Agrotiki Insurance S.A. is again profitable following the single negative financial year of 2002 after consecutive years of profitability as a result of the merger between the parent companies Agrotiki Insurance and Agrotiki Life.

During the months January-June 2003 Agrotiki Insurance S.A. presented profits amounting to 553.000 Euros as well as a significant increase in insurance premiums (+16,1%), which reached 101.527.000 Euros, as compared to 87.448.000 Euros in the corresponding period last year.

The production of General insurance premiums amounted to 56.971.000 Euros, as compared to 53.117.000 Euros in the first semester in 2002, thus increased by 7,3%. The Life insurance premiums have increased by 29,8%. They rose to 44.556.000 Euros as compared to 34.331.000 Euros in the first semester of 2002.

Furthermore, the new production in the life branch has increased by 44%.

Investment profits remain reduced as compared to the corresponding period last year because of the unfavorable course of the capital market and the reduction of interests that have also influenced the profits. The positive course of the capital market that is being shown in the last couple of months is expected to lead to an improved result until the end of the year.

The implementation of the personnel early retirement program of Agrotiki Insurance S.A., where 20% of the personnel participates, is currently under way. The completion of this program is expected to lead to a significant drop in the company?s operating costs.