Private Insurance :: Greek Monthly Insurance Magazine

Phoenix Metrolife Emporiki's premium income increased by 25% in the general insurance branch and 12% in the life branch during the 3rd quarter of 2002. These results are considered especially positive and encouraging for the future, if we take into account the following two factors: the crisis
that erupted in the insurance market and the first difficult stages for both companies following the merger. The development of the company's sales was built on new and innovative products, such as "Whole Life Pension" and "Mega Stegi Plus".
The "Whole Life Pension Plan" guaranties a whole life monthly pension at the age and up to the amount determined by the policyholder. It also offers the policyholder's family, in the event of his/her death, the ability to receive a family benefit in the form of monthly pension for a specific period of time that lasts until the predetermined date of retirement, along with a monthly benefit for two years in the event of policyholder's total incapacity to work at his/her particular job or any other job related to his/her qualifications and education and a monthly disability pension in case the two-year period expires and the policyholder is in total incapacity to work.
Regarding "Mega Stegi Plus", this plan pays out all partial losses resulting from an already covered risk of buildings on the basis of the replacement cost, without deducting the antiquity value. In case that the damage cannot be repaired (over 90% of construction cost), the plan offers the ability to select the compensation based on the value of the region the building is located in. It also offers a set of significant coverage to both building and its content, such as coverage for damages caused by earthquake, fire, theft-burglary, natural disasters, explosion, terrorists attack, etc. This plan addresses owners of apartments located in block of flats or residential complexes.
The above two plans were recently launched and along with the existing products they offer integrated solutions to customers, individuals and businesses.
Regarding the progress of the remaining financial figures, no variation in the relevant budget occurred and the increase of the negative result during the first trimester of 2002 is due to the change of the outstanding claim reserves, the indemnity cost of the voluntary retirement and losses caused
by the sale of stocks.
Moreover, the materialization of the company's strategic objectives proceeds at fast rate. More specifically, with respect to the reduction of the personnel cost due to the voluntary retirement of 188 employees, this cost has reached the desired level, while the establishment of a centre which
controls the motor vehicle branch claims as well as other interventions in this branch will significantly improve results. Finally, the radical reduction of external consultants' fees and the limitation of advertising and other expenses will allow the implementation of the two-year business plan.

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