Agrotiki Insurance achieved over 100% increase in its nine-month profits compared to the first half-year 2005.

Specifically, nine-month profit before tax amounted to euro 7,035 mn versus ? 2.985 mn at the end of the second quarter.

This is highly important since the Management target to restore profitability to euro 1.5 mn, following accumulated losses of euro 76.2 mn. (in 2002 and 2003), has already been exceeded.

The Management has embarked upon a gradual reorganisation of both the Insurance Portfolio eliminating loss operations and the Sales Network eliminating non-productive and insolvent insurance agents. As a result premium production appears to be lower than last year, but this is also due to the intense price competition.

Further decrease in operating costs (-2.7%) was yet another driver of positive results, as a result of the new organization structure and rationalization of management costs.

Investment income is increased compared to 2004. This is also true to paid indemnities, reaching euro 75 mn versus euro 73 mn, in the framework of the Company's improvement of services delivered to the customers.

It is equally important the the Company's Shareholders' Equity, according to the IAS, increased by 20.5% versus 2004 amounting to euro 35.5 mn.

In the framework of the ΑΤΕbank Group strategy, Agrotiki Insurance has elaborated a realistic and attainable three-year business plan which contemplates, among others, the sustainability and enhancement of the profitability and dynamic growth of the Company.