November 24, 2006 In the nine month of 2006 the company showed a loss of Euro 4.73 mil compare to the loss of Euro 3.50 mil reported during last year's respective period. On a consolidated basis loss reduced at Euro 2.32 mil. versus previous year loss of Euro 2.83 mil.
Premiums have fallen about 15%, compare to last year mainly due to the continuing corrective actions regarding the restructuring of the Motor (3rd party liability) class of business.
Despite the continuing decrease in operating expenses and other provisions, the loss increased mainly due the lower investment income compare to last year, together with the 2005 positive effect from the readjustment of the terms and conditions of the investment contracts (DAF).
Τhe Company's net Equity as at 30/09/2006 remains (as at 31/12/2005), below the 50% threshold compare to the value of its share capital. The main shareholder, as claimed in the ordinary General Meeting, examines all the alternative corrective actions regarding this issue.
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.
