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E

2008
H I
A
E
A E E

2008
H I A
E



71 -
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,

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5 ., 9.000
30.000
12 . .
www.eaee.gr

A E E
Y &
A 2009

ALLIANZ EA A.A.E.

..

AXA AAITIKH A.E.

...

COMMERCIAL VALUE A.A..

....

DAS HELLAS A.A.E. . .

...

EFG EUROLIFE ....

....

EFG EUROLIFE A.E.A.

H .....

EULER HERMES EMPORIKI ... ..

...

GENERALI HELLAS ...

.E.A.E..A.

GENERALI LIFE A.E.

...

GROUPAMA OINI A.E.A.E.

..... .

INCHCAPE ...

....

ING E.....

....

ING E....

....

ING OMAIKN & ATOMIKN AA

....

INTERASCO ....

.... A.E.

INTERLIFE A.A.E..A.

... ..

INTERNATIONAL LIFE A.E..A.

... ..

INTERNATIONAL LIFE A.E.A. ZH

....

MARFIN ZH A.A.E.

....

NP INSURANCE ....

....

PERSONAL INSURANCE ....

UNIVERSAL LIFE () ....

. ....

V.D.V. LEBEN INTERNATIONAL A.E.A.

.....

VICTORIA ...

....

VICTORIA ...
LA VIE A.E.A.E.

ASSOCIATION OF LLOYDS UNDERWRITERS


MITSUI MARINE & FIRE INSURANCE Co (EUROPE) LTD
ROYAL & SUN ALLIANCE INSURANCE PLC
TOKIO MARINE EUROPE INSURANCE LIMITED

AMERICAN LIFE INSURANCE CO (ALICO)


NATIONAL UNION INS. CO OF PITTSBURGH PA USA

B
INTER PARTNER ASSISTANCE
SBAI MONDIAL ASSISTANCE

EUROP ASSISTANCE
SOGECAP S.A.

A.R.A.G. ALLGEMEINE S. VERSICHERUNGS


HDI - GERLING INDUSTRIE VERSICHERUNG AG

I
MAPFRE ASISTENCIA COMPANIA INTERNACIONAL

K
DEMCO INSURANCE LIMITED

O
ATRADIUS CREDIT INSURANCE N.V.

MALAYAN INSURANCE Co LTD

ENIKH ANEAIKH YN..E.


AHAAITIKO YNETAIPIMO
IIOKTHTN EOPEIN OYMAN
EURO INSURANCES LTD

E
1. H E O 2008

7
8

2. T B M E
A A 2008

10

3. A A
2008

12

4. I

14

5. M
A A

15

6. A A
2008

17

7.

20
23

E
z ,
, :

2008
z
2008
,
.
,
, ,
.
, z , :
z , , z
2007 2008.
,
.
z
, .
, , ,
z .

z , .

H I A
E

1. H E O 2008


, 2,9% 2008,

4,2%,

65,5%.






2008.

(...) ,
2,9% 2008 4% 2007.
... .

(....),
,
4,2%,
2008,
.
, 7 ,
. ,
, 2,2% ,
2000. (
) 3,4% 3%
2007. ...
3,3% .
, . , . , .
.
(..)
2008.
2008 2007,
.. 65,5%. , Dow Jones EURO STOXX 46,3%.

H I A
E

,
2008. ,
34,2%.
, ( ) .
. , 3,6 .
50%.
2008, . , .
2009, .

( : , 2008)

H I A
E

2. T B M E A A 2008


2008 85 ,


4,75 . , 1,39%
2007. 52,12%

, 47,88%
.
2.1.
85 15
, 58 12 ( ).

, 60
(13 , 35
12 ), 22 (2
20 ) 3 ( ).

A E

, 18
4 ..

2.2.
4,75 . ,
4,68 . 2007, 1,39%
( 8,12% 2007). , 2008 2,65% 2007.
4,12%, 2,27 . 2,18 . 2007 (
2007 8,01%). , 0,03% 2007.
2,48 . 2,5
. 2007, 1% ( 2007 8,22%
2006).
,
4,94% 2007.
, 2008
52,12% ( 53,37% 2007) 47,88%
( 46,63% 2007).

2.3.

,
2,18% 2008, 2,26%
2007.

, 4,74% 2008
5,23% 2007.
, 463,87
2008, 457,63 2007.

10

Z (15)

M (12)

Z (58)

H I A
E

2.4.

2008
2,77 . , 2,54 . 2007, 9,13% .
1.423,6 . , 1.232,6 .
2007, 15,5%.
1.343,8 . , 1.303,3 .
2007, 3,11%.


2008 9,7 . , 8,8 . 2007, 10,58%.
, ()
2,11 . 2008,
2,49 . 2007 ( 15, 4%).
1,57 . ,
2,05 . 2007, 23,16%.
( ) 2008 491,7
. , 103,1 . 2007.

2.5.

14,7 . , 14,9 . 2007,
1,66%.

4,33% 11,33 .
11,84 . 2007 (

, 2.117,9
. 2008 2.517,7 . 2007).

A A Z & Z
(E EKATOMMYPIA EYP)
2.500
2.250
2.000
1.750
1.500
1.250
1.000
750
500
250
0
2000

2001

A Z

2002

2003

2004

A Z

2005

2006

2007

2008

11

H I A
E

3. H E A A 2008


2008, 10,4%,

15,9%
0,2%.

2008, .


2008
(C.E.A.: European Insurance in figures),
33 -,
2008 (
) 10,4%,
6,4%.
0,2%
,
415 . 2008,
.

( ).

15,9% ,
644 . .
, unit-linked, ,
2008.

3.1.
33
C.E.A. 2008 5.177, (1,0%) 2007, .

12

, 4.783 ( 92,4%)
27 (
0,9%).

3.2.
27
1.001,8
. 2008, 11,1%
, 6,9% .
611,5 . 2008, 16,8% ,
11,8% .
390,3
. 2008, 0,5% ,
2,1% .
27
.. 2008 61%, 2007
65,2%.
,

2008 39%, 2007 34,8%.

3.3.
4,5%
,

C.E.A. .
27 2008 6,5 . , 4,9%. ,
0,8%.
, .
27 2007 (
), (34,5%) .
(34,1%),
, (15,4%).

H I A
E

4%, (4,3%),
2,5%,
5%.

3.4.

27 ,
2007 :


(...)
... 27 2006 9%,
2007 9,1%.

2.119 , 2007 2.271 .


27 1.341 2006 1.481 2007.


27
778
2006 790 2007.

3.5.

,
, 27 ( 2008),
:


(...)
... 27 2006 56,6%,
2007 55,9%.



27 2006

30,5%
31,0%
19,1%
7,9%
3,7%
1,8%
6,0%


(27) 2008


( , )
:


( , )


(2007)
( )
:


...
...

(27)

4.750,6

0,47%

1.001.810,5

2.476,0
2.274,6
11.330,2
85
9.000

0,40%
0,58%
0,17%
1,78%
0,99%

611.499,5
390.311,0
6.497.632,4
4.783
912.473

457,63

20,15%

2.271

225,15
232,48
2,26%
5,23%

15,20%
29,42%

1. 481
790
9,1%
55,9%

: (27) (C.E.A.)
2008 European Insurance in figures.

13

H I A
E

4.


,

,
.
:

(...),

..., .

4.1. ...
2008,
... (
) 2,18% ...
1 , ( ) ,
...
2001.
, 2,26%, 2007.


.

4.2. ...
... ,
, .

14

, 2000 (4,13%)
,
2002 3,72%,
5,23%
2007. 2008, 4,74%.
, .

2 ... ( ) , 2000-2008.

4.3.
,
(

), .

253,21 2000
2008 (463,87 ).
3
2000-2008. ()
: 1 = 340,75 ,
() 2002.
( 4) 2001 2007 2008. , ( )
222,13 .
, ( 5) ,
2008, 241,73 2008, 129,87 2000.

H I A
E

5.

,

( ),

,

.
, ,

.

, :
1)
2) ( )
3) ()
4)
( )
5)
( )

5.1.
2008,

, :
. 66,2% 2008, 65,36% 2007.
88,9% 2008, 87,84% 2007, 97,5%
2008 (96,99% 2007) 99,6%
2008 (99,53% 2007).
10% 2008
( 66,2%
), 10 1% 10% ( 31,3%
).

, , 2008
2007,

. 35%
, 36,23%
2007.
56,3% 2008, 58,27% 2007, 72,2%
2008 (73,14% 2007) 81,9%
2008 (82,04% 2007).
10%
( 13,8%
), 26
1% 10% (
75,8% ).
2008 2007
,
, .

5.2. ( )
( )

, :
,

().
,
.
,
,
.
( 6), 2001 , 2007 2008 . 2008 86,8%.

15

H I A
E

5.3. ()

()
, :



().
() .
( 6) 2001 ( 1,66%)
2008 2,03%.

5.4.
( )

. , (, ) ( ).

, :

,
.

,
()
, ,
.

16

,
,
(
2000 ).

2008, 106,8%,

88,14% 2000 78,82% 2007
( 7 ).
( .. ) 47,11%
2000 23,04% 2008.

68,61%
2000 60,23% 2008.

5.5.
( )


.



.
,
, (
2000 ).
2000 104,30%, 2007 137,09% ( 8 ).
( .. ) 59,01%
2000, 42,21% 2007.

82,59% 2000
, , 84,03%,
2007.

H I A
E

6. 2008





.


,


,
.
6.1.

4.750,6 . 2008, 4.685,5 .
2007, 1,39%
8,12% 2007 ( 9 ).

6.3.
2008
, :
,
( 13).


: 2.475.975.599,02


: 1.026.834.528,73


: 1.247.804.772,77
( 9 10), 2008 2007 -1% , -4,94%.

A A
2008

(2002
2007), 2008 ,
.
A Z


() 2008 4,33% ( 10,57% 2007), 98,3 .
( 11 ).

6.2.
( )
(

1994), :
,
2,65% 2008
5,08% 2007 ( 10).
() 2008 0,17%, 7,46% 2007 ( 12).

52,12%

A A
E O

A Z

21,61%

26,27%

4,12% 2008 0,03% ( 9 10).



2008, ,
.

17

H I A
E

14 , ( ,
) 2008, () , .


( 14), 10.
45,14%
, 8.
(16,84%) 3. (15,15%).
, .
65,78% , .
(22,55%).

, 2007
15, 2.

2008 (35,48%). , : 14. (21,93%),
16. (10,75%) 17.
(10,05%).
(23,91%) I. .

6.4. ()

2008 633,7 . , 623,7 . 2007,
1,62%.
(71,96% 2008)
( 16)
8,75%, 2007 41,56%
8,89% 2008.
2007 12,51%, 2008
19,14%.

18

6.5.

2008 2.767,4 .
2.535,9 . 2007,
9,13%. 51,44%
2008 ( 18),
31,35% ,
17,21% .
2008 222,2 . 229,2
. 2007,
2.306,7 . 2007 2.545,2
. 2008 ( 17).
1.423,6 . 2008
1.232,6 . 2007, 15,5%
( 18).
2,08% ( 849,8 .
2007 867,5 . 2008).

5,03% (476,3 . 2008
453,5 . 2007).

6.6.


2008,
, ,
:


H I A
E

6.6.1.
2008,
2.477,6 .
1.967,6 .
510 . ( 19). 2007
672,3 . .

( 20) : (2.174,7 .
87,8% ) (137,6 .
5,55% ).

( 21) :
1.425,9 . 72,47% )
(548,4 . 27,87% ).

6.6.2.

2008,
1.198,9 .
1.591,9 .
393 . ( 22). 2007 40,2 . .

6.6.3.

2008, 1.113,9 . 461,2 .
652,7 . ( 25). 2007 421,8 . .

( 26) :
(870,4 . 78,14% ),
(38,3 . 3,44% )
.. (205,2 . 18,42%
).

( 27) :
(158,3 . 34,31% ) (300,7 . 65,19%
).


( 23) : (923,9 .
77,06% ), (43
. 3,58% ) .. (232,1 . 19,36% ).

( 24) : (1.282,4 .
80,56% ) (282,7 . 17,76%
).

19

H I A
E

7.
7.1.


,


,
(31/12) .

,
, ,
, ,

.

1.573,9 . 2008,
23,16% 2007 (28 ).

2008 .

7.2.
14.689,8 . 2008
1,66% ( 28).
( 2007 11,1%).

O A E
(E EKATOMMYPIA EYP)

15.000
14.000
13.000
12.000
11.000
10.000
9.000
8.000
7.000
6.000
5.000
4.000
3.000
1.000
1.000
0

20

2000

2001

2002

2003

2004

2005

2006

2007

2008

H I A
E

7.3.

9.732,8 . 2008 ( 29),
10,58% 2007 (
2007 10,57%).
2008
6.351,6 . 9,24%
2007.
2008
3.381,1 . 13,19%
2007.

2008
55,36% .
, 12,9%
, 2,53%
13,08% .

7.5. /
( )
491,7 . 2008 ( 28), 2007
103,1 . .

7.4.



, 30 .

, 2008
, 11.330,2 . 11.843,1
. 2007, 4,33%.


769,7 .
2008, 1.134,3 . 2007.


: . ( 9.212,4 . 2008)
.
( 2.117,9 . 2008).
. , .. (
, ..
) 5.099,6 . 2008 ( 6,1% ),
30 31 .


( 1.261,4 . 2008),
( ) -491,7
. 2008, 103,1 . 2007.
(89,4 . 2008
65,7 . 2007) ( ) -581,1
. 2008 ( 37,4 .
2007).

( ) .
2008 1.205,3 . 14,67% 2007.
, 1.188,8 . 2008 ( 25,02% ).
2005
- 2008, 30.

21

H I A
E

E
A E 2008

OMOOIE & TITOI


TAEPOY
EIOHMATO

55,36%

OIE
EENYEI

16,13%

22

YMMETOXE

METOXE & MEPIIA

AKINHTA

2,53%

12,90%

13,08%

H I A
E

1:

ETO

A.E..

2000
2001
2002
2003
2004
2005
2006
2007
2008

2.764,4
2.855,6
3.159,4
3.550,7
3.970,2
4.296,3
4.730,2
5.122,2
5.212,5

136.281
146.428
156.615
172.431
185.813
195.366
210.459
226.437
239.141

2,03%
1,95%
2,02%
2,06%
2,14%
2,20%
2,25%
2,26%
2,18%

( , ... )

AKA 2: EENYEN ...


ETO

A.E..

2000
2001
2002
2003
2004
2005
2006
2007
2008

5.627,0
5.695,5
5.820,1
6.928,3
7.962,7
9.267,2
10.460,3
11.843,1
11.330,2

136.281
146.428
156.615
172.431
185.813
195.366
210.459
226.437
239.141

4,13%
3,89%
3,72%
4,02%
4,29%
4,74%
4,97%
5,23%
4,74%

( , ... )

AKA 3: YNOIKA KATA KEAHN AAITPA ( E)

2000
2001
2002
2003
2004
2005
2006
2007
2008

2.764,4
2.855,6
3.159,3
3.550,7
3.970,2
4.296,3
4.730,2
5.122,2
5.212,5

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

253,21
260,78
287,54
322,10
358,91
386,92
424,29
457,63
463,87

( )

AKA 4: KATA KEAHN AAITPA AAIEN ZH ( E)

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.346,6
1.318,0
1.342,8
1.475,4
1.772,8
1.981,3
2.327,5
2.520,1
2.496,1

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

123,34
120,37
122,21
133,84
160,27
178,44
208,77
225,15
222,13

( )

AKA 5: KATA KEAHN AAITPA AAIEN ZHMIN ( E)

24

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.417,8
1.537,5
1.816,6
2.075,3
2.197,4
2.314,9
2.402,7
2.602,1
2.716,4

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

129,87
140,42
165,33
188,26
198,65
208,48
215,52
232,48
241,73

( )

H I A
E

AKA 6: OOTIAIA YMMETOXH ANTAAIH (E A)

()

2000
2001
2002
2003
2004
2005
2006
2007
2008

85,76%
83,58%
83,84%
83,95%
85,17%
86,79%
87,65%
86,94%
86,80%

0,89%
1,66%
1,53%
1,50%
1,45%
1,63%
1,93%
1,97%
2,03%

AKA 7: OOTO AOZHMIEN (M A Z)

47,11%
32,58%
38,37%
30,81%
27,54%
30,21%
32,30%
34,66%
23,04%

68,61%
56,15%
61,48%
55,08%
52,62%
55,58%
54,60%
54,89%
60,23%

88,14%
78,14%
83,48%
79,12%
77,68%
82,33%
80,13%
78,82%
106,77%

2000
2001
2002
2003
2004
2005
2006
2007
2008

AKA 8: OOTO EKKPEMN AOZHMIEN (M A Z)

59,01%
49,60%
47,05%
36,90%
35,31%
35,67%
36,45%
41,92%
42,21%

82,59%
77,87%
75,59%
69,39%
71,15%
74,13%
78,41%
74,86%
84,03%

104,30%
104,86%
103,08%
101,75%
108,89%
115,77%
128,21%
113,24%
137,09%

2000
2001
2002
2003
2004
2005
2006
2007
2008

AKA 9: YNOIKH APAH AAITPN AO PTAAIEI

AAITPA

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.233,8
1.334,4
1.561,7
1.770,0
1.863,4
1.954,2
2.022,6
2.184,6
2.274,6

48,66%
50,43%
53,94%
54,72%
51,42%
49,81%
46,67%
46,63%
47,88%

17,03%
8,16%
17,03%
13,34%
5,28%
4,87%
3,50%
8,01%
4,12%

AAITPA

1.338,8
1.311,5
1.333,6
1.464,7
1.760,5
1.969,2
2.310,9
2.500,9
2.476,0

51,34%
49,57%
46,06%
45,28%
48,58%
50,19%
53,33%
53,37%
52,12%

-1,39%
-2,03%
1,68%
9,83%
20,20%
11,86%
17,35%
8,22%
-1,00%

2.572,5
2.646,0
2.895,3
3.234,7
3.623,9
3.923,5
4.333,5
4.685,5
4.750,6

6,79%
2,85%
9,42%
11,72%
12,03%
8,27%
10,45%
8,12%
1,39%

( )

AKA 10: YNOIKH APAH AAITPN AO PTAAIEI


(AOHPIMENE TIME ETOY BAH 1994)

2000
2001
2002
2003
2004
2005
2006
2007
2008

907,7
935,9
1.057,2
1.157,3
1.184,1
1.199,3
1.202,8
1.262,6
1.262,2

13,47%
3,10%
12,96%
9,48%
2,31%
1,28%
0,29%
4,97%
-0,03%

957,8
919,8
902,8
957,7
1.118,7
1.208,5
1.374,3
1.445,4
1.373,9

-4,39%
-3,97%
-1,85%
6,08%
16,82%
8,03%
13,72%
5,18%
-4,94%

1.865,5
1.855,6
1.959,9
2.115,0
2.302,8
2.407,8
2.577,1
2.708,0
2.636,2

3,54%
-0,53%
5,62%
7,91%
8,88%
4,56%
7,03%
5,08%
-2,65%

( )

25

H I A
E

AKA 11: YNOIKH APAH AAITPN AO ANTAAIEI (ANAHEI)

2000
2001
2002
2003
2004
2005
2006
2007
2008

20,6
34,6
41,8
46,2
49,6
59,7
80,5
87,7
92,8

88,63%
92,62%
92,85%
93,74%
93,07%
91,55%
94,46%
93,07%
94,47%

-33,09%
68,39%
20,62%
10,54%
7,53%
20,21%
34,85%
8,93%
5,90%

2,6
2,8
3,2
3,1
3,7
5,5
4,7
6,5
5,4

11,37%
7,38%
7,15%
6,26%
6,93%
8,45%
5,54%
6,93%
5,53%

55,81%
4,58%
16,64%
-4,23%
19,94%
48,95%
-14,31%
38,42%
-16,76%

23,2
37,4
45,0
49,3
53,3
65,2
85,2
94,2
98,3

-28,45%
61,14%
20,32%
9,48%
8,30%
22,21%
30,70%
10,57%
4,33%

( )

AKA 12: YNOIKH APAH AAITPN AO ANTAAIEI


(AOHPIMENE TIME ETOY BAH 1994)

2000
2001
2002
2003
2004
2005
2006
2007
2008

14,9
24,3
28,3
30,2
31,5
36,6
47,9
50,7
51,5

-35,13%
62,85%
16,43%
6,77%
4,50%
16,10%
30,67%
5,87%
1,68%

1,9
1,9
2,2
2,0
2,3
3,4
2,8
3,8
3,0

51,06%
1,14%
12,58%
-7,49%
16,56%
43,85%
-16,96%
34,53%
-20,08%

16,8
26,2
30,5
32,2
33,9
40,0
50,7
54,4
54,5

-30,63%
55,84%
16,14%
5,75%
5,26%
18,02%
26,65%
7,46%
0,17%

( )

AKA 13: ANAYH APAH AAITPN 2008 ( E)



2.330.428,80
4.684.707,43
8.001.503,83
15.016.640,06

9.983,88
0,00
35.815.234,45
35.825.218,33

0,00
0,00
0,00
0,00

0,00
1.763.008,22
0,00
1.763.008,22

2.475.975.599,02
1.026.834.528,73
1.247.804.772,77
4.750.614.900,52

20.159.275,06
236.833.008,37
204.911.657,18
461.903.940,61

5.436.247,96
4.185.818,33
88.664.142,97
98.286.209,26

301.130.714,24
20.781.585,64
87.041.329,25
408.953.629,13

26

2.174.844.884,78
17.828.846,26
5.426.264,08
1.004.045.347,50
232.148.300,94
2.422.810,11
1.160.763.443,52
196.910.153,35
52.848.908,52
4.339.653.675,80
446.887.300,55
60.697.982,71

0,00
2.007.595,59
0,00
2.007.595,59

H I A
E

AKA 14: ANAYH APAH AAITPN KATA KAO 2008


( E - ETHIA EPEYNA ME EPTHMATOOIO)

1.
2.
3.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.

I.
III.
IV.
VI.
VII.
VIII.

(, , )







.

.


.

AO
()

53.992.734,81
8.288.915,58
344.506.132,38
457.959,77
23.150.842,63
44.108.720,86
383.115.184,41
131.574.025,88
1.026.834.528,73
1.786.514,17
6.511.548,17
71.977.455,66
33.226.316,77
5.979.990,77
20.215.276,61
49.266.086,34
69.647.067,96
2.274.639.301,50

2,37%
0,36%
15,15%
0,02%
1,02%
1,94%
16,84%
5,78%
45,14%
0,08%
0,29%
3,16%
1,46%
0,26%
0,89%
2,17%
3,06%
100,00%

4.329.931,91
2.497.006,75
49.951,24
0,00
845.484,67
1.020.833,14
13.061.926,70
6.754.507,45
4.185.818,33
60.908,07
140.126,19
3.102.179,65
6.225.301,20
40.538,41
3.729.479,78
2.643.800,43
44.162.167,38
92.849.961,30

4,66%
2,69%
0,05%
0,00%
0,91%
1,10%
14,07%
7,27%
4,51%
0,07%
0,15%
3,34%
6,70%
0,04%
4,02%
2,85%
47,56%
100,00%

1.628.613.667,34
558.420.269,24
52.290.964,15
171.738,68
236.478.959,61
0,00
2.475.975.599,02

65,78%
22,55%
2,11%
0,01%
9,55%
0,00%
100,00%

5.206.259,98
220.004,10
9.983,88
0,00
0,00
0,00
5.436.247,96

95,77%
4,05%
0,18%
0,00%
0,00%
0,00%
100,00%

AKA 15: METABOH APAH AAITPN KATA KAO


( E - ETHIA EPEYNA ME EPTHMATOOIO)

.
1.
2.
3.
5.
6. (, , )
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
.
I.
III. .
IV.
VI.
VII. .
VII.

AAITPA AO PTAAIEI
2008
2007

METABOH
%

53.992.734,81
8.288.915,58
344.506.132,38
457.959,77
23.150.842,63
44.108.720,86
383.115.184,41
131.574.025,88
1.026.834.528,73
1.786.514,17
6.511.548,17
71.977.455,66
33.226.316,77
5.979.990,77
20.215.276,61
49.266.086,34
69.647.067,96

51.858.525,48
6.118.232,38
319.571.481,99
436.254,17
23.323.812,21
42.104.982,61
369.957.803,12
121.302.230,62
1.011.463.950,86
2.479.607,85
6.268.304,07
70.926.625,76
27.249.290,88
6.580.482,96
18.252.509,91
44.769.034,86
61.953.731,87

4,12%
35,48%
7,80%
4,98%
-0,74%
4,76%
3,56%
8,47%
1,52%
-27,95%
3,88%
1,48%
21,93%
-9,13%
10,75%
10,05%
12,42%

1.628.613.667,34
558.420.269,24
52.290.964,15
171.738,68
236.478.959,61
0,00

1.314.307.981,82
726.360.797,72
62.572.286,66
314.329,74
218.003.717,96
179.307.658,83

23,91%
-23,12%
-16,43%
-45,36%
8,47%
-100,00%

27

H I A
E

AKA 16: ANAYH ANTAAITPN (EKXPHEN) ( E)


2008

2007

2007-2008

121.329.353,56
56.371.117,93
456.040.693,09
633.741.164,58

19,14%
8,89%
71,96%
100,00%

107.839.745,15
96.455.755,20
419.361.037,98
623.656.538,33

17,29%
15,47%
67,24%
100,00%

12,51%
-41,56%
8,75%
1,62%

AKA 17: ANAYH HPEIN AOZHMIEN KAI APOXN ( E)


2008
HPEIE
I
& E

1.423.589.153,38
IKH
867.461.054,01


476.348.565,13

YNOO
2.767.398.772,52

2007

MEION:
ETO

HPEIE
I
& E

MEION:
METO

AOZHMIEI
( )

44.532.796,31 1.379.056.357,07 1.232.595.244,56

33.811.820,46

1.198.783.424,10

32.919.175,36

834.541.878,65

849.778.754,02

56.559.622,96

793.219.131,06

144.745.871,43

331.602.693,70

453.549.908,77

138.808.786,36

314.741.122,41

222.197.843,10 2.545.200.929,42 2.535.923.907,35

229.180.229,78

2.306.743.677,57

( )

AKA 18: METABOH HPEIN AOZHMIEN KAI APOXN ( E)


IKH

HPEIE I & APOXE


2008
%

HPEIE I & APOXE


2007
%

2007-2008

1.423.589.153,38

51,44%

1.232.595.244,56

48,61%

15,50%

867.461.054,01

31,35%

849.778.754,02

33,51%

2,08%

476.348.565,13

17,21%

453.549.908,77

17,88%

5,03%

2.767.398.772,52

100,00%

2.535.923.907,35

100,00%

9,13%

AKA 19: TOIXEIA EKMETAEYE AAIEN ZH ( E)


I

TEXNIKO AAIEN ZH

2008

2007

2007-2008

2.477.606.172,11
1.967.617.056,61
509.989.115,50

2.208.744.400,75
1.536.441.965,70
672.302.435,05

12,17%
28,06%
-24,14%

AKA 20: ANAYH EON AAIEN ZH ( E)


2008

(IA PATHH) 2.174.700.078,64



137.611.593,63

147.473.661,48
.
17.820.838,36

2.477.606.172,11

2007

2007-2008

87,77%
5,55%
5,95%
0,72%
100,00%

1.502.055.359,97
572.507.626,25
115.789.774,37
18.391.640,16
2.208.744.400,75

68,00%
25,92%
5,24%
0,83%
100,00%

44,78%
-75,96%
27,36%
-3,10%
12,17%

AKA 21: ANAYH EON AAIEN ZH ( E)


28

2008

(IA PATHH) 1.425.855.101,73



-6.659.904,79
POMHEIE APAH & YNAH EOA
548.421.859,67

1.967.617.056,61

2007

2007-2008

72,47%
-0,34%
27,87%
100,00%

1.226.651.926,45
-5.438.732,34
315.228.771,59
1.536.441.965,70

79,84%
-0,35%
20,52%
100,00%

16,24%
22,45%
73,98%
28,06%

H I A
E

AKA 22: TOIXEIA EKMETAEYE AA ATIKH EYYNH OXHMATN ( E)


AAIH

EOA
EOA
TEXNIKO AOTEEMA
AAIH ATIKH EYYNH OXHMATN

2008

2007

2007-2008

1.198.956.639,20
1.591.918.385,89

1.219.095.121,35
1.178.878.900,90

-1,65%
35,04%

-392.961.746,69

40.216.220,45

-1077,12%

AKA 23: ANAYH EON AAIH ATIKH EYYNH OXHMATN ( E)


2008

(IA PATHH)


.

923.898.310,29
42.973.518,39
0,00
232.084.810,52
1.198.956.639,20

77,06%
3,58%
0,00%
19,36%
100,00%

2007

891.724.548,84
98.059.083,34
0,00
229.311.489,17
1.219.095.121,35

2007-2008

73,15%
8,04%
0,00%
18,81%
100,00%

3,61%
-56,18%
_
1,21%
-1,65%

AKA 24: ANAYH EON AAIH ATIKH EYYNH OXHMATN ( E)

2008

(IA PATHH) 1.282.376.387,24



26.875.751,51
POMHEIE APAH & YNAH EOA
282.666.247,14

1.591.918.385,89

2007

2007-2008

80,56%
1,69%
17,76%
100,00%

902.306.449,49
6.325.201,29
270.247.250,12
1.178.878.900,90

76,54%
0,54%
22,92%
100,00%

42,12%
324,90%
4,60%
35,04%

AKA 25: TOIXEIA EKMETAEYE OIN AAIEN ZHMIN ( E)


E I

2008

2007

2007-2008

1.113.871.330,41
461.219.577,10

1.055.375.331,24
633.600.978,62

5,54%
-27,21%

652.651.753,31

421.774.352,62

54,74%

AKA 26: ANAYH EON OIN AAIEN ZHMIN ( E)


2008

(IA PATHH)


.

870.391.922,70
38.290.935,67
0,00
205.188.472,04
1.113.871.330,41

2007

78,14%
806.761.164,84
3,44%
57.729.148,84
0,00%
0,00
18,42%
190.885.017,56
100,00% 1.055.375.331,24

76,44%
5,47%
0,00%
18,09%
100,00%

2007-2008

7,89%
-33,67%
_
7,49%
5,54%

AKA 27: ANAYH EON OIN AAIEN ZHMIN ( E)


(IA PATHH)

POMHEIE APAH & YNAH EOA

2008

158.266.284,30
2.283.619,34
300.669.673,46
461.219.577,10

2007

34,31%
0,50%
65,19%
100,00%

359.753.080,44
-56.206,66
273.904.104,84
633.600.978,62

56,78%
-0,01%
43,23%
100,00%

2007-2008

-56,01%
-4162,90%
9,77%
-27,21%

AKA 28: OIKONOMIKA TOIXEIA AAITIKN EIXEIPHEN

METABOH

METABOH


( )

METABOH

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.447,6
1.281,3
1.153,0
1.538,4
1.675,6
1.873,7
2.095,4
2.048,4
1.573,9

20,28%
-11,49%
-10,01%
33,42%
8,92%
11,82%
11,83%
-2,24%
-23,16%

7.839,4
7.939,0
8.377,0
9.577,1
10.600,3
11.926,8
13.445,6
14.937,6
14.689,8

8,30%
1,27%
5,52%
14,33%
10,68%
12,51%
12,74%
11,10%
-1,66%

167,6
5,7
-202,0
104,5
-62,9
124,3
179,1
103,1
-491,7

-51,76%
-96,59%
-3637,08%
-151,75%
-160,14%
-297,77%
44,02%
-42,43%
-576,93%

( )

29

H I A
E

AKA 29: YNOO AAITIKN POBEEN

2000
2001
2002
2003
2004
2005
2006
2007
2008

3.241,8
3.374,6
3.603,4
3.933,9
4.274,1
4.684,4
5.243,3
5.814,2
6.351,6

-0,51%
4,10%
6,78%
9,17%
8,65%
9,60%
11,93%
10,89%
9,24%

1.667,2
1.726,4
1.968,1
2.227,5
2.398,9
2.555,6
2.717,1
2.987,3
3.381,1

14,48%
3,55%
14,00%
13,18%
7,69%
6,53%
6,32%
9,94%
13,19%

4.909,0
5.101,0
5.571,5
6.161,4
6.673,0
7.240,0
7.960,4
8.801,5
9.732,8

4,12%
3,91%
9,22%
10,59%
8,30%
8,50%
9,95%
10,57%
10,58%

( )

AKA 30: YNEH EENYEN AAITIKN EIXEIPHEN ( E)

& .
H

2008

2008
%

2007

2007
%

2006

2006
%

2005

1.205.266.269,50

13,08%

1.051.047.993,63

11,27%

1.063.264.201,78

12,78%

966.930.102,56

12,70%

232.913.537,15

2,53%

316.578.257,68

3,39%

478.326.788,19

5,75%

509.712.065,93

6,69%

1.188.791.689,34

12,90%

1.585.579.557,49

17,00%

1.349.850.832,58

16,23% 1.391.687.836,22

18,28%

5.099.559.612,25

55,36%

4.806.421.944,37

51,54%

4.425.589.358,03

53,21% 3.728.853.405,20

48,97%

1.485.839.664,74 16,13%
9.212.370.772,98 100,00%

1.565.769.857,52 16,79%
9.325.397.610,69 100,00%

2005
% YNEH

999.874.684,07 12,02% 1.017.279.581,67 13,36%


8.316.905.864,65 100,00% 7.614.462.991,58 100,00%

AKA 31: METABOH EENYEN AAITIKN EIXEIPHEN ( E)

E
HEI

& K.
H

.
EPH

2008

2008-2007
%

1.205.266.269,50

14,67%

232.913.537,15

2007

2007-2006
%

2006

2006-2005
%

2005

1.051.047.993,63

-1,15%

1.063.264.201,78

9,96%

966.930.102,56

-26,43%

316.578.257,68

-33,82%

478.326.788,19

-6,16%

509.712.065,93

1.188.791.689,34

-25,02%

1.585.579.557,49

17,46%

1.349.850.832,58

-3,01%

1.391.687.836,22

5.099.559.612,25

6,10%

4.806.421.944,37

8,61%

4.425.589.358,03

18,68%

3.728.853.405,20

1.485.839.664,74
9.212.370.772,98

-5,10%
-1,21%

1.565.769.857,52
9.325.397.610,69

56,60%
12,13%

999.874.684,07
8.316.905.864,65

-1,71%
9,23%

1.017.279.581,67
7.614.462.991,58

AKA 32: AOTEEMATA XPHE - YNOO AAITIKN EIXEIPHEN ( E)


2008

30







A
(K/Z)
M

KAAPA AOTEEMATA XPHE
( )
M

KAAPA AOTEEMATA XPHE


( )

2007

% METABOH 2008-2007

509.989.115,50

672.302.435,05

-24,14%

-392.961.746,69

40.216.220,45

-1077,12%

652.651.753,31

421.774.352,62

54,74%

769.679.122,12

1.134.293.008,12

-32,14%

1.261.352.887,69

1.031.201.274,36

22,32%

-491.673.765,57

103.091.733,76

-576,93%

89.440.913,42

65.697.861,85

36,14%

-581.114.678,99

37.393.871,91

-1654,04%

: ASP A. z
E: O.E.

A E E
ENONTO 10 105 57 AHNA TH. 210.33.34.100 FAX: 210.33.34.149

Annual Statistical Report

2008
Private
Insurance
in Greece
Hellenic Association of Insurance Companies

Annual Statistical Report

2008
Private Insurance
in Greece

The Hellenic Association of Insurance Companies represents


the collective interests of Insurance Enterprises operating in Greece
with 71 Companies in membership, which provide
all up-to-date insurance products both in Greece and abroad.
Today the Greek insurance market has a significant added value
to the Greek Economy and to the social stability.
The Insurance Enterprises operating in Greece write more than 5 billion
in premiums annually, offer employment to almost 9.000 people
and about 30.000 intermediaries, while supporting the economy
with investments of almost 12 billion annually.
www.eaee.gr

Hellenic Association of Insurance Companies


Research and Statistical Department
Athens 2009

Insurance Companies
Members of the Association

S.A. Insurance Companies


established in Greece
AEGEON INSURANCE COMPANY S.A.

ING GENERAL INSURANCE CO. S.A.

AGROTIKI INSURANCE CO. S.A.

ING LIFE INSURANCE CO. S.A.

ALLIANZ HELLAS

ING GROUP AND INDIVIDUAL


LIFE INSURANCE CO S.A.

AXA INSURANCE PLC


ATLANTIC UNION INSURANCE CO. S.A.
COMMERCIAL VALUE INSURANCE S.A.
DAS HELLAS S.A. LEGAL PROTECTION
DYNAMIS GENERAL INSURANCE CO. S.A.
EFG EUROLIFE GENERAL INSURANCE CO. S.A.
EFG EUROLIFE LIFE INSURANCE CO. S.A.
EMPORIKI INSURANCE
EMPORIKI LIFE INSURANCE CO. S.A.

INTERAMERICAN LIFE INSURANCE CO. S.A.


INTERAMERICAN PROPERTY & CASUALTY
INSURANCE CO. S.A.
INTERAMERICAN HEALTH & ASSISTANCE
INSURANCE CO. S.A.
INTERAMERICAN ROAD ASSISTANCE
INSURANCE CO. S.A.
INTERASCO GENERAL INSURANCE CO. S.A.
INTERLIFE GENERAL INSURANCE CO. S.A.

ETHNIKI INSURANCE CO. S.A.

INTERNATIONAL LIFE AEGA


GENERAL INSURANCE CO. S.A.

EULER HERMES EMPORIKI CREDIT INS. CO. S.A.

INTERNATIONAL LIFE INSURANCE CO. S.A.

EUROPEAN PROVIDENCE INSURANCE CO. S.A.

INTERNATIONAL UNION INSURANCE CO.

EUROPEAN RELIANCE INSURANCE CO. S.A.

LA VIE HEALTH INSURANCE CO. S.A.

EUROPEAN UNION INSURANCE CO. S.A.

MARFIN LIFE S.A.

EUROPE INSURANCE CO. S.A.

NP INSURANCE CO. S.A.

EUROSTAR GENERAL INSURANCE CO. S.A.

PERSONAL INSURANCE CO. S.A.

GENERALI HELLAS PROPERTY & CASUALTY S.A.

PROTON INSURANCE COMPANY

GENERALI LIFE INSURANCE CO. S.A.

SIDERIS G. GENERAL INSURANCE CO. S.A.

GROUPAMA RHOENIX HELLENIC INSURANCE CO.

SYNETERISTIKI GENERAL INSURANCE CO. S.A.

HELLAS INSURANCE COMPANY S.A.

UNIVERSAL LIFE (HELLAS) INSURANCE CO. S.A.

HORIZON GENERAL INSURANCE CO. S.A.

V.D.V. LEBEN INTERNATIONAL INSURANCE CO.

IDROGIOS INSURANCE & REINSURANCE CO. S.A.

VICTORIA LIFE INSURANCE CO. S.A.

IMPERIO LIFE S.A.

VICTORIA INSURANCE COMPANY S.A.

INCHCAPE INSURANCE CO. S.A.

Branches of Foreign Insurance


Companies

Associated
Members

British
ASSOCIATION OF LLOYDS UNDERWRITERS
MITSUI MARINE & FIRE INSURANCE Co (EUROPE) LTD
ROYAL & SUN ALLIANCE INSURANCE PLC
TOKIO MARINE EUROPE INSURANCE LIMITED

merican
AMERICAN LIFE INSURANCE CO (ALICO)
NATIONAL UNION INS. CO OF PITTSBURGH PA USA

Belgian
INTER PARTNER ASSISTANCE
SBAI MONDIAL ASSISTANCE

French
EUROP ASSISTANCE
SOGECAP S.A.

German
A.R.A.G. ALLGEMEINE S. VERSICHERUNGS
HDI - GERLING INDUSTRIE VERSICHERUNG AG

Spanish
MAPFRE ASISTENCIA COMPANIA INTERNACIONAL

Cyprian
CYPRUS INSURANCE CO.
CYPRUS LIFE INSURANCE CO.
DEMCO INSURANCE LIMITED

Dutch
ATRADIUS CREDIT INSURANCE N.V.

Philippine
MALAYAN INSURANCE Co LTD

GENIKI PANELLADIKI MUTUAL INSURANCE SOCIETY


EURO INSURANCES LTD

Contents

Introduction
1. The Greek Economy in 2008

7
8

2. Basic Figures
of the Greek Insurance Market in 2008

10

3. The European Insurance Market


in 2008

12

4. Private Insurance
in the Greek Economic Environment

14

5. A Different Approach
of the Insurance Market

15

6. An Analytical Review
of the Greek Insurance Market for 2008

17

7. Financial Figures
of the Insurance Enterprises
Statistical Tables

20
23

Introduction
The Hellenic Association of Insurance Companies is pursuing the endeavor to provide its Member
- Companies with valid and scientific information on Private Insurance in Greece, by issuing once more
the annual statistical report:
Private Insurance in Greece in 2008
which is elaborated by the Associations Research Department, and presents the economic figures
resulting from the activities of Insurance Enterprises in Greece during 2008 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 Insurance Associations, so that it becomes
more useful to the managers of the Insurance 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:
The first three chapters review the major characteristics of the Greek Economy for the last two
years, which set the operational site of the Insurance Enterprises, while present the basic figures of
the Greek and European insurance market for the years 2007 and 2008.
The fourth chapter records the participation of Private Insurance to the countrys economy, and
in the fifth chapter a different approach of the Greek insurance market is undertaken, with the use
of percentage shares.
The last two chapters analytically examine all the financial aspects of the activities of Insurance
Companies in Greece, for the last nine years.
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 eight 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 Insurance Market, in order to draw
valuable conclusions.
argarita Antonaki
General Manager

Private Insurance
in Greece

1. The Greek Economy in 2008


The growth rate of the Greek Gross
Domestic Product (GDP) significantly
decelerated to 2,9% in 2008,
the average value of the Harmonized Index
of Consumer Prices was 4,2%,
and the Athex Composite Share Price Index
lost 65,5% of its value during 2008.
The worldwide financial and economic crisis
showed the macroeconomic instability
and the structural weaknesses
of the Greek economy according
to Bank of Greece, year 2008
Governors Report

he growth rate of the Greek Gross Domestic Product


(GDP) significantly decelerated to 2,9% in 2008
from 4% in 2007. This is in conjecture of the constant
reduction of the GDPs growth rate from the past years.

The average value of the Harmonized Index of Consumer


Prices (HICP), which is suitable for the comparison to the
inflation rate in the euro area, was 4,2%, but the measure
fails in depicting a sufficiently representative picture
because of its variability throughout the year. In the first
seven months of the year, the inflation rose highly because
of the large price increases of the food and fuel prices.
In the following months the rate dropped, due to the fall
of the prices of the aforementioned products, reaching
the value of 2,2% in December, the lowest since 2000.
The core of the inflation (which is calculated without the
food and fuel prices) reached 3,4% from 3% that was in
2007. HICP was 3,3% in the euro zone area during 2008.
Deposit interest rates increased a lot during the year while
the deposits with an agreed maturity rose even more. In
the same time, although lending interest rates declined,
the lending rates to households increased. In the euro
zone, the lending rates declined at a higher pace than
the ones in Greece. The largest differences between the
euro zone and Greek interest rates were observed in the
consumer loans.
The Athex Composite Share Price Index declined during
2008. When a comparison is made between December
2008 and December 2007, it is evident that the index
lost 65,5% of its value. Similarly, the European share price
index Dow Jones EURO STOXX declined by 46,3%. The
coordinated plans which were conceived by the governments, the central banks and the international organizations
did not manage to face effectively the financial turmoil
in 2008.

Private Insurance
in Greece

Respectively, the average daily value of transactions in


Athens Stock Exchange decreased by 34,2%. Taking into
account the important decline of the share prices, the
average daily volume of transactions at constant prices
increased. The foreign investors liquidated their assets
during the year and repatriated a large amount of capital
in order to satisfy financial obligations at their home
country. In this manner, 3,6 billion were undertaken
and the participation of the foreign investors in Athens
Stock Exchange fell below 50%.
During 2008, the worldwide financial and economic crisis
showed the macroeconomic instability and the structural
weaknesses of the Greek economy. The crisis worsened
the prospects for the production, the employment and
the international trade transactions in all the regions
of the world. During 2009, it is expected that the negative
developments in the financial and the real sector of the
economy will feedback in a vicious cycle.

(Data Source: Bank of Greece, year 2008 Governors Report)

Private Insurance
in Greece

2. Basic Figures of the Greek Insurance Market in 2008


The number of Insurance Enterprises
that were active in our country in 2008
was 85, writing total direct premium
of 4,75 billions , increased by 1,39%
in relation to 2007.
A share of 52,12% of total premium
originated from life insurance,
while 47,88% of it concerned
the non-life business
2.1. The Insurance Enterprises

2.2. Direct Written Premium


The registered production of direct written premium totaled
4,75 billion , against 4,68 billion in 2007, being increased
by 1.39% (the corresponding value was 8,12% in 2007).
In deflated prices, the premium production in 2008 was decreased by 2,65% against 2007.
Non-life insurance increased its premium production by
4,12% and reached the amount of 2,27 billion against
2,18 billion in 2007 (8,01% in 2007). In deflated prices,
the production of non-life insurance is decreased by 0,03%
in relation to 2007.

From the 85 Insurance Enterprises that were activated in


Greece, 15 were active in the life business, 58 in the nonlife one and 12 were composite.

Life insurance amounted at 2,48 billion in 2008, from 2,5


billion in 2007, presenting a reduction of 1% (respectively,
the production was increased by 8,22% in 2007).

The grouping of the Insurance Enterprises according to the


type of their establishment in the Greek market shows that
there are 60 S.A. Insurance Companies (13 in life, 35 nonlife and 12 composite), 22 branches of foreign Insurance
Companies (2 in life and 20 non-life) and 3 Mutual Insurance
Societies (non-life insurance).

In deflated prices, life insurance premium has decreased by


4,94% in relation to 2007.

According to the country of origin, 18 branches were based


in the EU and 4 were based outside the EU.

2.3. The Share in the Greek Economy

Split of Insurance Enterprises

As a result, life insurance represented 52,12% of the total


premium production for 2008 (while it was 53,37% in 2007)
and non-life insurance represented 47,88% (46,63% in 2007).
The small increase of total premium production in nominal
prices had as result the reduction of its share in the Greek
Gross Domestic Product to 2,18% in 2008, against a percentage of 2,26% in 2007.
The share of the Investments of Insurance Enterprises in the
Gross Domestic Product also followed a similar course.
The share reached 4,74% in 2008 against a percentage of
5,23% in 2007.
On the contrary, the per capita insurance premium was slightly
increased and reached a total of 463,87 in 2008, against
457,63 in 2007.

10

Life (15)

Composite (12)

Non-Life (58)

Private Insurance
in Greece

Total compensations and indemnities paid in 2008 reached


2,77 billion , against 2,54 billion in 2007, experiencing an
average increase of 9,13%.

Total provisions for 2008 accounted for 9,7 billion , against


8,8 billion in 2007, and were increased by10,58%. Besides,
mathematical provisions for life insurance policyholders that
bear the investment risk reached 2,11 billion in 2008, against
2,49 billion in 2007 (a reduction of 15,4%).

Breaking down the compensations into two categories,


1.423,6 million were given as indemnities to life insurance
policyholders, as opposed to 1.232,6 million in 2007, presenting an increase of 15,5%.

Total Equity amounted at 1,57 billion, against 2,05 billion


in 2007, decreased by 23,16%.

2.4. Insurance Indemnities

Respectively, the compensation of non-life insurance amounted


at 1.343,8 million, increased from 1.303,3 million in 2007,
representing a growth rate of 3,11%.

Pretax losses were 491,7 million in 2008. On the contrary,


the insurance companies had recorded profits of 103,1 million
in 2007.

2.5. Financial figures


Insurance Enterprises total assets were 14,7 billion in 2008,
against14,9 billion in 2007, presenting a reduction of 1,66%.
Total investments were decreased by 4,33% at 11,33 billion
against 11,84 billion in 2007 (the figure contains 2.117,9
million of mathematical provisions on behalf of the life policy holders bearing the investment risk, the same figure was
2.517 million in 2007).

Life and Non-Life Direct Insurance Premium


(IN MILLION EURO)
2.500
2.250
2.000
1.750
1.500
1.250
1.000
750
500
250
0
2000

Life Insurance

2001

2002

2003

2004

Non-Life Insurance

2005

2006

2007

2008

11

Private Insurance
in Greece

3. The European Insurance Market in 2008


The European insurance market
experienced a large decrease of 10,4%
in premium written during 2008,
of which life premium decreased
by 15,9%, while non-life premium
decreased by 0,2%.

he European insurance market experienced a large decrease in premium written during 2008, after six years
of continual growth.

According to the preliminary data of year 2008 that were


presented by C.E.A. (C.E.A. report: European Insurance in
figures), collected from 33 member-states, the European
Insurance market experienced a nominal (calculated in current
exchange rates) decrease of the total premium production
of 10,4%. The premium production decreased by 6,4% when
calculated at constant exchange rate.
Non-life insurance premium decreased at a rate of 0,2% at
current prices, totaling 415 billion in 2008, which means
that they were not affected greatly by the ongoing financial
crisis. It should be noted that the growth rates differed between Eastern and Western Europe since the total written
premium in the eastern countries continued to grow in nominal
value.
Life insurance premium decreased by15,9% at nominal value,
totaling at 644 billion. The financial crisis had a negative impact on Life insurance business, mainly on the unit-linked related products and on the competitiveness of the business
in relation to the short-term banking products, which were
offering higher interest rates in the second half of 2008.

3.1. Number of Insurance Enterprises


The number of Insurance Enterprises in the 33 member countries of the C.E.A. was estimated at 5.177, slightly increased
(1,0%) in relation to 2007, which is a reverse in the course
of reduction that was recorded during the last decade.
4.783 of them (a percentage of 92,4%) are based in the 27
countries members of the European Union (increased by
0,9%).

12

3.2. Direct Insurance Premium


Total direct written premium of EU-27 is estimated at1.001,8
billion in 2008, being decreased by 11,1% at current prices,
or 6,9% at constant exchange rates.
Life insurance premium is estimated at 611,5 billion in 2008,
decreased by 16,8% at current prices, or 11,8% at constant
exchange rates.
Non-life insurance premium is estimated at 390,3 billion
in 2008, decreased by 0,5% at current prices, or increased
by 2,1% at constant exchange rates.
Accordingly, the proportion of life insurance premium to the
total reached 61%, decreased from 65,2% in 2007.
Respectively, the proportion of non-life insurance premium
to the total reached 39% in 2008, increased from 34,8% in
2007.

3.3. The Investments of the Insurance Enterprises


Presenting a reduction rate of 4,5% at current prices, it appears that the investments of the European Insurance Enterprises of the C.E.A. countries decreased for the first time
after many years.
Total investments of the Insurance Enterprises of the EU-27
are estimated at 6,5 trillion in 2008, being decreased by
4,9%. At constant exchange rates, the decrease of the investments is estimated at 0,8%.
The categorization of the investments is largely dependent
on the institutional and legal framework of each country.
In the EU-27, according to the data of 2007 (which are the
latest available complete ones), the shares and the other
variable yield securities constitute the largest part (34,5%)
of the investments. Quite big is the share of the bond securities and other fixed income securities (34,1%) and of the
loans, including mortgages (15,4%).
In the investment portfolio, real estates participation is 4%,
which is more or less equal to the percentage of the investments in the affiliated enterprises (4,3%). The deposits stand
at 2,5% and the remaining investments amount at 5%.

Private Insurance
in Greece

3.4. Insurance business in the Economic Environment


The measurement of the insurance businesseconomic effects
in the economy of EU-27 is achieved with the use of indicators,
which are shaped as follows (using the complete data set of
2007):

Insurance premium share to Gross Domestic


Product (G.D.P.)
The percentage of premium to the G.D.P. for the EU-27
was 9% in 2006 and rose to 9,1% in 2007.

Insurance investments share to Gross Domestic

3.5. Structure of Non-life Insurance Portfolio


The structure of the non-life portfolio in the EU-27,
according to the first data of 2008, is as follows:

Motor insurance
Accident and Sickness insurance
Property insurance
General Civil Liability
Marine, Aviation and Transport insurance
Legal expenses insurance
Other non-life insurance

30,5%
31,0%
19,1%
7,9%
3,7%
1,8%
6,0%

Product (G.D.P.)
The share of investments of Insurance Enterprises to G.D.P.
for the EU-27 was 56,6% in 2006 and is estimated at
55,9% for 2007.

Total insurance premium per capita


Total insurance premium per capita of the EU-27 amounted
2.119 in 2006 and at 2.271 in 2007.

Life insurance premium per capita


The life premium in the EU-27 averaged at 1.341 in 2006
and 1.481 in 2007.

Non-life insurance premium per capita


Non-life premium per capita in the EU-27 totaled at 778
in 2006 and is estimated at 790 in 2007.

Key Figures of the Greek and European Union (27)


Insurance Market for the year 2008
KEY FIGURES
Direct Insurance premium
(total market, million )
of which:
Life Premium
Non-life premium
Total investments (total market, million )
Number of enterprises
Number of Employees
MAIN RATIOS (2007)
Total premium per capita ()
of which:
Life premium per capita
Non-life premium per capita
Share of total premium to G.D.P.
Share of total investments to G.D.P.

GREECE

SHARE

EU-27

4.750,6

0,47%

1.001.810,5

2.476,0
2.274,6
11.330,2
85
9.000

0,40%
0,58%
0,17%
1,78%
0,99%

611.499,5
390.311,0
6.497.632,4
4.783
912.473

457,63

20,15%

2.271

225,15
232,48
2,26%
5,23%

15,20%
29,42%

1. 481
790
9,1%
55,9%

Note: The figures for the EU-27 are recorded by the Comite Europeen des Assurances (C.E.A.) for the year 2008, according
to the latest publication European Insurance in figures.

13

Private Insurance
in Greece

4. Private Insurance in the Greek Economic Environment


The estimation of the financial effect
of the Insurance Enterprises activities
in a countrys economy can be achieved
through the use of ratios,
which also facilitate the comparability
in an international level.
uch 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 the insurance premium per
capita.

4.1. Share of insurance premium to G.D.P.


During 2008, the share of the direct written insurance premium income on the G.D.P. (in current prices) was 2,18%.
As it can be seen in table 1, even though the insurance income (direct written premium and policy fees) was increased,
G.D.P.s growth rate was greater, thus the ratio decreased
for the first time after 2001.
As the same table shows, the maximum value of the ratio
was 2,26% in 2007.
The statistical tables of the annex list in details all the figures
stated in this report about the evolution of Private Insurance
during the last years.

4.2. Share of total investments to G.D.P.


The ratio of the Insurance Enterprises investment to the
G.D.P. is an internationally accepted indicator of the countrys
insurance market development. Also, it shows the power
and the maturity of life insurance.
The share of investment of the insurance market, after reaching a high value of 4,13% in 2000, declined afterwards to
3,72% in 2002. In the following years, it rebounded to 5,23%
in 2007. In 2008, it was reduced to 4,74%. In any case
though, it still is far below the EU 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 2000-2008.

14

4.3. Insurance premium per capita


For one more year, the ratio of total direct insurance premium
income over Greeces population (estimation made by the
National Statistical Service of Greece) shows an increase.
Total premium income per capita was 253,21 in 2000 and
has been increasing since then. In 2008, it achieved its maximum value at 463,87 per capita.
Table 3 of the annex records the evolution of the ratio of
total premium per capita for the time period 2000-2008.
The last column of the table calculates the ratio in European
Currency Units () by applying the fixed parity: 1 = 340,75
Greek Drachmas, until the full adoption of the new currency
unit on March 2002.
The corresponding calculation for life premium per capita
(table 4) shows an increase from 2001 until 2007 and a small
turn back in 2008. In 2008, premium income (including policy
fees) reached 222,13 per capita.
On the contrary, the ratio of the non-life premium per capita
(table 5) shows a dynamic growth in all the aforementioned
period, even in 2008. A sum of 241,73 per capita was the
average in 2008, compared to 129,87 in 2000.

Private Insurance
in Greece

5. A Different Approach of the Insurance Market


The aspects and the evolution process
of the Greek Insurance Market,
besides the figure reporting
(as shown in the next section),
can be described through the use
of alternative parameters that are used
to examine the Insurance Sector.
he parameters used have resulted from the elaboration
of the financial figures of the Insurance 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 Insurance Companies operating in Greece as well as the market
share of the largest life/non-life insurance companies during
2008 give us the following results:
a. In life insurance, the top five companies in premium production held a market share of 66,2% in 2008 as opposed to
65,36% in 2007.
The top ten held a share of 88,9%, as opposed to a share of
87,84% in 2007, the top fifteen owned 97,5% of the market
(96,99% in 2007) and the top twenty the 99,6% in 2008
(99,53% in 2007).
A market share greater than 10% is owned by five Insurance
Companies (66,2% of the premium production) and ten Insurance Companies own a market share between 1% and
10% (31,3% of the premium production).
The tendency of the concentration of the premium production in life Insurance is as intense in 2008 as it was in 2007
and is characterized of the big market shares that the top
Insurance Companies have.
b. In non-life insurance the top five Insurance Companies in
premium production collected the 35% of the direct written
premium, while the corresponding figure was 36,23% in
2007.

The top ten held 56,3% of the market in 2008, against


58,27% in 2007, the top fifteen 72,2% in 2008 (73,14% in
2007) and the top twenty 81,9% in 2008 (82,04% in 2007).
A market share over 10% in non-life business is held by one
Insurance Company only (13,8 share of the total premium
production), while 26 Insurance Companies own a share between 1% and 10% (75,8% market share)
Thus, the market concentration is but slightly different in
relation to 2007 for the top Insurance Companies, but still
there is a bigger dispersion of the premium production in
the non-life business than in life business.

5.2. The Retention share (on premium)


This is the share of net written premium to the total gross
premium where:
total gross premium is the sum of direct written insurance
premium plus reinsurance (accepted) premium.
net written premium is equal to the total gross premium
less reinsurance premium ceded.
The share represents the proportion of retained business,
from which it is indirectly inferred the importance of reinsurance for the domestic insurance Market.
From 2001 and onwards, the figure presented a growing
level of retention (table 6) but the figure decreased slightly
in 2007 and 2008. Its value was 86,8% in 2008.

5.3. The Accepted Reinsurance share


This is the share of the accepted reinsurance premium to the
total gross premium, where:
total gross premium is the sum of direct insurance premium plus the accepted reinsurance premium.
The share provides an indication of the significance of the
accepted reinsurance accepted in the Greek insurance market.
The value of the ratio (table 6) is rising since 2001(1,66%) and
has reached 2,03% in 2008.

15

Private Insurance
in Greece

5.4. The Claims ratio (only for non-life insurance)


The claims ratio calculates the share of the paid claims of
a certain period upon the earned premium for the same period, for non-life 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 the paid claims over the earned
premium, where:
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.
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 third party liability and other
non-life classes as well, of the annual balance sheets published
according to the new accounting principles for the Insurance
Companies (that is for the financial year 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 it was increased to 106,77% in 2008 (table
7).
The share of paid claims upon earned premium for other
non- life insurance (besides motor third party liability) is calculated at 47,11% for 2000 and reduced to 23,04% for 2008.
As a result, the ratio for total non-life insurance is calculated
at 68,61% for the year 2000 and reduced to 60,23% for
2008.

16

5.5. 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 fee 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 financial sheets published according to the new accounting
principles for the Insurance Companies (as of the financial
year 2000 and on).
The share of outstanding claims for motor third party liability
insurance for the year 2000 is calculated at 104,3%, while
it reached 137,09% in 2008 (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 was reduced to 42,21% for 2008.
As a result, the ratio for the total of non-life insurance is calculated at 82,59% for the year 2000, but was increased
to 84,03% in 2008.

Private Insurance
in Greece

6. An Analytical Review of the Greek Insurance Market for 2008


At the current section, the data published
in the annual operating accounts
are evaluated. Thus, the figures reported
are the written premium, the loss payments,
the ceded premium to reinsurers
as well as the other income-expense items
of the latest financial year compared
against the figures of the year before.

6.3. Breakdown of Premium Income


by Line of Insurance Business
A first view of the total production of 2008 presents the data
in the same order as they appear in the Enterprises financial
statements, namely the accounts of Life insurance, Motor
third party liability and other Non-life insurance (table 13).

Life direct insurance premium:


2.475.975.599,02

Motor third party liability direct insurance premium:


1.026.834.528,73

6.1. Total Written Insurance Premium


Direct written insurance premium reached 4.750,6 million
in 2008, compared to 4.685,5 million in 2007, achieving
an annual increase rate of 1,39%, against a corresponding
rate of 8,12% in 2007 (table 9).
After six years of high growth rates (2002-2007), it seems
that the market entered a low growth rate year in 2008,
which is significantly lower than the inflation rate.
Total reinsurance premium production increased by 4,33%
in 2008 (against an increase of 10,57% in 2007), reaching
98,3 million (table 11).

Other non-life direct insurance premium:


1.247.804.772,77
By isolating the premium production of Life insurance (tables
9 and10), it seems that the annual change for 2008 in relation
to 2007 was -1% in current prices, while it was -4,94% in
deflated prices.

Direct Insurance Premium


2008

6.2. Total Insurance Premium


(inflation adjusted figures)

Life Insurance

Studying the evolution of the corresponding figures of the


premium production in deflated prices (using the Consumer
Price Index as a deflator and assuming 1994 as a base year),
the following may be observed:
Total direct premium production decreased in real values by
2,65% in 2008, against an increase of 5,08% in 2007 (table
10).

52,12%

Motor third-party
Liability Insurance

Other
Non-Life Insurance

21,61%

26,27%

Total written reinsurance premium (accepted) increased in


real values by 0,17% in 2008, against an increase of 7,46%
in 2007 (table 12).
Correspondingly, non-life premium was increased by 4,12%
at current prices in 2008 and was decreased by 0,03% in
deflated prices (tables 9 and 10).

17

Private Insurance
in Greece

A more detailed analysis per branch of insurance for 2008,


according to the published data for premium production, is
following.
Table 14 presents both direct written insurance premium
and the accepted reinsurance premium of each branch of
insurance for 2008, according to the Associations annual
research.

Total insurance compensations and indemnities paid for the


year 2008 reached 2.767,4 million instead of 2.535,9 million
in 2007, showing an increase of 9,13%. Life insurance was
responsible for 51,44% of the compensations in 2008 (table
18), followed by Motor third party liability (31,35%) and
other non-life insurance (17,21%).

From the examination of each branchs share in the total of


the direct premium production (table 14), it is deduced that
the branch 10. Motor vehicle liability collects the 45,14%
of the non-life production and it is followed by 8. Fire and
Natural Forces (16,84%) and 3. Land vehicles (15,15%).

The reinsurance share in claims payment of 2008 was decreased by 222,2 million , after another decrease of 229,2
million in 2007. Thus, the Insurance Enterprises share in
claims payment was 2.306,7 million in 207 and 2.545,2
million in 2008 (table 17).

In life insurance, the branch I. Life insurance accumulates


65,78% of premium, followed by the branch III. Life insurance
linked to investments (22,55%).

Insurance compensations paid for life insurance reached


1.423,6 million in 2008, up from 1.232,6 million in 2007,
which is the equivalent to 15,5% increase (table 18).

The growth rate of each branchs direct premium production,


in relation to 2007, is presented in table 15. As it appears,
branch 2. Sickness has achieved to increase significantly its
production in 2008 (35,48%). In the rest branches, significant
increases are observed in the branches 14. Credits (21,93%),
16. Miscellaneous financial losses (10,75%) and 17. Legal
expenses (10,05%). In life insurance, branch I. Life insurance
showed the greatest increase (23,91%).

At the same time, indemnities of Motor third party liability


was increased by 2,08% (from 849,8 million in 2007 to
867,5 million in 2008).

6.4. Breakdown of the Ceded Reinsurance Premium


Total ceded premium was 633,7 million , against 623,7
million in 2007, showing an increase of 1,62%.
The greatest share (71,96% in 2008) of the ceded premium
refers to other non-life insurance premium (besides motor
third party liability) which increased by 8,75% in relation to
2007 (table 16). The ceded premium of the Motor third party
liability was decreased by 41,56%, reaching a share of 8,89%
in 2008.
Concerning life insurance, the ceded premium was increased
by 12,51% and its share reached 19,14%.

18

6.5. Breakdown of Insurance Compensations


and Indemnities

Finally, the compensations of the other non-life insurance


business were increased by 5,03% (476,3 million in 2008
up from 453,5 million in 2007).

6.6. Operating Accounts of the Insurance Lines


of Business
For the evaluation of the operating results of the three lines
of business for the year 2008, data from the annual financial
statements are used.
Life insurance
Motor third party liability insurance
Other non-life insurance

Private Insurance
in Greece

6.6.1. Operating Account for Life Insurance

6.6.3. Operating Account for Other Non-life Insurance

According to the published operating accounts for life insurance for the year 2008, total revenues reached 2.477,6 million while total expenses reached 1.967,6 million, thus
producing technical profits of 510 million (table 19). This
line of business was profitable by 672,3 million in 2007,
too.

According to the published operating accounts for other nonlife insurance of 2008, total revenues amounted at 1.113,9
million and total expenses at 461,2 million, thus producing
technical profits of 652,7 million (table 25). The technical
profit for 2007 reached 421,8 million.

The main accounts on the revenues side (table 20) were: the
retention of earned premium (2.174,7 million or a share of
87,8% of total revenues) and the investment income (137,6
million or a share of 5,55%).
The main accounts on the expenses side (table 21) were: the
retention of paid claims (1.425,9 million or a share of 72,47%
of the total expenses) and commissions and similar expenses
(548,4 million or 27,87%).

6.6.2. Operating Account for Motor Third Party


Liability Insurance

The main accounts on the revenues side (table 26) were: the
retention of earned premium (870,4 million or a share of
78,14% of the total revenues), the investment income (38,3
million or a share of 3,44% of the total) and the policy fees
and other revenues (205,2 million or a share of 18,42% of
the total).
The main accounts on the expenses side (table 27) were: the
retention of paid claims (158,3 million or a share of 34,31%
of the total expenses) and the commissions and similar expenses (300,7 million or a share of 65,19% of the total expenses).

According to the published operating accounts for motor


third party liability insurance for the year 2008 total revenues
reached1.198,9 million while total expenses reached1.591,9
million, thus showing a technical loss of 393 million (table
22). The same line of business produced a profit of 40,2 million in 2007.
The main accounts on the revenues side (table 23) were: the
retention of earned premium (923,9 million or a share of
77,06% of total revenues), the investment income (43 million
or a share of 3,58%) and the policy fees and other revenues
(232,1 million or a share of 19,36% of the total).
The main accounts on the expenses side (table 24) were: the
retention of paid claims (1.282,4 million or a share of 80,56%
of the total expenses) and the commissions and similar expenses (282,7 million or a share of 17,76% of total).

19

Private Insurance
in Greece

7. Financial Figures of the Insurance Enterprises


7.1. Total Equity

In the annual financial statements


published by the Insurance Enterprises,
important figures are discussed such as
the total equity, the total assets,
the insurance provisions, the investments
and the profit for the year.
In this section, these figures are compared
against the corresponding ones
from 2007.

Total Equity of the Insurance Enterprises amounted at 1.573,9


million in 2008 and were reduced by 23,16% in relation to
2007 (table 28).
Apparently, the financial losses of 2008 resulted in the reduction
of the Enterprises equity.

7.2. Total Assets


Total Assets reached the amount of 14.689,8 million in 2008
and recorded losses of 1,66% (table 28).
It is the first time in the recent years that this particular figure
was reduced. In 2007, it enjoyed an increase of 11,1%.

Financial Items of Insurance Enterprises


(IN MILLION EURO)

15.000
14.000
13.000
12.000
11.000
10.000
9.000
8.000
7.000
6.000
5.000
4.000
3.000
1.000
1.000
0

20

2000

2001

2002

Total Insurance Provisions

2003

Total Investments

2004

2005

2006

Total Assets

2007

2008

Private Insurance
in Greece

7.3. Insurance Provisions

7.5. Years Profits/Losses

The sum of insurance provisions was 9.732,8 million in


2008 (table 29), achieving an increase of 10,58% in relation
to 2007 when they had been increased by 10,57% in 2007.

Years losses (before taxes) amounted at 491,7 million in


2008 (table 28). On the contrary, profits of 103,1 million
were reported in 2007.

The provisions for life insurance were 6.351,6 million, up


by 9,24% from 2007.

It is interesting to analyze the Profit and Loss account of the


Insurance Market in table 30.

The provisions of non-life insurance were 3.381,1 million


in 2008, increased by 13,19% from 2007.

Specifically, the sum of the technical results of all insurance


branches was 769,7 million in 2008 while it was 1.134,3
million in 2007.

7.4. Total Investments


According to the data collected from the financial statements, the invested capital of the Insurance Enterprises was
11.330,2 million in 2008, decreased from 11.843,1 million
in 2007 or 4,33% down.
Total investments are the sum of the accounts: C. Investments
(9.212,4 million in 2008) and D. Investments on behalf of
the policyholders bearing the investment risk (2.117,9 million
in 2008) as shown in annual Balance Sheets.

From the above, when the general expenses are deducted


(1.261,4 million), the profit for the year (before taxes) is
-491,7 million, instead of a profit of 103,1 million in 2007.
After deducting the taxes (89,4 million in 2008, instead
of 65,7 million in 2007), a net negative result of -581,1
million is found for 2008 (correspondingly 37,4 million
profit for 2007).

After analyzing C. Investments, it is deduced that the largest


part of the investments are in Bonds (short, medium and
long-term fixed income bonds issued by the Greek State or
by State owned enterprises among others) since they reached
the sum of 5.099,6 million in 2008, up by 6,1% (tables
30 and 31).
Investments inReal estate(land and buildings after amortization) constitute the second largest group of the investments and amounted at 1.205,3 million , up by 14,67%
from 2007.
1.188,8 million were invested inShares and Units in Mutual
Funds and experienced a reduction of 25,02% since 2007.
A more detailed analysis of the major components of the
account C. Investment, for the period 2005-2008 is shown
in table 30.
Expressing each type of investment as a percentage of the
total, the following figures are found: Bonds 55,36%, Shares
and Units in Mutual Funds 12,9%, Participation in affiliated
companies 2.53% and Real estate 13,08%.

21

Private Insurance
in Greece

Analysis of Investments
of Insurance Enterprises in 2008

BONDS
& FIXED INCOME
SECURITIES

55,36%

OTHER
INVESTMENTS

16,13%

22

PARTICIPATING INTERESTS

SHARES & UNITS

REAL ESTATE

2,53%

12,90%

13,08%

Statistical
Tables

Private Insurance
in Greece

TABLE 1: INSURANCE PREMIUM & POLICY FEES / G.D.P.


YEAR

DIRECT WRITTEN PREMIUM & POLICY FEES

G.D.P.

2000
2001
2002
2003
2004
2005
2006
2007
2008

2.764,4
2.855,6
3.159,4
3.550,7
3.970,2
4.296,3
4.730,2
5.122,2
5.212,5

136.281,0
146.428,0
156.615,0
172.431,0
185.813,0
195.366,0
210.459,0
226.437,0
239.141,0

2,03%
1,95%
2,02%
2,06%
2,14%
2,20%
2,25%
2,26%
2,18%

(FIGURES IN MILLION EURO - G.D.P. IN CURRENT MARKET PRICES)

TABLE 2: TOTAL INVESTMENTS / G.D.P.


YEAR

INVESTMENTS

2000
2001
2002
2003
2004
2005
2006
2007
2008

5.627,0
5.695,5
5.820,1
6.928,3
7.962,7
9.267,2
10.460,3
11.843,1
11.330,2

G.D.P.

136.281,0
146.428,0
156.615,0
172.431,0
185.813,0
195.366,0
210.459,0
226.437,0
239.141,0

4,13%
3,89%
3,72%
4,02%
4,29%
4,74%
4,97%
5,23%
4,74%

(FIGURES IN MILLION EURO - G.D.P. IN CURRENT MARKET PRICES)

TABLE 3: TOTAL DIRECT WRITTEN INSURANCE PREMIUM PER CAPITA (in Euro)
YEAR

DIRECT WRITTEN PREMIUM & POLICY FEES

POPULATION

TOTAL PREMIUM PER CAPITA

2000
2001
2002
2003
2004
2005
2006
2007
2008

2.764,4
2.855,6
3.159,3
3.550,7
3.970,2
4.296,3
4.730,2
5.122,2
5.212,5

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

253,21
260,78
287,54
322,10
358,91
386,92
424,29
457,63
463,87

(PREMIUM IN MILLION EURO)

TABLE 4: LIFE PREMIUM PER CAPITA (in Euro)


YEAR

LIFE PREMIUM & POLICY FEES

POPULATION

LIFE PREMIUM PER CAPITA

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.346,6
1.318,0
1.342,8
1.475,4
1.772,8
1.981,3
2.327,5
2.520,1
2.496,1

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

123,34
120,37
122,21
133,84
160,27
178,44
208,77
225,15
222,13

(PREMIUM IN MILLION EURO)

TABLE 5: NON-LIFE PREMIUM PER CAPITA (in Euro)

24

YEAR

NON-LIFE PREMIUM & POLICY FEES

POPULATION

NON-LIFE PREMIUM PER CAPITA

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.417,8
1.537,5
1.816,6
2.075,3
2.197,4
2.314,9
2.402,7
2.602,1
2.716,4

10.917.457
10.949.953
10.987.559
11.023.532
11.061.735
11.103.929
11.148.533
11.192.849
11.237.068

129,87
140,42
165,33
188,26
198,65
208,48
215,52
232,48
241,73

(PREMIUM IN MILLION EURO)

Private Insurance
in Greece

TABLE 6: REINSURANCE RATIOS (Upon Premium)


YEAR

RETENTION RATIO

RATIO OF REINSURANCE PREMIUM ACCEPTED

2000
2001
2002
2003
2004
2005
2006
2007
2008

85,76%
83,58%
83,84%
83,95%
85,17%
86,79%
87,65%
86,94%
86,80%

0,89%
1,66%
1,53%
1,50%
1,45%
1,63%
1,93%
1,97%
2,03%

TABLE 7: PERCENTAGE OF CLAIMS (Non-Life Insurance)


YEAR

MOTOR THIRD PARTY LIABILITY INSURANCE

OTHER NON-LIFE INSURANCE

TOTAL NON-LIFE INSURANCE

47,11%
32,58%
38,37%
30,81%
27,54%
30,21%
32,30%
34,66%
23,04%

68,61%
56,15%
61,48%
55,08%
52,62%
55,58%
54,60%
54,89%
60,23%

88,14%
78,14%
83,48%
79,12%
77,68%
82,33%
80,13%
78,82%
106,77%

2000
2001
2002
2003
2004
2005
2006
2007
2008

TABLE 8: PERCENTAGE OF OUTSTANDING CLAIMS (Non-Life Insurance)


YEAR

MOTOR THIRD PARTY LIABILITY INSURANCE

OTHER NON-LIFE INSURANCE

TOTAL NON-LIFE INSURANCE

59,01%
49,60%
47,05%
36,90%
35,31%
35,67%
36,45%
41,92%
42,21%

82,59%
77,87%
75,59%
69,39%
71,15%
74,13%
78,41%
74,86%
84,03%

104,30%
104,86%
103,08%
101,75%
108,89%
115,77%
128,21%
113,24%
137,09%

2000
2001
2002
2003
2004
2005
2006
2007
2008

TABLE 9: TOTAL DIRECT WRITTEN INSURANCE PREMIUM


YEAR

PREMIUM

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.233,8
1.334,4
1.561,7
1.770,0
1.863,4
1.954,2
2.022,6
2.184,6
2.274,6

NON-LIFE INSURANCE
SHARE
GROWTH
%
RATE

48,66%
50,43%
53,94%
54,72%
51,42%
49,81%
46,67%
46,63%
47,88%

17,03%
8,16%
17,03%
13,34%
5,28%
4,87%
3,50%
8,01%
4,12%

PREMIUM

LIFE INSURANCE
SHARE
%

GROWTH
RATE

TOTAL
PREMIUM

GROWTH
RATE

1.338,8
1.311,5
1.333,6
1.464,7
1.760,5
1.969,2
2.310,9
2.500,9
2.476,0

51,34%
49,57%
46,06%
45,28%
48,58%
50,19%
53,33%
53,37%
52,12%

-1,39%
-2,03%
1,68%
9,83%
20,20%
11,86%
17,35%
8,22%
-1,00%

2.572,5
2.646,0
2.895,3
3.234,7
3.623,9
3.923,5
4.333,5
4.685,5
4.750,6

6,79%
2,85%
9,42%
11,72%
12,03%
8,27%
10,45%
8,12%
1,39%

(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

2000
2001
2002
2003
2004
2005
2006
2007
2008

907,7
935,9
1.057,2
1.157,3
1.184,1
1.199,3
1.202,8
1.262,6
1.262,2

13,47%
3,10%
12,96%
9,48%
2,31%
1,28%
0,29%
4,97%
-0,03%

957,8
919,8
902,8
957,7
1.118,7
1.208,5
1.374,3
1.445,4
1.373,9

-4,39%
-3,97%
-1,85%
6,08%
16,82%
8,03%
13,72%
5,18%
-4,94%

1.865,5
1.855,6
1.959,9
2.115,0
2.302,8
2.407,8
2.577,1
2.708,0
2.636,2

(FIGURES IN MILLION EURO)

GROWTH
RATE

3,54%
-0,53%
5,62%
7,91%
8,88%
4,56%
7,03%
5,08%
-2,65%

25

Private Insurance
in Greece

TABLE 11: TOTAL WRITTEN REINSURANCE PREMIUM (ACCEPTED)


YEAR

2000
2001
2002
2003
2004
2005
2006
2007
2008

NON-LIFE INSURANCE
ACCEPTED
SHARE
GROWTH
PREMIUM
%
RATE

20,6
34,6
41,8
46,2
49,6
59,7
80,5
87,7
92,8

88,63%
92,62%
92,85%
93,74%
93,07%
91,55%
94,46%
93,07%
94,47%

-33,09%
68,39%
20,62%
10,54%
7,53%
20,21%
34,85%
8,93%
5,90%

ACCEPTED
PREMIUM

LIFE INSURANCE
SHARE
%

GROWTH
RATE

TOTAL
PREMIUM

GROWTH
RATE

2,6
2,8
3,2
3,1
3,7
5,5
4,7
6,5
5,4

11,37%
7,38%
7,15%
6,26%
6,93%
8,45%
5,54%
6,93%
5,53%

55,81%
4,58%
16,64%
-4,23%
19,94%
48,95%
-14,31%
38,42%
-16,76%

23,2
37,4
45,0
49,3
53,3
65,2
85,2
94,2
98,3

-28,45%
61,14%
20,32%
9,48%
8,30%
22,21%
30,70%
10,57%
4,33%

(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

2000
2001
2002
2003
2004
2005
2006
2007
2008

14,9
24,3
28,3
30,2
31,5
36,6
47,9
50,7
51,5

-35,13%
62,85%
16,43%
6,77%
4,50%
16,10%
30,67%
5,87%
1,68%

1,9
1,9
2,2
2,0
2,3
3,4
2,8
3,8
3,0

51,06%
1,14%
12,58%
-7,49%
16,56%
43,85%
-16,96%
34,53%
-20,08%

16,8
26,2
30,5
32,2
33,9
40,0
50,7
54,4
54,5

-30,63%
55,84%
16,14%
5,75%
5,26%
18,02%
26,65%
7,46%
0,17%

(FIGURES IN MILLION EURO)

TABLE 13: TOTAL INSURANCE PREMIUM FOR 2008 (figures in Euro)


S.A. INSURANCE COMPANIES
CLASSES OF INSURANCE

LIFE INSURANCE
MOTOR THIRD PARTY LIABILITY
OTHER NON-LIFE INSURANCE
TOTAL

DIRECT
PREMIUM

301.130.714,24
20.781.585,64
87.041.329,25
408.953.629,13
DIRECT
PREMIUM

LIFE INSURANCE
MOTOR THIRD PARTY LIABILITY
OTHER NON-LIFE INSURANCE
TOTAL

REINSURANCE
PREMIUM

2.174.844.884,78
17.828.846,26
5.426.264,08
1.004.045.347,50
232.148.300,94
2.422.810,11
1.160.763.443,52
196.910.153,35
52.848.908,52
4.339.653.675,80
446.887.300,55
60.697.982,71
BRANCHES OF FOREIGN INSURANCE COMPANIES
DIRECT
PREMIUM

LIFE INSURANCE
MOTOR THIRD PARTY LIABILITY
OTHER NON-LIFE INSURANCE
TOTAL

POLICY
FEES

POLICY
FEES

REINSURANCE
PREMIUM

2.330.428,80
4.684.707,43
8.001.503,83
15.016.640,06
MUTUAL INSURANCE SOCIETIES

9.983,88
0,00
35.815.234,45
35.825.218,33

POLICY
FEES

REINSURANCE
PREMIUM

0,00
2.007.595,59
0,00
2.007.595,59

0,00
0,00
0,00
0,00

0,00
1.763.008,22
0,00
1.763.008,22

TOTAL

26

LIFE INSURANCE
MOTOR THIRD PARTY LIABILITY
OTHER NON-LIFE INSURANCE
TOTAL

DIRECT
PREMIUM

POLICY
FEES

REINSURANCE
PREMIUM

2.475.975.599,02
1.026.834.528,73
1.247.804.772,77
4.750.614.900,52

20.159.275,06
236.833.008,37
204.911.657,18
461.903.940,61

5.436.247,96
4.185.818,33
88.664.142,97
98.286.209,26

Private Insurance
in Greece

TABLE 14: ANALYSIS OF WRITTEN PREMIUM FOR 2008


(figures in Euro - ANNUAL RESEARCH)
BRANCHES OF INSURANCE

1.
2.
3.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.

I.
III.
IV.
VI.
VII.
VIII.

. INSURANCE AGAINST LOSS OR DAMAGE


Accidents
Sickness
Land vehicles
Aircraft
Ships (sea, lake & river vessels)
Goods in transit
Fire and natural forces
Other damages to property
Motor vehicle liability
Aircraft civil liability
Civil liability for ships
General civil liability
Credits
Suretyship
Miscellaneous financial losses
Legal expenses
Assistance
TOTAL NON-LIFE INSURANCE
. LIFE INSURANCE
Life insurance
Life insurance linked to investment
Health insurance
Capitalization
Management of group pension funds
Group providence programmes
TOTAL LIFE INSURANCE

DIRECT WRITTEN
INSURANCE
PREMIUM

%
OF
TOTAL

REINSURANCE
PREMIUM
(ACCEPTED)

%
OF
TOTAL

53.992.734,81
8.288.915,58
344.506.132,38
457.959,77
23.150.842,63
44.108.720,86
383.115.184,41
131.574.025,88
1.026.834.528,73
1.786.514,17
6.511.548,17
71.977.455,66
33.226.316,77
5.979.990,77
20.215.276,61
49.266.086,34
69.647.067,96
2.274.639.301,50

2,37%
0,36%
15,15%
0,02%
1,02%
1,94%
16,84%
5,78%
45,14%
0,08%
0,29%
3,16%
1,46%
0,26%
0,89%
2,17%
3,06%
100,00%

4.329.931,91
2.497.006,75
49.951,24
0,00
845.484,67
1.020.833,14
13.061.926,70
6.754.507,45
4.185.818,33
60.908,07
140.126,19
3.102.179,65
6.225.301,20
40.538,41
3.729.479,78
2.643.800,43
44.162.167,38
92.849.961,30

4,66%
2,69%
0,05%
0,00%
0,91%
1,10%
14,07%
7,27%
4,51%
0,07%
0,15%
3,34%
6,70%
0,04%
4,02%
2,85%
47,56%
100,00%

1.628.613.667,34
558.420.269,24
52.290.964,15
171.738,68
236.478.959,61
0,00
2.475.975.599,02

65,78%
22,55%
2,11%
0,01%
9,55%
0,00%
100,00%

5.206.259,98
220.004,10
9.983,88
0,00
0,00
0,00
5.436.247,96

95,77%
4,05%
0,18%
0,00%
0,00%
0,00%
100,00%

TABLE 15: GROWTH RATE OF DIRECT WRITTEN INSURANCE PREMIUM


(figures in Euro - ANNUAL RESEARCH)
BRANCHES OF INSURANCE

. INSURANCE AGAINST LOSS OR DAMAGE


1. Accidents
2. Sickness
3. Land vehicles
5. Aircraft
6. Ships (sea, lake & river vessels)
7. Goods in transit
8. Fire and natural forces
9. Other damages to property
10. Motor vehicle liability
11. Aircraft civil liability
12. Civil liability for ships
13. General civil liability
14. Credits
15. Suretyship
16. Miscellaneous financial losses
17. Legal expenses
18. Assistance
. LIFE INSURANCE
I. Life insurance
III. Life insurance linked to investment
IV. Health insurance
VI. Capitalization
VII. Management of group pension funds
VII. Group providence programmes

DIRECT WRITTEN PREMIUM


2008
2007

GROWTH RATE
%

53.992.734,81
8.288.915,58
344.506.132,38
457.959,77
23.150.842,63
44.108.720,86
383.115.184,41
131.574.025,88
1.026.834.528,73
1.786.514,17
6.511.548,17
71.977.455,66
33.226.316,77
5.979.990,77
20.215.276,61
49.266.086,34
69.647.067,96

51.858.525,48
6.118.232,38
319.571.481,99
436.254,17
23.323.812,21
42.104.982,61
369.957.803,12
121.302.230,62
1.011.463.950,86
2.479.607,85
6.268.304,07
70.926.625,76
27.249.290,88
6.580.482,96
18.252.509,91
44.769.034,86
61.953.731,87

4,12%
35,48%
7,80%
4,98%
-0,74%
4,76%
3,56%
8,47%
1,52%
-27,95%
3,88%
1,48%
21,93%
-9,13%
10,75%
10,05%
12,42%

1.628.613.667,34
558.420.269,24
52.290.964,15
171.738,68
236.478.959,61
0,00

1.314.307.981,82
726.360.797,72
62.572.286,66
314.329,74
218.003.717,96
179.307.658,83

23,91%
-23,12%
-16,43%
-45,36%
8,47%
-100,00%

27

Private Insurance
in Greece

TABLE 16: REINSURANCE PREMIUM CEDED (figures in Euro)


CLASSES OF INSURANCE

LIFE INSURANCE
MOTOR THIRD PARTY LIABILITY INSURANCE
OTHER NON-LIFE INSURANCE
TOTAL

2008

2007

GROWTH RATE 2007-2008

121.329.353,56
56.371.117,93
456.040.693,09
633.741.164,58

19,14%
8,89%
71,96%
100,00%

107.839.745,15
96.455.755,20
419.361.037,98
623.656.538,33

17,29%
15,47%
67,24%
100,00%

12,51%
-41,56%
8,75%
1,62%

TABLE 17: INSURANCE PAYMENTS FOR COMPENSATIONS AND INDEMNITIES (figures in Euro)
2008
CLASSES
OF INSURANCE

LIFE INSURANCE
MOTOR THIRD
PARTY LIABILITY
OTHER NON-LIFE
INSURANCE
TOTAL

2007

LESS:
SHARE OF
REINSURER

TOTAL
PAYMENTS

1.423.589.153,38

RETENTION
OF PAYMENTS

LESS:
SHARE OF
REINSURER

TOTAL
PAYMENTS

RETENTION
OF PAYMENTS

44.532.796,31 1.379.056.357,07 1.232.595.244,56

33.811.820,46

1.198.783.424,10

867.461.054,01

32.919.175,36

834.541.878,65

849.778.754,02

56.559.622,96

793.219.131,06

476.348.565,13

144.745.871,43

331.602.693,70

453.549.908,77

138.808.786,36

314.741.122,41

222.197.843,10 2.545.200.929,42 2.535.923.907,35

229.180.229,78

2.306.743.677,57

2.767.398.772,52

TABLE 18: TOTAL INSURANCE COMPENSATIONS AND INDEMNITIES - GROWTH RATE (figures in Euro)
CLASSES
OF INSURANCE

TOTAL PAYMENTS
2008

TOTAL PAYMENTS
2007

GROWTH RATE
2007-2008

LIFE INSURANCE
MOTOR THIRD
PARTY LIABILITY
OTHER NON-LIFE
INSURANCE
TOTAL

1.423.589.153,38

51,44%

1.232.595.244,56

48,61%

15,50%

867.461.054,01

31,35%

849.778.754,02

33,51%

2,08%

476.348.565,13

17,21%

453.549.908,77

17,88%

5,03%

2.767.398.772,52

100,00%

2.535.923.907,35

100,00%

9,13%

TABLE 19: LIFE INSURANCE - OPERATING RESULTS (figures in Euro)


LIFE INSURANCE

REVENUE
COST
TECHNICAL RESULT

TOTAL
2008

TOTAL
2007

GROWTH RATE
2007-2008

2.477.606.172,11
1.967.617.056,61
509.989.115,50

2.208.744.400,75
1.536.441.965,70
672.302.435,05

12,17%
28,06%
-24,14%

TABLE 20: LIFE INSURANCE - REVENUE (figures in Euro)


LIFE INSURANCE REVENUE

NET EARNED PREMIUM


INVESTMENT INCOME
UNREALIZED CAPITAL GAINS
POLICY FEES - OTHER REVENUES
TOTAL

TOTAL
2008

TOTAL
2007

GROWTH RATE
2007-2008

2.174.700.078,64
137.611.593,63
147.473.661,48
17.820.838,36
2.477.606.172,11

87,77%
5,55%
5,95%
0,72%
100,00%

1.502.055.359,97
572.507.626,25
115.789.774,37
18.391.640,16
2.208.744.400,75

68,00%
25,92%
5,24%
0,83%
100,00%

44,78%
-75,96%
27,36%
-3,10%
12,17%

TABLE 21: LIFE INSURANCE - COST (figures in Euro)


LIFE INSURANCE COST

28

NET INSURANCE INDEMNITIES


OTHER INSURANCE PROVISIONS
COMMISSIONS & SIMILAR EXPENSES
TOTAL

TOTAL
2008

1.425.855.101,73
-6.659.904,79
548.421.859,67
1.967.617.056,61

TOTAL
2007

GROWTH RATE
2007-2008

72,47%
-0,34%
27,87%
100,00%

1.226.651.926,45
-5.438.732,34
315.228.771,59
1.536.441.965,70

79,84%
-0,35%
20,52%
100,00%

16,24%
22,45%
73,98%
28,06%

Private Insurance
in Greece

TABLE 22: MOTOR THIRD PARTY LIABILITY INSURANCE - OPERATING RESULTS (figures in Euro)
TOTAL
2008

MOTOR THIRD PARTY LIABILITY INSURANCE

TOTAL
2007

1.198.956.639,20
1.591.918.385,89
-392.961.746,69

REVENUE
COST
TECHNICAL RESULT

GROWTH RATE
2007-2008

1.219.095.121,35
1.178.878.900,90
40.216.220,45

-1,65%
35,04%
-1077,12%

TABLE 23: MOTOR THIRD PARTY LIABILITY INSURANCE - REVENUE (figures in Euro)
TOTAL
2008

MOTOR THIRD PARTY LIABILITY INSURANCE

923.898.310,29
42.973.518,39
0,00
232.084.810,52
1.198.956.639,20

NET EARNED PREMIUM


INVESTMENT INCOME
UNREALIZED CAPITAL GAINS
POLICY FEES - OTHER REVENUES
TOTAL

TOTAL
2007

77,06%
891.724.548,84
3,58%
98.059.083,34
0,00%
0,00
19,36%
229.311.489,17
100,00% 1.219.095.121,35

GROWTH RATE
2007-2008

73,15%
8,04%
0,00%
18,81%
100,00%

3,61%
-56,18%
_
1,21%
-1,65%

TABLE 24: MOTOR THIRD PARTY LIABILITY INSURANCE - COST (figures in Euro)
TOTAL
2008

MOTOR THIRD PARTY LIABILITY INSURANCE

1.282.376.387,24
26.875.751,51
282.666.247,14
1.591.918.385,89

NET INSURANCE INDEMNITIES


OTHER INSURANCE PROVISIONS
COMMISSIONS & SIMILAR EXPENSES
TOTAL

TOTAL
2007

80,56%
902.306.449,49
1,69%
6.325.201,29
17,76%
270.247.250,12
100,00% 1.178.878.900,90

GROWTH RATE
2007-2008

76,54%
0,54%
22,92%
100,00%

42,12%
324,90%
4,60%
35,04%

TABLE 25: OTHER NON-LIFE INSURANCE - OPERATING RESULTS (figures in Euro)


TOTAL
2008

OTHER NON-LIFE INSURANCE

TOTAL
2007

1.113.871.330,41
461.219.577,10
652.651.753,31

REVENUE
COST
TECHNICAL RESULT

GROWTH RATE
2007-2008

1.055.375.331,24
633.600.978,62
421.774.352,62

5,54%
-27,21%
54,74%

TABLE 26: OTHER NON-LIFE INSURANCE - REVENUE (figures in Euro)


TOTAL
2008

OTHER NON-LIFE INSURANCE

870.391.922,70
38.290.935,67
0,00
205.188.472,04
1.113.871.330,41

NET EARNED PREMIUM


INVESTMENT INCOME
UNREALIZED CAPITAL GAINS
POLICY FEES - OTHER REVENUES
TOTAL

TOTAL
2007

78,14%
806.761.164,84
3,44%
57.729.148,84
0,00%
0,00
18,42%
190.885.017,56
100,00% 1.055.375.331,24

76,44%
5,47%
0,00%
18,09%
100,00%

GROWTH RATE
2007-2008

7,89%
-33,67%
_
7,49%
5,54%

TABLE 27: OTHER NON-LIFE INSURANCE - COST (figures in Euro)


OTHER NON-LIFE INSURANCE

NET INSURANCE INDEMNITIES


OTHER INSURANCE PROVISIONS
COMMISSIONS & SIMILAR EXPENSES
TOTAL

TOTAL
2008

TOTAL
2007

GROWTH RATE
2007-2008

158.266.284,30
2.283.619,34
300.669.673,46
461.219.577,10

34,31%
0,50%
65,19%
100,00%

359.753.080,44
-56.206,66
273.904.104,84
633.600.978,62

56,78%
-0,01%
43,23%
100,00%

-56,01%
-4162,90%
9,77%
-27,21%

TABLE 28: FINANCIAL FIGURES OF INSURANCE ENTERPRISES


YEAR

TOTAL
EQUITY

GROWTH
RATE

TOTAL
ASSETS

GROWTH
RATE

PROFIT/LOSS
BEFORE TAX

GROWTH
RATE

2000
2001
2002
2003
2004
2005
2006
2007
2008

1.447,6
1.281,3
1.153,0
1.538,4
1.675,6
1.873,7
2.095,4
2.048,4
1.573,9

20,28%
-11,49%
-10,01%
33,42%
8,92%
11,82%
11,83%
-2,24%
-23,16%

7.839,4
7.939,0
8.377,0
9.577,1
10.600,3
11.926,8
13.445,6
14.937,6
14.689,8

8,30%
1,27%
5,52%
14,33%
10,68%
12,51%
12,74%
11,10%
-1,66%

167,6
5,7
-202,0
104,5
-62,9
124,3
179,1
103,1
-491,7

-51,76%
-96,59%
-3637,08%
-151,75%
-160,14%
-297,77%
44,02%
-42,43%
-576,93%

(FIGURES IN MILLION EURO)

29

Private Insurance
in Greece

TABLE 29: TOTAL INSURANCE PROVISIONS


YEAR

LIFE
PROVISIONS

GROWTH
RATE

NON-LIFE
PROVISIONS

GROWTH
RATE

TOTAL
PROVISIONS

GROWTH
RATE

2000
2001
2002
2003
2004
2005
2006
2007
2008

3.241,8
3.374,6
3.603,4
3.933,9
4.274,1
4.684,4
5.243,3
5.814,2
6.351,6

-0,51%
4,10%
6,78%
9,17%
8,65%
9,60%
11,93%
10,89%
9,24%

1.667,2
1.726,4
1.968,1
2.227,5
2.398,9
2.555,6
2.717,1
2.987,3
3.381,1

14,48%
3,55%
14,00%
13,18%
7,69%
6,53%
6,32%
9,94%
13,19%

4.909,0
5.101,0
5.571,5
6.161,4
6.673,0
7.240,0
7.960,4
8.801,5
9.732,8

4,12%
3,91%
9,22%
10,59%
8,30%
8,50%
9,95%
10,57%
10,58%

(FIGURES IN MILLION EURO)

TABLE 30: ANALYSIS OF INVESTMENTS OF INSURANCE ENTERPRISES (figures in Euro)


LAND & BUILDINGS
INVESTMENTS
IN AFFILIATED
UNDERTAKINGS
SHARES
& UNITS
& OTHER VARIABLE
YIELD SECURITIES
BONDS & OTHER
FIXED INCOME
SECURITIES
OTHER INVESTMENTS
TOTAL

INVESTMENTS
2008

2008
% SHARE

INVESTMENTS
2007

2007
% SHARE

INVESTMENTS
2006

2006
% SHARE

INVESTMENTS
2005

1.205.266.269,50

13,08%

1.051.047.993,63

11,27%

1.063.264.201,78

12,78%

966.930.102,56

12,70%

232.913.537,15

2,53%

316.578.257,68

3,39%

478.326.788,19

5,75%

509.712.065,93

6,69%

1.188.791.689,34

12,90%

1.585.579.557,49

17,00%

1.349.850.832,58

16,23% 1.391.687.836,22

18,28%

5.099.559.612,25

55,36%

4.806.421.944,37

51,54%

4.425.589.358,03

53,21% 3.728.853.405,20

48,97%

1.485.839.664,74 16,13%
9.212.370.772,98 100,00%

1.565.769.857,52 16,79%
9.325.397.610,69 100,00%

2005
% SHARE

999.874.684,07 12,02% 1.017.279.581,67 13,36%


8.316.905.864,65 100,00% 7.614.462.991,58 100,00%

TABLE 31: GROWTH RATE OF INVESTMENTS OF INSURANCE ENTERPRISES (figures in Euro)


LAND & BUILDINGS
INVESTMENTS
IN AFFILIATED
UNDERTAKINGS
SHARES
& UNITS
& OTHER VARIABLE
YIELD SECURITIES
BONDS & OTHER
FIXED INCOME
SECURITIES
OTHER INVESTMENTS
TOTAL

INVESTMENTS
2008

2008-2007
% GROWTH

1.205.266.269,50

14,67%

232.913.537,15

INVESTMENTS
2007

2007-2006
% GROWTH

INVESTMENTS
2006

2006-2005
% GROWTH

INVESTMENTS
2005

1.051.047.993,63

-1,15%

1.063.264.201,78

9,96%

966.930.102,56

-26,43%

316.578.257,68

-33,82%

478.326.788,19

-6,16%

509.712.065,93

1.188.791.689,34

-25,02%

1.585.579.557,49

17,46%

1.349.850.832,58

-3,01%

1.391.687.836,22

5.099.559.612,25

6,10%

4.806.421.944,37

8,61%

4.425.589.358,03

18,68%

3.728.853.405,20

1.485.839.664,74
9.212.370.772,98

-5,10%
-1,21%

1.565.769.857,52
9.325.397.610,69

56,60%
12,13%

999.874.684,07
8.316.905.864,65

-1,71%
9,23%

1.017.279.581,67
7.614.462.991,58

TABLE 32: PROFIT & LOSS ACCOUNT - TOTAL INSURANCE ENTERPRISES (figures in Euro)
2008

30

OPERATING RESULTS
Life Insurance Technical Result
Motor third party liability Technical Result
Other non-life Insurance Technical Result
Total Operating Results
Less
General Expenses
YEAR'S PROFIT/LOSS
(before tax)
Less
Taxes
NET YEAR'S PROFIT/LOSS
(after tax)

2007

% GROWTH 2008-2007

509.989.115,50
-392.961.746,69
652.651.753,31
769.679.122,12

672.302.435,05
40.216.220,45
421.774.352,62
1.134.293.008,12

-24,14%
-1077,12%
54,74%
-32,14%

1.261.352.887,69

1.031.201.274,36

22,32%

-491.673.765,57

103.091.733,76

-576,93%

89.440.913,42

65.697.861,85

36,14%

-581.114.678,99

37.393.871,91

-1654,04%

Designed by: ASP Anna A. Poriasi


Printed by: Lithotypiki O.E.

Hellenic Association of Insurance Companies


10, XENOFONTOS STREET 105 57 ATHENS TEL. 210.33.34.100 FAX: 210.33.34.149