Agrotiki Insurance realized an increase in production of 12,42% during the period January - September (147.806 million euros compared to 131.472 million euros during the corresponding period last year). The increase in the production of non life insurances amounts to 4,93 percent (85.724 million euros as compared to 81.699 million euros) and in the production of life and health insurances to 24,73 percent (62.082 million euros as compared to 49.773 million euros).

During the same period, the company's operating expenses were reduced by one percent. The latter does not include the percentage in the reduction of expenses that will arise as a result of the early retirement scheme of almost 150 employees. In contrast, during this period the compensation that will be paid to the employees, who will participate in the above scheme, will affect the operating expenses negatively.

The returns originating from investments were reduced during the nine-month period of January - September, as a consequence of the unfavorable conditions that prevail in the international markets and which influence the Greek insurance market. Also this fact, in one hand and the increase of the technical and mathematical reserves of the company which guarantee the better protection of its insured, and the forthcoming implementation of the international accounting standards, resulted to losses of 10.367,66 million euros.

The Managing Director of Agrotiki Insurance, Mr Dimitrios Vidalis, pointed out that it is a healthy and active company, as revealed by the increase in production that was recorded during the first nine months in 2003, as well as by its other sizes financial. He also put emphasis on the fact that the company's primary objective remains the significant reduction in the operating expenses through the completion of the early retirement scheme as well as the full computerization of the Company's operation.