The considerably improved production of premiums that Agrotiki Insurance and Agrotiki Life manifested during the first semester in 2002, as compared to the corresponding period in 2001, is expected to lead to a further increase of their market share.

More specifically:

Agrotiki Insurance

The production of premiums increased by 20% reaching the amount of 53 million Euros compared to 44,360 million Euros for the corresponding period of 2001. According to the results so far, the increase of premiums during the first seven months, which is from January until July, exceeded 26% compared to the corresponding period in 2001. This increase is by at least two times higher than the average increase in premiums manifested by the Greek insurance market.

These results were also produced owing to the sign up of some major contracts for the insurance of developmental works, such as the new Metro lines or DEPA (Public Gas Corporation S.A.).

The profits of the first semester reached the amount of 6,877 million Euros being slightly reduced compared to the corresponding period in 2001 when profits amounted to 7,900 million Euros. This reduction is due entirely to the serious reduction in investment performance caused by the extremely low interest rate in securities as well as the unfavorable course of the stock market.

Agrotiki Life

The new production of individual and group insurance contracts of Agrotiki Life increased by 13,1% during the first semester in 2002 reaching the amount of 12,140 million Euros compared to 10,730 Euros during the corresponding period in 2001.

The production of premiums of the Company's overall portfolio increased by 6,2% reaching the amount of 34,332 million Euros compared to 32,338 million Euros during the first semester in 2001.

It is estimated that this growth in insurances exceeds by far the average rate of increase in the market, which is calculated to be almost null.

Agrotiki Life achieved profits amounting to 558 thousand Euros during the first semester despite the unfavorable results in the market, which resulted mainly from the limited returns of the investments. During the first semester in 2001, the Company's profits amounted to 1,240 thousand Euros.

Agrotiki Life has already started launching a new series of investment products called Asset Linked as well as a new series of improved Health products in the market since 1/8/2002 that have been already made welcome by the consumers.

The Company's developmental projects within the country (establishment of a Bancassurance company and a Credit Company) as well as abroad (expansion towards Germany and Romania) are currently at their final stage of realization.

The most important of all of the Companies' projects, which is their merger and the establishment of a Unified Insurance Organisation during the current year, is advancing according to schedule.