Aspis Pronia noted significant increase in its first quarter 2007 financials, compared to the full year 2006 results that also noted an upward trend.

In particular, Aspis Pronia General Life Insurance Company posted 67.5% increase in premium production in Q-1 2007 that reached 16.5m euro from 9.84m in the previous year quarter. This demonstrates the continuation of the growth of the company, taking into consideration that in 2006 the increase of new production reached 60%. At the same time, total premium revenues of Aspis Pronia General Life Insurance, which percentage wise approximated 20%, amounted to 28.3m euro from 23.89m for the corresponding term in 2006. It is noted that reimbursements remained at the same level.

The particularly positive company trend during the past months is bound up with the continuous containment of expenses, in conjunction with the significant increase in its administrative staff productivity, accounting for 800,000 euro in premiums per employee.

ASPIS PRONIA LIABILITIES (AEAZ)

Total premium production for all lines of business of Aspis Pronia Liabilities during the first quarter of 2007 exceeded 40m euro, presenting a percentage increase of 120%. In parallel, total proceeds increased by 26% during the same period.

More specifically, for the first quarter of 2007, the motor division premiums more than doubled while other general division premiums increased by 54%, in excess of 15m euro.

As Mr Pericles Athinaios, the company's Managing Director, notes Aspis Pronia General Life Insurance Company during the first quarter of the year, in terms of strategy, focused primarily on the capitalization of its clientele that exceeds 250,000 policy holders, maintaining at the same time its general expenses at one-digit level.

Mr. Athinaios also notes that based on this year's budget, the General Division's staff productivity will exceed 1m euro per employee.

According to the Managing Director of Aspis Pronia General Life Insurance Company the first quarter results predispose that the full year premium production will significantly exceed the budgeted amount of 120m euro and that there will be further profitability improvement.

It should be noted that for the first quarter 2007 all business divisions were profitable while the motor division was marginally profitable.

Finally, the conclusion of the merger of the two companies (Aspis Pronia General Life Insurance and Aspis Pronia General Life Insurance Company) is expected to provide an even larger boost to the Group productivity, thus contributing to the further decrease of expenses.