Article: Espirito Santo Financial Group Announces the Results of its Insurance Subsidiaries for the 1st Semester of 2005.

LUXEMBOURG & PORTUGAL -- Espirito Santo Financial Group S.A. ("ESFG") (NYSE:ESF)(EURONEXT:ESF), announced today the un-audited results, according to IAS, of its insurance subsidiaries Companhia de Seguros Tranquilidade ("Tranquilidade") (non-life), Espirito Santo Seguros ("ES Seguros") (non-life bancassurance) and Companhia de Seguros Tranquilidade Vida ("Tranquilidade Vida") (life), for June 2005.

HIGHLIGHTS

--Tranquilidade's net profits grow 38.4% and claims ratio declines to 71.4%;

--ES Seguros posts a 68.8% growth in net profits and its combined ratio improves to 90.9%;

--Tranquilidade Vida's net profits increase 18.4% with ...

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