the unfavorable conditions that continue to dominate the insurance market.
In particular: Agrotiki Insurance's premiums increased by 26,24%, amounting thus to 81,465,000 Euros compared to 64,530,000 Euros in last year's corresponding period. The new production of Agrotiki Life increased by 9,3% while its total portfolio also increased by 6,1% compared to the corresponding nine-month period in 2001, in a time where the insurance market, as a whole, manifested a zero increase. In numbers, the new production amounted to 16,122,000 Euros compared to 14,756,000 Euros and the portfolio amounted to 49,733,000 Euros compared to 46,902,000 Euros in last year's corresponding period.Compared to last year's corresponding nine-month period, Agrotiki Insurance's profits were slightly reduced from 8,246,000 Euros to 4,262,000 Euros as compared to the total of premiums and the corresponding results of the total insurance market. In that order, Agrotiki Life manifested narrow losses of 800,000 Euros compared to last year's profit of 300,000 Euros.
The main cause for the reduced results is the drop of income from investments by 11,2% in the general insurances and by 27% in the life insurances as a consequence of the stock market course. It is worth noting that the development prospects for both companies are particularly promising since: The forthcoming merger between these two companies will give a further boost to their growth rhythms as well as to the reduction of the operational costs. The general meeting of both companies where the merger decision will be put forward has been appointed for the 20th of December. During the last years a strong capital adequacy of 126 million Euros has been achieved. A major investment plan of 46,5 million Euros is currently in progress.