You are on page 1of 107

with English supplement

www.eaee.gr /

2010

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1: .........................................27
2: .......................................................................83
Appendix 3: Executive Summary ................................................................................93
Appendix 4: Ratios Tables ...........................................................................................95



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21: ................................28
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25: ............48
26:
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27: .........58
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31:
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(
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(executive summary) (ratios tables).


,
(
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: www.eaee.gr.

, ....





2008.
, ,
,
.


.

:
1.
.
. ( )
2.
.
.
. /
.
.
.
. (Loss Ratio) ( )
3.
. : /
. /
. /
4.
. (ROE)
. (ROA)
. ( )
. /

88,3%
55,4%

21,9%
18,1%
86,8%
92%
60,8%
8,3
50,3%
185,2%
-31,3%
-3,3%
-9,4%
-41,8%

1:
1:

:

,
. ,
( )
:

,
2008, :

1:
.
.
.

0,1%
62,7%
14,4%

.
.
.

15,1%
3,4%
4,3%

2:
.
.
.
.
.
.
.

10,7%
43,2%
23,1%
14,4%
0,4%
7,9%
0,4%
9

1:
3:
. / / 88,3%
6,0%
.
4,0%
.
36,9%
.
-35,3%
.
0,1%
.

4:
.
.
. ,
.
.

13,1%
2,5%
12,9%
55,4%
16,1%

10

1:
5:

1.
.
.
.

0,1%
62,7%
14,4%

0,3%
53,9%
0,0%

0,1%
61,1%
24,7%

0,1%
67,9%
10,8%

15,1%

35,0%

5,4%

15,9%

3,4%

5,7%

3,5%

2,3%

4,3%

5,2%

5,2%

3,0%

2.
.
.
.

10,7%
43,2%
23,1%

18,5%
0,0%
65,2%

11,1%
59,9%
0,7%

7,1%
45,6%
26,4%

14,4%

0,0%

24,6%

10,8%

0,4%

0,6%

0,2%

0,6%

.
.
3.
. / / / .
.
.
.
.
.

7,9%
0,4%

15,3%
0,5%

3,1%
0,3%

9,2%
0,4%

88,3%
6,0%
4,0%
36,9%
-35,3%
0,1%

68,6%
2,3%
10,0%
26,4%
-7,8%
0,5%

4.
.
.
. ,

13,1%
2,5%
12,9%

18,7%
3,2%
14,7%

3,1%
2,4%
7,6%

19,6%
2,4%
16,8%

55,4%

29,2%

78,8%

44,5%

16,1%

34,2%

8,1%

16,8%

47,1% 169,5%
0,0%
18,7%
-0,4%
4,0%
39,9%
43,9%
13,3% -136,1%
0,0%
0,0%

11

1:
6:

1.
.
.
.

0,1%
61,2%

0,3%
54,7%

0,1%
55,0%

0,1%
67,9%

15,3%

0,0%

29,9%

10,8%

15,5%

34,2%

5,1%

15,9%

.
.
2.
.

3,7%
4,2%

5,9%
5,0%

4,4%
5,4%

2,3%
3,0%

10,3%

17,6%

11,0%

7,1%

.
.

40,9%
24,7%

0,0%
66,2%

56,1%
0,0%

45,6%
26,4%

15,2%

0,0%

29,7%

10,8%

0,4%
8,2%
0,3%

0,5%
15,3%
0,3%

0,1%
3,1%
0,1%

0,6%
9,2%
0,4%

99,2%

66,9%

62,0%

169,5%

7,0%
5,1%
37,8%
-49,4%
0,2%

2,6%
11,5%
30,0%
-11,6%
0,5%

15,1%

20,5%

4,2%

19,6%

2,8%

3,4%

3,2%

2,4%

13,6%

16,1%

6,7%

16,8%

51,6%
17,0%

29,3%
30,8%

75,9%
10,0%

44,5%
16,8%

.
.
.
3.
. / / / .
.
.
.
.
.

4.
.
.
. ,

.
.

0,0%
18,7%
0,7%
4,0%
38,8%
43,9%
-1,6% -136,1%
0,0%
0,0%

12

1:
7:

1.
.
.
.

.
.
.
2.
.
.
.
.

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.
3.
. / / / .

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.

4.
.
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.
.

()

0,1%
74,3%
7,8%

0,2%
44,9%
0,0%

0,0%
79,4%
9,2%

0,2%
68,0%
0,0%

11,7%
1,0%
5,1%

43,7%
3,6%
7,7%

6,2%
0,6%
4,7%

26,2%
5,4%
0,3%

13,2%
61,1%
11,1%
7,8%

22,9%
0,0%
59,0%
0,0%

11,5%
71,7%
2,8%
9,2%

50,7%
0,0%
36,7%
0,0%

0,6%

0,9%

0,6%

0,2%

5,0%
1,2%

15,0%
2,2%

3,3%
1,0%

12,2%
0,2%

22,0%

73,9%

4,1%

98,4%

0,0%
-2,1%
32,4%
47,7%
0,0%

0,0%
1,3%
2,3%
22,5%
0,0%

0,0%
-3,3%
42,8%
56,4%
0,0%

3,1%
0,0%
17,5%
-18,9%
0,0%

0,6%
0,8%

0,7%
0,0%

0,6%
0,9%

7,9%
8,6%

8,7%

0,3%

9,6%

5,2%

79,9%

29,5%

84,8%

17,9%

10,0%

69,6%

4,2%

60,3%

13

2:

2:

, .

:

2008, :
8:
.
.

86,8%
21,9%

. / +

1. *365 / (
)
. .... / . + .. (
)

18,1%
66
35,5%

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. =

.

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.

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=

+ . .

14

2:
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(
). 1 (
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15

2:
:
9:
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. /
1.
2.
. / +

1.
2.
3.
. /
1.
2.
3.

. =

92,0%
96,2%
69,6%
96,9%
60,8%
86,3%
40,4%
65,2%
89,4%
39,3%
84,9%
161,4%
107,4%
20,0%
78,7%
156,9%
87,1%
18,5%


.

1 2, .

. =

( )

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.

16

2:
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:

17

2:
10:

.
1.
.
. +
/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. / (
)
1.
2.
. / +
1.
2.
3.
. /
1.
2.
3.

86,8%
21,9%

78,0%
17,7%

94,7%
12,1%

87,3%
29,5%

18,1%

19,9%

10,9%

20,9%

66

73

40

76

35,5%

32,7%

72,1%

37,7%

92,0%
96,2%
69,6%
96,9%
60,8%
86,3%
40,4%
65,2%

88,6% 96,1%
96,9%
69,7% 94,1%
96,1%
62,6% 46,8%
89,5%
37,7% 46,8%
67,5% 45,4%

91,4%
95,2%
67,5%
97,8%
59,1%
81,6%
43,1%
63,2%

89,4%
39,3%
84,9%

93,2%
83,9%
35,7% 45,4% 42,9%
120,4% 16,7% 101,0%

161,4%
107,4%
20,0%
78,7%
156,9%
87,1%
18,5%

130,1%
99,2% 35,8%
16,2%
116,4% 15,2%
126,3%
84,3% 31,1%
14,8%

211,3%
120,1%
24,5%
93,0%
205,8%
94,7%
22,9%

18

2:
11:

.
1.
.
. +
/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. / (
)
1.
2.
. / +
1.
2.
3.
. /
1.
2.
3.

87,9%
22,5%

82,6%
17,1%

95,2%
11,5%

87,3%
29,5%

18,6%

21,2%

10,0%

20,9%

68

77

36

76

34,3%

31,4%

92,4%
97,1%
69,7%
96,7%
61,9%
86,7%
40,1%
66,2%

91,3%
98,5%
72,3%

37,7%

64,4%
90,4%
37,0%
68,8%

91,4%
95,2%
67,5%
97,8%
59,1%
81,6%
43,1%
63,2%

89,7% 93,9%
38,8% 34,6%
88,6% 119,8%

83,9%
42,9%
18,6% 101,0%

161,6%
109,2%
21,6%
82,7%
156,5%
89,1%
20,2%

95,6%

95,6%

129,2%
95,5%

211,3%
120,1%
18,6% 24,5%
115,8% 17,3%
93,0%
125,0%
205,8%
82,1%
94,7%
17,3% 22,9%

19

2:
12:

1.
.
. +

/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. /
( )
1.
2.
. / +

1.
2.
3.
. /
1.
2.
3.

()

76,1%
15,2%

40,5%
23,7%

92,8%
19,7%

73,4%
4,2%

12,4%

8,8%

14,2%

12,2%

45

32

52

45

51,5%

45,3%

72,1%

11,2%

87,8%
49,3%
69,2%
98,3%
47,0%
73,0%
42,6%
47,3%

55,3%
49,3%
57,5%

97,9%

67,0%
44,4%
41,6%

67,0%
43,8%
121,7%

135,1%
93,8%
7,1%
26,6%

135,1%
116,3%

163,9%
70,9%
5,8%

163,9%
98,0%

47,0%
73,0%
41,2%
48,3%

115,6%

82,0%
82,0%

94,1%
98,3%
46,8%

60,0%
60,0%

46,8%
45,4%

74,1%
74,1%

45,4%
10,2%

244,7%
244,7%

35,8%
7,1%
8,4%

257,0%
257,0%

31,1%
5,8%

20

3:
3:


.

2008, :
13:
. : /
. / . + ..
1.
2.
. / + ..
1.
2.
3.

8,3
185,2%
120,7%
259,5%
50,3%
136,8%
42,0%
11,9%

. =

(financial leverage)
.

. . =


. ,
,
.
.

. =

21

3:


. ,
.
:

14:

.
. /
. /

1.
2.
. /

1.
2.
3.

8,3
185,2%

4,4
8,0
109,2% 264,7%

13,1
190,6%

120,7%
259,5%
50,3%

109,2%

136,8%
246,6%
58,5%

136,8%
42,0%
11,9%

87,7%
271,0%
72,4% 10,2%

113,0%
35,6%

15,6%
10,0%

172,3%
51,2%
14,0%

15:
. /
. /

1.
2.
. /

1.
2.
3.


8,7
4,7
177,3%
110,5%
122,7%
242,5%
52,8%
137,3%
42,4%
12,7%

8,1
13,1
237,9% 190,6%

110,5%
73,7%

237,9%
11,3%

112,8%
33,5%
11,3%

136,8%
246,6%
58,5%
172,3%
51,2%
14,0%

22

3:
16:

. /
. /

1.
2.
. /

1.
2.
3.

6,6
268,3%

3,4
96,0%

7,7
355,8%

94,1%
403,7%
23,4%

96,0%

87,7%
403,7%
6,2%

109,5%
38,7%
4,5%

57,3%
109,5%
46,9%

()
1,0
155,4%
155,4%
147,5%
147,5%

15,6%
4,5%

23

4:
4:


.

2008, :
17:
. ROE ( ) ( / )
1.
2.
. ROA ( ) ( / )
1.
2.
. ( / )
1.
2.
. /

-31,3%
-36,9%
-3,3%
-4,0%
-9,4%
-11,1%
-41,8%

. (ROE) =

() .
() .

. (ROA) =

, (), ,
.

. =

24

4:

(
). () .

. =


()
.

.

18:

IV.
. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

-31,3%
-36,9%

-10,6%
-14,5%

2,9% -103,3%
-2,7% -111,1%

-3,3%
-4,0%

-2,0%
-2,7%

0,3%
-0,3%

-7,3%
-7,9%

-9,4%
-11,1%
-41,8%

-3,3%
-4,5%
-21,1%

1,4%
-1,3%
-5,8%

-19,5%
-20,9%
-65,5%

19:

. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

-39,2%
-44,7%

-15,1%
-19,0%

-0,5%
-5,4%

-103,3%
-111,1%

-4,0%
-4,6%

-2,7%
-3,4%

-0,1%
-0,6%

-7,3%
-7,9%

-10,9%
-12,5%
-45,1%

-4,4%
-5,6%
-28,4%

-0,2%
-2,5%
-8,7%

-19,5%
-20,9%
-65,5%

25

4:
20:

. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

()

14,1%
7,3%

18,5%
14,2%

12,6%
5,0%

2,8%
2,3%

1,9%
1,0%

4,2%
3,3%

1,4%
0,6%

1,4%
1,2%

6,9%
3,6%
33,4%

6,9%
5,3%
19,2%

6,9%
2,7%
121,6%

6,0%
5,0%
2,4%

26

1:

27


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

1.205.266.269,50
232.913.537,15
1.188.791.689,34
5.099.559.612,25
1.481.980.300,91

.
.
:

950.992.120,87

45.238.131,25
450.842.294,79

0,00 .
/ - /
20.107.286,14
&




.

.
2.117.859.707,36 .
6.339.172.687,19
.
3.393.580.265,80
2.218.478.017,72
. .

0,00

9.732.752.952,99
2.108.853.856,83
63.413.897,79

496.080.426,04
1.154.728.490,74

627.727.506,09
.

1.573.698.116,27

9.208.511.409,15

.
.

1.389.156.984,53
94.514.832,59
63.645.924,12
580.093.399,13
-555.963.024,10
2.250.000,00

14.688.764.352,50

55.317.037,88

14.688.764.352,50

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

.
5. - &
)
1.423.589.153,38
:
44.532.796,31 1.379.056.357,07

)
290.200.420,55
:
30.300.714,26
259.899.706,29

)
262.140.328,52
:
26.755.686,50
235.384.642,02

2.425.399.468,02
121.329.353,56 2.304.070.114,46

7.963.491.245,72
37.831.772,27 7.925.659.473,45

7.821.431.455,44
25.142.017,81 7.796.289.437,63

2.

137.466.962,56

6.
) .
) : .

3.

147.473.661,48

7. &

4. &

2.174.700.078,64

-6.659.904,79
548.421.859,67

17.820.838,36

53.323.274,62
59.983.179,41

1.403.571.421,34

2.477.461.541,04

( / )

1.945.333.376,22

532.128.164,82

( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

1.007.175.671,75
56.371.117,93

394.861.655,51
9.471.148,08

372.552.934,63
14.068.670,73

.
5.
)
:

)
:

)
:

950.804.553,82

385.390.507,43

358.484.263,90

42.940.696,26

6.
) .
) : .

0,00

7. &

923.898.310,29

867.461.054,01
32.919.175,36

834.541.878,65

1.694.822.830,27
73.693.794,64

1.621.129.035,63

1.512.186.942,13
89.673.702,20

1.422.513.239,93

1.033.157.674,35

63.243.563,13
32.286.333,62

30.957.229,51

232.084.810,52

282.666.247,14

1.198.923.817,07

( / ) . .

1.346.781.151,00

-147.857.333,93

( - )

. 3 / 5


1/1/2008 - 31/12/2008

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.
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)

:

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2.
3.
4. &

1.367.209.749,58
456.040.693,09

603.636.494,04
141.994.177,61

553.714.386,72
132.849.204,08

.
5.
)
:

)
:

)
:

911.169.056,49

461.642.316,43

420.865.182,64

38.273.232,62

6.
) .
) : .

0,00

7. &

870.391.922,70

476.360.327,66
144.745.871,43

331.614.456,23

660.794.188,26
292.441.415,32

368.352.772,94

521.835.347,90
244.679.318,18

277.156.029,72

422.811.199,45

8.345.418,84
3.174.036,84

5.171.382,00

205.188.472,04

300.669.673,46

1.113.853.627,36

( / ) .

728.652.254,91

385.201.372,45

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

532.128.164,82
-147.857.333,93
385.201.372,45
769.472.203,34

1.261.352.887,69

-491.880.684,35

( )

89.440.913,42

-581.321.597,77

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

109.395.101,20
87.064.579,20
270.925.279,71
2.802.268.234,06
287.366.858,24

.
.
:

145.735.474,74

14.825.269,77
187.482.476,02

0,00 .
/ - /
5.451.903,45
&




.

.
1.441.107.408,04 .
3.490.054.201,73
.
40.262.720,71
311.891.881,62
. .

0,00

3.530.316.922,44
1.432.101.557,51
13.057.335,48

202.307.745,79
182.543.658,31

305.254.416,30
.

646.824.762,76

3.557.020.052,41

.
.

304.840.964,50
204.733,00
-2.267.795,91
257.866.822,49
86.180.038,68
0,00

5.823.033.407,61

18.189.171,11

5.823.033.407,61

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

.
5. - &
)
780.566.452,67
:
30.184.846,17
750.381.606,50

)
128.675.727,35
:
16.373.582,75
112.302.144,60

)
116.901.901,69
:
12.947.743,28
103.954.158,41

1.280.978.323,64
68.893.873,10 1.212.084.450,54

4.619.758.633,94
8.877.767,61 4.610.880.866,33

4.719.873.872,73
8.538.511,77 4.711.335.360,96

2.

130.374.847,14

6.
) .
) : .

3.

145.320.881,72

7. &

4. &

1.312.538.945,17

-1.267.729,35
149.398.836,80

7.052.721,98

13.465.446,71
14.733.176,06

758.729.592,69

1.595.287.396,01

( / )

906.860.700,14

688.426.695,87

( - )

. 2 / 5


1/1/2008 - 31/12/2008

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:

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0,00
0,00

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( / ) . .
( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
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1.
)
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)

:

)

:
2.
3.
4. &

44.214.215,73
1.839.694,71

33.103.577,53
137.989,06

29.933.558,36
240.925,29

.
5.
)
:

)
:

)
:

42.374.521,02

32.965.588,47

29.692.633,07

1.861.514,49

6.
) .
) : .

0,00

7. &

39.101.565,62

19.228.125,53
1.131.061,79

18.097.063,74

7.159.143,18
1.404.506,76

5.754.636,42

6.380.652,51
1.033.431,53

5.347.220,98

18.504.479,18

0,00
0,00

0,00

1.674.574,62

11.342.139,47

42.637.654,73

( / ) .

29.846.618,65

12.791.036,08

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

688.426.695,87
0,00
12.791.036,08
701.217.731,95

682.751.264,22

18.466.467,73

( )

36.069.322,22

-17.602.854,49

( )

. 5 / 5

( & )
1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

831.968.148,84
100.883.191,24
711.294.923,33
1.886.746.734,93
712.549.646,96

.
.
:

494.023.781,10

13.495.991,13
132.418.134,07

0,00 .
/ - /
7.535.807,11
&




.

.
676.752.299,32 .
2.849.118.485,46
.
1.648.505.290,80
991.874.372,68
. .

0,00

4.497.623.776,26
676.752.299,32
35.431.568,44

145.914.125,20
573.541.526,07

186.364.562,11
.

444.292.357,67

4.243.442.645,30

.
.

753.277.399,76
83.065.492,63
17.588.125,17
195.057.204,51
-604.695.864,40
0,00

6.251.883.811,72

24.242.283,96

6.251.883.811,72

. 1 / 5

( & )
1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

.
5. - &
)
643.022.700,71
:
14.347.950,14
628.674.750,57

)
161.524.693,20
:
13.927.131,51
147.597.561,69

)
145.238.426,83
:
13.807.943,22
131.430.483,61

1.144.421.144,38
52.435.480,46 1.091.985.663,92

3.343.732.611,78
28.954.004,66 3.314.778.607,12

3.101.557.582,71
16.603.506,04 3.084.954.076,67

2.

7.092.115,42

6.
) .
) : .

3.

2.152.779,76

7. &

4. &

862.161.133,47

-5.392.175,44
399.023.022,87

10.768.116,38

39.857.827,91
45.250.003,35

644.841.828,65

882.174.145,03

( / )

1.038.472.676,08

-156.298.531,05

( - )

. 2 / 5

( & )
1/1/2008 - 31/12/2008

( )
.
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)
) :

)

:

)

:
2.
3.
4. &

406.325.343,71
18.034.477,10

171.144.925,25
4.362.087,24

170.639.250,72
8.524.856,32

.
5.
)
:

)
:

)
:

388.290.866,61

166.782.838,01

162.114.394,40

19.064.977,79

6.
) .
) : .

0,00

7. &

383.622.423,00

352.344.065,16
16.795.273,13

335.548.792,03

856.026.123,99
37.191.383,23

818.834.740,76

803.165.068,66
46.727.395,87

756.437.672,79

397.945.860,00

30.134.846,40
12.377.549,37

17.757.297,03

90.593.816,64

152.100.467,71

493.281.217,43

( / ) . .

567.803.624,74

-74.522.407,31

( - )

. 3 / 5

( & )
1/1/2008 - 31/12/2008

( )
.
1.
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) :

)

:

)

:
2.
3.
4. &

615.997.599,41
205.375.731,75

283.422.915,39
62.861.994,08

275.456.118,85
71.091.148,43

.
5.
)
:

)
:

)
:

410.621.867,66

220.560.921,31

204.364.970,42

17.943.978,31

6.
) .
) : .

0,00

7. &

394.425.916,77

230.526.558,80
74.857.878,28

155.668.680,52

362.327.369,89
164.581.371,52

197.745.998,37

291.253.843,83
146.630.372,63

144.623.471,20

208.791.207,69

1.510.684,89
152.661,33

1.358.023,56

92.080.555,61

144.151.727,48

504.450.450,69

( / ) .

354.300.958,73

150.149.491,96

( - )

. 4 / 5

( & )
1/1/2008 - 31/12/2008
( )




.
.
( / )

-156.298.531,05
-74.522.407,31
150.149.491,96
-80.671.446,40

378.451.373,61

-459.122.820,01

( )

34.649.434,22

-493.772.254,23

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

263.903.019,46
44.965.766,71
206.571.486,30
410.544.643,26
482.063.795,71

.
.
:

0,00 .
/ - /
7.119.575,58
&




.

0,00

.
.
.

0,00

0,00
1.704.812.254,29

1.704.812.254,29

914.711.763,42
. .

311.232.865,03

16.916.870,35
130.941.684,70

0,00
14.924.993,87

147.858.555,05
398.643.306,36

136.108.527,68
.

482.580.995,84

1.408.048.711,44

.
.

331.038.620,27
11.244.606,96
48.325.594,86
127.169.372,13
-37.447.198,38
2.250.000,00

2.613.847.133,17

12.885.582,81

2.613.847.133,17

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
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)

:

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0,00

0,00
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( / )
( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
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)

:

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:
2.
3.
4. &

600.850.328,04
38.336.640,83

223.716.730,26
5.109.060,84

201.913.683,91
5.543.814,41

.
5.
)
:

)
:

)
:

562.513.687,21

218.607.669,42

196.369.869,50

23.875.718,47

6.
) .
) : .

0,00

7. &

540.275.887,29

515.116.988,85
16.123.902,23

498.993.086,62

838.796.706,28
36.502.411,41

802.294.294,87

709.021.873,47
42.946.306,33

666.075.567,14

635.211.814,35

33.108.716,73
19.908.784,25

13.199.932,48

141.490.993,88

130.565.779,43

705.642.599,64

( / ) . .

778.977.526,26

-73.334.926,62

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

706.997.934,44
248.825.266,63

287.110.001,12
78.994.194,47

248.324.709,51
61.517.130,36

.
5.
)
:

)
:

)
:

458.172.667,81

208.115.806,65

186.807.579,15

18.467.739,82

6.
) .
) : .

0,00

7. &

436.864.440,31

226.605.643,33
68.756.931,36

157.848.711,97

291.307.675,19
126.455.537,04

164.852.138,15

224.200.851,56
97.015.514,02

127.185.337,54

195.515.512,58

6.834.733,95
3.021.375,51

3.813.358,44

111.433.341,81

145.175.806,51

566.765.521,94

( / ) .

344.504.677,53

222.260.844,41

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

0,00
-73.334.926,62
222.260.844,41
148.925.917,79

200.150.249,86

-51.224.332,07

( )

18.722.156,98

-69.946.489,05

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

102.313.324,52
77.259.097,81
161.191.417,84
1.827.937.754,46
239.636.062,74

.
.
:

102.639.583,98

13.766.367,11
180.046.599,36

0,00 .
/ - /
4.958.349,27
&




.

.
1.308.110.930,45 .
2.452.669.936,92
.
0,00
222.520.443,17
. .

0,00

2.452.669.936,92
1.299.105.079,92
4.925.932,66

193.812.966,47
134.937.821,57

237.923.379,47
.

480.682.597,89

2.408.337.657,37

.
.

298.040.964,50
204.733,00
3.246.397,79
186.739.122,77
-7.548.620,17
0,00

4.375.663.726,20

3.342.357,24

4.375.663.726,20

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

1.024.347.122,09
49.055.637,91

.
5. - &
)
617.207.105,40
:
27.428.179,41
589.778.925,99

)
117.016.409,94
:
14.056.967,53
102.959.442,41

)
106.572.388,32
:
10.586.629,97
95.985.758,35

975.291.484,18

3.461.041.274,89
7.352.704,79 3.453.688.570,10

3.553.118.932,69
7.150.329,62 3.545.968.603,07

2.

79.142.396,96

6.
) .
) : .

3.

38.985.354,93

7. &

4. &

1.067.571.517,15

-1.267.729,35
118.801.158,05

6.710.409,63

13.465.446,71
14.733.176,06

596.752.610,05

1.192.409.678,67

( / )

714.286.038,75

478.123.639,92

( - )

. 2 / 5


1/1/2008 - 31/12/2008

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.
1.
)
) :

)

:

)

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0,00
0,00

0,00
0,00

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( / ) . .
( - )

. 3 / 5


1/1/2008 - 31/12/2008

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.
1.
)
) :

)

:

)

:

0,00
0,00

0,00
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0,00

0,00
0,00

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0,00

0,00

( / ) .
( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

478.123.639,92
0,00
0,00
478.123.639,92

480.539.114,42

-2.415.474,50

( )

23.456.074,29

-25.871.548,79

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

831.968.148,84
100.883.191,24
711.294.923,33
1.886.746.734,93
712.549.646,96

.
.
:

494.023.781,10

13.495.991,13
132.418.134,07

0,00 .
/ - /
7.535.807,11
&




.

.
676.752.299,32 .
2.849.118.485,46
.
1.648.505.290,80
991.874.372,68
. .

0,00

4.497.623.776,26
676.752.299,32
35.431.568,44

145.914.125,20
573.541.526,07

186.364.562,11
.

444.292.357,67

4.243.442.645,30

.
.

753.277.399,76
83.065.492,63
17.588.125,17
195.057.204,51
-604.695.864,40
0,00

6.251.883.811,72

24.242.283,96

6.251.883.811,72

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

.
5. - &
)
643.022.700,71
:
14.347.950,14
628.674.750,57

)
161.524.693,20
:
13.927.131,51
147.597.561,69

)
145.238.426,83
:
13.807.943,22
131.430.483,61

1.144.421.144,38
52.435.480,46 1.091.985.663,92

3.343.732.611,78
28.954.004,66 3.314.778.607,12

3.101.557.582,71
16.603.506,04 3.084.954.076,67

2.

7.092.115,42

6.
) .
) : .

3.

2.152.779,76

7. &

4. &

862.161.133,47

-5.392.175,44
399.023.022,87

10.768.116,38

39.857.827,91
45.250.003,35

644.841.828,65

882.174.145,03

( / )

1.038.472.676,08

-156.298.531,05

( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

406.325.343,71
18.034.477,10

171.144.925,25
4.362.087,24

170.639.250,72
8.524.856,32

.
5.
)
:

)
:

)
:

388.290.866,61

166.782.838,01

162.114.394,40

19.064.977,79

6.
) .
) : .

0,00

7. &

383.622.423,00

352.344.065,16
16.795.273,13

335.548.792,03

856.026.123,99
37.191.383,23

818.834.740,76

803.165.068,66
46.727.395,87

756.437.672,79

397.945.860,00

30.134.846,40
12.377.549,37

17.757.297,03

90.593.816,64

152.100.467,71

493.281.217,43

( / ) . .

567.803.624,74

-74.522.407,31

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

615.997.599,41
205.375.731,75

283.422.915,39
62.861.994,08

275.456.118,85
71.091.148,43

.
5.
)
:

)
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)
:

410.621.867,66

220.560.921,31

204.364.970,42

17.943.978,31

6.
) .
) : .

0,00

7. &

394.425.916,77

230.526.558,80
74.857.878,28

155.668.680,52

362.327.369,89
164.581.371,52

197.745.998,37

291.253.843,83
146.630.372,63

144.623.471,20

208.791.207,69

1.510.684,89
152.661,33

1.358.023,56

92.080.555,61

144.151.727,48

504.450.450,69

( / ) .

354.300.958,73

150.149.491,96

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

-156.298.531,05
-74.522.407,31
150.149.491,96
-80.671.446,40

378.451.373,61

-459.122.820,01

( )

34.649.434,22

-493.772.254,23

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

261.753.527,17
43.434.446,81
205.301.779,81
374.268.304,88
393.225.615,72

.
.
:

0,00 .
/ - /
6.611.440,10
&




.

0,00

.
.
.

0,00

0,00
1.547.746.528,62

1.547.746.528,62

798.619.564,76
. .

296.929.019,56

15.208.850,55
122.285.526,44

0,00
12.655.588,97

137.494.376,99
357.819.241,88

116.904.824,96
.

412.106.915,79

1.277.983.674,39

.
.

275.702.038,98
10.837.446,28
47.590.845,97
123.544.197,47
-47.817.612,91
2.250.000,00

2.337.613.881,20

7.285.605,94

2.337.613.881,20

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

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0,00
0,00

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( / )
( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

574.375.256,87
23.461.928,16

215.993.121,10
303.376,98

191.360.655,46
594.791,09

.
5.
)
:

)
:

)
:

550.913.328,71

215.689.744,12

190.765.864,37

22.946.628,37

6.
) .
) : .

0,00

7. &

525.989.448,96

496.853.805,93
7.683.699,10

489.170.106,83

801.834.134,93
24.658.889,71

777.175.245,22

678.135.912,39
33.638.475,90

644.497.436,49

621.847.915,56

33.108.716,73
15.824.909,25

17.283.807,48

136.337.410,92

119.901.613,56

685.273.488,25

( / ) . .

759.033.336,60

-73.759.848,35

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

586.959.251,31
178.334.063,34

224.458.376,30
50.306.568,05

188.246.873,42
39.590.381,56

.
5.
)
:

)
:

)
:

408.625.187,97

174.151.808,25

148.656.491,86

15.662.058,19

6.
) .
) : .

0,00

7. &

383.129.871,58

185.712.565,99
51.393.023,10

134.319.542,89

231.117.605,99
92.847.931,37

138.269.674,62

174.875.358,60
70.666.252,55

104.209.106,05

168.380.111,46

6.673.115,45
2.846.972,03

3.826.143,42

103.240.473,76

119.201.531,29

502.032.403,53

( / ) .

291.407.786,17

210.624.617,36

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

0,00
-73.759.848,35
210.624.617,36
136.864.769,01

199.042.586,42

-62.177.817,41

( )

16.214.047,79

-78.391.865,20

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

1.405.916,53
1.531.319,90
923.266,43
3.180.196,09
10.711.967,18

.
.
:

0,00 .
/ - /
52.706,29
&




.

0,00

.
.
.

0,00

0,00
9.578.745,99

9.578.745,99

6.847.220,62
. .

753.609,58

80.698,47
1.318.119,40

0,00
47.962,19

1.398.817,87
3.192.378,62

66.477,21
.

13.243.140,76

17.752.666,13

.
.

13.026.303,35
407.160,68
0,00
2.318.189,74
-2.508.513,01
0,00

26.117.888,12

55.660,56

26.117.888,12

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

0,00
0,00

0,00

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( / )
( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

5.693.485,53
1.517.187,63

688.299,64
0,00

710.669,59
0,00

.
5.
)
:

)
:

)
:

4.176.297,90

688.299,64

710.669,59

614.298,54

6.
) .
) : .

0,00

7. &

4.198.667,85

2.481.974,01
446.103,55

2.035.870,46

9.087.620,19
197.173,84

8.890.446,35

7.855.713,97
389.159,74

7.466.554,23

3.459.762,58

0,00
0,00

0,00

468.875,53

256.914,25

5.281.841,92

( / ) . .

3.716.676,83

1.565.165,09

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

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0,00
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( / ) .
( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

0,00
1.565.165,09
0,00
1.565.165,09

1.195.164,87

370.000,22

( )

60.568,99

309.431,23

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

7.081.776,68
9.805.481,39
109.733.861,87
974.330.479,60
47.730.795,50

.
.
:

43.095.890,76

1.058.902,66
7.435.876,66

0,00 .
/ - /
493.554,18
&



6.800.000,00
0,00
-5.514.193,70
71.127.699,72
93.728.658,85
0,00

166.142.164,87

0,00

1.148.682.395,04
.
132.996.477,59 .
1.037.384.264,81
.
40.262.720,71
89.371.438,45
. .
.

1.077.646.985,52
132.996.477,59
8.131.402,82

8.494.779,32
.

47.605.836,74

14.846.813,87

67.331.036,83

1.447.369.681,41

1.447.369.681,41

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

256.631.201,55
19.838.235,19

.
5. - &
)
163.359.347,27
:
2.756.666,76
160.602.680,51

)
11.659.317,41
:
2.316.615,22
9.342.702,19

)
10.329.513,37
:
2.361.113,31
7.968.400,06

236.792.966,36

1.158.717.359,05
1.525.062,82 1.157.192.296,23

1.166.754.940,04
1.388.182,15 1.165.366.757,89

51.232.450,18

6.
) .
) : .

106.335.526,79

7. &

244.967.428,02

0,00
0,00

0,00
30.597.678,75

342.312,35

161.976.982,64

402.877.717,34

( / )

192.574.661,39

210.303.055,95

( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

0,00
0,00

0,00
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( / ) . .
( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

44.214.215,73
1.839.694,71

33.103.577,53
137.989,06

29.933.558,36
240.925,29

.
5.
)
:

)
:

)
:

42.374.521,02

32.965.588,47

29.692.633,07

1.861.514,49

6.
) .
) : .

0,00

7. &

39.101.565,62

19.228.125,53
1.131.061,79

18.097.063,74

7.159.143,18
1.404.506,76

5.754.636,42

6.380.652,51
1.033.431,53

5.347.220,98

18.504.479,18

0,00
0,00

0,00

1.674.574,62

11.342.139,47

42.637.654,73

( / ) .

29.846.618,65

12.791.036,08

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

210.303.055,95
0,00
12.791.036,08
223.094.092,03

202.212.149,80

20.881.942,23

( )

12.613.247,93

8.268.694,30

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

743.575,76
0,00
346.440,06
33.096.142,29
78.126.212,81

.
.
:

0,00 .
/ - /
455.429,19
&




.

0,00

.
.
.

0,00

0,00
147.486.979,68

147.486.979,68

109.244.978,04
. .

13.550.235,89

1.627.321,33
7.338.038,86

0,00
2.221.442,71

8.965.360,19
37.631.685,86

19.137.225,51
.

57.230.939,29

112.312.370,92

.
.

42.310.277,94
0,00
734.748,89
1.306.984,92
12.878.927,54
0,00

250.115.363,85

5.544.316,31

250.115.363,85

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:

0,00
0,00

0,00

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( / )
( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

20.781.585,64
13.357.525,04

7.035.309,52
4.805.683,86

9.842.358,86
4.949.023,32

.
5.
)
:

)
:

)
:

7.424.060,60

2.229.625,66

4.893.335,54

314.791,56

6.
) .
) : .

0,00

7. &

10.087.770,48

15.781.208,91
7.994.099,58

7.787.109,33

27.874.951,16
11.646.347,86

16.228.603,30

23.030.247,11
8.918.670,69

14.111.576,42

9.904.136,21

0,00
4.083.875,00

-4.083.875,00

4.684.707,43

10.407.251,62

15.087.269,47

( / ) . .

16.227.512,83

-1.140.243,36

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

120.038.683,13
70.491.203,29

62.651.624,82
28.687.626,42

60.077.836,09
21.926.748,80

.
5.
)
:

)
:

)
:

49.547.479,84

33.963.998,40

38.151.087,29

2.805.681,63

6.
) .
) : .

0,00

7. &

53.734.568,73

40.893.077,34
17.363.908,26

23.529.169,08

60.190.069,20
33.607.605,67

26.582.463,53

49.325.492,96
26.349.261,47

22.976.231,49

27.135.401,12

161.618,50
174.403,48

-12.784,98

8.192.868,05

25.974.275,22

64.733.118,41

( / ) .

53.096.891,36

11.636.227,05

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

0,00
-1.140.243,36
11.636.227,05
10.495.983,69

-87.501,43

10.583.485,12

( )

2.447.540,20

8.135.944,92

( )

. 5 / 5


1/1/2008 - 31/12/2008
( )

.
.
.

&
, . . ..
, ..

7.825.352,44
9.805.481,39
110.080.301,93
1.007.426.621,89
125.857.008,31

.
.
:

56.646.126,65

2.686.223,99
14.773.915,52

0,00 .
/ - /
948.983,37
&



49.110.277,94
0,00
-4.779.444,81
72.434.684,64
106.607.586,39
0,00

223.373.104,16

0,00

1.260.994.765,96
.
132.996.477,59 .
1.037.384.264,81
.
187.749.700,39
198.616.416,49
. .

1.225.133.965,20
132.996.477,59

10.352.845,53

85.237.522,60

20.391.130,18

17.460.139,51
86.468.262,34

1.697.485.045,26

1.697.485.045,26

. 1 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

256.631.201,55
19.838.235,19

.
5. - &
)
163.359.347,27
:
2.756.666,76
160.602.680,51

)
11.659.317,41
:
2.316.615,22
9.342.702,19

)
10.329.513,37
:
2.361.113,31
7.968.400,06

236.792.966,36

1.158.717.359,05
1.525.062,82 1.157.192.296,23

1.166.754.940,04
1.388.182,15 1.165.366.757,89

51.232.450,18

6.
) .
) : .

106.335.526,79

7. &

244.967.428,02

0,00
0,00

0,00
30.597.678,75

342.312,35

161.976.982,64

402.877.717,34

( / )

192.574.661,39

210.303.055,95

( - )

. 2 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

20.781.585,64
13.357.525,04

7.035.309,52
4.805.683,86

9.842.358,86
4.949.023,32

.
5.
)
:

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:

)
:

7.424.060,60

2.229.625,66

4.893.335,54

314.791,56

6.
) .
) : .

0,00

7. &

10.087.770,48

15.781.208,91
7.994.099,58

7.787.109,33

27.874.951,16
11.646.347,86

16.228.603,30

23.030.247,11
8.918.670,69

14.111.576,42

9.904.136,21

0,00
4.083.875,00

-4.083.875,00

4.684.707,43

10.407.251,62

15.087.269,47

( / ) . .

16.227.512,83

-1.140.243,36

( - )

. 3 / 5


1/1/2008 - 31/12/2008

( )
.
1.
)
) :

)

:

)

:
2.
3.
4. &

164.252.898,86
72.330.898,00

95.755.202,35
28.825.615,48

90.011.394,45
22.167.674,09

.
5.
)
:

)
:

)
:

91.922.000,86

66.929.586,87

67.843.720,36

4.667.196,12

6.
) .
) : .

0,00

7. &

92.836.134,35

60.121.202,87
18.494.970,05

41.626.232,82

67.349.212,38
35.012.112,43

32.337.099,95

55.706.145,47
27.382.693,00

28.323.452,47

45.639.880,30

161.618,50
174.403,48

-12.784,98

9.867.442,67

37.316.414,69

107.370.773,14

( / ) .

82.943.510,01

24.427.263,13

( - )

. 4 / 5


1/1/2008 - 31/12/2008
( )




.
.
( / )

210.303.055,95
-1.140.243,36
24.427.263,13
233.590.075,72

202.124.648,37

31.465.427,35

( )

15.060.788,13

16.404.639,22

( )

. 5 / 5


2:

83

.
1.
.
.
.

.
.
.
2.
.
.
.
.
.
.
.
3.
. / / / .
.
.
.
.
.
4.
.
.
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.

0,1%
62,7%
14,4%

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53,9%
0,0%

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61,1%
24,7%

0,1%
67,9%
10,8%

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5,7%
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65,2%
0,0%
0,6%
15,3%
0,5%

11,1%
59,9%
0,7%
24,6%
0,2%
3,1%
0,3%

7,1%
45,6%
26,4%
10,8%
0,6%
9,2%
0,4%

88,3%
6,0%
4,0%
36,9%
-35,3%
0,1%

68,6%
2,3%
10,0%
26,4%
-7,8%
0,5%

47,1% 169,5%
0,0% 18,7%
-0,4%
4,0%
39,9% 43,9%
13,3% -136,1%
0,0%
0,0%

13,1%
2,5%
12,9%
55,4%
16,1%

18,7%
3,2%
14,7%
29,2%
34,2%

3,1%
2,4%
7,6%
78,8%
8,1%

19,6%
2,4%
16,8%
44,5%
16,8%

. 84

.
1.
.
. +
/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. / (
)
1.
2.
. / +

1.
2.
3.
. /
1.
2.
3.

86,8%
21,9%

78,0%
17,7%

94,7%
12,1%

87,3%
29,5%

18,1%

19,9%

10,9%

20,9%

66

73

40

76

35,5%

32,7%

72,1%

37,7%

92,0%
96,2%
69,6%
96,9%
60,8%
86,3%
40,4%
65,2%

88,6% 96,1%
96,9%
69,7% 94,1%
96,1%
62,6% 46,8%
89,5%
37,7% 46,8%
67,5% 45,4%

91,4%
95,2%
67,5%
97,8%
59,1%
81,6%
43,1%
63,2%

89,4%
39,3%
84,9%

93,2%
83,9%
35,7% 45,4% 42,9%
120,4% 16,7% 101,0%

161,4%
107,4%
20,0%
78,7%
156,9%
87,1%
18,5%

130,1%
99,2% 35,8%
16,2%
116,4% 15,2%
126,3%
84,3% 31,1%
14,8%

211,3%
120,1%
24,5%
93,0%
205,8%
94,7%
22,9%

. 85

.
. /
. /

1.
2.
. /
1.
2.
3.

IV.
. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

8,3
185,2%

4,4
8,0
13,1
109,2% 264,7% 190,6%

120,7%
259,5%
50,3%

109,2%

136,8%
42,0%
11,9%

113,0%
35,6% 15,6%
10,0%

87,7% 136,8%
271,0% 246,6%
72,4% 10,2% 58,5%
172,3%
51,2%
14,0%

-31,3%
-36,9%

-10,6%
-14,5%

2,9% -103,3%
-2,7% -111,1%

-3,3%
-4,0%

-2,0%
-2,7%

0,3%
-0,3%

-7,3%
-7,9%

-9,4%
-11,1%
-41,8%

-3,3%
-4,5%
-21,1%

1,4%
-1,3%
-5,8%

-19,5%
-20,9%
-65,5%

. 86

.
1.
.
.
.

.
.
.
2.
.
.
.
.
.
.
.
3.
. / / / .
.
.
.
.
.
4.
.
.
. ,
.
.

0,1%
61,2%
15,3%

0,3%
54,7%
0,0%

0,1%
55,0%
29,9%

0,1%
67,9%
10,8%

15,5%
3,7%
4,2%

34,2%
5,9%
5,0%

5,1%
4,4%
5,4%

15,9%
2,3%
3,0%

10,3%
40,9%
24,7%
15,2%
0,4%
8,2%
0,3%

17,6%
0,0%
66,2%
0,0%
0,5%
15,3%
0,3%

11,0%
56,1%
0,0%
29,7%
0,1%
3,1%
0,1%

7,1%
45,6%
26,4%
10,8%
0,6%
9,2%
0,4%

99,2% 66,9%
7,0%
2,6%
5,1% 11,5%
37,8% 30,0%
-49,4% -11,6%
0,2%
0,5%
15,1%
2,8%
13,6%
51,6%
17,0%

20,5%
3,4%
16,1%
29,3%
30,8%

62,0% 169,5%
0,0% 18,7%
0,7%
4,0%
38,8% 43,9%
-1,6% -136,1%
0,0%
0,0%
4,2%
3,2%
6,7%
75,9%
10,0%

19,6%
2,4%
16,8%
44,5%
16,8%

. 87

.
1.
.
. +
/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. / (
)
1.
2.
. / +

1.
2.
3.
. /
1.
2.
3.

87,9%
22,5%

82,6%
17,1%

95,2%
11,5%

87,3%
29,5%

18,6%

21,2%

10,0%

20,9%

68

77

36

76

34,3%

31,4%

92,4%
97,1%
69,7%
96,7%
61,9%
86,7%
40,1%
66,2%

91,3%
98,5%
72,3%

37,7%

64,4%
90,4%
37,0%
68,8%

91,4%
95,2%
67,5%
97,8%
59,1%
81,6%
43,1%
63,2%

89,7% 93,9%
38,8% 34,6%
88,6% 119,8%

83,9%
42,9%
18,6% 101,0%

161,6%
109,2%
21,6%
82,7%
156,5%
89,1%
20,2%

95,6%

95,6%

129,2%
95,5%

211,3%
120,1%
18,6% 24,5%
115,8% 17,3% 93,0%
125,0%
205,8%
82,1%
94,7%
17,3% 22,9%

. 88



.
. /
. /

1.
2.
. /
1.
2.
3.

IV.
. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

8,7
4,7
8,1
13,1
177,3% 110,5% 237,9% 190,6%
122,7% 110,5%
136,8%
242,5%
237,9% 246,6%
52,8% 73,7% 11,3% 58,5%
137,3% 112,8%
42,4% 33,5%
12,7%
11,3%

-39,2% -15,1%
-44,7% -19,0%
-4,0%
-4,6%

172,3%
51,2%
14,0%

-0,5% -103,3%
-5,4% -111,1%

-2,7%
-3,4%

-0,1%
-0,6%

-7,3%
-7,9%

-10,9% -4,4%
-12,5% -5,6%
-45,1% -28,4%

-0,2%
-2,5%
-8,7%

-19,5%
-20,9%
-65,5%

. 89

.
1.
.
.
.

.
.
.
2.
.
.
.
.
.
.
.
3.
. / / / .
.
.
.
.
.
4.
.
.
. ,
.
.

()

0,1%
74,3%
7,8%

0,2%
44,9%
0,0%

0,0%
79,4%
9,2%

0,2%
68,0%
0,0%

11,7%
1,0%
5,1%

43,7%
3,6%
7,7%

6,2%
0,6%
4,7%

26,2%
5,4%
0,3%

13,2%
61,1%
11,1%
7,8%
0,6%
5,0%
1,2%

22,9%
0,0%
59,0%
0,0%
0,9%
15,0%
2,2%

11,5%
71,7%
2,8%
9,2%
0,6%
3,3%
1,0%

50,7%
0,0%
36,7%
0,0%
0,2%
12,2%
0,2%

22,0%
0,0%
-2,1%
32,4%
47,7%
0,0%

73,9%
0,0%
1,3%
2,3%
22,5%
0,0%

4,1%
0,0%
-3,3%
42,8%
56,4%
0,0%

98,4%
3,1%
0,0%
17,5%
-18,9%
0,0%

0,6%
0,8%
8,7%
79,9%
10,0%

0,7%
0,0%
0,3%
29,5%
69,6%

0,6%
0,9%
9,6%
84,8%
4,2%

7,9%
8,6%
5,2%
17,9%
60,3%
. 90




.
1.
.
. +
/

. /

1. * 365 /
( )
. .... /
( )
2.
.
1.
2.
3.
. (Loss Ratio) ( )
1.
2.
. / (
)
1.
2.
. / +

1.
2.
3.
. /
1.
2.
3.

76,1%
15,2%

40,5%
23,7%

92,8%
19,7%

73,4%
4,2%

12,4%

8,8%

14,2%

12,2%

45

32

52

45

51,5%

45,3%

72,1%

11,2%

55,3% 97,9%
49,3%
57,5% 94,1%
98,3%
47,0% 46,8%
73,0%
41,2% 46,8%
48,3% 45,4%

82,0%

87,8%
49,3%
69,2%
98,3%
47,0%
73,0%
42,6%
47,3%

82,0%

60,0%
60,0%
74,1%

67,0% 67,0%
44,4% 43,8% 45,4%
41,6% 121,7% 10,2%

74,1%

135,1%
93,8%
7,1%
26,6%
163,9%
70,9%
5,8%

244,7%

135,1%
116,3% 35,8%
7,1%
115,6%
8,4%
163,9%
98,0% 31,1%
5,8%

244,7%

257,0%
257,0%

. 91



.
. /
. /

1.
2.
. /
1.
2.
3.

IV.
. ROE ( / )
1.
2.
. ROA ( / )
1.
2.
. ( /
)
1.
2.
. /

6,6
268,3%

3,4
7,7
96,0% 355,8%

1,0
155,4%

94,1%
403,7%
23,4%

96,0%

155,4%

87,7%
403,7%
57,3%
6,2%

109,5% 109,5%
38,7% 46,9% 15,6%
4,5%
4,5%

147,5%
147,5%

14,1%
7,3%

18,5%
14,2%

12,6%
5,0%

2,8%
2,3%

1,9%
1,0%

4,2%
3,3%

1,4%
0,6%

1,4%
1,2%

6,9%
6,9%
5,3%
2,7%
19,2% 121,6%

6,0%
5,0%
2,4%

6,9%
3,6%
33,4%

. 92

Ratios Outlook
Appendix 3: Executive Summary

93

Ratios Outlook
Executive Summary
The present report, elaborated by the Research and Statistics Department of the HAIC,
aimed at computing the values of the main, theoretically founded, ratios for the Insurance
Enterprises operating in Greece. The data were drawn from the published financial statements
for 2008. The ratio analysis enables the decision makers to evaluate the management, the
financial solvency, the efficiency and the effectiveness of the Insurance Enterprises.
Moreover, the comparison with other sectors of the Economy is feasible.
The Insurance Enterprises were broken down by activity and type of establishment and the
corresponding ratios were computed as well.
The key ratios, teamed by subject studied, for the total of the Insurance Enterprises are:
1. Capital Structure
a. Percentage of Share capital in Equity
b. Percentage of Bonds (fixed income securities) in the Investments
2. Management Policy
. Premium Production
a. Sales acquisition cost
b. Percentage of Premiums due / Written Premium + Contract fee
c. Premium Retention rate
. Indemnities
a. Indemnities Retention rate
b. Loss Ratio (non-life)
3. Financial Solvency
a. Financial leverage: Liabilities / Equity
b. Percentage of Outstanding Indemnities / Written Premium + Contract
fee
c. Percentage of Technical Provisions / Written Premium + Contract fee
4. Efficiency and Effectiveness
a. pre tax Return on Equity (ROE)
b. pre tax Return on Assets (ROA)
c. pre tax Profit margin
d. Percentage of after tax Profit / Share capital

88,3%
55,4%

21,9%
18,1%
86,8%
92%
60,8%
8,3
50,3%
185,2%
-31,3%
-3,3%
-9,4%
-41,8%

94


Appendix 4: Ratios Tables

95

Ratios Outlook

Insurance Enterprises by Activity


Total

. Capital structure
1. Assets Structure
a. Establishment Expenses and Intangible items
b. Investments
c. Unit-linked life investments
d. Accounts receivable
e. Other Assets
f. Interim accounts (Assets)
2. Liabilities Structure
a. Equity
b. Technical Provisions for Life insurance
c. Technical Provisions for Non-life insurance
d. Provisions for Unit-linked life insurance
e. Provisions for risks and expenses
f. Accounts payable
g. Interim accounts (Liabilities)
3. Equity Structure
a. Shareholder capital
b. Share premium
c. Accounting Revaluation Reserve
d. Capital Reserves
e. Retained earnings
f. Unpaid Shareholder Capital
4. Investments structure
a. Real Estate
b. Participating interests and Investments in affiliated and other eterprises
c. Shares and other variable yield securities
d. Bonds and other fixed income securities
e. Other investments

HAIC

Non-life

Life

Mixed

0,1%
62,7%
14,4%
15,1%
3,4%
4,3%

0,3%
53,9%
0,0%
35,0%
5,7%
5,2%

0,1%
61,1%
24,7%
5,4%
3,5%
5,2%

0,1%
67,9%
10,8%
15,9%
2,3%
3,0%

10,7%
43,2%
23,1%
14,4%
0,4%
7,9%
0,4%

18,5%
0,0%
65,2%
0,0%
0,6%
15,3%
0,5%

11,1%
59,9%
0,7%
24,6%
0,2%
3,1%
0,3%

7,1%
45,6%
26,4%
10,8%
0,6%
9,2%
0,4%

88,3%
6,0%
4,0%
36,9%
-35,3%
0,1%

68,6%
2,3%
10,0%
26,4%
-7,8%
0,5%

47,1% 169,5%
0,0% 18,7%
-0,4%
4,0%
39,9% 43,9%
13,3% -136,1%
0,0%
0,0%

13,1%
2,5%
12,9%
55,4%
16,1%

18,7%
3,2%
14,7%
29,2%
34,2%

3,1%
2,4%
7,6%
78,8%
8,1%

19,6%
2,4%
16,8%
44,5%
16,8%
p. 96

Ratios Outlook
Insurance Enterprises by Activity
Total
. Management Policy
1. Premium Production
a. Premium Retention rate
b. Sales commisions and other related expenses + Sales commisions and other
related expenses for coming financial years / Written Premium + Contract fee
c. Premium debtors total / Written premium + Contract fee
c1. Premium debtors total * 365 / Written premium + Contract fee (in days)
d. Unearned Premium reserve / Written premium + Contract fee (only non-life)
2. Indemnities
a. Retention rate of Indemnities
a1. Motor Third Party Liability
a2. Other non-life
a3. Life
b. Loss Ratio (non-life)
b1. Motor Third Party Liability
b2. Other non-life
c. Retention rate of Indemnities / Premium Retention rate (non-life)
c1. Motor Third Party Liability
c2. Other non-life
d. Outstanding Indemnities reserve / Paid Indemnities + Change in Indemnities
reserve
d1. Motor Third Party Liability
d2. Other non-life
d3. Life
e. Outstanding Indemnities Retention rate / Indemnities Retention rate
e1. Motor Third Party Liability
e2. Other non-life
e3. Life

HAIC

Non-life

Life

Mixed

86,8%
21,9%

78,0%
17,7%

94,7%
12,1%

87,3%
29,5%

18,1%
66
35,5%

19,9%
73
32,7%

10,9%
40
72,1%

20,9%
76
37,7%

92,0%

88,6%

96,1%

91,4%

96,2%

96,9%

69,6%
96,9%
60,8%
86,3%
40,4%
65,2%
89,4%
39,3%
84,9%

69,7%

161,4%
107,4%
20,0%
78,7%
156,9%
87,1%
18,5%

62,6%
89,5%
37,7%
67,5%
93,2%
35,7%
120,4%
130,1%
99,2%
116,4%
126,3%
84,3%

95,2%
94,1%
96,1%
46,8%
46,8%
45,4%
45,4%
16,7%

35,8%
16,2%
15,2%
31,1%
14,8%

67,5%
97,8%
59,1%
81,6%
43,1%
63,2%
83,9%
42,9%
101,0%
211,3%
120,1%
24,5%
93,0%
205,8%
94,7%
22,9%
p. 97

Ratios Outlook

Insurance Enterprises by Activity


Total
. Financial Solvency
a. Liabilities / Equity
b. Technical Provisions / Written Premium + Contract fee
b1. Non-life
b2. Life
c. Outstanding Indemnities / Written Premium + Contract fee
c1. Motor Third Party Liability
c2. Other non-life
c3. Life

IV. Efficiency and Effectiveness Ratios


a. ROE (Profit / Equity)
a1.pre Tax
a2. after Tax
b. ROA (Profit / Assets)
b1. pre Tax
b2. after Tax
c. Rofit Margin (Profit / Written Premium + Contract fee)
c1. pre Tax
c2. after Tax
d. After Tax Profit / Shareholder Capital

HAIC

8,3
185,2%
120,7%
259,5%
50,3%
136,8%
42,0%
11,9%

Non-life

Life

Mixed

4,4
8,0
13,1
109,2% 264,7% 190,6%
109,2% 87,7% 136,8%
271,0% 246,6%
72,4% 10,2% 58,5%
113,0%
172,3%
35,6% 15,6% 51,2%
10,0% 14,0%

-31,3%
-36,9%

-10,6%
-14,5%

2,9% -103,3%
-2,7% -111,1%

-3,3%
-4,0%

-2,0%
-2,7%

0,3%
-0,3%

-7,3%
-7,9%

-9,4%
-11,1%
-41,8%

-3,3%
-4,5%
-21,1%

1,4%
-1,3%
-5,8%

-19,5%
-20,9%
-65,5%

p. 98

Ratios Outlook
S.A.

. Capital structure
1. Assets Structure
a. Establishment Expenses and Intangible items
b. Investments
c. Unit-linked life investments
d. Accounts receivable
e. Other Assets
f. Interim accounts (Assets)
2. Liabilities Structure
a. Equity
b. Technical Provisions for Life insurance
c. Technical Provisions for Non-life insurance
d. Provisions for Unit-linked life insurance
e. Provisions for risks and expenses
f. Accounts payable
g. Interim accounts (Liabilities)
3. Equity Structure
a. Shareholder capital
b. Share premium
c. Accounting Revaluation Reserve
d. Capital Reserves
e. Retained earnings
f. Unpaid Shareholder Capital
4. Investments structure
a. Real Estate
b. Participating interests and Investments in affiliated and other eterprises
c. Shares and other variable yield securities
d. Bonds and other fixed income securities
e. Other investments

HAIC

Total Non-life

Life

Mixed

0,1%
61,2%
15,3%
15,5%
3,7%
4,2%

0,3%
54,7%
0,0%
34,2%
5,9%
5,0%

0,1%
55,0%
29,9%
5,1%
4,4%
5,4%

0,1%
67,9%
10,8%
15,9%
2,3%
3,0%

10,3%
40,9%
24,7%
15,2%
0,4%
8,2%
0,3%

17,6%
0,0%
66,2%
0,0%
0,5%
15,3%
0,3%

11,0%
56,1%
0,0%
29,7%
0,1%
3,1%
0,1%

7,1%
45,6%
26,4%
10,8%
0,6%
9,2%
0,4%

99,2%
7,0%
5,1%
37,8%
-49,4%
0,2%

66,9%
2,6%
11,5%
30,0%
-11,6%
0,5%

15,1%
2,8%
13,6%
51,6%
17,0%

20,5%
3,4%
16,1%
29,3%
30,8%

62,0% 169,5%
0,0% 18,7%
0,7%
4,0%
38,8% 43,9%
-1,6% -136,1%
0,0%
0,0%
4,2%
3,2%
6,7%
75,9%
10,0%

19,6%
2,4%
16,8%
44,5%
16,8%
p. 99

Ratios Outlook
S.A.
. Management Policy
1. Premium Production
a. Premium Retention rate
b. Sales commisions and other related expenses + Sales commisions and other
related expenses for coming financial years / Written Premium + Contract fee
c. Premium debtors total / Written premium + Contract fee
c1. Premium debtors total * 365 / Written premium + Contract fee (in days)
d. Unearned Premium reserve / Written premium + Contract fee (only non-life)
2. Indemnities
a. Retention rate of Indemnities
a1. Motor Third Party Liability
a2. Other non-life
a3. Life
b. Loss Ratio (non-life)
b1. Motor Third Party Liability
b2. Other non-life
c. Retention rate of Indemnities / Premium Retention rate (non-life)
c1. Motor Third Party Liability
c2. Other non-life
d. Outstanding Indemnities reserve / Paid Indemnities + Change in Indemnities
reserve
d1. Motor Third Party Liability
d2. Other non-life
d3. Life
e. Outstanding Indemnities Retention rate / Indemnities Retention rate
e1. Motor Third Party Liability
e2. Other non-life
e3. Life

HAIC

Total Non-life

Life

Mixed

87,9%
22,5%

82,6%
17,1%

95,2%
11,5%

87,3%
29,5%

18,6%
68
34,3%

21,2%
77
31,4%

10,0%
36

20,9%
76
37,7%

92,4%

91,3%

95,6%

91,4%

97,1%

98,5%

95,2%

69,7% 72,3%
96,7%
61,9% 64,4%
86,7% 90,4%
40,1% 37,0%
66,2% 68,8%
89,7% 93,9%
38,8% 34,6%
88,6% 119,8%

67,5%
95,6% 97,8%
59,1%
81,6%
43,1%
63,2%
83,9%
42,9%
18,6% 101,0%

161,6% 129,2%
109,2% 95,5%
21,6%
82,7% 115,8%
156,5% 125,0%
89,1% 82,1%
20,2%

211,3%
120,1%
18,6% 24,5%
17,3% 93,0%
205,8%
94,7%
17,3% 22,9%
p. 100

Ratios Outlook

S.A.
Total Non-life
. Financial Solvency
a. Liabilities / Equity
b. Technical Provisions / Written Premium + Contract fee
b1. Non-life
b2. Life
c. Outstanding Indemnities / Written Premium + Contract fee
c1. Motor Third Party Liability
c2. Other non-life
c3. Life

IV. Efficiency and Effectiveness Ratios


a. ROE (Profit / Equity)
a1.pre Tax
a2. after Tax
b. ROA (Profit / Assets)
b1. pre Tax
b2. after Tax
c. Rofit Margin (Profit / Written Premium + Contract fee)
c1. pre Tax
c2. after Tax
d. After Tax Profit / Shareholder Capital

HAIC

Life

Mixed

8,7
4,7
8,1
13,1
177,3% 110,5% 237,9% 190,6%
122,7% 110,5%
136,8%
242,5%
237,9% 246,6%
52,8% 73,7% 11,3% 58,5%
137,3% 112,8%
172,3%
42,4% 33,5%
51,2%
12,7%
11,3% 14,0%

-39,2%
-44,7%

-15,1%
-19,0%

-0,5% -103,3%
-5,4% -111,1%

-4,0%
-4,6%

-2,7%
-3,4%

-0,1%
-0,6%

-7,3%
-7,9%

-10,9%
-12,5%
-45,1%

-4,4%
-5,6%
-28,4%

-0,2%
-2,5%
-8,7%

-19,5%
-20,9%
-65,5%

p. 101

Ratios Outlook
Branches of foreign Insurance Companies

. Capital structure
1. Assets Structure
a. Establishment Expenses and Intangible items
b. Investments
c. Unit-linked life investments
d. Accounts receivable
e. Other Assets
f. Interim accounts (Assets)
2. Liabilities Structure
a. Equity
b. Technical Provisions for Life insurance
c. Technical Provisions for Non-life insurance
d. Provisions for Unit-linked life insurance
e. Provisions for risks and expenses
f. Accounts payable
g. Interim accounts (Liabilities)
3. Equity Structure
a. Shareholder capital
b. Share premium
c. Accounting Revaluation Reserve
d. Capital Reserves
e. Retained earnings
f. Unpaid Shareholder Capital
4. Investments structure
a. Real Estate
b. Participating interests and Investments in affiliated and other eterprises
c. Shares and other variable yield securities
d. Bonds and other fixed income securities
e. Other investments

HAIC

Mutual
Insurance
Societies
(Non-life)

Total Non-life

Life

0,1%
74,3%
7,8%
11,7%
1,0%
5,1%

0,2%
44,9%
0,0%
43,7%
3,6%
7,7%

0,0%
79,4%
9,2%
6,2%
0,6%
4,7%

0,2%
68,0%
0,0%
26,2%
5,4%
0,3%

13,2%
61,1%
11,1%
7,8%
0,6%
5,0%
1,2%

22,9%
0,0%
59,0%
0,0%
0,9%
15,0%
2,2%

11,5%
71,7%
2,8%
9,2%
0,6%
3,3%
1,0%

50,7%
0,0%
36,7%
0,0%
0,2%
12,2%
0,2%

22,0%
0,0%
-2,1%
32,4%
47,7%
0,0%

73,9%
0,0%
1,3%
2,3%
22,5%
0,0%

4,1%
0,0%
-3,3%
42,8%
56,4%
0,0%

98,4%
3,1%
0,0%
17,5%
-18,9%
0,0%

0,6%
0,8%
8,7%
79,9%
10,0%

0,7%
0,0%
0,3%
29,5%
69,6%

0,6%
0,9%
9,6%
84,8%
4,2%

7,9%
8,6%
5,2%
17,9%
60,3%
p. 102

Ratios Outlook
Branches of foreign Insurance Companies
. Management Policy
1. Premium Production
a. Premium Retention rate
b. Sales commisions and other related expenses + Sales commisions and other
related expenses for coming financial years / Written Premium + Contract fee
c. Premium debtors total / Written premium + Contract fee
c1. Premium debtors total * 365 / Written premium + Contract fee (in days)
d. Unearned Premium reserve / Written premium + Contract fee (only non-life)
2. Indemnities
a. Retention rate of Indemnities
a1. Motor Third Party Liability
a2. Other non-life
a3. Life
b. Loss Ratio (non-life)
b1. Motor Third Party Liability
b2. Other non-life
c. Retention rate of Indemnities / Premium Retention rate (non-life)
c1. Motor Third Party Liability
c2. Other non-life
d. Outstanding Indemnities reserve / Paid Indemnities + Change in Indemnities
reserve
d1. Motor Third Party Liability
d2. Other non-life
d3. Life
e. Outstanding Indemnities Retention rate / Indemnities Retention rate
e1. Motor Third Party Liability
e2. Other non-life
e3. Life

HAIC

Mutual
Insurance
Societies

Total Non-life

Life

76,1%
15,2%

40,5%
23,7%

92,8%
19,7%

73,4%
4,2%

12,4%
45
51,5%

8,8%
32
45,3%

14,2%
52
72,1%

12,2%
45
11,2%

87,8%

55,3%

97,9%

82,0%

49,3%

49,3%

69,2% 57,5%
98,3%
47,0% 47,0%
73,0% 73,0%
42,6% 41,2%
47,3% 48,3%
67,0% 67,0%
44,4% 43,8%
41,6% 121,7%
135,1%
93,8%
7,1%
26,6%
163,9%
70,9%
5,8%

135,1%
116,3%
115,6%
163,9%
98,0%

82,0%
94,1%
98,3%
46,8%
46,8%
45,4%
45,4%
10,2%

60,0%
60,0%
74,1%
74,1%
244,7%
244,7%

35,8%
7,1%
8,4%

257,0%
257,0%

31,1%
5,8%
p. 103

Ratios Outlook

Branches of foreign Insurance Companies


Total Non-life
. Financial Solvency
a. Liabilities / Equity
b. Technical Provisions / Written Premium + Contract fee
b1. Non-life
b2. Life
c. Outstanding Indemnities / Written Premium + Contract fee
c1. Motor Third Party Liability
c2. Other non-life
c3. Life

IV. Efficiency and Effectiveness Ratios


a. ROE (Profit / Equity)
a1.pre Tax
a2. after Tax
b. ROA (Profit / Assets)
b1. pre Tax
b2. after Tax
c. Rofit Margin (Profit / Written Premium + Contract fee)
c1. pre Tax
c2. after Tax
d. After Tax Profit / Shareholder Capital

HAIC

Life

6,6
3,4
7,7
268,3% 96,0% 355,8%
94,1% 96,0% 87,7%
403,7%
403,7%
23,4% 57,3%
6,2%
109,5% 109,5%
38,7% 46,9% 15,6%
4,5%
4,5%

Mutual
Insurance
Societies
1,0
155,4%
155,4%
147,5%
147,5%

14,1%
7,3%

18,5%
14,2%

12,6%
5,0%

2,8%
2,3%

1,9%
1,0%

4,2%
3,3%

1,4%
0,6%

1,4%
1,2%

6,9%
6,9%
5,3%
2,7%
19,2% 121,6%

6,0%
5,0%
2,4%

6,9%
3,6%
33,4%

p. 104

E.A.E.E.
H.A.I.C. Research and Statistics Department


+30 2103334104 fasois@eaee.gr
+30 2103334109 cstathopoulos@eaee.gr


10 105 57 . 210 3334100 e-mail: info@eaee.gr