Annual Statistical Report

Transcription

1 Annual Statistical Report Association of Companies-Greece Athens 2006

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3 Companies Members of the Association S.A. Companies established AEGEON INSURANCE COMPANY S.A. AGROTIKI INSURANCE CO. S.A. ALLIANZ GENERAL INSURANCE CO. S.A. ALLIANZ LIFE INSURANCE S.A. ALPHA ASFALISTIKI INS. CO. S.A. ASPIS PRONIA GENERAL INS. CO. S.A. ASPIS PRONIA NON-LIFE INS. CO. S.A. ATLANTIC UNION INS. CO. S.A. CGU HELLAS S.A. COMMERCIAL VALUE INS. CO. S.A. DAS HELLAS S.A. - LEGAL PROTECTION DYNAMIS GENERAL INS. CO. S.A. EFG EUROLIFE GENERAL INS. CO. S.A. EFG EUROLIFE LIFE INS. CO. S.A. EGNATIA INS. CO. S.A. EMPORIKI LIFE INS. CO. S.A. EOS GENERAL INS. CO. S.A. ETHNIKI INS. CO. S.A. EULER HERMES EMPORIKI CREDIT INS. CO. S.A. EUROPEAN PROVIDENCE INS. CO. S.A. EUROPEAN RELIANCE INS. CO. S.A. EUROPEAN UNION INS. CO. S.A. EUROPE INS. CO. S.A. EUROSTAR GENERAL INS. CO. S.A. GENERAL TRUST INS. CO. S.A. GENERAL UNION INS. CO. S.A. GENERALI HELLAS PROPERTY & CASUALTY S.A. GENERALI LIFE INSURANCE CO. S.A. HELLAS INSURANCE COMPANY S.A. HORIZON GENERAL INS. CO. S.A. IDROGIOS INSURANCE & REINSURANCE CO. S.A. IMPERIO LIFE S.A. IMPERIAL HELLAS GENERAL INS. CO. S.A. INCHCAPE INS. CO. S.A. ING HELLENIC GENERAL INSURANCE CO. S.A. ING HELLENIC LIFE INSURANCE CO. S.A. ING PIREOS LIFE INS. CO. S.A. INTERAMERICAN LIFE INSURANCE CO. S.A. INTERAMERICAN PROPERTY & CASUALTY INS. CO. S.A. INTERAMERICAN HEALTH & ASSISTANCE INS. CO. S.A. INTERAMERICAN ROAD ASSISTANCE INS. CO. S.A. INTERASCO GENERAL INS. CO. S.A. INTERLIFE GENERAL INS. CO. S.A. INTERNATIONAL HELLAS INSURANCE CO. S.A. INTERNATIONAL LIFE INS. CO. S.A. INTERNATIONAL UNION INSURANCE CO. KIKLADIKI LIFE INS. CO. S.A. LAIKI LIFE INS. CO. S.A. LA VIE LIFE INS. CO. S.A. LE MONDE INSURANCE CO. S.A. NEOS POSEIDON INS. CO. S.A. OMEGA INS. CO. SA. PERSONAL INS. CO. S.A. PHOENIX-METROLIFE-EMPORIKI INS. CO. S.A. SIDERIS GENERAL INS. CO. S.A. SKOURTIS G. EL. GENERAL INS. CO. S.A. SYNETERISTIKI GENERAL INS. CO. S.A. UNIVERSAL LIFE (HELLAS) INS. CO. S.A. V.D.V. LEBEN INTERNATIONAL INS. CO. VICTORIA LIFE INS. CO. S.A. VICTORIA INSURANCE COMPANY S.A.

4 Branches of Foreign Companies British ASSOCIATION OF LLOYD S UNDERWRITERS AXA PROVINCIAL INSURANCE PLC ECCLESIASTICAL INS. OFFICE PLC MITSUI MARINE & FIRE INSURANCE CO (EUROPE) LTD ROYAL & SUN ALLIANCE INSURANCE PLC TOKIO MARINE EUROPE INSURANCE LIMITED TRENWICK INTERNATIONAL LIMITED Associated Members German SCHWARZMEER UND OSTSEE merican AMERICAN LIFE INSURANCE CO (ALICO AIG LIFE) NATIONAL UNION INS. CO OF PITTSBURGH PA USA Belgian INTER PARTNER ASSISTANCE SBAI MONDIAL ASSISTANCE French EUROP ASSISTANCE German A.R.A.G. ALLGEMEINE S. VERSICHERUNGS ATRADIUS CREDIT INSURANCE N.V. GERLING KONZERN VAG HAMBURG MANNHEIMER SA UNIVERSA ALLGEMEINE VERSICHERUNG AG Spanish MAPFRE ASISTENCIA COMP. INTERN. Cyprian CYPRUS INSURANCE CO. CYPRUS LIFE INSURANCE CO. Philippine MALAYAN INSURANCE CO LTD

5 Contents Introduction 7 1. The Greek Economy in Basic Figures of the Greek Market in The European Market in Private in the Greek Economic Environment A Different Approach of the Market An Analytical Review of the Greek Market for Financial Figures of the Enterprises 20 Statistical Tables 23

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7 Introduction The Association of Companies-Greece is pursuing the endeavor to provide its Member-Companies with valid and scientific information on Private, by issuing once more the annual statistical report: «Private in 2005» which is elaborated by the Association s Research Department, and presents the economic figures resulting from the activities of Enterprises during 2005 compared to the previous year, and examines at the same time the boundaries of the insurance market within the Greek Economy and the European insurance market. The reader may observe that, the structure and the contents of the statistical report have been modified, aiming to cover the needs for information of the individuals of the insurance market and also according to the experience of similar publications of other European Associations, so that it becomes more useful to the managers of the Enterprises as well as to the specialized researchers of the insurance market. More specifically, in order to facilitate the inquiry within the text and present all the statistical information of the market, the report includes the following: ñ The first three chapters review the major characteristics of the Greek Economy for the last two years, which set the operational environment of the Enterprises, while present the basic figures of the Greek and European insurance market for the years 2004 and ñ The fourth chapter records the participation of Private to the country s economy, and in the fifth chapter a different approach of the Greek insurance market is undertaken, with the use of percentage shares. ñ The last two chapters analytically examine all the financial aspects of the activities of Companies, for the last seven years. ñ The annex at the end of the report presents in tables all the statistical data of the above-mentioned analysis, where the interested reader is referred to, in order to seek the figures of the Greek insurance market during the last seven years. We strongly believe that the new form of our annual statistical report will be more useful and help our member-companies, as well as all interested analysts of our Market, in order to draw valuable conclusions. ªargarita Antonaki General Manager

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9 1. The Greek Economy in 2005 The growth rate of the Greek economy remained satisfactory in 2005 and its slowdown was relatively small compared with the high growth rates of previous years. More specifically, annual Gross Domestic Product s (G.D.P.) growth in 2005 remained above the E.U. 15 average for the tenth year running and, according to provisional estimates from the National Statistical Service of Greece (N.S.S.G.), was 3,7%, down from 4,7% in 2004 and an annual average of 4,4% over the period On the basis of these estimates, the Greek economy is still along with Ireland and Luxemburg one of the fastest growing economies in the E.U.-15, significantly outperforming the euro area as a whole. However, the growth rate of the Greek economy falls short of that of several new E.U. Member-States, while its per capita G.D.P. in purchasing power standards, continues to lag behind and was 22,6% below the E.U.-15 average in The year average rate of inflation, on the basis of the Consumer Price Index (C.P. I.) increased to 3,5% in 2005, from 2,9% in 2004 and 3,5% in On the contrary, core inflation, as measured by the annual rate of change in C.P. I. excluding fuel and fresh fruit and vegetables, fell at 3,1% on average, compared with 3,3% in On the basis of the Harmonized Index of Consumer Prices (H.I.C.P.), which is suitable for the comparison to the inflation rate in the euro area, the year average rate of inflation in Greece increased to 3,5% in 2005, from 3,0% in 2004 and 3,4% in On the contrary, core inflation, as measured by the annual rate of change in H.I.C.P. excluding energy and unprocessed food, reduced to an average of 3,2% in 2005 from 3,4% in As a result, the differential (based on the H.I.C.P.) between inflation and average inflation in the euro area (2,2%) increased to 1,3 percentage point on average in 2005 from 0,9 p.p. in 2004, 1,3 p.p. in 2003 and 1,6 p.p. in Bank interest rates as regards deposits showed small changes during For example, the interest rate on new deposits by households with an agreed maturity of up to one year stood at slightly higher levels, thus the positive differential in comparison with the relevant interest rate of the euro area decreased during the year. Interest rates on loans to households (consumer and housing) dropped during 2005, while in some categories of corporate loans the interest rates increased and in other categories they remained almost unchanged. It should be noted that lending rates, though higher than the corresponding average rates in the euro area, in some categories of loans, e.g. the most important categories of corporate and housing loans, are not the highest among individual euro area countries. In 2005, capital markets were marked by a significant slowdown in government bond yields, a noticeable improvement in stock market performance and a decline in the mutual funds market. Developments in the Greek government bond market were generally in line with the corresponding euro area bond markets. As a whole, short-term and medium-term yields rose at end-2005, compared with end-2004, while long-term yields dropped. The recovery of the Athens Stock Market (Athex) share price index that had started in 2003, continued in 2005 at a robust pace. Between end-december 2004 and end-december 2005, the Athex composite stock price index rose by31,5%. The average daily value of transactions stood at euro 209 million in 2005, increased by 48,6% compared to that of In addition, total funds raised through the stock market in 2005 increased considerably, mainly due to funds raised by companies of the financial sector. It should be noted that at the end of November 2005 the new Athens Exchange Regulation was put into effect. Finally, in spite of important progress with structural reforms over the past15 years, the labour, goods and services markets are still hampered by rigidities that reduce the productive capacity and the international competitiveness of the Greek economy, as confirmed by international comparisons of structural competitiveness. (Data Source: Bank of Greece, year 2005 Governor s Report) 9

10 2. Basic Figures of the Greek Market in 2005 A total of 95 Enterprises issued financial statements for 2005, writing total direct premium 3,92 billion euro, showing a growth rate of 8,27% compared to the year A share of 49,32% of total direct written premium corresponded to life insurance, while 50,68% corresponded to non-life insurance The Enterprises The split of Enterprises according to line of business shows that 18 Enterprises were acting exclusively life insurance, 64 were acting non-life insurance and13 were composite (both life and non-life). The split of Enterprises according to establishment, gives 68 S.A. Companies established (16 life, 40 non-life and 12 composite) and 27 branches of foreign Companies (2 life, 24 non-life and 1 composite). According to the country of origin, 23 branches were based in European Union Countries, while 4 branches were based in countries other than European Union. Split of Enterprises Out of the total 95 Enterprises, there were 11 branches of foreign Companies, which wrote no insurance premium during As a result, the number of total Enterprises acting insurance underwriting reached 84 by the end of 2005 (that is 68 S.A. Companies established and 16 branches of foreign Companies), which according to line of business split into 17 life insurance enterprises, 54 non-life and 13 composite Direct Written Premium Total direct written premium reached 3,92 billion euro instead of 3,62 billion euro in 2004, showing an annual growth rate of 8,27% (the previous year growth rate was 12,03%). The inflation adjusted rate of change for 2005 shows a premium increase by 4,56% compared to Non-life insurance showed a premium increase by 4,91% reaching 1,99 billion euro instead of 1,9 billion euro in 2004 (the previous year growth rate was 5,33%). The inflation adjusted growth rate was 1,32% over Life insurance premium reached 1,93 billion euro instead of 1,73 billion euro in 2004, showing an increase of11,94% over 2004 (life premium during 2004 had experienced an increase by 20,44% over 2003). The inflation adjusted rate of change for 2005 shows a premium increase by 8,11% compared to As a result, the share of life premium to total written premium for 2005 was increased to 49,32% (instead of 47,7% share during 2004), while the share of non-life premium reached 50,68% (instead of 52,3% share during 2004). 10 Life (18) Composite (13) Non-Life (64)

11 2.3. The Share in the Greek Economy The increase of total premium in inflation adjusted prices, had a positive impact on the share of Private in Gross Domestic Product, which increased to 2,17% in 2005 instead of 2,15% in The same impact was observed for the total premium per capita, which reached 354,02 euro during 2005, instead of 328,23 euro during The share of investments of Companies in Gross Domestic Product followed a similar course, reaching 5,12% in 2005 instead of 4,73% in Indemnities Total insurance compensations and indemnities paid to policyholders reached 2,11 billion euro in 2005, instead of 1,92 billion euro in 2004, showing an average increase by 9,94%. Life insurance compensations and indemnities reached 963,7 million euro instead of 875,3 million euro in 2004, showing an increase by 10,09 %. Non-life insurance compensations and indemnities reached 1.147,3 million euro instead of 1.044,8 million euro in 2004, showing an increase by 9,82%. Life and Non-Life Direct Premium (IN MILLION EURO) Financial Figures Total assets of the Enterprises counted for 11,9 billion euro instead of 10,6 billion euro in 2004, showing an increase of 12,51%. The investments of Enterprises increased by16,38% reaching 9,27 billion euro (7,96 billion euro in 2004), including the investments for life policyholders bearing the investment risk which reached 1.652,7 million euro instead of 1.202,4 million euro in Total insurance provisions for 2005 counted for 7,24 billion euro instead of 6,67 billion euro in 2004, increased by 8,5%. In addition, insurance (mathematical) provisions for life policyholders bearing the investment risk reached 1,65 billion euro in 2005, instead of 1,2 billion euro in 2004 (37,47% growth rate). Total equity for 2005 reached1,87 billion euro instead of 1,68 billion euro in 2004, increased by 11,82%. Total profit (before taxes) during 2005, reached 124,3 million euro instead of -62,9 million euro losses in Life Non-Life 11

12 3. The European Market in 2005 According to first figures about the year 2005 presented by the European Committee (C.E.A. European in figures), the estimates provided by 33 of its member countries show that the European insurance market has returned to healthy rates of growth, overcoming the stock market crash, increased technical provisions and the slowdown of the economy. The significant increase in growth of total premium to 4,5% demonstrated the confidence consumers and enterprises in insurers to protect and secure their welfare and assets. With an inflation-adjusted growth rate of 6,2%, the life insurance has driven the development of the insurance industry in This evolution reflects the high confidence of insured s in insurance products offering good capital guarantee and high return in a period of low interest rate. Non-life insurance has experienced a more moderate growth of 1,8% inflation-adjusted, an evolution that conceals difference between western countries with developed and saturated markets and eastern countries which experience the catch up effect Number of Enterprises The total number of Enterprises which were active in the 32 C.E.A. member Countries during 2005 is estimated at 5.330, slightly reduced (-0,8%) than year 2004 number, due to the fact that mergers and acquisitions are continuing. A number of (a share of 92% of the total) Enterprises are based in the 25 European Union member Countries (less by 1% than 2004) Direct Premium Total direct insurance premium of the 25 European Union member Countries is estimated at 925,1 billion euro in 2005, increased by 6,7% non-inflation adjusted, or 4,6% inflation adjusted over the previous year. Life insurance premium is estimated at 569,6 billion euro in 2005, increased by 8,7% non-inflation adjusted, or 6,5% inflation adjusted. Non-life insurance premium is estimated at 355,5 billion euro in 2005, increased by 3,8% non-inflation adjusted, or 1,6% inflation adjusted. As a result the share of life premium in total premium reached 61,58% in 2005, slightly greater than 60,48% share in On the other hand, the share of non-life premium reached 38,42% in 2005, lower than 39,52% share in The Investments of the Enterprises Showing a growth rate of 8,3% inflation adjusted, the volume of investments of the Enterprises of C.E.A. member Countries seems to grow again, after the growth experienced the last two years. Total investments of the Enterprises of E.U.-25 member Countries are estimated to reach 5,98 trillion euro in 2005, showing an increase of10,1%. The growth rate in inflation adjusted prices is estimated 8,2%. The breakdown of investments in categories depends in each country s different institutional and legal status, as well as the prevailing different types of the insurance contracts. According to year 2004 figures (which are the latest available complete data) of E.U.Countries, the major part of the investments (42,8%) belongs to the category of bond securities and other fixed income securities. Quite big is the share invested in shares and other variable yield securities and units in mutual funds (29,2%) followed by loans, including mortgages (12%). Land and buildings share reaches 4%, same as investments in affiliated undertakings, the deposits cover 3% and other investments cover 5% of the total. 12

13 3.4. Business in the Economic Environment The calculation of the financial effect of the insurance activities upon the economies of the European Union (25) countries, uses the following ratios which were reported at the beginning of the year 2005: ñ premium share to Gross Domestic Product (G.D.P.) The share of insurance premium to G.D.P. for the European Union (25) countries during the year 2003 was 8,4%, while for 2004 reached at 8,5%. ñ investments share to Gross Domestic Product (G.D.P.) The share of investments of Enterprises to G.D.P. for the European Union (25) countries during the year 2003 was 51,5%, while for 2004 is estimated at 53,4%. ñ Total insurance premium per capita Total insurance premium per capita for the European Union (25) citizens reached an average of euro during 2003, while in 2004 reached euro. ñ Life insurance premium per capita Life premium per capita in European Union (25) countries reached an average of euro during 2003, while in 2004 reached euro. ñ Non-life insurance premium per capita Non-life premium per capita in European Union (25) countries reached an average of 726 euro during 2003, while in 2004 reached 750 euro The Structure of Non-Life The percentage premium structure of the non-life insurance, for the European Union (25) member Countries (according to year 2004 figures) was: ñ Motor insurance 34,3% ñ Accident and Sickness insurance 24,7% ñ Property insurance 20,9% ñ General Civil Liability insurance 8,5% ñ Marine, Aviation and Transport insurance 3,7% ñ Legal Expenses insurance 1,4% ñ Other non-life insurance 6,5% Key Figures of the Greek and European Union (25) Market for the year 2004 KEY FIGURES GREECE SHARE EUROPEAN UNION Direct Premium (total market, million ú) 3.623,9 0,42% of which: Life Premium 1.728,7 0,33% Non-Life Premium 1.895,2 0,55% Total Investments (total market, million ú) 7.962,7 0,15% Number of Enterprises 99 2,01% Number of Employees ,01% MAIN RATIOS Total Premium per capita (in euro) 328,23 17,30% of which: Life Premium per capita 156,58 13,65% Non-Life Premium per capita 171,66 22,89% 750 Share of Total Premium to G.D.P. 2,15% 8,5% Share of Total Investments to G.D.P. 4,73% 53,4% Employees per Enterprise Note The figures for European Union (25) are recorded by the Comite Européen des Assurances (C.E.A.) for the year 2004, according to the latest available publication European in figures: 2004 Complete Data 13

14 4. Private in the Greek Economic Environment The determination of the financial effect of the activities of Enterprises in a country s economy can be attained through the use of financial ratios, which also facilitate international comparisons. Such ratios are: the share of total insurance premium to Gross Domestic Product (G.D.P.), the share of total investments to G.D.P. and insurance premium per capita Share of insurance premium to G.D.P. For a fourth contiguous year, the ratio of total premium to G.D.P. shows a small increase over the previous year. So after 1999, when the ratio reached the highest value (2,14%) of the last 12 years, it dropped during 2001 to 1,99%, while it is calculated at 2,17% for the year It is obvious that the rate of increase of the volume of premium in current prices over the previous years was greater than the rate of increase of the Greek G.D.P., resulting the increase of the abovementioned ratio. The statistical tables of the annex list in details all the figures stated in this report about the evolution of Private during the last years. Table 1 presents the share of total direct written insurance premium to G.D.P. (in current market prices) for Greece, for the time period Share of total investments to G.D.P. The ratio of total investments of Enterprises to G.D.P. is an internationally accepted indicator of the development of a country s insurance market, while it also shows the power and the maturity of life insurance. The share of investments to G.D.P. of the Greek market, after having reached during 1999 its highest value (4,55%) of the previous 12 years, showed a decrease the following years and reached 4,06% in 2002, but later experienced a return to the level of 5,12% in In any case though, it is still far below the European Union average, as recorded in the previous section. Table 2 of the annex presents the share of total investments to G.D.P. (in current market prices) for Greece, for the time period premium per capita For one more year, the ratio of total direct insurance premium over Greece s population (estimation made by the National Statistical Service of Greece) shows an increase during Total premium per capita were 221,36 euro in 1999 and increased until it reached the highest value during the year 2005 (354,02 euro in average). Table 3 of the annex records the evolution of the ratio of total premium per capita for the time period The last column of the table calculates the ratio in European currency units (euro) by applying the fixed parity: 1 euro = 340,75 G.Dr., until the full adoption of the new currency unit (euro) on March The corresponding calculation for life premium per capita (table 4) shows an increase after 2001, so that the ratio reached 174,61 euro life premium per capita in On the other hand the ratio of non-life premium per capita (table 5) shows a powerful increase during the same period, reaching 179,40 euro non-life premium per capita during 2005, compared to 98,28 euro in

15 5. A Different Approach Of the Market The aspects and the evolution process of the Greek Market, besides figure reporting (as shown in the next section), can be described through the use of alternative parameters that are used to examine the Sector. The parameters used have resulted from the elaboration of the economic figures of the Enterprises, they are the year average of the market and may help to draw out useful conclusions. Briefly the parameters are: 1) The market concentration 2) The retention share (on premium) 3) The accepted reinsurance share 4) The claims ratio (only for non-life insurance) 5) The outstanding claims ratio (only for non-life insurance) 5.1. The market concentration The examination of the direct insurance premium of the Companies operating as well as the market share of the largest life/non-life Companies during 2005 give us the following results: a. In life insurance the top five Companies accounted for 67,78% of direct written life premium in 2005, while the corresponding figure for 2004 was 64,03%. The top ten Companies covered 88,81% of life premium in 2005 (88,88% in 2004) the top fifteen covered 97,55% in 2005 (97,41% in 2004) and the top twenty covered 99,48% in 2005 (99,58% in 2004). Four Companies had a market share greater than 10% in life insurance (their total share in life premium was 58,5%) while 11 Companies had a market share between 1% and 10% (their total share in life premium was 39%). Thus the market concentration in life insurance during 2005 is characterized by the great shares held by the largest in life premium Companies. b. In non-life insurance the top five Companies accounted for 37,2% of direct written non-life premium in 2005, while the corresponding figure for 2004 was 38,87%. The top ten Companies covered 56% of non-life premium in 2005 (56,1% in 2004), the top fifteen Companies covered 69% in 2005 (69,39% in 2004) and the top twenty Companies covered 77,2% in 2005 (78,3% in 2004). One Company only, showed a market share greater than 10% in the non-life insurance (its total share in nonlife premium was 15,3%) while 25 Companies had a market share between 1% and 10% (their total share in non-life premium was 69,7%). Thus the market concentration in non-life insurance in 2005 is slightly different than in 2004 for the top Companies, but still there exists a bigger dispersion of non-life premium between the top Companies than in life insurance The Retention share (on premium) This is the share of net written premium to total gross premium where: ñ total gross premium is the sum of direct written insurance premium plus reinsurance (accepted) premium. ñ net written premium is equal to total gross premium less reinsurance premium ceded. The share represents the proportion of retained business and thus, indirectly, the importance of reinsurance for the domestic Market. The calculations show a small increase of retained business since 2001, when experienced the lowest value of the previous years (83,58%), reaching a rate of 86,79% in 2005 (table 6) The Accepted Reinsurance share This is the share of reinsurance premium accepted to total gross premium, where: ñ total gross premium is the sum of direct insurance premium plus reinsurance (accepted) premium. The share provides an indication of the significance of reinsurance accepted in the national insurance market. After 2001 (when the ratio reached the value of 1,66%) a steady falling trend of the accepted reinsurance share is observed, until 2004 (1,45%), but during 2005 it increased to 1,63% (table 6). 15

16 5.4. The Claims ratio (only for non-life insurance) The claims ratio calculates the share of paid claims of a certain period upon earned premium for the same period, for nonlife insurance only. It refers to insurance activities, without taking into account other expenses (acquisition cost or administrative cost) or income (from investments). The ratio is the outcome of paid claims over earned premium, where: ñ paid claims are the sum of payments within a period plus the outstanding claims at the end of the period less the outstanding claims at the beginning of the period. ñ earned premium is the outcome of gross written premium within the same period plus policy fees plus the difference of unearned premium reserve between the beginning and the end of the period. The figures used for the calculation of the claims ratio appear at the operating accounts for motor third party liability and other non-life classes as well, of the annual balance sheets published according to the new accounting principles for the Companies (that is for the financial years 2000 and on). The share of paid claims upon earned premium for motor third party liability insurance for the year 2000 is calculated at 88,14%, but reduced to 82,33% during 2005 (table 7) The Outstanding Claims ratio (only for non-life insurance) The outstanding claims ratio calculates the share of outstanding claims reserves at the end of a period upon written premium for the same period, for non-life insurance. The ratio is the outcome of outstanding claims reserves at the end of the year divided by gross written premium and the policy fees of the year. The figures used for the calculation of the outstanding claims ratio appear at the operating accounts for motor third party liability and other non-life classes as well, of the annual balance sheets published according to the new accounting principles for the Companies (that is for the financial years 2000 and on). The share of outstanding claims for motor third party liability insurance for the year 2000 is calculated at 104,30%, while in 2005 reached 115,77% (table 8). The share of outstanding claims for other non-life insurance (besides motor third party liability) is calculated at 59,01% for 2000, but reduced to 35,67% for As a result the ratio for total non-life insurance is calculated at 82,59% for the year 2000, but reduced to 74,13% for The share of paid claims upon earned premium for other nonlife insurance (besides motor third party liability) is calculated at 47,11% for 2000 and reduced to 30,21% for As a result the ratio for total non-life insurance is calculated at 68,61% for the year 2000 and reduced to 55,58% for

17 6. An Analytical Review of the Greek Market for 2005 At the current section, the evaluation of the figures resulting from the activities of the Enterprises is undertaken, according the published annual operating accounts. Thus the figures reported are: written premiums, loss payments, reinsurance premium ceded and other income-expense items, for the latest available year, compared to the figures of the previous years Total Written Premium Total direct written insurance premium reached 3.923,5 million euro in 2005 (3.623,9 million euro in 2004) showing an increase of 8,27% compared to 12,03% in 2004 (table 9). After two years of low growth rates (2000 and 2001), it seems that since 2002 the market returns gradually to high growth rates, which were greater than the inflation rate. The total premium for 2005 according to these three accounts, splits as follows: ñ Life insurance premium: ,79 euro ñ Motor third party liability insurance premium: ,03 euro ñ Other non-life insurance premium: ,90 euro Examining the life premium (tables 9 and 10) it is observed that the 2005 growth rate was 11,94% in current prices and 8,11% in deflated prices. Non-life premium had a growth rate of 4,91% in 2005 in current prices and 1,32% in deflated prices (tables 9 and 10). A more detailed analysis per branch of insurance for 2005, according to data supplied by the Companies about premium written with, is following. Direct Premium for 2005 Written reinsurance premium (accepted) increased in 2005 by 22,21% (8,30% increase in 2004) reaching 65,2 million euro (table 11) Total Premium (inflation adjusted figures) Converting current prices into deflated prices (using the Consumer Price Index as a deflator and assuming 1994 as base year) it is concluded that direct written insurance premium increased by 4,56% in real prices in 2005 compared to 8,88% increase in 2004 (table 10). Examining real growth of written reinsurance premium (accepted) (table 12) an increase by 18,02% is shown, after an increase by 5,26% in Other Non-Life 26,56% Motor third-party Liability 24,12% Life 49,32% 6.3. Breakdown of Premium Income by Class of An analysis of total premium income in the way appeared in annual published Balance Sheet Statements is shown under three operating accounts (table 13) namely: Life insurance account, Motor third party liability account and other Non- Life insurance account. 17

18 Table14 presents both direct written insurance premium and reinsurance premium (accepted) of each branch of insurance for 2005, according to the Association s annual research. The examination of the share of each branch of insurance (table14) to total premium shows that branch10. Motor third party liability accounts for 47,59% of total non-life premium, followed by branch 8. Fire and natural forces (15,86%) and class 3. Land vehicles (13,66%). Concerning life premium, the branch I. Life accounts for 59,82%, followed by branch III. Life linked to investments (27,33%). The growth rate, of direct premium during 2005 for each branch, is shown in table 15 where class 17. Legal Expenses reveals the greatest growth rate (20,94%). For the rest of the classes great increases are shown in classes 12. Civil Liability for Ships (19,7%), 16. Miscellaneous Financial Losses (17,94%), 5. Aircraft (12,03%) and14. Credit (11,93%). Concerning life insurance, considerable growth (15,68%) was reported by class III. Life Linked to investments Breakdown of Reinsurance Premium Ceded Total reinsurance premium ceded reached 521,5 million euro in 2005, instead of 545,9 million euro in 2004, decreased by 4,48%. The greatest part of ceded premium (74,10% in 2005) refers to other non-life insurance (besides motor third party liability) which decreased by 5,44% since 2004 (table 16), while the ceded premium for motor third party liability insurance decreased by 3,09%, reaching a share of 11,38% of total for At the same time life insurance ceded premium decreased by 0,47% since 2004, thus decreasing the share to total ceded premium to 14,52% for Breakdown of Compensations and Indemnities Total insurance compensations and indemnities paid for the year 2005 reached 2.110,9 million euro instead of1.920,1 million euro in 2004, increased by 9,94%. A share of 45,65% of total compensations of the year 2005 referred to life insurance (table 18), a share of 38,45% referred to motor third party liability insurance and the rest 15,9% referred to other non-life insurance. Reinsurers share in claims payments for 2005 reached 214,6 million euro instead of 178,8 million euro in 2004, so Companies retention increased from 1.741,3 million euro in 2004 to 1.896,4 million euro in compensations paid for life insurance reached 963,7 million euro in 2005, instead of 875,3 million euro in 2004, showing an increase of 10,09% (table 18). compensations paid for motor third party liability insurance increased by 7,44% (from 755,4 million euro in 2004 to 811,6 million euro in 2005). On the other hand, the rate of increase of insurance compensations paid for other non-life insurance reached 16,02% (335,7 million euro in 2005 instead of 289,3 million euro in 2004) Operating Accounts of the Classes For the evaluation of the operating results of the Enterprises for the year 2005, published figures from the annual Balance Sheets are used, for the three insurance classes: ñ Life insurance ñ Motor third party liability insurance ñ Other non-life insurance 18

19 Operating Account for Life According to published operating accounts for life insurance for the year 2005, total revenues reached 1.697,2 million euro while total expenses reached 1.231,8 million euro, thus showing a positive technical result of 465,4 million euro (table 19). The technical result for life insurance for 2004 was also positive and reached 570,3 million euro. The main accounts on the revenues side (table 20) were: the retention of earned premium (1.061,2 million euro or a share of 62,53% of total revenues) and investment income (506,7 million euro or a share of 29,85% of total). The main accounts on the expenses side (table 21) were: the retention of paid claims (947,1 million euro or a share of 76,89% of total expenses) and commissions and similar expenses (290,1 million euro or 23,55% of total) Operating Account for Motor Third Party Liability According to published operating accounts for motor third party liability insurance for the year 2005, total revenues reached 1.165,9 million euro while total expenses reached 1.115,8 million euro, thus showing a positive technical result of 50 million euro (table 22). The technical result for 2004 was positive and reached 118,4 million euro Operating Account for Other Non-Life According to published operating accounts for other non-life insurance for the year 2005, total revenues reached 863,3 million euro while total expenses reached 472,4 million euro thus showing a positive technical result of 390,9 million euro (table25). The technical result for 2004 reached 372,1 million euro. The main accounts on the revenues side (table 26) were: the retention of earned premium (661,9 million euro or a share of 76,67% of total revenues), the investment income (50,9 million euro or a share of 5,90% of total) and the policy fees and other revenues (150,5 million euro or a share of 17,43% of total). The main accounts on the expenses side (table 27) were: the retention of paid claims (235,2 million euro or a share of 49,78% of total expenses) and the commissions and similar expenses (235,9 million euro or a share of 49,95% of total expenses). The main accounts on the revenues side (table 23) were: the retention of earned premium (874,9 million euro or a share of 75,04% of total revenues), the investment income (82 million euro or a share of 7,03% of total) and the policy fees and other revenues (209,1 million euro or 17,93% of total). The main accounts on the expenses side (table 24) were: the retention of paid claims (885,3 million euro or a share of 79,34% of total expenses) and the commissions and similar expenses (227,3 million euro or a share of 20,37% of total). 19

20 7. Financial Figures of the Enterprises The Enterprises, besides operating accounts, they publish each year their main financial figures at year end, as recorded in the annual Balance Sheets. In the current section, financial figures of the Enterprises are reported, like total equity, total assets, insurance provisions, investments and total profit, as well as their evolution from the previous year Total Equity Total equity of Companies reached 1.873,7 million euro in 2005 having an increase rate of 11,82% over the previous year (table 28). The year 1999 figures confirmed the share capital increases, while year s profit carried to 2000 gave it a rise. On the contrary, the increased losses of the years 2001 and 2002 have led to the decrease of each year s equity. The share capital increases as well as profits reported during 2003 and 2004, have led to improvement of the financial strength of Enterprises. Financial Items of Enterprises (IN MILLION EURO) Total Provisions Total Investments Total Assets

21 7.2. Total Assets Total assets reached ,8 million euro in 2005, showing a growth rate of 12,51% (table 28). Thus, it is the third year that total assets growth rate returned to two figures (the 2004 growth rate was 10,68%) Provisions Total insurance provisions reached million euro in 2005 (table 29) showing an increase of 8,5% with respect to 2004 (8,3% in 2004 respectively). The provisions for life insurance reached 4.684,4 million euro in 2005 increased by 9,6% since The provisions for non-life insurance reached 2.555,6 million euro in 2005 increased by 6,53% since Total Investments Total investments reached 9.267,2 million euro in 2005, according to annual Balance Sheets, having a growth rate of 16,38% over 2004, when they reached 7.962,7 million euro Year s Profit (Loss) Year s profit (before taxes) reached124,3 million euro in 2005 (table 28), while in 2004 the Enterprises reported losses reaching -62,9 million euro. It is interesting to analyze the Profit and Loss account of the total Market as shown in table 32. The total technical results of all insurance branches reached 906,3 million euro in 2005 instead of 1.060,8 million euro in From the sum of the abovementioned items by deducting general expenses (a total of 782 million euro in 2005) gives year s profit (before taxes) 124,3 million euro in 2005, instead of losses -62,9 million euro in Deducting taxes (60,3 million euro in 2005 instead of 54,9 million euro in 2004) gives net profit (after taxes) 64 million euro in 2005 (-117,8 million euro in 2004). Total investments are the sum of the accounts: C.Investments (7.614,5 million euro in 2005) and D. Investments on behalf of the policyholders bearing the investment risk (1.652,7 million euro in 2005) as shown in annual Balance Sheets. companies invested 3.728,9 million euro from the account C. Investments during 2005 in Bonds (short, medium and long-term fixed income bonds issued by the Greek State or by State owned enterprises) showing an increase of11,25% from 2004 (tables 30 and 31). Investments in Shares and Units in Mutual Funds comprised the second largest group of investments of the account C. Investments and reached1.391,7 million euro in 2005 (18,28% increase over the previous year). The investments in Real Estate (land and building after amortization) in 2005 reached 966,9 million euro (increased by 16,28% from 2004). A more detailed analysis of the account C. Investment major components for the period is shown in table 30. Companies invested during 2005, 48,97% of C. Investments in Bonds,18,3% in Shares and Units in Mutual Funds, 6,69% in Participation in affiliated companies and 12,7% in Real Estate. 21

22 Analysis of Investments of Enterprises in 2005 OTHER INVESTMENTS 13,4% REAL ESTATE 12,7% PARTICIPATING INTERESTS 6,7% BONDS & FIXED INCOME SECURITIES 48,9% SHARES & UNITS 18,3% 22

23 Statistical Tables 23

24 TABLE 1: INSURANCE PREMIUM/G.D.P. YEAR PREMIUM G.D.P. % , ,0 2,14% , ,0 2,07% , ,0 1,99% , ,0 2,02% , ,0 2,08% , ,0 2,15% , ,0 2,17% (FIGURES IN MILLION EURO - G.D.P. IN CURRENT MARKET PRICES) TABLE 2: TOTAL INVESTMENTS/G.D.P. YEAR INVESTMENTS G.D.P. % , ,0 4,55% , ,0 4,52% , ,0 4,28% , ,0 4,06% , ,0 4,45% , ,0 4,73% , ,0 5,12% (FIGURES IN MILLION EURO - G.D.P. IN CURRENT MARKET PRICES) TABLE 3: TOTAL DIRECT INSURANCE PREMIUM PER CAPITA (in Euro) (PREMIUM IN MILLION EURO) (PREMIUM IN MILLION EURO) YEAR TOTAL TOTAL PREMIUM PREMIUM POPULATION PER CAPITA , , , , , , , , , , , , , ,02 TABLE 4: LIFE PREMIUM PER CAPITA (in Euro) YEAR LIFE LIFE PREMIUM PREMIUM POPULATION PER CAPITA , , , , , , , , , , , , , ,61 24 TABLE 5: NON-LIFE PREMIUM PER CAPITA (in Euro) (PREMIUM IN MILLION EURO) YEAR NON-LIFE PREMIUM POPULATION NON-LIFE PREMIUM PER CAPITA , , , , , , , , , , , , , ,40

25 TABLE 6: REINSURANCE RATIOS (Upon Premium) YEAR RETENTION RATIO RATIO OF REISURANCE PREMIUM ACCEPTED ,79% 1,33% ,76% 0,89% ,58% 1,66% ,84% 1,53% ,95% 1,50% ,17% 1,45% ,79% 1,63% TABLE 7: PERCENTAGE OF CLAIMS ( Non-Life ) YEAR MOTOR THIRD PARTY OTHER NON-LIFE TOTAL NON-LIFE LIABILITY INSURANCE INSURANCE INSURANCE ,14% 47,11% 68,61% ,14% 32,58% 56,15% ,48% 38,37% 61,48% ,12% 30,81% 55,08% ,68% 27,54% 52,62% ,33% 30,21% 55,58% TABLE 8: PERCENTAGE OF OUTSTANDING CLAIMS ( Non-Life ) YEAR MOTOR THIRD PARTY LIABILITY INSURANCE OTHER NON-LIFE INSURANCE TOTAL NON-LIFE INSURANCE ,30% 59,01% 82,59% ,86% 49,60% 77,87% ,08% 47,05% 75,59% ,75% 36,90% 69,39% ,89% 35,31% 71,15% ,77% 35,67% 74,13% TABLE 9: TOTAL DIRECT WRITTEN INSURANCE PREMIUM YEAR NON-LIFE INSURANCE PREMIUM SHARE % GROWTH RATE LIFE INSURANCE PREMIUM SHARE % GROWTH RATE TOTAL PREMIUM GROWTH RATE ,6 44,40% 13,34% 1.339,4 55,60% 35,32% 2.409,0 24,59% ,7 48,66% 17,03% 1.320,8 51,34% -1,39% 2.572,5 6,79% ,5 51,19% 8,21% 1.291,5 48,81% -2,22% 2.646,0 2,85% ,8 54,74% 17,01% 1.310,4 45,26% 1,47% 2.895,3 9,42% ,4 55,63% 13,54% 1.435,3 44,37% 9,53% 3.234,7 11,72% ,2 52,30% 5,33% 1.728,7 47,70% 20,44% 3.623,9 12,03% ,3 50,68% 4,91% 1.935,2 49,32% 11,94% 3.923,5 8,27% (FIGURES IN MILLION EURO) TABLE 10: TOTAL DIRECT WRITTEN INSURANCE PREMIUM (INFLATION ADJUSTED PRICES - BASE YEAR 1994) YEAR NON-LIFE PREMIUM GROWTH RATE LIFE PREMIUM GROWTH RATE TOTAL PREMIUM GROWTH RATE ,0 10,46% 1.001,8 31,88% 1.801,8 21,42% ,7 13,47% 957,8-4,39% 1.865,5 3,54% ,9 4,65% 905,8-5,44% 1.855,6-0,53% ,8 12,94% 887,1-2,06% 1.959,9 5,62% ,5 9,66% 938,5 5,79% 2.115,0 7,91% ,3 2,36% 1.098,5 17,05% 2.302,8 8,88% ,2 1,32% 1.187,6 8,11% 2.407,8 4,56% (FIGURES IN MILLION EURO) 25

26 TABLE 11: TOTAL WRITTEN REINSURANCE PREMIUM (ACCEPTED) YEAR NON-LIFE INSURANCE ACCEPTED PREMIUM SHARE % GROWTH RATE LIFE INSURANCE ACCEPTED PREMIUM SHARE % GROWTH RATE TOTAL PREMIUM GROWTH RATE ,7 94,78% -16,19% 1,7 5,22% 50,26% 32,4-14,21% ,6 88,63% -33,09% 2,6 11,37% 55,81% 23,2-28,45% ,6 92,62% 68,39% 2,8 7,38% 4,58% 37,4 61,14% ,8 92,85% 20,62% 3,2 7,15% 16,64% 45,0 20,32% ,2 93,74% 10,54% 3,1 6,26% -4,23% 49,3 9,48% ,6 93,07% 7,53% 3,7 6,93% 19,94% 53,3 8,30% ,7 91,55% 20,21% 5,5 8,45% 48,95% 65,2 22,21% (FIGURES IN MILLION EURO) TABLE 12: TOTAL WRITTEN REINSURANCE PREMIUM (ACCEPTED) ( INFLATION ADJUSTED PRICES - BASE YEAR 1994) YEAR NON-LIFE PREMIUM GROWTH RATE LIFE PREMIUM GROWTH RATE TOTAL PREMIUM GROWTH RATE ,0-18,33% 1,3 46,44% 24,3-16,40% ,9-35,13% 1,9 51,06% 16,8-30,63% ,3 62,85% 1,9 1,14% 26,2 55,84% ,3 16,43% 2,2 12,58% 30,5 16,14% ,2 6,77% 2,0-7,49% 32,2 5,75% ,5 4,50% 2,3 16,56% 33,9 5,26% ,6 16,10% 3,4 43,85% 40,0 18,02% (FIGURES IN MILLION EURO) TABLE 13: TOTAL INSURANCE PREMIUM FOR 2005 ( figures in Euro) CLASSES S.A. INSURANCE COMPANIES BRANCHES OF FOREIGN INS CO. TOTAL OF INSURANCE DIRECT PREM REINSURANCE PREM DIRECT PREM REINSURANCE PREM DIRECT PREM REINSURANCE PREM LIFE INSURANCE , , ,07 0, , ,69 MOTOR THIRD-PARTY LIABILITY , , ,33 0, , ,83 OTHER NON-LIFE INSURANCE , , , , , ,98 TOTAL , , , , , ,50 26 TABLE 14: ANALYSIS OF WRITTEN PREMIUM FOR 2005 (FIGURES IN EURO - ANNUAL RESEARCH) BRANCHES OF INSURANCE DIRECT % REINSURANCE % WRITTEN OF PREMIUM 0F PREMIUM TOTAL (ACCEPTED) TOTAL. INSURANCE AGAINST LOSS OR DAMAGE 1. Accidents ,68 4,31% ,01 4,99% 2. Sickness ,99 0,26% 0,00 0,00% 3. Land vehicles ,66 13,66% ,55 0,05% 5. Aircraft ,01 0,05% 0,00 0,00% 6. Ships (sea, lake & river vessels) ,91 0,98% ,50 3,78% 7. Goods in transit ,82 1,94% ,68 1,67% 8. Fire and natural forces ,29 15,86% ,85 18,61% 9. Other damages to property ,54 5,79% ,71 13,38% 10. Motor vehicle liability ,03 47,59% ,83 4,79% 11. Aircraft civil liability ,08 0,09% ,55 0,18% 12. Civil liability for ships ,74 0,27% ,02 0,02% 13. General civil liability ,16 2,55% ,06 2,60% 14. Credits ,34 1,03% 0,00 0,00% 15. Suretyship ,96 0,40% 0,00 0,00% 16. Miscellaneous financial losses ,26 0,86% ,78 3,46% 17. Legal expenses ,22 1,85% ,16 2,07% 18. Assistance ,24 2,51% ,11 44,40% TOTAL NON-LIFE INSURANCE ,93 100,00% ,81 100,00% µ. LIFE INSURANCE I. Life insurance ,12 59,82% ,69 100,00% III. Life insurance linked to investment ,43 27,33% 0,00 0,00% IV. Health insurance ,16 0,30% 0,00 0,00% VI. Capitalization ,51 0,02% 0,00 0,00% VII. Management of group pension funds ,40 11,21% 0,00 0,00% VIII. Group providence programmes ,17 1,32% 0,00 0,00% TOTAL LIFE INSURANCE ,79 100,00% ,69 100,00%

27 TABLE 15: GROWTH RATE OF DIRECT WRITTEN INSURANCE PREMUM (FIGURES IN EURO - ANNUAL RESEARCH) BRANCHES OF INSURANCE DIRECT WRITTEN PREMIUM GROWTH RATE % A. INSURANCE AGAINST LOSS OR DAMAGE 1. Accidents , ,69 8,31% 2. Sickness , ,18 3,01% 3. Land vehicles , ,68 13,76% 5. Aircraft , ,36 12,03% 6. Ships (sea, lake & river vessels) , ,31-1,21% 7. Goods in transit , ,51-5,64% 8. Fire and natural forces , ,56 5,99% 9. Other damages to property , ,48-7,57% 10. Motor vehicle liability , ,13 4,15% 11. Aircraft civil liability , ,56-28,40% 12. Civil liability for ships , ,01 19,70% 13. General civil liability , ,90-0,24% 14. Credits , ,11 11,93% 15. Suretyship , ,84-5,84% 16. Miscellaneous financial losses , ,39 17,94% 17. Legal expenses , ,75 20,94% 18. Assistance , ,13-1,67% µ. LIFE INSURANCE I. Life insurance , ,14 10,94% III. Life insurance linked to investment , ,24 15,68% IV. Health insurance , ,67-5,20% VI. Capitalization , ,57-15,48% VII. Management of group pension funds , ,64 9,15% VπII. Group providence programmes , ,53 12,52% TABLE 16: REINSURANCE PREMIUM CEDED (figures in Euro) CLASSES OF INSURANCE 2005 % 2004 % GROWTH RATE LIFE INSURANCE ,60 14,52% ,51 13,94% -0,47% MOTOR THIRD PARTY LIABILITY INSURANCE ,07 11,38% ,68 11,21% -3,09% OTHER NON-LIFE INSURANCE ,37 74,10% ,98 74,85% -5,44% TOTAL ,04 100,00% ,17 100,00% -4,48% TABLE 17: INSURANCE PAYMENTS FOR COMPENSATIONS AND INDEMNITIES (figures in Euro) LESS: LESS: CLASSES TOTAL SHARE OF RETENTION TOTAL SHARE OF RETENTION OF INSURANCE PAYMENTS REINSURER OF PAYMENTS PAYMENTS REINSURER OF PAYMENTS LIFE INSURANCE , , , , , ,24 MOTOR THIRD PARTY LIABILITY , , , , , ,39 OTHER NON-LIFE INSURANCE , , , , , ,29 TOTAL , , , , , ,92 TABLE 18: TOTAL INSURANCE COMPENSATIONS AND INDEMNITIES - GROWTH RATE (figures in Euro) CLASSES OF INSURANCE 2005 TOTAL PAYMENTS % 2004 TOTAL PAYMENTS % GROWTH RATE LIFE INSURANCE ,71 45,65% ,84 45,59% 10,09% MOTOR THIRD LIABILITY ,35 38,45% ,21 39,34% 7,44% OTHER NON-LIFE INSURANCE ,72 15,90% ,47 15,07% 16,02% TOTAL ,78 100,00% ,52 100,00% 9,94% 27

28 TABLE 19: LIFE INSURANCE - OPERATING RESULTS (figures in Euro) LIFE INSURANCE TOTAL 2005 TOTAL 2004 GROWTH RATE REVENUE , ,19 5,27% COST , ,29 18,22% TECHNICAL RESULT , ,90-18,39% TABLE 20: LIFE INSURANCE - REVENUE (figures in Euro) LIFE INSURANCE REVENUE TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET EARNED PREMIUM ,35 62,53% ,86 73,47% -10,41% INVESTMENT INCOME ,69 29,85% ,49 17,94% 75,17% UNREALIZED CAPITAL GAINS ,93 6,98% ,15 7,95% -7,55% POLICY FEES - OTHER REVENUES ,01 0,64% ,69 0,64% 4,70% TOTAL ,98 100,00% ,19 100,00% 5,27% TABLE 21: LIFE INSURANCE - COST (figures in Euro) LIFE INSURANCE COST TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET INSURANCE INDEMNITIES ,50 76,89% ,65 81,49% 11,55% OTHER INSURANCE PROVISIONS ,77-0,44% ,17-1,04% -49,62% COMMISSIONS & SIMILAR EXPENSES ,14 23,55% ,81 19,55% 42,41% TOTAL ,87 100,00% ,29 100,00% 18,22% TABLE 22: MOTOR THIRD PARTY LIABILITY INSURANCE - OPERATING RESULTS (figures in Euro) MOTOR THIRD PARTY LIABILITY INSURANCE TOTAL TOTAL GROWTH RATE REVENUE , ,12 2,75% COST , ,43 9,79% TECHNICAL RESULT , ,69-57,69% TABLE 23: MOTOR THIRD PARTY LIABILITY INSURANCE - REVENUE (figures in Euro) MOTOR THIRD PARTY LIABILITY INSURANCE TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET EARNED PREMIUM ,38 75,04% ,91 76,16% 1,23% INVESTMENT INCOME ,52 7,03% ,22 6,28% 14,98% _ UNREALIZED CAPITAL GAINS 0,00 0,00% 0,00 0,00% POLICY FEES - OTHER REVENUES ,06 17,93% ,99 17,56% 4,94% TOTAL ,96 100,00% ,12 100,00% 2,75% TABLE 24: MOTOR THIRD PARTY LIABILITY INSURANCE - COST (figures in Euro) MOTOR THIRD PARTY LIABILITY INSURANCE TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET INSURANCE INDEMNITIES ,32 79,34% ,21 82,62% 5,43% OTHER INSURANCE PROVISIONS ,07 0,29% ,60 0,21% 53,13% COMMISSIONS & SIMILAR EXPENSES ,38 20,37% ,62 17,18% 30,23% TOTAL ,77 100,00% ,43 100,00% 9,79% 28 TABLE 25: OTHER NON-LIFE INSURANCE - OPERATING RESULTS (figures in Euro) OTHER NON-LIFE INSURANCE TOTAL TOTAL GROWTH RATE REVENUE , ,67 11,79% COST , ,65 18,07% TECHNICAL RESULT , ,02 5,03%

29 TABLE 26: OTHER NON-LIFE INSURANCE - REVENUE (figures in Euro) OTHER NON-LIFE INSURANCE TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET EARNED PREMIUM ,24 76,67% ,52 76,38% 12,21% INVESTMENT INCOME ,20 5,90% ,71 5,93% 11,17% UNREALIZED CAPITAL GAINS 0,00 0,00% 0,00 0,00% _ POLICY FEES - OTHER REVENUES ,50 17,43% ,44 17,69% 10,17% TOTAL ,94 100,00% ,67 100,00% 11,79% TABLE 27: OTHER NON-LIFE INSURANCE - COST (figures in Euro) OTHER NON-LIFE INSURANCE TOTAL TOTAL GROWTH RATE 2005 % 2004 % NET INSURANCE INDEMNITIES ,59 49,78% ,57 52,74% 11,45% OTHER INSURANCE PROVISIONS ,32 0,27% ,79-0,02% -1492,69% COMMISSIONS & SIMILAR EXPENSES ,56 49,95% ,87 47,29% 24,71% TOTAL ,47 100,00% ,65 100,00% 18,07% TABLE 28: FINANCIAL FIGURES OF INSURANCE ENTERPRISES YEAR TOTAL EQUITY GROWTH RATE TOTAL ASSETS GROWTH RATE PROFIT/LOSS BEFORE TAX GROWTH RATE ,5 84,66% 7.238,4 44,53% 347,4 438,25% ,6 20,28% 7.839,4 8,30% 167,6-51,76% ,3-11,49% 7.939,0 1,27% 5,7-96,59% ,0-10,01% 8.377,0 5,52% -202,0-3637,08% ,4 33,42% 9.577,1 14,33% 104,5-151,75% ,6 8,92% ,3 10,68% -62,9-160,14% ,7 11,82% ,8 12,51% 124,3-297,77% (FIGURES IN MILLION EURO) TABLE 29: TOTAL INSURANCE PROVISIONS YEAR LIFE GROWTH NON-LIFE GROWTH GROWTH PROVISIONS RATE PROVISIONS RATE TOTAL RATE ,4 27,29% 1.456,4 37,39% 4.714,8 30,25% ,8-0,51% 1.667,2 14,48% 4.909,0 4,12% ,6 4,10% 1.726,4 3,55% 5.101,0 3,91% ,4 6,78% 1.968,1 14,00% 5.571,5 9,22% ,9 9,17% 2.227,5 13,18% 6.161,4 10,59% ,1 8,65% 2.398,9 7,69% 6.673,0 8,30% ,4 9,60% 2.555,6 6,53% 7.240,0 8,50% (FIGURES IN MILLION EURO) TABLE 30: ANALYSIS OF INVESTMENTS OF INSURANCE ENTERPRISES (figures in Euro) INVESTMENTS 2005 INVESTMENTS 2004 INVESTMENTS % SHARE 2004 % SHARE 2003 % SHARE LAND & BUILDINGS ,56 12,70% ,81 12,24% ,50 12,06% INVESTMENTS IN AFFILIATED ,93 6,69% ,21 8,05% ,01 10,18% UNDERTAKINGS SHARES & UNITS & OTHER VARIABLE ,22 18,28% ,51 17,40% ,20 18,39% YIELD SECURITIES BONDS & OTHER FIXED INCOME ,20 48,97% ,07 49,58% ,65 45,80% SECURITIES OTHER INVESTMENTS ,67 13,36% ,02 12,72% ,28 13,57% TOTAL ,58 100,00% ,62 100,00% ,64 100,00% 29

30 TABLE 31: GROWTH RATE OF INVESTMENTS OF INSURANCE ENTERPRISES (figures in Euro) INVESTMENTS INVESTMENTS INVESTMENTS 2005 % GROWTH 2004 % GROWTH 2003 LAND & BUILDINGS ,56 16,82% ,81 14,18% ,50 INVESTMENTS IN AFFILIATED ,93-6,32% ,21-11,08% ,01 UNDERTAKINGS SHARES & UNITS & OTHER VARIABLE YIELD SECURITIES BONDS & OTHER FIXED INCOME , ,20 18,28% 11,25% , ,07 6,43% 21,74% , ,65 SECURITIES OTHER INVESTMENTS ,67 18,28% ,02 5,41% ,28 TOTAL ,58 12,64% ,62 12,46% ,64 TABLE 32: PROFIT & LOSS ACCOUNT - TOTAL INSURANCE ENTERPRISES (figures in Euro) % GROWTH OPERATING RESULTS Life Technical Result , ,90-18,39% Motor Third Party Liability Technical Result , ,69-57,69% Other Non-Life Technical Result , ,02 5,03% Total Operating Results , ,61-14,56% Less: General Expenses , ,43-30,41% YEAR S PROFIT/ LOSS (before tax) , ,82-297,77% Less: Taxes , ,17 9,88% NET YEARãS PROFIT/ LOSS (after tax) , ,99-154,36% 30