Annual Institutional Investors Presentation
The Annual Institutional Investors and Analysts Presentation took place today 25 May 2007 at the Head Office of the Company, according to the announced Company's Financial Calendar 2007. The President and Managing Director of the ETHNIKI HELLENIC GENERAL INS. Co. S.A. Mr Doucas Paleologos, the General Managers Messrs Sp. Leftheriotis and T. Pagonis and the Deputy General Manager Mr I. Vasilatos, presented today the Group's results for 2006.
The Group's gross written premiums and related revenue for 2006 in Life amounted to Euro344 m, an increase of 41%, compared to 2005. The rate of increase is more than double compared with the market (17,5%). Gross written premiums and related revenue for 2006 in Property & Casualty amounted to Euro 381 m, slightly increased compared to 2005.
Consolidated after tax result for 2006 amounted to Euro 2,34m loss, deviating from the target due to:
- the delayed contribution of the new commercial policy in the Motor Branch,
- the lower than targeted yield (4,5%) of part of the investment portfolio,
- certain non-recurring costs concerning the reinforcement of outstanding claims reserves for the Motor Third Party Liability by Euro 18,1m, as well as the Euro 9,3m cost of early retirement scheme.
According to the President and Managing Director, Mr Paleologos, the outlook for the Group is positive, based on the prospects of the Greek Insurance Market and the exceptional position that Ethniki Insurance has and constantly strengthens.
The Group expects a significant increase in gross premium for 2007, with focus in Bancassurance Life and the reversal of the negative trend in the Motor Branch.
Following the course so far, the Group will return to profitability in 2007.
The corporate presentation is available on the website www.ethniki-asfalistiki.gr.