European Reliance General Insurance S.A.

Interim Report • Sep 22, 2016

The financial information derived from the financial statements, provide a general presentation of the financial position and results of ''EUROPEAN RELIANCE S.A.'' and the Group. Therefore, we recommend to the reader, before any investment decision or transaction is performed with the company, to visit the web site of the company, where the financial statements

1. Group companies with their addresses, and percentages with which the Group participates in their share capital as well as the consolidation method in the consolidated financial statements as at 30.06.2016,

3. There is no other encumbrance,.for the fixed assets of the Group, except insurance investment.

The financial information derived from the financial statements, provide a general presentation of the financial position and results of ''EUROPEAN RELIANCE S.A.'' and the Group. Therefore, we recommend to the reader, before any investment decision or transaction is performed with the company, to visit the web site of the company, where the financial statements
together with the review report of the external auditor, when is required, are presented.
Company's web address: www.europaikipisti.gr		Board of Directors approval date: September 21, 2016
Certified Auditor: Efstathios P. Kagioulis (Reg. N.13271)			Auditing Company: PKF EUROAUDITING S.A. (Reg. N.132)		Type of Auditor's Report: Unqualified
STATEMENT OF FINANCIAL POSITION				STATEMENT OF COMPREHENSIVE INCOME
(consolidated and non-consolidated) amounts in thousand €				(consolidated and non-consolidated) amounts in thousand €
	GROUP		PARENT COMPANY
	30.06.2016	31.12.2015	30.06.2016	31.12.2015						1.1 - 30.06.2016 1.1 - 30.06.2015 1.4 - 30.06.2016 1.4 - 30.06.2015 1.1 - 30.06.2016 1.1 - 30.06.2015 1.4 - 30.06.2016 1.4 - 30.06.2015
ASSETS					Premiums	81.981	86.645	41.483	43.117	81.981
Tangible assets for own use	18.064	18.008	17.908		17.875 Less: Premiums cedec to reinsurers	-4.508	-5.207	-1.824	-2.510	-4.508
Investments in real estate	15.447	15.435	15.447		15.435 Less: Commission expenses	-17.141	-18.701	-9.070	-9.305	-17.383
Intangible assets	778	653	736		610 Less: Benefits and claims paid - Net retention	-34.348	-34.630	-18.722	-19.041	-34.348
Availiable for sale financial assets	250.771	236.374	250.235		235.818 Change in insurance reserves - Net retention	-14.273	-17.409	-7.210	-7.576	-14.273
Held to maturity financial assets	1.440	1.987	1.440		1.987 Net investment income	2.507	1.894	1.592	1.041	2.517
Premium receivables	11.795	13.697	11.795		13.697 Profit / (loss) of insurance business	14.218	12.592	6.249	5.726	13.986
Reinsurers' receivables	12.494	11.360	12.494	11.360
Other assets	59.961	58.078	60.083		58.184 Other income	4.948	3.576	2.620	1.884	402
TOTAL ASSETS	370.750	355.592	370.138		354.966 Operating expenses	-13.203	-11.240	-6.429	-5.529	-8.588
LIABILITIES AND EQUITY					Other expenses	-127	-63	-93	-57	-127
Financial liabilities	20.604	23.589	19.074		21.893 Profit/(Loss) before tax	5.836	4.865	2.347	2.024	5.673
Liabilities due to reinsurasnce operations	152	180	152		180 Profit/(Loss) net of tax (A)	3.983	3.439	1.610	1.447	3.868
Provisions / Other liabilities	1.234	1.158	976		936 -Equity holders of the Parent	3.970	3.432	1.602	1.443	3.868
Total liabilities (a)	21.990	24.927	20.202		23.009 -Minority Rights	13	7	8	4	0
Mathematical Reserves and Technical Provisions	48.185	49.698	48.185		49.698 Other comprehensive income net of tax (B)	2.695	-2.175	963	-3.046	2.694
Outstanding Claims reserves	167.829	152.920	167.829		152.920 Total comprehensive income net of tax (A) + (B)	6.678	1.264	2.573	-1.599	6.562
Unearned premium reserves	39.095	39.430	39.095		39.430 -Equity holders of the Parent	6.665	1.257	2.565	-1.603	6.562
Other insurance provisions	8.784	8.778	8.784		8.778 -Minority Rights	13	7	8	4	0
Total technical provisions (b)	263.893	250.826	263.893	250.826
Share capital	17.327	17.327	17.327		17.327 Basic (after taxes) earnings per share in €	0,1443	0,1248	0,0582	0,0525	0,1406
Other equity instruments	67.371	62.356	68.716	63.804
Τοtal shareholders' equity (c)	84.698	79.683	86.043	81.131
Minority Rights (d)	169	156	0	0
Total equity capital (e) = (c) + (d)	84.867	79.839	86.043	81.131				ADDITIONAL DATA AND INFORMATION
TOTAL LIABILITIES AND EQUITY (a)+(b)+(e)	370.750	355.592	370.138		354.966 1. The accounting policies adopted by the Group in accordance with IFRS and which have not changed in comparison with the annual Financial Statements for the year 2015.
					2. Group companies with their addresses, and percentages with which the Group participates in their share capital as well as the consolidation method in the consolidated financial statements as at 30.06.2016,
STATEMENT OF CHANGES IN EQUITY	are presented in note 2.4 of the financial statements.

		4. There are no pending legal cases or issues in progress, as well as decisions of legal or arbitrary authorities, which may have a material impact on the financial position or operation of the Group.

STATEMENT OF FINANCIAL POSITION (consolidated and non-consolidated) amounts in thousand €				STATEMENT OF COMPREHENSIVE INCOME
				(consolidated and non-consolidated) amounts in thousand €
	GROUP PARENT COMPANY					PARENT COMPANY
	30.06.2016	31.12.2015	30.06.2016	31.12.2015						1.1 - 30.06.2016 1.1 - 30.06.2015 1.4 - 30.06.2016 1.4 - 30.06.2015 1.1 - 30.06.2016 1.1 - 30.06.2015 1.4 - 30.06.2016 1.4 - 30.06.2015
ASSETS					Premiums	81.981	86.645	41.483	43.117	81.981	86.645	41.483	43.117
Tangible assets for own use	18.064	18.008	17.908		17.875 Less: Premiums cedec to reinsurers	-4.508	-5.207	-1.824	-2.510	-4.508	-5.207	-1.824	-2.510
Investments in real estate	15.447	15.435	15.447		15.435 Less: Commission expenses	-17.141	-18.701	-9.070	-9.305	-17.383	-18.876	-9.261	-9.393
Intangible assets	778	653	736		610 Less: Benefits and claims paid - Net retention	-34.348	-34.630	-18.722	-19.041	-34.348	-34.630	-18.722	-19.041
Availiable for sale financial assets	250.771	236.374	250.235		235.818 Change in insurance reserves - Net retention	-14.273	-17.409	-7.210	-7.576	-14.273	-17.409	-7.210	-7.576
Held to maturity financial assets	1.440	1.987	1.440		1.987 Net investment income	2.507	1.894	1.592	1.041	2.517	1.904	1.596	1.046
Premium receivables	11.795	13.697	11.795		13.697 Profit / (loss) of insurance business	14.218	12.592	6.249	5.726	13.986	12.427	6.062	5.643
Reinsurers' receivables	12.494	11.360	12.494	11.360
Other assets	59.961	58.078	60.083		58.184 Other income	4.948	3.576	2.620	1.884	402	266	318	172
TOTAL ASSETS	370.750	355.592	370.138		354.966 Operating expenses	-13.203	-11.240	-6.429	-5.529	-8.588	-7.868	-4.077	-3.826
LIABILITIES AND EQUITY					Other expenses	-127	-63	-93	-57	-127	-62	-93	-57
Financial liabilities	20.604	23.589	19.074		21.893 Profit/(Loss) before tax	5.836	4.865	2.347	2.024	5.673	4.763	2.210	1.932
Liabilities due to reinsurasnce operations	152	180	152		180 Profit/(Loss) net of tax (A)	3.983	3.439	1.610	1.447	3.868	3.360	1.507	1.369
Provisions / Other liabilities	1.234	1.158	976		936 -Equity holders of the Parent	3.970	3.432	1.602	1.443	3.868	3.360	1.507	1.369
Total liabilities (a)	21.990	24.927	20.202		23.009 -Minority Rights	13	7	8	4	0	0	0	0
Mathematical Reserves and Technical Provisions	48.185	49.698	48.185		49.698 Other comprehensive income net of tax (B)	2.695	-2.175	963	-3.046	2.694	-2.142	962	-2.998
Outstanding Claims reserves	167.829	152.920	167.829		152.920 Total comprehensive income net of tax (A) + (B)	6.678	1.264	2.573	-1.599	6.562	1.218	2.469	-1.629
Unearned premium reserves	39.095	39.430	39.095		39.430 -Equity holders of the Parent	6.665	1.257	2.565	-1.603	6.562	1.218	2.469	-1.629
Other insurance provisions	8.784	8.778	8.784		8.778 -Minority Rights	13	7	8	4	0	0	0	0
Total technical provisions (b)	263.893	250.826	263.893	250.826
Share capital	17.327	17.327	17.327		17.327 Basic (after taxes) earnings per share in €	0,1443	0,1248	0,0582	0,0525	0,1406	0,1222	0,0548	0,0498

30.06.2016 30.06.2015 30.06.2016 30.06.2015 5. The tax provision for the unaudited by the tax authorities fiscal years amounted to € 70 thousand for the Company. Equity at the beginning of the period 6. The number of employees as at 30.06.2016 was for the group 982 persons and company 421 persons, while the 30.06.2015 for the group was 832 persons and company 430 persons. (01.01.2016 & 01.01.2015 respectively) 79.839 70.140 81.131 71.619 7. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 4.11 of the financial statements.

Total comprehensive income for the period, after income tax 6.678 1.264 6.562 1.218 8. As at 30.06.2016 there are no shares of the company held by the same or by subsidiaries and affiliates.

Increase / (decrease) in share capital 0 0 0 0 9. The amounts of company's transactions with related parties was as defined in IAS 24 since the beginning of the period until the end of the period are as follows (amounts in thousand of euros):

Dividends paid	-1.650	0	-1.650	0		GROUP	COMPANY
Purchase / (sale) of treasury shares	0	0	0		0 a) Income	41	41
Purchase of minority interest	0	0	0		0 b) Expenses	376	376
Equity at the end of the period					c) Receivables	140	140
(30.06.2016 και 30.06.2015 respectively)	84.867	71.404	86.043		72.837 d) Liabilities	77	77
					e) Key management personnel and board members	615	592
	STATEMENT OF CASH FLOWS		f) Receivables from managers and board members		0
(consolidated and non-consolidated) amounts in thousand €			g) Payables to key management personnel and board members	0

10. On 11.05.2016 the shareholder "PIRAEUS BANK SA" transferred the overall rate of participation.The Financial Statements of "EUROPEAN RELIANCE SA" until the date of transfer, included with the equity 30.06.2016 30.06.2015 30.06.2016 30.06.2015 method in the consolidated financial statements of the Group "PIRAEUS BANK SA", which is based in Greece and possessed 28.65% of the share capital of the company. Net cash inflows / (outflows) from operating activities (a) 3.275 6.754 3.221 6.754 11. Other comprehensive income after taxes relates: a) for the Group, valuation of available for sale financial assets € 2.675 thousand and actuarial surplus € 20 thousand, b) for the Company, valuation of available Net cash inflows / (outflows) from investing activities (b) -569 -383 -590 -333 for sale financial assets € 2.674 thousand and actuarial surplus € 20 thousand.

Net cash inflows / (outflows) from financial activities (c) -1.652 0 -1.650 0 Net increase (decrease) in cash and cash equivalents (a)+(b)+(c) 1.054 6.371 981 6.421 Cash and cash equivalents at the beginning of the period 15.640 8.794 15.158 8.347 Cash and cash equivalents at the end of the period 16.694 15.165 16.139 14.768

Chalandri, September 21, 2016

CHAIRMAN OF THE BOARD Of DIRECTORS THE MANAGING DIRECTOR THE CHIEF FINANCIAL OFFICER THE ACCOUNTING MANAGER THE ACTUARY

STAVROS M. LEKKAKOS CHRISTOS. I. GEORGAKOPOYLOS STEFANOS I. VERZOVITIS CHARALAMPOS G. VAXEVANIS ANTONIA A. MONOGYIOU I.D. No ΑΒ 570174 I.D. No Χ.164312 I.D. No AE 139108 I.D. No ΑΚ 579313 I.D. No ΑΚ 142009

EUROPEAN RELIANCE S.A.

S.A. REGISTRATION NUMBER: 12855/05/Β/86/35, GENERAL ELECTRONIC COMMERCIAL REGISTRY: 322801000

(In accordance with decision 4/507/28.4.2009 of the Board of Directors of the Capital Market Commission)

		ADDITIONAL DATA AND INFORMATION

PARENT COMPANY

KIFISIAS AVENUE 274, 15232, CHALANDRI

FINANCIAL DATA AND INFORMATION FOR THE PERIOD OF 1 JANUARY 2016 UNTIL 30 JUNE 2016

GROUP

GROUP

(consolidated and non-consolidated) amounts in thousand €

PARENT COMPANY