For the 2007 nine-month period, the Group's profit after tax amounted to euro 13.204 thousand compared to euro 4.535 thousand for the respective period in 2006. The Holding Company's profit after tax amounted to euro euro 9.253 thousand compared to euro 2.879 thousand in 2006.
Moreover, the Group's consolidated profit before tax amounted to euro 17.885 thousand, compared to euro 8.022 thousand for the respective period in 2006 while the Holding Company's profit before tax amounted to euro 12.937 thousand compared to euro 6.098 thousand.
The Holding Company's gross written premiums have increased by 21% in the Life Business and 6% in the Non-Life Business.
The new business growth rate in Individual Life Business remains impressive, growing by 28% compared to 2006. This increase is a result of the outstanding performance of the Company's agency sales network. In addition, Group Life premium income increased by 67.5%, as a result of Bancassurance business.
Due to the outstanding performance of the NBG network, bancassurance goals for every product have been achieved. The new Individual Life insurance product launched by the NBG network represents 71% of the new business achieved by the Company's agency sales network. Bancassurance premium income increased by 62,7% amounting to euro 146.419 thousand representing 26% of the Holding Company's total business. The significant contributor to the increased profitability of this business line is the term life business for mortgage loans, whose premiums doubled.
In addition, the goal regarding the promotion of mortgage loans through the Company's network has been achieved, resulting in 2.889 approved loans and disbursals exceeding euro120.000 thousand.
The Fire Business continues to grow, achieving a growth rate of 4% compared to the respective period in 2006. The above rate is considered to be relatively high, given the intense competition in the corporate risks market. It is worth mentioning that despite the large size of the portfolio, 53,3 % concerns private residences, demonstrating its quality.
After several years of continuing decline, the Motor Business demonstrates an increase in premiums by 5,2% compared to 2006. This turnover sets the ground for a more promising potential of this business. During the period under review, new motor contract applications increased by 60%, while cancellations in vehicles' number and premium have decreased by 14,2% and 23,1% respectively, compared to 2006. The above-mentioned amounts do not include the additional motor insurance contracts gained from the portfolio of the insurance companies whose licenses were revoked.
Investment income, in 2007 nine-month period reached euro 66.028 thousand compared to euro50.245 thousand in the 2006 respective period, boosting significantly the Company's result.
The Holding Company's operational expenses are on target set in the Business Plan.
As previously reported, mainly due to the low profitability in the Non-Life Business of the Holding Company caused by fierce competition in pricing, the profit of the year will be considerably lower than budgeted in the Business Plan.
The most significant event occurred during the third quarter was NBG's public offering which was addressed to Ethniki Insurance Company's shareholders, the outcome of which was successful since on 26 November 2007 the Bank has acquired more than 99,30% of the Company's shares.