AIG GREECE: INCREASE IN TURNOVER DURING THE THIRD QUARTER

The production of premiums for the three-quarter period of 2008 (1.12.2007-31.08.2008) rose significantly by 20.82% for the companies of AIG Greece (AIG GREECE SA and National Union Fire Insurance Co. - both members of American International Group, Inc.), and came to €47.07 million.
The AIG Greece insurance portfolio continues to be balanced, and is composed as follows:
AIG Personal Solutions: 56%
AIG Business Solutions: 44%
AIG Business Solutions sectors maintained their growth rates in the sectors of Monetary Losses, Civil Liability & Crisis Management, whilst sales in the new Developing Markets sector continued to increase impressively all over Greece.
In AIG Personal Solutions, the greatest increase was shown by the Motor and Personal Property (property and pleasure boat insurance) sectors.
Positive progress was also visible in certain operating indices of AIG Greece. More specifically, as a result of the steady policy of assuming risks, but also of evaluating contemporary methods of analysing the portfolio, the Losses index stood at less than 55% of net earned (and not, as is more favourably and usually noted, written) premiums, and the General Outgoings index, relating to contract options, stood at 8.56% of net registered premiums.
The Combined Ratio stood at 81.6%.
Christos Adamantiadis, Managing Director for AIG Greece, stated that:
"In spite of the adverse international conditions, as well as the noises created around the parent company AIG Inc, the staff, management and strategic position of AIG Greece ensure the smooth continuation of its growth through the fourth quarter of 2008 and into 2009, with dedication to stability, profitability and quality service for policy holders and those being compensated."