Article: ESFG Announces Results of Insurance Subsidiaries.

LUXEMBOURG/PORTUGAL -- ESPIRITO SANTO FINANCIAL GROUP ANNOUNCES THE RESULTS OF ITS INSURANCE SUBSIDIARIES FOR THE FIRST NINE MONTHS OF 2005

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 September 2005.

HIGHLIGHTS

-- Tranquilidade's net profits grow 34.1% while claims ratio (net of reinsurance) reduces to 69.3% and market share ...

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