The Agricultural Insurance company realized significant profits over the first semester of 2000, reaching 2.5 billion GRD,. These profits constitute a 23% increase as compared to the relative time period last year. During the same semester, production increased by 18% and reached 14 billion GRD. These indices are expected to improve further by the end of the year.The improvement of the company's financial figures are the result of strategic choices made by the management (updating and reformation measures taken in regard to computer information systems, training, personnel advancement by merit, incentives for the sales network · bancassurance activities), new products - in particular, insurance packages in the vehicle sector which tend to improve the quality of services rendered and decrease even further operational costs -, as well as the intense activities of the of the company's managerial personnel.Meanwhile, the implementation of the company's investment program progresses quite satisfactorily and the following have already been announced:·The joint establishment of a credit insurance company with the German group Gerling. The new company will begin operation by the end of this year and will undertake the insurance of claims from the risk of non payment by the debtor, and other similar risks related to the credibility of the parties involved. The two groups, Agricultural and Gerling, are already exploring the possibilities of cooperation in other sectors of insurance activities.·The location of a support group, in Germany, for the operation launch of the branch office there. Agricultural Life insurance company is already active in Germany through open service provision.·The establishment of a company which will promote insurance products through e-commerce.·The constitution of a company in Romania, a project which is progressing concurrently with the activation of the mother bank there. Regarding the operation of the company in Cyprus, the establishment plans are already in the implementation phase. As regards Bulgaria, Skopje and Turkey, the consultant's proposals, which were submitted after examination of the local markets, are being studied.N. Smirni, August 2, 2000