2003 has been a year of great organizational changes for Agrotiki Insurance. Among others, those changes include: the completion of the merger procedures for Agrotiki Life and Agrotiki Insurance and the realization of the early retirement scheme for the personnel with the participation of 150 employees, corresponding to more than 20% of the company's labor force.

The strategic measures taken by the company's administration, in conjunction with the parallel increase of its technical and mathematical reserves, the parallel increase of damages paid and the reduction of the general expenses, demonstrate the credibility as well as the flexibility and the effective operation of Agrotiki Insurance.

The balance sheet of the year 2003, reflects the result of, the general policy and the reformation plan, which has been adopted by the company with the employee's consent: Increase of all indexes related to productive activities, increase of investment profits, with a negative financial result of 16.841.676,69 million euros owing to the realization of the restructure plan, the positive results of which will appear in the 2004 balance.

According to the 2003 balance sheet, Agrotiki Insurance achieved:

Increase in production by 14,3%, compared to the 2002 production. Increase in the non life insurance production that amounted to 4,3 percentage points and in the life and health insurance production to 29,4 percentage points. Increase in the market share for the 6th consecutive year.

In absolute figures, the total premium income - life and non life amounted to 201.952.590 euros, compared to 176.938.165 euros in 2002. In particular, the non life premiums amounted to 111.029.990 euros, compared to 106.487.668 euros and the life and health premium amounted to 90.922.600 euros as compared to 70.497.480 euros for the corresponding period last year.

Motor Third Parts reserves have been increased from 162,3% to 183,4% of net premiums. At the same time, the Motor Third Parts Liability loss has been reduced by 7,7 percentage points and has been set at 84,5% of net premiums including the policy fees.

The total loss ratio has been established at 65,2% of net premiums or 52,3% of net premiums including the policy fees, showing a reduction of 9,6 percentage points compared to 2002.

Mr. Dimitrios Vidalis, managing director of Agrotiki Insurance, stated that the company has managed to minimize in 2003 the negative effects, of the critical for the insurance market, three years 2000-2003, in order to establish the base and the necessary conditions for a profitable 2004.