Compared to the 2005 first quarter, premiums decreased mainly due to continuation of the Company's corrective actions regarding the restructuring of the Motor (3rd party liability) class of business. Additionally, last year's positive effect from the readjustment of the terms and conditions of the investment contracts (DAF), was not repeated in the current period.

However, the Company showed a significant improvement in the bottom line mainly due to: a) the higher return on investments and b) the increase in technical results by € 1.3 mil. (i.e. 52%) from € 2.5 mil. in the first quarter of 2005 to € 3.8 mil. in the first quarter of 2006. Specifically, the technical result of the Life class of business improved by € 3,4 mil., while the technical result of the Motor (3rd party liability) and Other class of business decreased by € 1.7 mil. and € 0.4 mil., respectively.

As with the financial statements at 2005 year-end, the Company's net Equity as at 31/3/2006 felt below the 50% threshold compare to the value of its share capital and therefore the provisions of article 47 of Law 2190/1920 continue to apply. As a result, the Board Directors of the Athens Stock Exchange decided to place the Company in the supervisory trading category based on article 212 par. 1(b) of the Athens Stock Exchange regulation.

According to article 293 of the Athens Stock Exchange regulation, the first quarter 2006 financial statements are accompanied by the relevant Certified Auditor-Accountant Review Report. Regarding the required corrective actions of the Company, the Board of Directors will recommend them to the upcoming Ordinary General Meeting. In any case, the principle shareholder, Emporiki Bank, intents to support the Company, should the need arises.

PHOENIX METROLIFE EMPORIKI S.A., continues the implementation of its restructuring plan so as to sustain its leading position and to contribute significantly to the development of the Greek Insurance industry, as it does since 1928.