2007 Interim Report 2007 - Ping Anir.pingan.com/upload/2009122917180025.pdf8、本報告分別以中英文編制，在對中英文文本理解上發生歧義時，以中文文本為准。二、主要財務數據和指標

Ping An Insurance (Group) Company of China, Ltd.

中期

報告

2007 Inte

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上海證券交易所股份代碼：601318 Shanghai Stock Exchange Stock Code: 601318

A股

代碼

：601318 S

SE

：601318

2007 中期報告 2007 Interim Report

中國平安保險（集團）股份有限公司

二零零七年中期報告目錄

第一節重要提示及釋義 2

第二節公司基本情況 4

第三節股本變動及主要股東持股情況 8

第四節董事、監事、高級管理人員 12

第五節董事會報告 15

第六節重要事項 44

第七節財務報告 54

第八節備查文件目錄 55

第九節附件 56

有關前瞻性陳述之提示聲明

除歷史事實陳述外，本報告中包括了某些“前瞻性陳述”。所有本公司預計或期待未來可能或即將發生的（包括但不限於）預測、目標、估計及經營計劃都屬於前瞻性陳述。前瞻性陳述涉及一些通常或特別的已知和未知的風險與不明朗因素。某些陳述，例如包含“潛在”、“估計”、“預期”、“預計”、“目的”、“有意”、“計劃”、“相信”、“將”、“可能”、“應該”等詞語或慣用詞的陳述，以及類似用語，均可視為前瞻性陳述。

讀者務請注意這些因素，其大部分不受本公司控制，影響着公司的表現、運作及實際業績。受上述因素的影響，本公司未來的實際結果可能會與這些前瞻性陳述出現重大差異。這些因素包括但不限於：匯率變動、市場份額、同業競爭、環境風險、法律、財政和監管變化、國際經濟和金融市場條件及其他非本公司可控制的風險和因素。任何人需審慎考慮上述及其他因素，並不可完全依賴本公司的“前瞻性陳述”。此外，本公司聲明，本公司沒有義務因新訊息、未來事件或其他原因而對本報告中的任何前瞻性陳述公開地進行更新或修改。本公司及其任何員工或聯繫人，並未就本公司的未來表現作出任何保證聲明，及不為任何該等聲明負上責任。


• 二零零七年中期報告

第一節重要提示及釋義2

本公司董事會、監事會及董事、監事、高級管理人員保證本報告所載資料不存在虛假記載、誤導性陳述或

者重大遺漏，並對其內容的真實性、準確性和完整性承擔個別及連帶責任。

本公司第七屆董事會第十四次會議於2007年8月16日審議通過了本公司《2007年中期報告》正文及摘要。會議

應出席董事19人，實到董事15人，委托4人（董事胡愛民先生和陳洪博先生委托董事長馬明哲先生出席會議

並行使表決權，董事王冬胜先生委托董事伍成業先生出席會議並行使表決權，董事樊剛先生委托董事林麗

君女士出席會議並行使表決權）。

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

本公司中期財務報告已經安永華明會計師事務所審計，並出具了標準無保留意見的審計報告。

中國平安保險（集團）股份有限公司董事會

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

本公司董事長兼首席執行官馬明哲，總經理兼首席財務官張子欣，副首席財務執行官麥偉林保證本中期報

告中財務報告的真實、完整。



3

釋義本報告中，除非文義另有所指，下列詞語具有下述含義：

公司、本公司、集團、本集團指中國平安保險（集團）股份有限公司

平安壽險指中國平安人壽保險股份有限公司，是本公司的子公司

平安產險指中國平安財產保險股份有限公司，是本公司的子公司

平安健康險指平安健康保險股份有限公司，是本公司的子公司

平安養老險指平安養老保險股份有限公司，是本公司的子公司

平安信托指平安信托投資有限責任公司，是本公司的子公司

平安證券指平安證券有限責任公司，是平安信托的子公司

平安資產管理指平安資產管理有限責任公司，是本公司的子公司

深圳平安銀行指深圳平安銀行股份有限公司，是本公司的子公司

深圳商業銀行指深圳市商業銀行股份有限公司，吸收合併平安銀行後，更名為深

圳平安銀行

平安銀行指平安銀行有限責任公司

平安海外控股指中國平安保險海外（控股）有限公司，是本公司的子公司

平安香港指中國平安保險（香港）有限公司，是平安海外控股的子公司

平安資產管理（香港）指中國平安資產管理（香港）有限公司，是平安海外控股的子公司

中國會計準則指中華人民共和國財政部頒布的《企業會計准則》及其他相關規例

國際財務報告準則指國際會計準則理事會頒布的《國際財務報告準則》

中國證監會指中國證券監督管理委員會

中國保監會指中國保險監督管理委員會

中國銀監會指中國銀行業監督管理委員會

中期報告指半年度報告



第二節公司基本情況4

一、公司基本情況簡介1、法定中文名稱：中國平安保險（集團）股份有限公司

公司中文簡稱：中國平安

法定英文名稱：Ping An Insurance (Group) Company of China, Ltd.

公司英文簡稱：Ping An of China

2、法定代表人：馬明哲

3、董事會秘書：孫建一

證券事務代表：周強

電話：4008866338

傳真：0755-82431029

E-mail： [email protected]；[email protected]

聯繫地址：中國深圳市八卦三路平安大廈

4、註冊地址：中國深圳市八卦三路平安大廈

辦公地址：中國深圳市八卦三路平安大廈

郵政編碼：518029

國際互聯網網址：http://www.pingan.com.cn

電子信箱： [email protected]；[email protected]

5、選定的信息披露報紙：《中國證券報》、《上海證券報》、《證券時報》

登載公司中期報告的中國證監會指定國際互聯網網址：http://www.sse.com.cn

中期報告備置地點：公司董事會辦公室

6、 A股上市交易所：上海證券交易所

A股簡稱：中國平安

A股代碼：601318

H股上市交易所：香港聯合交易所

H股簡稱：中國平安

H股代碼：2318



5

7、其他有關資料

首次註冊登記日期：1988年3月21日

註冊登記地點：中國國家工商行政管理總局

法人營業執照註冊號：1000001001231

稅務登記號碼：國稅深字440301100012316號；深地稅字440300100012316號

公司聘請的境內會計師事務所名稱：安永華明會計師事務所

公司聘請的境內會計師事務所辦公地址：北京市東城區東長安街1號東方廣場東方經貿城東三

辦公樓16樓

公司聘請的境外會計師事務所名稱：安永會計師事務所

公司聘請的境外會計師事務所辦公地址：香港中環金融街8號國際金融中心2期18樓

8、本報告分別以中英文編制，在對中英文文本理解上發生歧義時，以中文文本為准。

二、主要財務數據和指標

（一）主要會計數據和財務指標

2007年6月30日 2006年12月31日本報告期末比上年

調整後(2) 調整前度期末增減（％）

總資產（人民幣百萬元） 583,143 463,288 441,791 25.9

股東權益 (1)

（人民幣百萬元） 93,396 45,260 36,668 106.4

每股淨資產 (1)（人民幣元） 12.72 7.31 5.92 74.0

截至6月30日止本報告期比上年

6個月期間 2007年 2006年同期增減（％）

營業利潤（人民幣百萬元） 8,487 4,427 91.7

利潤總額（人民幣百萬元） 8,872 4,426 100.5

淨利潤 (1)（人民幣百萬元） 8,063 3,945 104.4

扣除非經常性損益的

淨利潤 (1)（人民幣百萬元） 7,771 3,946 96.9

基本每股收益（人民幣元） 1.16 0.64 81.3

稀釋每股收益（人民幣元） 1.16 0.64 81.3

全面攤薄淨資產收益率 (3)（%） 8.6 10.7 下降2.1個百分點

經營活動產生的現金流量淨額

（人民幣百萬元） 20,002 25,008 (20.0)

每股經營活動產生的現金流量

淨額（人民幣元） 2.87 4.04 (29.0)

(1) 以歸屬於母公司股東的數據填列。

(2) 根據中國證監會《公開發行證券的公司信息披露規範問答第7號－新舊會計準則過渡期間比較財務會計信息的編制和披露》（證監會計字〔2007〕10號）的規定進行披露。

(3) 全面攤薄淨資產收益率的下降，主要是因為本公司2007年上半年首次公開發行A股而使得淨資產大幅增加所致。



6 第二節公司基本情況

（二）非經常性損益項目和金額

非經常性損益項目（人民幣百萬元）截至2007年6月30日止6個月期間

非流動資產處置損益 286

除上述各項之外的其他營業外收支淨額 99

所得稅影響數 (58)

少數股東應承擔的部分 (35)

合計 292

（三）中國會計準則財務報表與國際財務報告準則財務報表的差異說明

歸屬於母公司歸屬於母公司

所有者的淨利潤所有者的股東權益

截至2007年截至2006年

6月30日止 6月30日止 2007年 2006年

（人民幣百萬元）注釋 6個月期間 6個月期間 6月30日 12月31日

按中國會計準則編制的財務報表 8,063 3,945 93,396 45,260

未到期責任準備金 (1) (86) (102) － 86

壽險責任準備金 (2) (2,106) (2,249) (32,380) (30,023)

遞延保單獲得成本 (3) 4,136 2,611 36,069 31,866

遞延所得稅 (4) (301) (136) (966) (687)

少數股東權益及其他 (16) 30 (86) (127)

按國際財務報告準則編制的

財務報表　 9,690 4,099 96,033 46,375



7

注釋：

(1) 在中國會計準則報表中，壽險子公司提取的未到期責任準備金不應低於當期自留保費收入的50%。在國際財務報告準則報表中，本集團按精算方法 (1/365法 )確定未到期責任準備金。

(2) 在中國會計準則報表中，壽險責任準備金是根據中國保監會的有關精算規定計算。在國際財務報告準則報表中，本集團按照《國際財務報告準則第4號—保險合同》的規定及參照美國會計準則的要求計算各項壽險責任準備金。

(3) 在中國會計準則報表中，傭金、手續費等新業務的保單獲得成本於發生時計入損益。在國際財務報告準則報表中，本集團按照《國際財務報告準則第4號—保險合同》的規定及參照美國會計準則的要求，將傭金、手續費等保單獲得成本予以遞延，根據其所屬險種不同，分別在預計保單年限內以預期保費收入的固定比例攤銷，或在保單年限內以預計實現的毛利潤現值的固定比例攤銷。

(4) 根據《國際會計準則第12號—所得稅會計》，上述各項中國會計準則報表與國際財務報告準則報表的差異均為暫時性差異。因此，本集團按上述差異及估計未來轉回時將適用的所得稅稅率確認遞延所得稅資產和負債。



第三節股本變動及主要股東持股情況8

一、股本變動情況

（一）股份變動情況表

單位：股

本次變動前本次變動增減（＋，－）本次變動後

公積金

數量比例發行新股送股轉股其他小計數量比例

(%) (%)

一、有限售條件股份

1、國家持股 588,859,239 9.51 －－－－－ 588,859,239 8.02

2、國有法人持股 367,542,525 5.93 －－－－－ 367,542,525 5.00

3、其他內資持股 2,680,007,872 43.26 345,000,000 －－－ 345,000,000 3,025,007,872 41.19

其中：

境內法人持股 2,680,007,872 43.26 345,000,000 －－－ 345,000,000 3,025,007,872 41.19

境內自然人持股－－－－－－－－－

4、外資持股－－－－－－－－－

其中：

境外法人持股－－－－－－－－－

境外自然人持股－－－－－－－－－

合計 3,636,409,636 58.70 345,000,000 －－－ 345,000,000 3,981,409,636 54.21

二、無限售條件流通股份

1、人民幣普通股－－ 805,000,000 －－－ 805,000,000 805,000,000 10.96

2、境內上市的外資股－－－－－－－－－

3、境外上市的外資股 2,558,643,698 41.30 －－－－－ 2,558,643,698 34.83

4、其他－－－－－－－－－

合計 2,558,643,698 41.30 805,000,000 －－－ 805,000,000 3,363,643,698 45.79

三、股份總數 6,195,053,334 100.00 1,150,000,000 －－－ 1,150,000,000 7,345,053,334 100.00



9

（二）股票發行與上市情況1、公司公開發行股票情況

根據中國證券監督管理委員會證監發行字[2007]29號文核准，本公司以33.8元／股的發行

價格在上海證券交易所向社會公開發行人民幣普通股（A股）11.5億股，其中向戰略投資者

配售的3.45億股股份自本公司A股上市之日起鎖定12個月，網下向詢價對象詢價配售2.3

億股股份自本公司A股上市之日起鎖定3個月，本次A股股票發行後，公司總股本達到

7,345,053,334股。經上海證券交易所上證上字[2007]39號文批准，本公司A股股票於2007

年3月1日在中國上海證券交易所掛牌上市。

本報告期內，公司首次公開發行A股時網下向配售對象配售的2.3億股股份，於2007年3月

1日起鎖定3個月後可以上市流通，該部分A股股票已經於2007年6月1日起開始上市流通。

2004年6月24日公司首次公開發行H股並上市時，匯豐保險控股有限公司和日本第一生命

保險相互會社均承諾，自公司H股上市後三年內不出售其所分別持有的493,333,334股及

49,333,334股外資法人股轉換而成的H股，本報告期內，該部分H股股票的承諾不出售期

限已經於2007年6月24日截止。

　　

2、有限售條件的股份可上市流通預計時間表

序號股東名稱／股份類別所持有限售條件的預計可上市

股份數量（股）流通時間

1 深圳市新豪時投資發展有限公司 389,592,366 2010年3月1日

2 深圳市景傲實業發展有限公司 331,117,778 2010年3月1日

3 深圳市江南實業發展有限公司 139,112,886 2010年3月1日

4 公司首次公開發行A股前除深圳市

新豪時投資發展有限公司、

深圳市景傲實業發展有限公司和

深圳市江南實業發展有限公司之外

的其他50家內資股股東持股 2,776,586,606 2008年3月1日

5 公司首次公開發行A股時

向戰略投資者配售的股份 345,000,000 2008年3月1日

3、公司股份總數及結構的變動情況

報告期內沒有因送股、配股等原因引起公司股份總數及結構的變動。

4、現存的內部職工股情況

本報告期末公司無內部職工股。



10 第三節股本變動及主要股東持股情況

二、股東情況

（一）股東數量和持股情況

單位：股

報告期末股東總數 74,531（其中境內股東68,254戶）

前十名股東持股情況

年度內持有有限售質押或凍結股東名稱股東性質持股比例持股總數增減條件股份數量的股份數量

(%)

匯豐保險控股有限公司境外法人 8.43 618,886,334 －－－香港上海匯豐銀行有限公司境外法人 8.36 613,929,279 －－－深圳市投資控股有限公司國家 7.40 543,181,445 － 543,181,445 －深圳市新豪時投資發展有限公司境內非國有法人 5.30 389,592,366 － 389,592,366 －源信行投資有限公司境內非國有法人 5.17 380,000,000 － 380,000,000 －深圳市景傲實業發展有限公司境內非國有法人 4.51 331,117,788 － 331,117,788 －深圳市深業投資開發有限公司國有法人 4.11 301,585,684 － 301,585,684 質押167,910,000廣州市囱德貿易發展有限公司境內非國有法人 2.72 200,000,000 － 200,000,000 －深圳市武新裕福實業有限公司境內非國有法人 2.66 195,455,920 － 195,455,920 質押 65,151,976深圳市立業集團有限公司境內非國有法人 2.40 176,000,000 － 176,000,000 質押167,000,000

前十名無限售條件股東持股情況

股東名稱持有無限售條件股份數量股份種類

匯豐保險控股有限公司 618,886,334 H股香港上海匯豐銀行有限公司 613,929,279 H股中國工商銀行－諾安股票證券投資基金 18,816,555 A股中國工商銀行－博時第三產業成長股票證券投資基金 14,003,401 A股中國人壽保險股份有限公司－傳統－普通保險產品－005L－CT001滬 13,077,800 A股

中國工商銀行－博時精選股票證券投資基金 11,642,545 A股中國工商銀行－彙添富成長焦點股票型證券投資基金 11,199,909 A股中國人壽保險股份有限公司－分紅－個人分紅－005L－FH002滬 8,936,500 A股

中國人壽保險股份有限公司－分紅－團體分紅－005L－FH001滬 8,936,500 A股

中國人壽保險（集團）公司－傳統－普通保險產品 8,936,500 A股

上述股東關聯關係或一致行動關係的說明：

深圳市新豪時投資發展有限公司、深圳市景傲實業發展有限公司之間因實際出資人存在重𠋥而形成關聯。

除上述情況外，本公司未知上述其他股東之間是否存在關聯關係。



11

（二）控股股東及實際控制人簡介本公司股權結構較為分散，不存在控股股東，也不存在實際控制人。本公司第一及第二大股東

分別為匯豐控股有限公司的兩家全資附屬子公司 — 匯豐保險控股有限公司及香港上海匯豐銀

行有限公司，截至2007年6月30日，兩家公司合計持有本公司H股股份1,232,815,613股。

（三）其他持股在百分之十以上的法人股東截止本報告期末公司無其他持股在百分之十以上的法人股東。



第四節董事、監事、高級管理人員12

一、報告期內董事、監事、高級管理人員持有公司股票、股票期權及被授予的限制性股票數量的變動情況

（一）直接持股情況除董事張子欣先生、副總經理顧敏慎先生以外（張先生、顧先生持股情況在本報告期內無變動，

如下），其他董監事及高級管理人員均無直接持股。

姓名職務期初持股數期末持股數股份增減數變動原因

張子欣執行董事、 H股248,000股 H股248,000股－－

總經理、

首席財務官

顧敏慎副總經理 H股177,500股 H股177,500股－－

（二）間接持股情況1. 監事林立先生通過其控股的深圳市立業集團有限公司（原名“深圳市立業投資發展有限公

司”）間接持有本公司的股份為限售流通的A股176,000,000股，報告期內無變動。

2. 本公司部分董事、監事及高級管理人員通過員工投資集合和江南實業間接持有本公司股

份。報告期內其持有的本公司股份無變動。



13

員工投資集合的集體參與人受益擁有本公司現有股本總額的9.81%，江南實業持有本公司

股份139,112,886股。本公司董事、監事（除林立外）及高級管理人員間接持股情況如下：

(1）持有員工投資集合之權益份額（份）的情況

期初持有員工期末持有員工持有員工投資

投資集合之投資集合之集合之權益份

姓名職務權益份額（份）權益份額（份）額增減數變動原因

馬明哲董事長、首席執行官 4,743,600 4,743,600 －－

張子欣執行董事、總經理、

首席財務官 500,000 500,000 －－

孫建一執行董事、董事會秘書、

常務副總經理 4,168,300 4,168,300 －－

樊剛董事 502,080 502,080 －－

林麗君董事 992,800 992,800 －－

何實辭任監事 836,160 836,160 －－

胡杰監事 2,358,240 2,358,240 －－

王文君監事 64,602 64,602 －－

梁家駒常務副總經理 300,000 300,000 －

Richard JACKSON 首席金融業務執行官－－－－

顧敏慎副總經理 300,000 300,000 －－

John PEARCE 副總經理－－－

曹實凡副總經理 1,307,680 1,307,680 －－

吳岳翰副總經理 300,000 300,000 －－

王利平副總經理 1,721,520 1,721,520 －－

陳克祥副總經理 1,373,040 1,373,040 －－

羅世禮副總經理 300,000 300,000 －－

總計 19,768,022 19,768,022



14 第四節董事、監事、高級管理人員

(2) 實際持有江南實業的比例 (%)

姓名職務期初持股比例期末持股比例股份增減數變動原因

（%）（％）

馬明哲董事長、首席執行官 5.86 5.86 －－

張子欣執行董事、總經理、

首席財務官 2.93 2.93 －－

孫建一執行董事、董事會秘書、

常務副總經理 3.83 3.83 －－

樊剛董事 0.44 0.44 －－

林麗君董事 0.12 0.12 －－

何實辭任監事 0.35 0.35 －－

都江源新任監事 0.29 0.29 －－

梁家駒常務副總經理－－－－

Richard JACKSON 首席金融業務執行官 0.59 0.59 －－

顧敏慎副總經理 1.76 1.76 －－

John PEARCE 副總經理－－

曹實凡副總經理 0.59 0.59 －－

吳岳翰副總經理 3.57 3.57 －－

王利平副總經理 1.17 1.17 －－

陳克祥副總經理 3.81 3.81 －－

羅世禮副總經理 0.70 0.70 －－

合計 26.01 26.01

（三）股票期權及被授予的限制性股票數量變動情況本公司董事、監事及高級管理人員報告期內無股票期權持有情況，也沒有被授予限制性股票。

二、報告期內董事、監事、高級管理人員的新聘或解聘情況1. 為滿足中國證監會關於A股上市公司的董事會成員應當至少包括三分之一的獨立董事的規定，

2007年6月7日本公司召開的2006年年度股東大會選舉委任夏立平先生為獨立非執行董事。

2. 本公司原職工代表監事何實先生由於工作變動，辭去職工代表監事一職。2007年7月10日本公

司召開的職工代表大會選舉都江源先生為職工代表監事。

3. 本公司原副總經理任彙川先生於2007年4月調往平安產險工作，不再擔任副總經理職務；原平

安產險董事長兼CEO曹實凡先生於2007年4月調任本公司副總經理，其不再擔任平安產險的職

務。



第五節董事會報告 15

一、報告期內經營情況分析

2007年上半年，中國經濟狀況良好，保持快速穩定的發展，金融運行總體良好，金融業改革進一步深

化。在上半年，本公司實現淨利潤83.26億元，較上年同期增長107.8%。總資產達到5,831.43億元，

股東權益增至949.11億元。保險業務收入達到538.85億元，其中原保險保費收入為538.38億元，均較

上年同期增長17.1%。本公司各項業務保持快速穩定的發展。

（一）合併經營業績1. 本集團合併業績

以下為本集團合併經營業績概要：

截至6月30日止6個月（人民幣百萬元） 2007年 2006年

營業收入合計 84,051 54,627

營業支出合計 (75,564) (50,200)

營業利潤 8,487 4,427

淨利潤 8,326 4,006

下表載列本公司按業務分部細分的淨利潤：


人壽保險 4,813 3,528

財產保險 322 163

銀行業務 1,086 1

證券業務 676 174

其他業務 1,429 140

淨利潤 8,326 4,006



16 第五節董事會報告

合併淨利潤由截至2006年6月30日止6個月的40.06億元增加107.8%至2007年同期的83.26億元。

增加的主要原因是本公司各項業務均取得較好業績及理想的投資回報。

本公司人壽保險業務、財產保險業務、銀行業務和證券業務淨利潤分別佔本公司合併淨利潤的

57.8%、3.9%、13.0%和8.1%。

2. 合併投資收益

截至6月30日止6個月（人民幣百萬元，比例除外） 2007年 2006年

投資收益 (1) 25,016 7,787

公允價值變動損益 (1) 607 1,867

總投資收益 25,623 9,654

總投資收益率 (1) 9.9% 5.8%

(1) 投資收益、公允價值變動損益及總投資收益率均未考慮投資連結保險投資賬戶。

本公司總投資收益由截至2006年6月30日止6個月的96.54億元大幅增加至2007年同期的256.23

億元。總投資收益率由截至2006年6月30日止6個月的5.8%增加至2007年同期的9.9%。增加的

主要原因是2007年上半年中國股票市場表現良好。為鎖定收益，本公司在2007年實現了部份浮

動盈利，投資收益從截至2006年6月30日止6個月的77.87億元大幅增加至2007年同期的250.16

億元，公允價值變動損益則從截至2006年6月30日止6個月的18.67億元下降至2007年同期的6.07

億元。

本公司繼續改善投資組合的資產分配以抓住資本市場的發展機遇。因此，定期存款佔本公司投

資資產的比例由2006年12月31日的19.1%下降至2007年6月30日的13.3%。權益投資佔本公司

總投資資產的比例由2006年12月31日的14.5%增加至2007年6月30日的18.9%。



17

下表載列本公司于各主要投資類別的投資組合分配情況：

2007年6月30日 2006年12月31日

（人民幣百萬元）　　　　　　　　賬面值佔總額比例賬面值佔總額比例

固定到期日投資

定期存款 (3) 43,994 13.3% 59,107 19.1%

債券投資 (1)(3) 222,992 67.2% 204,282 65.9%

其他固定到期日投資 (3) 2,149 0.6% 1,600 0.5%

權益投資 (2)(3) 62,698 18.9% 44,791 14.5%

投資資產合計 (4) 331,833 100.0% 309,780 100.0%

(1) 債券投資包括主債券內含衍生產品的賬面值。(2) 權益投資包括證券投資基金、股票及長期股權投資。(3) 不包括歸屬于現金及現金等價物的部份。(4) 投資組合未包含投資連結保險投資賬戶。

3. 匯兌收益／（損失）

2007年上半年，人民幣對以美元為主的其他貨幣升值，導致本公司以外幣計價的資產產生的匯兌損失達3.35億元，去年同期則為1.30億元。

（二）分部經營業績1. 壽險業務

以下為本公司壽險業務的經營數據概要：

2007年 2006年6月30日 12月31日

保費收入的市場佔有率 (1) 16.3% 17.0%

客戶數量：

個人（千） 32,853 31,761公司（千） 321 307

合計（千） 33,174 32,068

保單繼續率：

13個月 89.0% 89.0%25個月 80.7% 80.3%




(1) 依據按照中國會計準則編制的本公司財務數據和中國國家統計局頒布的中國保險行業數據計算。2007年6月30日的市場佔有率以六個月期間的累計保費收入計算。2006年12月31日的市場佔有率以一年期間的累計保費收入計算。

截至2007年6月30日止6個月，依據按照中國會計準則編制的本公司財務數據和中國保險行業數據計算，本公司壽險業務的保費收入約佔中國壽險公司保費收入總額的16.3%。從保費收入來衡量，平安壽險是中國第二大壽險公司。

本公司通過持續優化銷售代理人培訓機制，提升了銷售代理人的產能和專業水平，同時，壽險

業務員團隊發展保持良好勢頭，個險銷售代理人從年初的20.5萬增加至24.4萬，增長19.0%。本公司亦繼續致力提升客戶服務，于2007年6月30日，個人壽險客戶13個月及25個月保單繼續率分別保持在85%及80%以上的滿意水平。



19

經營業績

以下為本公司壽險業務的經營業績概要：


保險業務收入 42,248 37,129

已賺保費 41,581 36,508

投資收益 25,618 8,060

公允價值變動損益 2,530 3,836

匯兌損失 (316) (114)

其他收入 578 179

營業收入合計 69,991 48,469

退保金 (5,919) (3,910)

賠付支出 (6,825) (4,044)

減：攤回賠付支出 258 279

保險責任準備金增加淨額 (43,854) (29,721)

保單紅利支出 (897) (1,714)

營業稅金及附加 (841) (263)

手續費及傭金支出 (4,601) (3,272)

業務及管理費 (2,900) (2,217)

減：攤回分保費用 111 167

其他支出 (87) (72)

營業支出合計 (65,555) (44,767)

營業利潤 4,436 3,702

營業外收支淨額 3 (3)

利潤總額 4,439 3,699

所得稅 374 (171)

淨利潤 4,813 3,528




保險業務收入


個人壽險

新業務

首年期繳保費 8,361 5,269

首年躉繳保費 13 18

短期意外及健康險保費 935 1,553

新業務合計 9,309 6,840

續期業務 24,924 22,743

個人壽險合計 34,233 29,583

銀行保險

新業務

首年期繳保費 45 12

首年躉繳保費 3,712 3,450

短期意外及健康險保費 1 1

新業務合計 3,758 3,463

續期業務 126 128

銀行保險合計 3,884 3,591

團體保險

新業務

首年躉繳保費 2,278 2,452

短期意外及健康險保費 1,641 1,261

新業務合計 3,919 3,713

續期業務 212 242

團體保險合計 4,131 3,955

人壽保險合計 42,248 37,129



21

個人壽險業務。個人壽險業務保險業務收入由截至2006年6月30日止6個月的295.83億元增加

15.7%至2007年同期的342.33億元。增加的主要原因是個人壽險業務首年保費由截至2006年6

月30日止6個月的68.40億元增加36.1%至2007年同期的93.09億元。此外，個人壽險業務續期保

費亦由截至2006年6月30日止6個月的227.43億元增加9.6%至2007年同期的249.24億元。增加

的主要原因是本公司持續增加代理人數量及提升其產能。

銀行保險業務。銀行保險業務收入由截至2006年6月30日止6個月的35.91億元增加8.2%至2007

年同期的38.84億元。增加的主要原因是本公司通過銀行網點銷售的萬能壽險產品保險業務收入

增長。

團體保險業務。團體保險業務收入由截至2006年6月30日止6個月的39.55億元增加4.5%至2007

年同期的41.31億元。增長較慢的主要原因是本公司繼續致力于控制本項業務的發展以提高利潤

率。由于本公司繼續重點銷售員工福利保障計劃，短期意外及健康險的保險業務收入由截至2006

年6月30日止6個月的12.61億元增加30.1%至2007年同期的16.41億元。




總投資收益

壽險業務總投資收益由截至2006年6月30日止6個月的87.48億元大幅增加至2007年同期的215.53

億元。壽險業務總投資收益率由截至 2006年 6月 30日止 6個月的 5.9%增加至 2006年同期的

10.5%。

截至6月30日止6個月（人民幣百萬元，比例除外） 2007年 2006年

投資收益 (1) 21,511 7,045

公允價值變動損益 (1) 42 1,703

總投資收益 21,553 8,748

總投資收益率 (1) 10.5% 5.9%

(1) 投資收益、公允價值變動損益及總投資收益率均未考慮投資連結保險投資賬戶。

保險責任準備金增加淨額

保險責任準備金增加淨額于截至2007年6月30日止6個月為438.54億元，于2006年同期則為

297.21億元。保險責任準備金增加淨額較大的主要原因是保險業務收入增長。

退保金

退保金由截至2006年6月30日止6個月的39.10億元增加51.4%至2007年同期的59.19億元。增加

的主要原因是通過本公司團險和銀行保險渠道銷售的某些躉繳型分紅保險產品的退保金支出增

加。



23

賠付支出

下表概述賠付支出的主要組成部分。


賠款支出 1,045 1,123

年金給付 1,427 1,293

滿期及生存給付 3,582 1,094

死傷醫療給付 771 534

合計 6,825 4,044

賠付支出由截至2006年6月30日止6個月的40.44億元增加68.8%至2007年同期的68.25億元。增

加的主要原因是由於本公司某些個人壽險產品的產品特性而帶來的生存給付增加，使滿期及生

存給付支出由截至2006年6月30日止6個月的10.94億元大幅增加至2007年同期的35.82億元。

保單紅利支出

保單紅利支出由截至2006年6月30日止6個月的17.14億元下降47.7%至2007年同期的8.97億元。

在保單持有人分紅保險賬戶內，已實現或未實現投資收益的一部分將作為分紅特別儲備，於未

來年度分配給保單持有人。於2006年6月30日，本公司將分紅特別儲備計入應付保單紅利項下，

而2007年本公司將其重分類至壽險責任準備金項下，因此分紅特別儲備的變動額相應計入壽險

責任準備金的增加額之中。上述即截至2007年6月30日止6個月期間的保單紅利支出較2006年同

期減少的主要原因。實際上，由於2007年上半年的投資回報良好，包含分紅特別儲備在內的保

單紅利支出在2007年上半年大幅增長。

手續費及傭金支出

截至6月30日止6個月 2007年 2006年

手續費及傭金支出佔保險業務收入的比例 10.9% 8.8%




手續費及傭金支出（主要是支付給本公司的銷售代理人）由截至2006年6月30日止6個月的32.72

億元增加40.6%至2007年同期的46.01億元。手續費及佣金支出佔保險業務收入的比例由截至

2006年6月30日止6個月的8.8%上升至2007年同期的10.9%。增長的主要原因是佣金率水平相

對較高的個人壽險產品首年保險業務收入增長。

業務及管理費

截至6月30日止6個月 2007年 2006年

業務及管理費佔保險業務收入的比例 6.9% 6.0%

業務及管理費由截至2006年6月30日止6個月的22.17億元增加30.8%至2007年同期的29.00億

元。業務及管理費佔保險業務收入的比例由截至2006年6月30日止6個月的6.0%增加至2007年

同期的6.9%。增加的主要原因是首年保險業務收入的增長。

所得稅

截至6月30日止6個月 2007年 2006年

有效稅率 -8.4% 4.6%

壽險業務截至2006年6月30日止6個月的所得稅費用為1.71億元，2007年同期的所得稅費用則為

-3.74億元。有效稅率由截至 2006年 6月 30日止 6個月期間的 4.6%下降至 2007年同期

-8.4%。下降的主要原因是享有稅收豁免的證券投資基金股息收入增加及與計入利潤表內的所

得稅相關的遞延所得稅負債減少。

淨利潤

由于前述原因，本公司壽險業務淨利潤由截止2006年6月30日止6個月的35.28億元增加36.4%

至2007年同期的48.13億元。



25

2. 產險業務

以下為本公司產險業務的經營數據概要：

2007年 2006年

6月30日 12月31日

保費收入的市場佔有率 (1) 10.2% 10.7%

客戶數量：

個人（千） 6,895 6,222

公司（千） 1,628 1,724

合計（千） 8,523 7,946


6月30日 12月31日

止6個月止年度

綜合成本率：

費用率 39.8% 34.5%

賠付率 63.2% 64.5%

綜合成本率 103.0% 99.0%

(1) 依據按照中國會計準則編制的本公司財務數據和中國國家統計局公布的中國保險行業數據計算。2007年6月30日的市場佔有率以六個月期間的累計保費收入計算。2006年12月31日的市場佔有率以一年期間的累計保費收入計算。




截至2007年6月30日止6個月，依據按照中國會計准則編制的本公司財務數據和中國保險行業數

據，本公司產險業務的保費收入約佔中國產險公司保費收入總額的10.2%。按照保費收入計算，

平安產險是國內第三大產險公司。

本公司產險業務綜合成本率的上升主要是因為財產保險行業市場競爭加劇導致保險產品的獲得

成本上升。

經營業績

以下為本公司產險業務的經營業績概要：


保險業務收入 11,637 8,871

已賺保費 7,599 4,972

投資收益 918 282

公允價值變動損益 10 24

匯兌損失 (11) (8)

其他收入 38 25

營業收入合計 8,554 5,295

賠付支出 (4,966) (3,770)

減：攤回賠付支出 909 853

保險責任準備金增加淨額 (747) (291)

分保費用 (7) (1)

營業稅金及附加 (661) (486)

手續費支出 (1,117) (674)

業務及管理費 (1,805) (1,308)

減：攤回分保費用 564 755

其他支出 (78) (32)

營業支出合計 (7,908) (4,954)

營業利潤 646 341

營業外收支淨額 (4) (2)

利潤總額 642 339

所得稅 (320) (176)

淨利潤 322 163



27

保險業務收入


機動車輛保險 7,799 5,797

非機動車輛保險 3,256 2,633

意外與健康保險 582 441

保險業務收入合計 11,637 8,871

保險業務收入由截至2006年6月30日止6個月的88.71億元增加31.2%至2007年同期的116.37億

元。保險業務收入增加的主要原因在于產險三個業務系列的銷售均顯著增長。

機動車輛保險業務。機動車輛保險業務收入由截至2006年6月30日止6個月的57.97億元增加

34.5%至2007年同期的77.99億元。增加的主要原因是中國居民對機動車的需求持續增加及機動

車交通事故責任強制保險的推行。

非機動車輛保險業務。非機動車輛保險業務收入由截至2006年6月30日止6個月的26.33億元增

加23.7%至2007年同期的32.56億元。增加的主要原因是企業財產保險、工程保險、特殊風險保

險及船舶保險的銷售增長。企業財產保險業務收入由截至2006年6月30日止6個月的12.76億元

增加23.0%至2007年同期的15.70億元。

意外與健康保險業務。意外與健康保險業務收入由截至2006年6月30日止6個月的4.41億元增加

32.0%至2007年同期的5.82億元。增加的主要原因是本公司在2007年上半年繼續重點推廣本項

業務。

總投資收益

截至6月30日止6個月(人民幣百萬元，比例除外) 2007年 2006年

投資收益 918 282

公允價值變動損益 10 24

總投資收益 928 306

總投資收益率 9.6% 5.2%




本公司產險業務總投資收益由截至2006年6月30日止6個月的3.06億元大幅增加至2007年同期的

9.28億元。產險業務總投資收益率由去年同期的5.2%上升至2007年上半年的9.6%。

賠款支出


機動車輛保險 3,935 2,527

非機動車輛保險 594 528

意外與健康保險 275 153

賠款支出 (1)合計 4,804 3,208

(1) 產險業務賠款支出包括財務報表項目中的賠付支出、攤回賠付支出、提取保險責任准備金及攤回保險責任准備金。

賠款支出由2006年同期的32.08億元增加49.8%至2007年上半年的48.04億元。

本公司機動車輛保險業務賠款支出由2006年同期的25.27億元增加55.7%至2007上半年的39.35

億元。增加的主要原因是本公司機動車輛保險業務過去12個月的保險業務收入增長。

本公司非機動車輛保險業務賠款支出由2006年同期的5.28億元增加12.5%至2007年上半年的5.94

億元。增加的主要原因是本公司非機動車輛保險業務過去12個月的保險業務收入增長。

本公司意外與健康保險業務賠款支出由2006年同期的1.53億元增加79.7%至2007年上半年的2.75

億元。增加的主要原因是本公司意外及健康保險業務過去12個月的保險業務收入增加較多。

手續費支出

截至6月30日止6個月 2007年 2006年

手續費支出佔保險業務收入的比例 9.6% 7.6%



29

手續費支出由截至2006年6月30日止6個月的6.74億元增加65.7%至2007年同期的11.17億元。

手續費支出佔保險業務收入的比例由截至2006年6月30日止6個月的7.6%增加至2007年同期的

9.6%。增加的主要原因是保險業務收入增加及產險行業競爭加劇導致市場佣金率升高。

業務及管理費

截至6月30日止6個月 2007年 2006年

業務及管理費佔保險業務收入的比例 15.5% 14.7%

業務及管理費由截至2006年6月30日止6個月的13.08億元增加38.0%至2007年同期的18.05億

元。增加的主要原因是本公司產險保險業務收入的增長及產險行業競爭的加劇。

所得稅

截至6月30日止6個月 2007年 2006年

有效稅率 49.8% 51.9%

所得稅由截至2006年6月30日止6個月的1.76億元增加81.8%至2007年同期的3.20億元。增加的

主要原因是本公司應稅利潤增長。有效稅率由截至2006年6月30日止6個月的51.9%下降至2007

年同期的49.8%。有效稅率下降的主要原因是享有稅收豁免的證券投資基金股息收入增加。

淨利潤

由于前述原因，本公司產險業務淨利潤由截至2006年6月30日止6個月的1.63億元增加97.5%至

2007年同期的3.22億元。




3. 銀行業務

本公司銀行業務主要由兩間子公司平安銀行及深圳商業銀行開展。平安銀行在上海及福州經營，

並於2006年6月獲中國銀監會批准可提供人民幣服務。深圳商業銀行於1995年8月3日成立，並

在深圳經營業務。就總貸款及存款規模而言，深圳商業銀行是深圳市六大銀行之一。於2006年

底，深圳商業銀行完成其重組，而其註冊股本由人民幣 1,600,000,000元增加至人民幣

5,502,000,000元。本集團通過股本轉讓以及注資而購入深圳市商業銀行89.36%權益，成為其

最大股東。

於2007年6月16日，中國銀監會批准深圳商業銀行吸收合併平安銀行。合併後，深圳商業銀行

更名為深圳平安銀行，而原有平安銀行之上海總行及福州分行，分別重組為深圳平安銀行上海

分行及福州分行。於2007年6月27日，深圳商業銀行更名為深圳平安銀行的工商變更手續正式

完成。合併後，深圳平安銀行有49間分支機構及157個自動櫃員機網絡遍佈深圳、上海及福州。

深圳商業銀行整合入本集團以及其轉型進展順利。組織架構已重新組合，各權責分工已重新定

義， IT技術能力亦已強化。在業務開拓方面，財富管理業務已展開，已於深圳設立三個“安盈理

財中心”。2007年5月21日，深圳商業銀行成功發行銀聯標準的萬里通聯名信用卡。這是國內保

障功能最完善的聯名信用卡之一，顯示了銀行與保險平台整合的強大優勢。

經營業績

下表載列本公司銀行業務的若干關鍵財務資料：


淨利息收入 1,488 11

營業及管理費用 (1) (900) (9)

淨利潤 1,086 1

(1) 營業及管理費用包括財務報表中的業務及管理費、營業稅金及附加、其他支出、營業外支出及除貸款外的其他資產減值損失。

本公司銀行業務的淨利潤由截至2006年6月30日止6個月的人民幣1百萬元大幅增加至2007年同

期的人民幣10.86億元。相比截至2006年6月30日止6個月平安銀行之單獨貢獻，淨利潤增加主

要因為收購深圳商業銀行後所產生之利潤貢獻所致。



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此外，2007年上半年確認了非經常性之項目註人民幣4.09億元，其中主要包括出售不良資產的

非經常性盈利以及撥回訴訟準備金。

註非經常性項目是指符合中國證監會[2004]4號文關於非經常性損益披露規定之項目。

核心業務盈利能力


利息收入

客戶貸款 1,348 7

存放央行款項 73 －

應收同業及其他金融機構款項 295 15

利息收入合計 1,716 22

利息支出

客戶存款 (641) (2)

應付同業及其他金融機構款項 (157) (9)

利息支出合計 (798) (11)

存貸業務淨利息收入 918 11

債券利息收入 570 －

淨利息收入 1,488 11

淨息差(1) 2.4% 0.6%

平均生息資產余額（人民幣百萬元） 118,411 1,170

平均計息負債余額（人民幣百萬元） 110,507 681

(1) 淨息差是指年化後平均生息資產收益率與年化後平均計息負債成本率之差。

淨利息收入由截至2006年6月30日止6個月的人民幣0.11億元增加至2007年同期的人民幣14.88

億元。如上文所述，淨利息收入的大幅增加乃由於收購深圳商業銀行所致。




淨息差由截至2006年6月30日止6個月的0.6%上升至2007年同期的2.4%。2006年上半年，平安

銀行主要從事外幣業務，須從同業市場獲取成本不低的資金來支持業務發展。而自收購深圳商

業銀行後，本公司銀行業務擁有人民幣及外幣業務及超過三百萬客戶賬戶。因此，較低成本之

客戶存款成為了主要的資金來源，而淨息差亦因此而升至2.4%。

營運效率

截至6月30日止6個月 2007年 2006年

成本與收入比例 (1) 46.3% 84.4%

(1) 成本與收入比例為業務及管理費用／淨營業收入。

成本與收入比例由截至2006年6月30日止6個月的84.4%下降至2007年同期的46.3%。然而，截

至2006年6月30日止6個月的成本與收入比例完全來自平安銀行。收購後，2007年同期的成本與

收入比例反映深圳市商業銀行與平安銀行的合併業績。

深圳平安銀行可比較數據的補充參考資料：

下表列示了深圳平安銀行2007年上半年之關鍵指標與2006年同期之指標的對比，以作參考 (1)：

於6月30日或截至該日止6個月 2007年 2006年

成本與收入比例 (2) 46.3% 35.5%

貸存比例 (3) 52.6% 72.6%

不良貸款率 (4) 1.1% 8.2%

貸款損失準備／不良貸款比例 66.0% 39.1%

資本充足率 10.6% 4.9%

(1) 此表內2006年之比例均為模擬深圳商業銀行與平安銀行已於2006年上半年合併之未經審計的可比參考結果。

(2) 成本與收入比例為營業及管理費用／淨營業收入。由於深圳商業銀行的重組及整合導致相關成本上升，以及就未來發展所支出的費用，例如聘請關鍵管理人員、IT基礎設施投資及重塑品牌等，故成本與收入比例會處於較高水平。



33

(3) 貸款包括一般貸款及票據貼現。

(4) 不良貸款是指被評為次級，可疑和損失類之貸款。不良貸款比例之下降主要是由於深圳商業銀行2007年第2季度將超過28億元之不良資產包轉售給信達資產管理公司引致。

於2007年6月30日，合併後之深圳平安銀行的總資產為1,247.88億元。資本充足率為10.6%，不良貸款率下降至1.1%。

4. 證券業務本公司證券業務主要由本公司擁有86.1%權益的子公司平安證券開展。平安證券在中國擁有22家營業部以及門戶網站PA18。

經營業績

本公司證券業務的淨利潤由截至2006年6月30日止6個月的1.74億元大幅增加至2007年同期的6.76億元。

下表載列本公司證券業務的若干關鍵財務資料：


手續費及佣金淨收入 975 218

總投資收益 (1) 491 168

淨利潤 676 174

(1) 總投資收益包括投資收益及公允價值變動損益。

手續費及佣金淨收入

下表載列手續費及佣金淨收入的主要組成部份：


手續費及佣金收入

經紀手續費收入 790 150承銷佣金收入 224 35其他 32 45

手續費及佣金收入合計 1,046 230

手續費及佣金支出

支付經紀手續費 (71) (12)

手續費及佣金支出合計 (71) (12)

手續費及佣金淨收入 975 218




本公司經紀業務的經紀手續費收入由截至2006年6月30日止6個月的1.50億元增加至2007年同期

的7.90億元。增加的主要原因是由於中國股票市場快速發展，成交量大幅增長。

本公司投資銀行業務的承銷佣金收入由截至2006年6月30日止6個月的0.35億元大幅增加至2007

年同期的2.24億元。增加的主要原因是由於證券市場快速發展及本公司致力於發展該項業務。

手續費及佣金收入合計的增加與業務的增長保持一致。由於該原因，手續費及佣金淨收入由截

至2006年6月30日止6個月的2.18億元大幅增加至2007年同期的9.75億元。

總投資收益

本公司證券業務的總投資收益由截至2006年6月30日止6個月的1.68億元大幅增加至2007年同期

的4.91億元。增加的主要原因是本公司自營證券業務的已實現投資收益大幅增加。

5. 信托業務


營業收入合計 (1) 448 140

淨利潤 (1) 275 61

(1) 營業收入合計及淨利潤並未合併平安信托下屬子公司數據。

信托公司業務的總收入由截至2006年6月30日止6個月的1.40億元大幅增加至2007年同期的4.48

億元。本公司信托業務的淨利潤由截至2006年6月30日止6個月的0.61億元增加至2007年同期的

2.75億元。淨利潤增加的主要原因是平安信托管理的信托資產大幅增長及取得較好的投資回報。

6. 受托資產規模

2007年 2006年

（人民幣百萬元） 6月30日 12月31日

委托貸款 1,931 2,120

企業年金受托資產 1,198 634

信托受托淨資產 28,676 16,677



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7. 資產管理業務

2007年上半年，平安資產管理公司管理的資產規模繼續保持穩定增長的態勢，總投資收益和總

投資收益率亦增長顯著。同時，除管理集團內部資產外，平安資產管理開始積極拓展第三方資

產管理業務。在內部管理方面，平安資產管理通過持續完善業務流程的標準化、規範化，不斷

加強內控管理、風險計量、資產配置和業績評估機制，使投資管理能力得到不斷提升。

平安資產管理（香港）于2007年3月1日正式獲得香港證監會頒發的資產管理牌照，成為負責本公

司海外投資管理業務的主體。

二、報告期內重大事項討論與分析在報告期內，本集團有以下業務事項將對公司經營產生影響。

（一）保險業務上半年平安壽險業務發展快速，其中產品停售換代對業務發展有較大影響，個險上半年完成首

年保費收入93.09億元，比2006年上半年增長36.1%。

上半年市場競爭加劇，手續費率政策環境放寬，獲取成本增加，對平安產險業務盈利造成壓力，

平安產險總體綜合成本率有所上升。

受惠於投資環境的顯著改善，上半年保險資金投資收益成績喜人。

中國保監會發布《保險機構債券投資信用評級指引（試行）》，要求保險機構建立內部信用評級系

統，評估債券投資信用風險。這是保險業全面落實《關於加強保險資金風險管理的意見》的重要

舉措，標誌保險資金債券投資開始步入信用風險管理階段。這對本公司建立內部信用評級制度，

維護保險資產安全具有較高的指導意義。




（二）銀行業務本報告期，銀行業務非經常性淨損益項目金額為4.09億元，其中主要包括出售不良資產的非經

常性盈利以及撥回訴訟準備金。

（三）其他為促進信托公司健康發展，鼓勵具備資質的信托公司進行審慎金融創新，中國銀行業監督管理

委員會和國家外匯管理局制定了《信托公司受托境外理財業務管理暫行辦法》；為進一步豐富代

客境外理財產品投資品種，促進代客境外理財業務的穩健發展，中國銀監會調整了商業銀行代

客境外理財業務境外投資範圍；針對境內基金管理公司和證券公司等證券經營機構的《合格境內

機構投資者境外證券投資管理試行辦法》也已頒布。上述內容對本集團旗下各業務單位拓展理財

業務有較大的促進作用。

三、本公司經營中的問題與困難（一）壽險業務

平安壽險制定二元化發展戰略，將一方面立足於沿海城市已具備的優勢地位，另一方面加緊在

內地、中小城市探索新模式。實現二元市場的快速成長，公司將面臨人才、資源分配等方面的

挑戰。

央行持續調控政策對保險業的發展產生一定影響。一是對保險產品銷售的負影響，加息後一年

期存款基準利率上調至3.33%，扣除利息稅後實際收益率為3.16％，超過壽險產品預定利率上

限2.5%，對傳統儲蓄型保險產品的銷售帶來不利影響；二是對保險資金運用收益率的正影響，

由于保險公司的資產有相當一部分配置在銀行存款和債券投資上，加息會增加保險公司再投資

和新增投資於銀行存款、債券投資的淨收益；並有利于改善壽險公司資產負債不匹配的潛在風

險，提高壽險公司的內含價值。



37

壽險產品費率自由化趨勢明顯，本公司壽險業務勢必也會面臨挑戰，本公司將密切關注政策動

態及監管辦法，完善已有的分析，制定應對舉措。

（二）產險業務上半年產險市場競爭加劇，手續費率政策環境放寬，獲取成本增加，對本公司產險業務盈利造

成壓力，總體綜合成本率有上升趨勢。這將對本公司產險業務的經營管理提出更高的挑戰，平

安產險須擴大在效益市場的業務規模，管控好業務品質及成本，同時，進行資源優化整合，細

分市場，實施銷售方式轉型，建立專業銷售團隊。

（三）銀行業務目前，合併完成後的深圳平安銀行處於從區域性銀行向全國性銀行的轉型期，積極推出各類創

新金融產品和服務，發行信用卡，招聘經營管理人才，調整組織架構，導致深圳平安銀行的成

本增幅較大，成本收入比處於較高水平。

（四）其他平安養老險、平安健康險、平安資產管理（香港）尚處於創業期，短期內還不能對全集團的利潤

作出較明顯的貢獻。




四、內含價值為提供投資者額外的工具了解本集團的經濟價值及業務成果，本集團已在本節披露有關內含價值的資

料。內含價值指調整後股東資產淨值，加上本集團有效人壽保險業務的價值（經就維持此業務運作所

要求持有的法定最低償付能力額度的成本作出調整）。內含價值不包括日後銷售的新業務的價值。

經濟價值的成份

單位：人民幣百萬元

2007年 2006年

6月30日 12月31日

調整後資產淨值 95,567 46,282

1999年6月前承保的有效業務價值 (16,446) (20,932)

1999年6月後承保的有效業務價值 51,251 48,011

持有償付能力額度的成本 (9,573) (7,788)

內含價值 120,799 65,573

一年新業務價值 7,323 6,007

持有償付能力額度的成本 (1,108) (875)

扣除持有償付能力額度的成本後的一年新業務價值 6,215 5,132

經調整資產淨值是根據本集團按中國法定基準計量的經審計股東淨資產值計算。若干資產的價值已調

整至市場價值。應注意經調整資產淨值適用於整個集團（包括平安壽險及其他業務單位），而所列示的

有效業務價值及一年新業務價值僅適用於平安壽險，不包括其他業務單位。

主要假設2007年6月30日內含價值計算所用主要假設與2006年年末評估所用的主要假設相同。



39

新業務量與業務組合用來計算截至2007年6月30日止前12個月新業務價值的首年保費為人民幣272.72億元。新業務的首年

保費結構如下：

比例

個人壽險 51.3%

長期業務 49.5%

短期業務 1.8%

團體壽險 26.0%

長期業務 16.7%

短期業務 9.3%

銀行保險 22.7%

長期業務 22.7%

合計 100.0%

註：因四捨五入，直接相加未必等於總數。

敏感性分析本集團已測算若干未來經驗假設的獨立變動對有效業務價值及一年新業務價值的影響。特別是已考慮

下列假設的變動：

‧ 風險貼現率

‧ 每年投資回報增加50個基點

‧ 每年投資回報增加100個基點

‧ 已承保人壽保險的死亡率及發病率下降10%

‧ 保單失效率下降10%

‧ 維持費用下降10%

‧ 分紅比例增加5%





風險貼現率

收益率／收益率／收益率／

11.0% 12.0% 13.0% 12.0%

有效業務價值 27,309 25,232 23,330 25,902

收益率／

11.0% 12.0% 13.0% 12.0%

一年新業務價值 6,814 6,215 5,694 7,060


假設有效業務價值一年新業務價值

基準假設 25,232 6,215

每年投資回報增加50個基點 33,339 6,473

每年投資回報增加100個基點 40,838 6,733

死亡率及發病率下降10% 25,566 6,343

保單失效率下降10% 25,769 6,452

維持費用下降10% 26,064 6,353

分紅比例增加5% 24,046 6,070

註：有效業務及新業務的貼現率分別為收益率／12.0%及12.0%。

五、報告期內投資情況（一）H股募集資金使用情況

本公司2004年首次公開發行H股所得款項已全部用作一般企業用途及改善業務運營，所得款項

構成本公司營運資金一部分，並按照相關行業監管機構有關適用法規進行使用。

本報告期內的重要股權投資事項如下：

增資平安養老險

經中國保監會于2007年3月9日批准，本公司向平安養老險增加2億元註冊資本。增資後，平安

養老險的註冊資本為人民幣5億元。

（二）A股募集資金使用情況本公司2007年2月首次公開發行A股，募集資金淨額達人民幣382.22億元。截至2007年6月30日

止，本公司註冊資本的變更尚處於監管機構審批過程中，A股募集資金全部存放于本公司在深

圳平安銀行開立的募集資金專戶。



41

六、實際經營成果與上市文件／盈利預測／計劃比較，說明預測或計劃進度情況（一）完成盈利計劃的情況

2007年上半年，本集團實現合併淨利潤83.26億元，較上年同期增長107.8%，超額完成預期目

標。

保險、銀行、資產管理三大業務線淨利潤均實現大幅度增長，其中銀行及資產管理業務淨利潤

實現了高速增長，業務佔比顯著提升。其中，保險業務實現淨利潤51.35億，同比增長39.1%，

業務佔比61.7%，同比下降30.4個百分點；銀行業務實現淨利潤10.86億，業務佔比13.0%，同

比上升13.0個百分點；證券業務實現淨利潤6.76億，同比增長288.5%，業務佔比8.1%，同比上

升3.8個百分點。

（二）完成經營計劃情況2007年上半年，本公司在保持平穩快速發展的同時，按照既定的發展計劃推動各項工作開展，

全面執行公司發展戰略，各項運營計劃達成良好。

本公司繼續致力於向國際領先的金融服務集團的目標邁進，力爭成為市場的主導者之一。本公

司從業務、組織與管理三方面着力，使綜合金融平臺得到進一步完善，隨着後援平臺功能整合

的平穩推進，本集團的交叉銷售業績超越預期。同時，本公司在保險業務不斷強化的基礎上，

銀行業務整合已經順利完成，資產管理業務全球化平臺已經初步搭建，保險、銀行、資產管理

核心業務三大支柱體系已經初步形成。




保險業務方面

本公司壽險、產險業務堅持內涵與外延並重的策略，着眼於公司更長期發展的客戶資源儲備，

在保持規模穩步增長的同時，積極尋找新的業務增長點。本公司制定了城市、農村並重發展的

“二元化”市場戰略，在蘇、浙兩省籌備了試點。平安壽險在國內保險市場率先推出外匯保險產

品，市場反應良好。個險銷售代理人從年初的約20.5萬提升至約24.4萬，保持良好增長勢頭。

平安產險制定積極的發展方針，拓展新渠道，並充分利用本集團其他子公司龐大的銷售隊伍和

堅實的客戶基礎，加快進行交叉銷售，努力提升市場份額。平安養老險務致力提供專業服務，

抓住社保轉制的機遇，迅速發展壯大；截至2007年6月，平安養老險申請開設35家分公司，已

全數取得經營保險業務許可證，目前全國業務開展順利。

銀行業務方面

本公司積極發展現有銀行業務，並通過各種可能的方式逐步構建全國性網絡。經中國銀監會批

准，深圳市商業銀行吸收合併平安銀行，更名為“深圳平安銀行股份有限公司”（簡稱“深圳平安

銀行”）。深圳平安銀行同時在深圳、上海、福州三地擁有分支機構，為公司和個人客戶提供全

面金融服務和產品。兩行合併進一步整合了本集團的銀行資源，有助於強化銀行業務支柱，形

成單一銀行品牌，逐步建成全國性的銀行業務平臺。2007年5月21日，經多年精心孕育，深圳

平安銀行成功發行銀聯標準的萬里通聯名信用卡，這是國內保障功能最完善的聯名信用卡之一，

顯示了銀行與保險平臺整合的強大優勢。

資產管理業務方面

公司一方面繼續強化國內投資平臺的建設和運作，不斷拓展投資渠道，提高優質項目的發掘能

力和產品包裝能力，另一方面努力建立完善高效的海外投資平臺，實現全球資產配置，提高投

資回報，改善資產負債匹配。



43

上半年，受益於國內證券市場的快速發展及成交量的大幅攀升，證券業務（證券經紀、投資銀行

以及衍生產品等）增長迅猛；保險資金投資收益率顯著提升；信托業務非資本市場投資表現良

好；第三方資產管理業務發展取得突破，受托管理資產規模高速成長。平安資產管理（香港）公

司獲頒香港資產管理牌照，全球投資平臺初步搭建。經全球知名證券分析師專業評級機構

StarMine評比，平安證券在“2006全球業績預測及選股最佳分析師”亞洲區排名中共有4人次上

榜，在眾多著名賣方研究機構中位列第八。

七、上年度報告中披露的經營計劃修改內容上年度本公司未披露經營計劃，與A股上市時披露的發展目標相比，本報告期內本公司無經營計劃修

改內容。



第六節重要事項44

一、公司治理的情況公司嚴格遵守《中華人民共和國公司法》等相關法律法規，認真落實監管部門關於公司治理的有關規定，

結合公司實際情況，不斷完善公司治理結構和提高公司治理水平。

報告期內，公司在上海證券交易所成功上市，按照國內有關上市公司公司治理的監管要求，公司修訂

了《中國平安保險（集團）股份有限公司章程》（以下簡稱《公司章程》）並經股東大會審議通過；制訂了

《信息披露事務管理制度》並經董事會審議通過；制訂了《重大交易管理制度》、《關聯交易管理制度》、

《董事、監事及高級管理人員持有及買賣本公司股票的行為守則》以及《募集資金專項存儲及使用管理

制度》並以公司內部制度形式發布實行。

報告期內，公司召開了2006年股東周年大會和一次臨時股東大會；董事會共召開了七次會議；監事會

共舉行了兩次監事會會議。股東大會、董事會、監事會及高級管理層均按照《公司章程》賦予的職責，

依法獨立運作，履行各自的權利、義務，沒有違法違規的情況發生。

公司嚴格按照法律法規和公司章程的要求，及時、準確、真實、完整地披露公司各項重大信息，確保

所有股東有平等的機會獲得信息。公司致力於不斷建立高水準的公司治理，並相信健全的公司治理可

進一步提升公司管理的高效及可靠性，並對本公司實現股東價值的最大化至關重要。報告期內，公司

連續第四年榮獲由大中華區專業CRM（客戶關係管理）機構評選的“2006年度客戶管理大獎”；連續第

六年蟬聯由經濟觀察報和北京大學管理案例研究中心聯合評選的“中國最受尊敬企業”；在亞洲權威金

融刊物《財資雜志》（The Asset Magazine）頒發的年度“最佳治理公司”大獎中，被評為中國企業最佳治

理第一名；獲得亞太區著名雜志《Corporate Governance Asia》評選的“亞洲公司治理2007年度杰出表

現獎”。



45

二、報告期實施的利潤分配方案執行情況本公司2006年度利潤分配方案已於2007年6月7日召開的2006年年度股東大會上審議通過，即以本公

司總股本7,345,053,334股（包括首次公開發行A股增加的股本）為基數，派發2006年年度末期股息，每

股派發現金紅利人民幣0.22元，共計人民幣1,615,911,733.48元，其余未分配利潤結轉至2007年度。

股東大會決議公告刊登於2007年6月8日的《中國證券報》、《上海證券報》和《證券時報》。本次分紅派

息的股權登記日為2007年6月21日，除息日為2007年6月22日，紅利發放日為2007年6月27日。本公

司2006年度利潤分配方案實施公告刊登於2007年6月15日的《中國證券報》、《上海證券報》和《證券時

報》。該分配方案已於報告期內實施。

三、半年度擬定的利潤分配預案根據《公司章程》及其他相關規定，公司在確定可供股東分配的利潤額時，應當按照中國會計準則財務

報表的淨利潤提取法定盈余公積。2007年度中期經審計的母公司中國會計準則財務報表淨利潤為46.04

億元，公司2007年度中期利潤分配以此為基準，提取10%的法定盈余公積。

經過上述利潤分配，並結轉按相關規定調整的上年度未分配利潤後，根據中國會計準則和國際財務報

告準則財務報表，確定公司可供股東分配利潤為50.24億元。

根據《公司章程》的規定，中期股息的數額不應超過公司中期可分配利潤額的50%。

公司建議，以總股本7,345,053,334股為基數，派發公司2007年中期股息，每股派發現金股息人民幣

0.20元，共計人民幣1,469,010,666.80元。

四、重大訴訟仲裁事項本報告期內公司無重大訴訟、仲裁事項。



46 第六節重要事項

五、資產交易事項（一）收購資產情況

2007年6月8日，平安壽險與民生銀行簽訂《認購協議》，以每股人民幣7.63元的認購價格認購民

生銀行非公開發行股票7.14億股，鎖定期12個月，認購總價款為人民幣54.48億元。該認購是本

集團日常經營過程中的投資決定，有利於本集團拓寬投資渠道及擴大保險資金運用回報。

（二）吸收合併情況2007年6月16日，中國銀監會批准深圳商業銀行受讓平安銀行全部股權、吸收合併平安銀行並

更名為深圳平安銀行股份有限公司。深圳平安銀行總行設在深圳，原平安銀行改建為深圳平安

銀行上海分行、原平安銀行福州分行和上海張江支行分別改建為深圳平安銀行福州分行和上海

張江支行。2007年6月27日，深圳商業銀行更名為深圳平安銀行的工商變更手續正式完成。

六、重大關聯交易本報告期內公司無重大關聯交易事項。

七、托管情況本報告期內公司無需披露的托管事項。

八、承包情況本報告期內公司無需披露的承包事項。

九、租賃情況本報告期內公司無需披露的租賃事項。



47

十、擔保情況


公司對外擔保情況（不包括對控股子公司的擔保）

是否是否為

擔保對象發生日期擔保金額擔保類型擔保期限履行完畢關聯方擔保

報告期內擔保

發生額合計－－－－－－

報告期末擔保

余額合計－－－－－－

公司對控股子公司的擔保情況

報告期內對控股子公司擔保發生額合計－

報告期末對控股子公司擔保余額合計 1,587

公司擔保總額情況（包括對控股子公司的擔保）

擔保總額 1,587

擔保總額佔公司淨資產的比例 (%) 1.7

其中：

為股東、實際控制人及其關聯方提供擔保的金額－

直接或間接為資產負債率超過70%的被擔保對象提供的債務擔保金額－

擔保總額超過淨資產50%部分的金額－

上述三項擔保金額合計－




十一、委托理財情況本報告期內公司無委托理財事項。

十二、其他重大合同本報告期內公司無其他需披露的重大合同。

十三、承諾事項履行情況2004年6月本公司發行H股時，經中國保監會以《中國保監會關於平保集團外資股東持有的股份轉為境

外上市H股問題的批復》（保監發改 [2004]61號）、中國證監會以《關於同意中國平安保險（集團）股份有

限公司發行境外上市外資股的批復》（證監國合字 [2004]18號）批准，公司外資股股東所持非上市外資

股1,170,751,698股均轉換為H股。公司股東匯豐保險控股有限公司、日本第一生命保險相互會社均同

意在H股上市後三年內不出售各自所轉換的H股。本報告期內，匯豐保險控股有限公司和日本第一生

命保險相互會社承諾不出售期限已經於2007年6月24日截止。

十四、聘任、解聘會計師事務所情況根據公司2006年度股東大會決議，公司於2007年繼續聘請了安永華明會計師事務所及安永會計師事

務所（以下統稱“安永”）分別擔任公司中國會計準則財務報告審計機構及國際財務報告準則財務報告審

計機構。公司中期財務報告已經由安永審計並出具了標準無保留意見的審計報告。本報告期的半年度

審計及其他鑒證服務費共約12百萬元。

十五、上市公司及其董事、監事、高級管理人員、公司股東、實際控制人處罰及整改情況報告期內公司及其董事、監事、高級管理人員、公司股東、實際控制人均未受中國證監會的稽查、行

政處罰、通報批評及證券交易所的公開譴責。



49

十六、其他重大事項及其影響和解決方案的分析說明（一）報告期末，本公司及下屬子公司合計持有上市公司的證券投資情況如下（前十大證券投資按初

始投資成本排序）：

初始

持股數量投資成本佔該公司

序號股票代碼簡稱（百萬股）（百萬元）股權比例(1) 會計核算科目

1 600016 民生銀行 721 5,474 5.21% 可供出售金融資產

33 143 交易性金融資產

2 600000 浦發銀行 197 2,228 4.92% 可供出售金融資產


3 HK3988 中國銀行 453 1,315 0.21% 可供出售金融資產

601988 91 280 可供出售金融資產

4 HK2628 中國人壽 4 96 0.25% 可供出售金融資產

601628 51 966 可供出售金融資產


5 HK1398 工商銀行 30 121 0.37% 可供出售金融資產

601398 353 1,100 可供出售金融資產


6 601006 大秦鐵路 154 878 1.24% 可供出售金融資產


7 HK3328 交通銀行 9 21 0.29% 可供出售金融資產

601328 100 573 可供出售金融資產


8 000002 萬科Ａ 110 631 1.87% 可供出售金融資產


9 601919 中國遠洋 51 436 0.75% 可供出售金融資產


10 600900 長江電力 56 429 0.61% 可供出售金融資產


其他證券投資 11,942

合計 27,952

(1) 佔該公司股權比例按照持有該公司股份的合計數計算

（二）報告期末，本公司下屬子公司平安信托持有非上市金融企業股權情況如下：

持有對象初始投資成本持股數量占該公司期末賬面淨值

名稱（百萬元）（百萬股）股權比例（百萬元）

興業證券股份 9 7 0.77% 4

有限公司




十七、信息披露索引事項刊載的報刊名稱及版面刊載日期刊載的互聯網網站及檢索路徑

臨2007-001關于召開2007年《中國證券報》A11版、《上海證券報》D8版、 2007年3月2日上海證券交易所http://www.sse.com.cn/

第一次臨時股東大會的公告《證券時報》A4版

臨2007-002關于2006年度業績預增《中國證券報》A24版、《上海證券報》D8版、 2007年3月15日上海證券交易所http://www.sse.com.cn/

的公告《證券時報》A4版

臨2007-003重大事項公告《中國證券報》D005版、《上海證券報》A6版、 2007年3月19日上海證券交易所http://www.sse.com.cn/

《證券時報》C12版

臨2007-0042007年《中國證券報》D004版、《上海證券報》D24版、 2007年3月20日上海證券交易所http://www.sse.com.cn/

第一次臨時股東大會決議公告《證券時報》B8版

臨2007-005保費收入公告《中國證券報》D004版、《上海證券報》D24版、 2007年3月20日上海證券交易所http://www.sse.com.cn/

《證券時報》B8版

臨2007-006公告《中國證券報》C61版、《上海證券報》D80版、 2007年3月30日上海證券交易所http://www.sse.com.cn/

《證券時報》A4版

臨2007-007關于變更證券事務代表《中國證券報》B12版、《上海證券報》A14版、 2007年4月9日上海證券交易所http://www.sse.com.cn/

的公告《證券時報》C12版

臨2007-008第五屆監事會《中國證券報》C007版、《上海證券報》D33版、 2007年4月12日上海證券交易所http://www.sse.com.cn/

第四次會議決議公告《證券時報》C13版

臨2007-009第七屆董事會《中國證券報》C005版、《上海證券報》D33版、 2007年4月12日上海證券交易所http://www.sse.com.cn/

第九次會議決議公告《證券時報》C13版



51

事項刊載的報刊名稱及版面刊載日期刊載的互聯網網站及檢索路徑

2006年度報告摘要《中國證券報》C005版、《上海證券報》D33版、 2007年4月12日上海證券交易所http://www.sse.com.cn/


臨2007-010關于對中國平安保險海外《中國證券報》C008版、《上海證券報》A9版、 2007年4月16日上海證券交易所http://www.sse.com.cn/

（控股）有限公司提供擔保的公告《證券時報》C7版

臨2007-011關于召開2006年年度《中國證券報》C068版、《上海證券報》D75版、 2007年4月19日上海證券交易所http://www.sse.com.cn/

股東大會的公告《證券時報》B8版

臨2007-012保費收入公告《中國證券報》C081版、《上海證券報》D96版、 2007年4月20日上海證券交易所http://www.sse.com.cn/


臨2007-013保薦機構變更公告《中國證券報》C09版、《上海證券報》D64版、 2007年4月24日上海證券交易所http://www.sse.com.cn/



第十一次會議決議公告《證券時報》C4版

2007年第一季度報告《中國證券報》C10版、《上海證券報》D73版、 2007年4月27日上海證券交易所http://www.sse.com.cn/




臨2007-016網下配售A股股票《中國證券報》C013版、《上海證券報》D6版、 2007年5月30日上海證券交易所http://www.sse.com.cn/

（鎖定期3個月）上市流通的《證券時報》A4版

提示性公告

臨2007-017 2006年年度《中國證券報》C004版、《上海證券報》D9版、 2007年6月8日上海證券交易所http://www.sse.com.cn/

股東大會決議公告《證券時報》C13版





臨2007-018重大事項公告《中國證券報》C005版、《上海證券報》A16版、 2007年6月11日上海證券交易所http://www.sse.com.cn/


臨2007-019 2006年度分紅派息公告《中國證券報》C009版、《上海證券報》D22版、 2007年6月15日上海證券交易所http://www.sse.com.cn/


臨2007-020公司治理專項活動的《中國證券報》C009版、《上海證券報》D22版、 2007年6月15日上海證券交易所http://www.sse.com.cn/

自查報告和整改計劃《證券時報》C4版



臨2007-022關于深商行吸收合併《中國證券報》008版、《上海證券報》D9版、 2007年6月21日上海證券交易所http://www.sse.com.cn/

平安銀行的公告《證券時報》C13版


第十三次會議決議公告《證券時報》C16版

臨2007-024公告《中國證券報》A20版、《上海證券報》D8版、 2007年6月29日上海證券交易所http://www.sse.com.cn/


臨2007-025關于舉行公司治理《中國證券報》C008版、《上海證券報》D19版、 2007年7月10日上海證券交易所http://www.sse.com.cn/

網上交流會的公告《證券時報》C12版

臨2007-026關于職工代表監事《中國證券報》A16版、《上海證券報》A14版、 2007年7月16日上海證券交易所http://www.sse.com.cn/

變更的公告《證券時報》C4版



53




臨2007-028 2007年《中國證券報》B16版、《上海證券報》D14版、 2007年7月24日上海證券交易所http://www.sse.com.cn/

中期業績預增公告《證券時報》C24版



54 第七節財務報告54

本公司中期財務報告已經安永華明會計師事務所審計，並出具了標準無保留意見的審計報告。具體參見第

九節附件中的已審財務報表。

55



55第八節備查文件目錄

一、載有本公司董事長簽名的中期報告正文。

二、載有法定代表人、財務負責人簽名並蓋章的會計報表。

三、載有會計師事務所蓋章、註冊會計師簽名並蓋章的審計報告正本。

四、報告期內本公司在《中國證券報》、《上海證券報》、《證券時報》上公開披露過的所有文件正本及公告

原件。

五、本公司章程。



56 第九節附件56

中國平安保險（集團）股份有限公司2007年6月30日已審財務報表

董事長兼首席執行官馬明哲

中國平安保險（集團）股份有限公司董事會

2007年8月16日

57



57審計報告

安永華明 (2007)審字第60468101-B31號


全體股東：

我們審計了後附的中國平安保險（集團）股份有限公司（以下簡稱“貴公司”）及其子公司（以下統稱“貴集團”）

財務報表，包括2007年6月30日的合併及母公司的資產負債表，截至2007年6月30日止6個月會計期間的合

併及母公司的利潤表、股東權益變動表和現金流量表以及財務報表附註。

一、管理層對財務報表的責任按照企業會計準則的規定編製財務報表是貴公司管理層的責任。這種責任包括： (1)設計、實施和維

護與財務報表編製相關的內部控制，以使財務報表不存在由於舞弊或錯誤而導致的重大錯報；(2)選擇

和運用恰當的會計政策； (3)作出合理的會計估計。

二、註冊會計師的責任我們的責任是在實施審計工作的基礎上對財務報表發表審計意見。我們按照中國註冊會計師審計準則

的規定執行了審計工作。中國註冊會計師審計準則要求我們遵守職業道德規範，計劃和實施審計工作

以對財務報表是否不存在重大錯報獲取合理保證。

審計工作涉及實施審計程序，以獲取有關財務報表金額和披露的審計證據。選擇的審計程序取決於註

冊會計師的判斷，包括對由於舞弊或錯誤導致的財務報表重大錯報風險的評估。在進行風險評估時，

我們考慮與財務報表編製相關的內部控制，以設計恰當的審計程序，但目的並非對內部控制的有效性

發表意見。審計工作還包括評價管理層選用會計政策的恰當性和作出會計估計的合理性，以及評價財

務報表的總體列報。

我們相信，我們獲取的審計證據是充分的、適當的，為發表審計意見提供了基礎。



58 審計報告58

三、審計意見我們認為，上述財務報表已經按照企業會計準則的規定編製，在所有重大方面公允地反映了貴集團

和貴公司2007年6月30日的財務狀況以及截至2007年6月30日止6個月會計期間的經營成果和現金流

量。

安永華明會計師事務所中國註冊會計師張小東

中國註冊會計師黃悅棟

中國北京

2007年8月16日

59



59合併資產負債表

2007年6月30日人民幣百萬元

（經審計）（經審計）

2007年 2006年

附註六 6月30日 12月31日

資產

貨幣資金 1 83,789 42,585

結算備付金 2 1,591 875

貴金屬 1 111

拆出資金 3 1,101 1,727

交易性金融資產 4 73,436 44,003

衍生金融資產 5 16 21

買入返售金融資產 6 12,854 7,251

應收利息 7 4,716 3,249

應收保費 8 5,307 3,073

應收分保賬款 2,205 795

應收分保未到期責任準備金 3,048 2,437

應收分保未決賠款準備金 2,058 1,724

應收分保壽險責任準備金 7 －

應收分保長期健康險責任準備金 7 －

保戶質押貸款 9 1,799 1,381

發放貸款及墊款 10 58,427 49,152

存出保證金 1,139 334

定期存款 11 50,503 65,416

可供出售金融資產 12 132,443 95,200

持有至到期投資 13 130,193 129,250

長期股權投資 14 211 415

商譽 15 475 409

存出資本保證金 1,520 1,520

投資性房地產 16 3,789 1,660

固定資產 17 6,839 4,552

無形資產 18 922 940

遞延所得稅資產 19 592 888

其他資產 20 4,155 4,320

資產總計 583,143 463,288

載於第75頁至第188頁的附註為本財務報表的組成部分。



60 合併資產負債表60



2007年 2006年


負債及股東權益

負債

短期借款 22 557 527

同業及其他金融機構存放款項 23 5,318 3,465

存入保證金 24 5,865 5,485

拆入資金 25 1,871 992

衍生金融負債 5 356 178

賣出回購金融資產款 26 22,883 14,573

吸收存款 27 62,219 66,725

代理買賣證券款 28 9,846 3,750

預收保費 666 1,352

應付手續費及傭金 1,427 894

應付分保賬款 2,786 746

應付職工薪酬 29 3,381 2,133

應交稅費 30 1,509 1,166

應付利息 355 287

應付賠付款 4,274 3,981

應付保單紅利 4,771 4,107

保戶儲金及投資款 31 4,945 4,049

未到期責任準備金 32 15,653 12,937

未決賠款準備金 32 7,436 6,480

壽險責任準備金 32 289,351 248,574

長期健康險責任準備金 32 34,399 30,694

長期借款 33 1,636 155

遞延所得稅負債 19 3,555 1,441

其他負債 34 3,173 1,971

負債合計 488,232 416,662

載于第75頁至第188頁的附註為本財務報表的組成部分。



61


2007年 2006年


負債及股東權益（續）

所有者權益

股本 35 7,345 6,195

資本公積 36 63,833 23,246

盈余公積 6,928 6,120

一般風險準備 37 517 517

未分配利潤 14,821 9,182

外幣報表折算差額 (48) －

歸屬於母公司所有者權益合計 93,396 45,260

少數股東權益 1,515 1,366

所有者權益合計 94,911 46,626

負債和所有者權益總計 583,143 463,288

第59頁至第188頁的財務報表由以下人士簽署：

馬明哲張子欣麥偉林

法定代表人主管會計工作負責人會計機構負責人




62 合併利潤表62

截至2007年6月30日止6個月期間人民幣百萬元

（經審計）（未經審計）

截至2007年截至2006年6月30日 6月30日

附註六止6個月期間止6個月期間

一、營業收入

保險業務收入 39 53,885 46,000其中：分保費收入 39 47 7減：分出保費 (2,600) (2,466)

提取未到期責任準備金 40 (2,105) (2,054)

已賺保費 49,180 41,480

銀行業務利息收入 1,716 22銀行業務利息支出 (689) (1)

銀行業務利息淨收入 41 1,027 21

手續費及佣金收入 1,357 218手續費及佣金支出 (213) (30)

手續費及佣金淨收入 42 1,144 188

投資收益 43 29,124 8,802公允價值變動收益 44 3,094 4,001匯兌損失 (335) (130)其他業務收入 817 265

營業收入合計 84,051 54,627

二、營業支出

退保金 (5,919) (3,910)賠付支出 45 (11,791) (7,814)減：攤回賠付支出 1,167 1,132提取保險責任準備金 46 (44,949) (30,021)減：攤回保險責任準備金 47 348 9保單紅利支出 (897) (1,714)分保費用 (7) (1)營業稅金及附加 48 (1,742) (774)保險業務手續費及佣金支出 49 (5,666) (3,932)業務及管理費 50 (6,571) (3,986)減：攤回分保費用 675 922其他業務成本 (195) (66)資產減值損失 51 (17) (45)

營業支出合計 (75,564) (50,200)




63



6月30日 6月30日


三、營業利潤 8,487 4,427

加：營業外收入 435 16

減：營業外支出 (50) (17)

四、利潤總額 8,872 4,426

減：所得稅費用 52 (546) (420)

五、淨利潤 8,326 4,006

歸屬於母公司所有者的淨利潤 8,063 3,945

少數股東損益 263 61

8,326 4,006

人民幣元人民幣元

六、每股收益

基本和稀釋每股收益 53 1.16 0.64




64 合併現金流量表64




6月30日 6月30日


一、經營活動產生的現金流量

收到原保險合同保費取得的現金 50,918 41,567

再保業務產生的現金淨額 (88) 32

保戶儲金及投資款淨增加額 896 342

客戶存款和同業存放款項淨增加／（減少）額 (2,653) 92

向其他金融機構拆入資金淨增加額 491 681

收取利息、手續費及佣金的現金 3,073 238

拆入資金淨增加額 879 －

收到的其他與經營活動有關的現金 7,993 1,370

經營活動現金流入小計 61,509 44,322

支付原保險合同賠付款項的現金 (11,366) (7,535)

支付保單紅利的現金 (232) (100)

客戶貸款及墊款淨增加額 (9,196) －

存放中央銀行和同業款項淨增加額 (1,577) (5)

支付利息、手續費及佣金的現金 (6,035) (3,746)

支付給職工以及為職工支付的現金 (2,115) (1,849)

支付的各項稅費 (2,065) (705)

支付的其他與經營活動有關的現金 (8,921) (5,374)

經營活動現金流出小計 (41,507) (19,314)

經營活動產生的現金流量淨額 56 20,002 25,008




65



6月30日 6月30日


二、投資活動產生的現金流量

收回投資所收到的現金 116,021 56,536

取得投資收益收到的現金 12,117 5,160

處置固定資產、無形資產和其他長期資產收回的現金淨額 92 9

投資活動現金流入小計 128,230 61,705

購建固定資產、無形資產和其他長期資產

支付的現金 (2,043) (527)

投資支付的現金 (116,953) (73,892)

質押貸款淨增加額 (418) (212)

購買子公司支付的現金淨額 (382) －

購買子公司部份股權支付的現金淨額 (229) －

投資活動現金流出小計 (120,025) (74,631)

投資活動產生的現金流量淨額 8,205 (12,926)

三、籌資活動產生的現金流量

吸收投資收到的現金 38,222 －

取得借款收到的現金 192 2

收到的其他與籌資活動有關的現金 8,310 －

籌資活動現金流入小計 46,724 2

分配股利及償付利息支付的現金 (2,080) (1,325)

其中：子公司支付給少數股東的股利 (34) (50)

支付的其他與籌資活動有關的現金－ (6,460)

籌資活動現金流出小計 (2,080) (7,785)

籌資活動產生的現金流量淨額 44,644 (7,783)




66 合併現金流量表




6月30日 6月30日


四、匯率變動對現金及現金等價物的影響 (74) (18)

五、現金及現金等價物淨增加額 56 72,777 4,281

加：年初現金及現金等價物余額 56 47,327 25,488

六、期末現金及現金等價物余額 56 120,104 29,769


67



67合併股東權益變動表


截至2007年6月30日止6個月期間

歸屬於母公司所有者權益

一般未分配外幣少數股東

項目附註三股本資本公積盈余公積風險準備利潤折算差額股東權益權益合計

（經審計）（經審計）（經審計）（經審計）（經審計）（經審計）（經審計）（經審計）

一、上年年末余額 6,195 15,163 6,126 517 8,667 － 1,251 37,919

加：會計政策變更 39 － 8,083 (6) － 515 － 115 8,707

二、本期期初余額 6,195 23,246 6,120 517 9,182 － 1,366 46,626

三、本期增減變動金額

（一）淨利潤－－－－ 8,063 － 263 8,326

（二）直接計入所有者權益的利得和損失

1. 可供出售金融資產公允價值變動淨額

(1) 計入所有者權益的金額－ 15,367 －－－－ 154 15,521

(2) 轉入當期損益的金額－ (8,727) －－－－ (88) (8,815)

2. 與計入所有者權益項目

相關的所得稅的影響－ (2,443) －－－－ (25) (2,468)

3. 其他－ (682) －－－ (48) (121) (851)

上述（一）和（二）小計－ 3,515 －－ 8,063 (48) 183 11,713

（三）所有者投入資本 1,150 37,072 －－－－－ 38,222

（四）利潤分配

1. 提取盈余公積－－ 808 － (808) －－－

2. 對股東的分配－－－－ (1,616) － (34) (1,650)

四、期末余額 7,345 63,833 6,928 517 14,821 (48) 1,515 94,911




68 合併股東權益變動表



歸屬於母公司所有者權益

一般未分配外幣少數股東

項目附註三股本資本公積盈余公積風險準備利潤折算差額股東權益權益合計

（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）

一、上年年末余額 6,195 15,163 5,526 430 5,350 － 525 33,189

加：會計政策變更 39 － 626 (127) － (721) － (2) (224)

二、本期期初余額 6,195 15,789 5,399 430 4,629 － 523 32,965


（一）淨利潤－－－－ 3,945 － 61 4,006



(1) 計入所有者權益的金額－ 4,124 －－－－ 37 4,161

(2) 轉入當期損益的金額－ (1,204) －－－－ (12) (1,216)

2. 與計入所有者權益項目

相關的所得稅的影響－ (438) －－－－ (4) (442)

3. 其他－ (908) －－－－ (9) (917)

上述（一）和（二）小計－ 1,574 －－ 3,945 － 73 5,592

（三）利潤分配

對股東的分配－－－－ (1,239) － (50) (1,289)

四、期末余額 6,195 17,363 5,399 430 7,335 － 546 37,268


69



69母公司資產負債表



2007年 2006年

附註十四 6月30日 12月31日

資產

貨幣資金 1 44,458 3,139

交易性金融資產 2 5,318 5,458

應收利息 92 29

定期存款 3 448 776

可供出售金融資產 4 5,455 4,227

長期股權投資 5 17,568 17,368

固定資產 63 69

無形資產 10 18

其他資產 328 422

資產總計 73,740 31,506

負債及股東權益

負債

拆入資金 7 1,751 820

應付職工薪酬 8 890 586

應交稅費 9 179 75

遞延所得稅負債 6 170 93

其他負債 132 146

負債合計 3,122 1,720

所有者權益

股本 7,345 6,195

資本公積 10 52,425 15,731

盈余公積 5,429 4,969

一般風險準備 395 395

未分配利潤 5,024 2,496

所有者權益合計 70,618 29,786

負債和所有者權益總計 73,740 31,506




70 母公司利潤表70




6月30日 6月30日

附註十四止6個月期間止6個月期間

一、營業收入

投資收益 11 4,878 5,213

公允價值變動收益 12 359 69

匯兌損失 (25) (5)

其他業務收入 130 30

營業收入合計 5,342 5,307

二、營業支出

營業稅金及附加 13 (54) (3)

業務及管理費 14 (504) (265)

營業支出合計 (558) (268)

三、營業利潤 4,784 5,039

減：營業外支出 (1) －

四、利潤總額 4,783 5,039

減：所得稅費用 15 (179) (38)

五、淨利潤 4,604 5,001


71



71母公司現金流量表




6月30日 6月30日

止6個月期間止6個月期間

一、經營活動產生的現金流量

收到的其他與經營活動有關的現金 129 5

經營活動現金流入小計 129 5

支付給職工以及為職工支付的現金 (89) (107)

支付的各項稅費 (90) (5)

支付的其他與經營活動有關的現金 (185) (53)

經營活動現金流出小計 (364) (165)

經營活動產生的現金流量淨額 (235) (160)

二、投資活動產生的現金流量

收回投資所收到的現金 7,443 4,737

取得投資收益收到的現金 3,897 5,087

處置固定資產和無形資產收回的現金淨額 14 －

投資活動現金流入小計 11,354 9,824

購建固定資產支付的現金 (11) (21)

投資支付的現金 (6,359) (10,798)

投資活動現金流出小計 (6,370) (10,819)

投資活動產生的現金流量淨額 4,984 (995)




72 母公司現金流量表72




6月30日 6月30日

附註十四止6個月期間止6個月期間

三、籌資活動產生的現金流量

吸收投資收到的現金 38,222 －

取得借款收到的現金 931 1,247

籌資活動現金流入小計 39,153 1,247

分配股利及償付利息支付的現金 (1,571) (1,243)

支付的其他與籌資活動有關的現金－ (1,119)

籌資活動現金流出小計 (1,571) (2,362)

籌資活動產生的現金流量淨額 37,582 (1,115)

四、匯率變動對現金及現金等價物的影響 (16) (5)

五、現金及現金等價物淨增加額 16 42,315 (2,275)

加：期初現金及現金等價物余額 16 3,448 2,637

六、期末現金及現金等價物余額 16 45,763 362


73



73母公司股東權益變動表



一般未分股東

項目股本資本公積盈余公積風險準備配利潤權益合計

（經審計）（經審計）（經審計）（經審計）（經審計）（經審計）

一、上年年末余額 6,195 15,163 6,126 517 8,678 36,679

加：會計政策變更－ 568 (1,157) (122) (6,182) (6,893)

二、本期期初余額 6,195 15,731 4,969 395 2,496 29,786


（一）淨利潤－－－－ 4,604 4,604



(1) 計入所有者權益的金額－ (379) －－－ (379)

(2) 轉入當期損益的金額－ (125) －－－ (125)

2. 與計入所有者權益項目相關

的所得稅的影響－ 126 －－－ 126

上述（一）和（二）小計－ (378) －－ 4,604 4,226

（三）所有者投入資本 1,150 37,072 －－－ 38,222

（四）利潤分配

1. 提取盈余公積－－ 460 － (460) －

2. 對股東的分配－－－－ (1,616) (1,616)

四、期末余額 7,345 52,425 5,429 395 5,024 70,618




74 母公司股東權益變動表74



一般未分股東

項目股本資本公積盈余公積風險準備配利潤權益合計

（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）（未經審計）

一、上年年末余額 6,195 15,163 5,526 430 5,350 32,664

加：會計政策變更－ 7 (1,112) (35) (7,002) (8,142)

二、本期期初余額 6,195 15,170 4,414 395 (1,652) 24,522


（一）淨利潤－－－－ 5,001 5,001



(1) 計入所有者權益的金額－ 301 －－－ 301

(2) 轉入當期損益的金額－ (17) －－－ (17)

2. 與計入所有者權益項目相關

的所得稅的影響－ (43) －－－ (43)

上述（一）和（二）小計－ 241 －－ 5,001 5,242

（三）利潤分配

對股東的分配－－－－ (1,239) (1,239)

四、期末余額 6,195 15,411 4,414 395 2,110 28,525


75



75財務報表附註


一、本公司基本情況中國平安保險（集團）股份有限公司（以下簡稱“本公司”）於1988年3月21日在中華人民共和國（以下簡

稱“中國”）深圳市註冊成立，當時名為“深圳平安保險公司”，開始主要在深圳從事財產保險業務。隨

着經營區域的擴大，本公司於1992年更名為“中國平安保險公司”，於1994年7月開始從事壽險業務，

並於1997年1月更名為“中國平安保險股份有限公司”。

中國保險監督管理委員會（以下簡稱“中國保監會”）於2002年4月2日下發《關於中國平安保險股份有限

公司分業經營實施方案的批複》（保監複[2002]32號），原則同意本公司提出的有關《中國平安保險股份

有限公司分業經營實施方案》；根據該方案，本公司更名為“中國平安保險（集團）股份有限公司”，本

公司以投資人的身份分別成立並控股持有中國平安財產保險股份有限公司（以下簡稱“平安產險”）和中

國平安人壽保險股份有限公司（以下簡稱“平安壽險”），並由本公司控股持有平安信託投資有限責任公

司（以下簡稱“平安信託”），平安信託持有平安證券有限責任公司（以下簡稱“平安證券”）的股份。

中國保監會於2002年10月28日下發《關於中國平安保險股份有限公司有關變更事項的批複》（保監變審

[2002]98號）、《關於成立中國平安財產保險股份有限公司的批複》（保監機審 [2002]350號）及《關於成

立中國平安人壽保險股份有限公司的批複》（保監機審 [2002]351號），批準本公司名稱變更為“中國平

安保險（集團）股份有限公司”，並同意在本公司財產保險業務和人員的基礎上成立平安產險，在本公

司人身保險業務和人員的基礎上成立平安壽險。本公司於2003年1月24日取得更名後的營業執照，平

安產險及平安壽險分別於2002年12月24日及2002年12月17日取得營業執照。

根據中國保監會《關於中國平安保險（集團）股份有限公司境外發行H股並上市的批複》（保監複[2003]228

號）及中國證券監督管理委員會（以下簡稱“中國證監會”）《關於同意中國平安保險（集團）股份有限公

司發行境外上市外資股的批複》（證監國合字 [2004]18號），本公司獲准在香港主板公開發行境外上市

外資股（“H股”）1,261,720,000股，H股已於2004年6月24日在香港交易所主板上市。

根據中國證監會《關於核准中國平安保險（集團）股份有限公司首次公開發行股票的通知》（證監發行字

[2007]29號），本公司獲准在上海證券交易所首次公開發行A股1,150,000,000股，A股已於2007年3月

1日在上海證券交易所上市。

本公司的經營範圍包括投資保險及經批準的金融企業，監督管理控股投資企業的各種國內、國際業務；

開展保險資金運用業務；經批準開展國內保險、國際保險及其他業務。本集團現提供多元化的金融產

品及服務，業務範圍包括人身保險業務、財產保險業務、信託業務、證券業務、銀行業務以及其他業

務。



76 財務報表附註


二、財務報表的編制基礎及遵循企業會計準則的聲明本財務報表是根據中國財政部（以下簡稱“財政部”）于2006年頒布的企業會計準則及應用指南和其他

相關規定（以下簡稱“企業會計準則”）編制。

本公司屬于原同時按照中國會計準則及國際財務報告準則對外提供財務報表的A股及H股上市公司。根

據《企業會計準則第38號－首次執行企業會計準則》和財政部會計準則委員會2007年2月1日發布的《企

業會計準則實施問題專家工作組意見》的要求，本集團根據取得的相關信息，對因會計政策變更所涉

及的相關交易和事項進行了追溯調整，並將會計政策在本財務報表所涵蓋的各會計期間中一貫地採用。

上述會計政策變更對本集團于2006年12月31日的股東權益以及截至2006年6月30日止6個月會計期間

的淨利潤的相關影響，請見附註三、39。

本財務報表真實、完整地反映了本公司和本集團2007年6月30日的財務狀況以及截至2007年6月30日

止6個月會計期間的經營成果和現金流量。

三、主要會計政策和會計估計1. 會計年度

本集團會計年度採用公歷年度，即每年自1月1日起至12月31日止。

2. 記賬本位幣本集團於中國大陸的公司主要以人民幣為記賬本位幣；本集團於境外的子公司以港幣為記賬本

位幣。編製本財務報表所採用的貨幣均為人民幣，除有特別說明外，均以人民幣百萬元為單位

表示。

3. 記賬基礎及計價原則本集團以權責發生制為記賬基礎。除以公允價值計量的金融工具及若干保險責任準備金外，各

項資產、負債均以歷史成本法為計價原則。



77

三、主要會計政策和會計估計（續）4. 合併財務報表的編製方法

合併財務報表包括本公司及全部子公司的財務報表。子公司指被本集團控制的企業。控制是指

有權決定另一個企業的財務和經營政策，並能據以從其經營活動中獲取利益。

編製合併財務報表時，子公司採用與本公司一致的會計年度和會計政策。本集團內部各公司之

間的所有重大交易及往來於合併時抵銷。

納入合併範圍的子公司的所有者權益中不屬於本集團的份額，作為少數股東權益在合併財務報

表中單獨列示。

非同一控制下的企業合併

對於非同一控制下的企業合併，本集團採用購買法進行會計處理。合併成本為本集團在購買日

為取得對被購買方的控制權而付出的資產、發生或承擔的負債及發行的權益性證券的公允價值。

在購買日，本集團取得的被購買方可辨認資產、負債及或有負債按公允價值確認。

本集團對購買方合併成本大於合併中取得的被購買方可辨認淨資產公允價值份額的差額，確認

為商譽，按成本扣除累計減值準備後的金額計量；對合併成本小於合併中取得的被購買方可辨

認淨資產公允價值份額的差額，經複核後計入當期損益。

被購買方的經營成果自本集團取得控制權之日起合併，直至本集團對其的控制權終止。

同一控制下的企業合併

對於同一控制下的企業合併，本集團採用權益結合法的方法進行會計處理。合併取得的被合併

方的資產和負債，除因會計政策與本集團不同而進行調整以外，按合併日在被合併方的賬面價

值計量。合併對價的賬面價值，與合併中取得的淨資產賬面價值的差額調整資本公積；資本公

積不足沖減的，調整留存收益。被合併方在合併前實現的淨利潤，納入合併利潤表。





三、主要會計政策和會計估計（續）5. 外幣折算

本集團於中國大陸的公司主要採用外幣分賬制進行日常核算，外幣業務發生時按原幣入賬。在

資產負債表日，外幣貨幣性項目採用資產負債表日即期匯率折算，以歷史成本計量的外幣非貨

幣性項目，仍採用交易日的即期匯率折算。因資產負債表日即期匯率與初始確認時或前一資產

負債表日即期匯率不同而產生的匯兌差額，計入當期損益。

對於境外經營，本集團在編製財務報表時將其記賬本位幣折算為人民幣。對資產負債表中的資

產和負債項目，採用資產負債表日的即期匯率折算，所有者權益項目除“未分配利潤”項目外，

其他項目採用發生時的即期匯率折算；利潤表中的收入和費用項目，採用交易發生當期平均匯

率折算。按照上述折算產生的外幣財務報表折算差額，在資產負債表中所有者權益項目下單獨

列示。處置境外經營時，將與該境外經營相關的外幣財務報表折算差額轉入處置當期損益。現

金流量表所有項目均按當期平均匯率折算為人民幣。

6. 現金等價物現金等價物指持有的期限短、流動性強、易於轉換為已知金額現金、價值變動風險很小的投資，

以及原始期限不超過三個月的無約束性的存放中央銀行款項，存放同業及拆放同業款項等。

7. 客戶交易結算資金本集團代理客戶買賣證券收到的代買賣證券款，全額存入本集團指定的銀行賬戶；在收到代理

客戶買賣證券款的同時確認為一項負債，與客戶進行相關的結算。

本集團接受客戶委託通過證券交易所代理買賣證券，與客戶清算時如買入證券成交總額大於賣

出證券成交總額，按清算日買賣證券成交價的差額，加代扣代繳的印花稅和應向客戶收取的佣

金等手續費減少客戶交易結算資金；如買入證券成交總額小於賣出證券成交總額，按清算日買

賣證券成交價的差額，減代扣代繳的印花稅和應向客戶收取的佣金等手續費增加客戶交易結算

資金。



79

三、主要會計政策和會計估計（續）8. 證券承銷業務核算辦法

本集團承銷之證券，根據與發行人確定的發售方式，按以下規定分別進行核算。

(1) 本集團以全額包銷方式進行承銷業務，在購入待發售的證券時，按承購價確認為一項資

產；本集團將證券轉售給投資者時，按承銷價格確認為證券承銷收入，按已承銷證券的

承購價格結轉承銷證券的成本。承銷期結束後，如有未售出的證券，按承購價格轉為本

集團的投資。

(2) 本集團以余額包銷方式進行承銷業務，在收到委託單位委託發行的證券時，不在賬內同

時確認為一項資產和一項負債，只在專設的備查賬簿中登記承銷證券的情況。承銷期結

束後，如有未售出的證券，按約定的承銷價格轉為本集團的投資。

(3) 本集團以代銷方式進行承銷業務，在收到委託單位委託發行的證券時，不在賬內同時確

認為一項資產和一項負債，只在專設的備查賬簿中登記承銷證券的情況。

(4) 承銷證券的手續費收入，在承銷業務提供的相關服務完成時確認為收入。

9. 金融工具金融資產或金融負債在本集團成為金融工具合同的一方時確認。

金融資產於初始確認時劃分為四類：以公允價值計量且其變動計入當期損益的金融資產；持有

至到期投資；貸款和應收款項；及可供出售金融資產。金融負債劃分為兩類：以公允價值計量

且其變動計入當期損益的金融負債；及其他金融負債。本集團初始確認金融資產或金融負債，

按照公允價值計量。對于以公允價值計量且其變動計入當期損益的金融資產或金融負債，相關

交易費用直接計入當期損益；對于其他類別的金融資產或金融負債，相關交易費用計入初始確

認金額。





三、主要會計政策和會計估計（續）9. 金融工具（續）

以公允價值計量且其變動計入當期損益的金融資產或金融負債，包括交易性金融資產或金融負

債，以及於初始確認時被指定為以公允價值計量且其變動計入當期損益的金融資產或金融負債。

交易性金融資產或金融負債包括為了近期內出售或回購而取得的金融資產或金融負債以及衍生

金融工具。被指定為以公允價值計量且其變動計入當期損益的金融資產和金融負債，須符合以

下條件之一：

－該指定可以消除或明顯減少由於該金融資產或金融負債的計量基礎不同所導致的相關利

得或損失在確認或計量方面不一致的情況；或

－本集團風險管理或投資策略的正式書面文件已載明，該金融資產組合、該金融負債組合、

或該金融資產和金融負債組合，以公允價值為基礎進行管理、評價並向關鍵管理人員報

告；或

－該金融資產或金融負債包含需單獨分拆的嵌入衍生工具。

以公允價值計量且其變動計入當期損益的金融資產或金融負債按公允價值進行初始計量及後續

計量。公允價值變動形成的利得或損失，計入當期損益。

持有至到期投資是指到期日固定、回收金額固定或可確定，且本集團有明確意圖和能力持有至

到期的非衍生金融資產。該類金融資產採取實際利率法按攤余成本進行後續計量。其終止確認、

發生減值或攤銷時產生的利得或損失，計入當期損益。

貸款和應收款項是指在活躍市場中沒有報價、回收金額固定或可確定的非衍生金融資產。該類

金融資產採用實際利率法按攤余成本進行後續計量。該類金融資產在終止確認、發生減值或攤

銷時產生的利得或損失，計入當期損益。



81

三、主要會計政策和會計估計（續）9. 金融工具（續）

可供出售金融資產是指初始確認時即被指定為可供出售的非衍生金融資產，以及除上述各類資

產以外的金融資產。該類金融資產按公允價值進行後續計量，公允價值變動形成的利得或損失，

除減值損失和外幣貨幣性金融資產形成的匯兌差額外，直接計入所有者權益，在該金融資產終

止確認或發生減值時轉出，計入當期損益；可供出售金融資產的股利或利息收入計入當期損益。

對於在活躍市場中沒有報價且其公允價值不能可靠計量的權益工具投資，按成本計量。

其他金融負債採用實際利率法按攤余成本進行後續計量。

10. 衍生工具衍生工具主要包括本集團購入的可轉換債券嵌入期權、從保險合同中分拆出的嵌入衍生工具、

利率掉期及利率期貨、信用違約掉期交易、對換貨幣掉期交易、遠期貨幣合同、利率、貨幣及

股票期權等。除非被指定為有效套期工具，衍生工具分類為交易性金融資產或金融負債。公允

價值為正數的衍生工具列做資產，公允價值為負數的列做負債。

當嵌入衍生工具與主合同在經濟特征及風險方面不存在緊密關係，該混合工具沒有被分類為以

公允價值計量且其變動計入當期損益的金融資產或金融負債，且與嵌入衍生工具條件相同，單

獨存在的工具符合衍生工具定義時，本集團將該嵌入衍生工具從混合工具中分拆，作為單獨存

在的衍生工具處理。如果無法在取得時或後續的資產負債表日對嵌入衍生工具進行單獨計量，

本集團則將混合工具整體指定為以公允價值計量且其變動計入當期損益的金融資產或金融負債。





三、主要會計政策和會計估計（續）11. 金融工具的公允價值

對於存在活躍市場的金融工具，本集團採用活躍市場中的報價確定其公允價值。

對於不存在活躍市場的金融工具，本集團採用估值技術確定其公允價值。運用估值技術確定金

融工具公允價值的方法，參見附註三、40。

12. 金融資產的減值本集團於資產負債表日對以公允價值計量且其變動計入當期損益的金融資產以外的金融資產的

賬面價值進行檢查，當有客觀證據表明該金融資產發生減值時，本集團對其計提減值準備。

以攤余成本計量的金融資產發生減值時，本集團將該金融資產的賬面價值減記至預計未來現金

流量（不包括尚未發生的未來信用損失）現值，減記的金額確認為資產減值損失，計入當期損益。

在隨後的會計期間，如有客觀證據表明該金融資產價值已恢復，且客觀上與確認該損失後發生

的事項有關，原確認的減值損失予以轉回，計入當期損益。轉回後的賬面價值不超過假定不計

提減值準備情況下該金融資產在轉回日的攤余成本。

本集團對單項金額重大的金融資產單獨進行減值測試，如有客觀證據表明其已發生減值，則確

認減值損失，計入當期損益。對於單項金額不重大的金融資產，可以單獨對其進行減值測試，

或將其包括在具有類似信用風險特征的金融資產組合中進行減值測試。單獨測試未發生減值的

金融資產（包括單項金額重大和不重大的金融資產），本集團將其包括在具有類似信用風險特征

的金融資產組合中再進行減值測試。對於已單項確認減值損失的金融資產，本集團不再將其包

括在具有類似信用風險特征的金融資產組合中進行減值測試。



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三、主要會計政策和會計估計（續）12. 金融資產的減值（續）

可供出售金融資產發生減值時，原直接計入所有者權益的因公允價值下降形成的累計損失，予

以轉出，計入當期損益。該轉出的累計損失，為可供出售金融資產的初始取得成本扣除已收回

本金和已攤銷金額、當前公允價值和原已計入損益的減值損失後的余額。已確認減值損失的可

供出售權益工具投資，原確認的減值損失不得通過損益轉回。已確認減值損失的可供出售債務

工具，在隨後的會計期間公允價值已上升且客觀上與原減值損失確認後發生的事項有關的，原

確認的減值損失予以轉回，計入當期損益。

在活躍市場中沒有報價且其公允價值不能可靠計量的權益工具投資，或與該權益工具掛漖並須

通過交付該權益工具結算的衍生金融資產發生減值時，將該權益工具投資或衍生金融資產的賬

面價值，與按照類似金融資產當時市場收益率對未來現金流量折現確定的現值之間的差額，確

認為減值損失，計入當期損益。該類資產的減值損失一經確認，不得轉回。

13. 金融資產的終止確認金融資產滿足下列條件之一的，終止確認：

1. 收取該金融資產現金流量的合同權利終止；

2. 該金融資產已轉移，且符合下述金融資產轉移的終止確認條件。

本集團已將金融資產所有權上幾乎所有的風險和報酬轉移給轉入方的，終止確認該金融資產；

本集團保留了金融資產所有權上幾乎所有的風險和報酬的，不終止確認該金融資產。

本集團既沒有轉移也沒有保留金融資產所有權上幾乎所有的風險和報酬時，如果本集團放棄了

對該金融資產控制的，則終止確認該金融資產；如果本集團未放棄對該金融資產控制的，則按

照其繼續涉入所轉移金融資產的程度確認有關金融資產，並相應確認有關負債。





三、主要會計政策和會計估計（續）14. 買入返售及賣出回購協議

買入返售及賣出回購業務按發生時實際支付或收到的款項入賬，並在資產負債表中確認。買入

返售的標的資產在表外作備查登記，賣出回購的標的資產仍在資產負債表中確認。

買入返售及賣出回購業務的買賣差價分別按實際利率法在返售或回購期間內確認為利息收入和

利息支出。

15. 長期股權投資長期股權投資在取得時以初始投資成本進行初始計量。

本集團能夠對被投資單位實施控制的長期股權投資，以及對被投資單位不具有控制、共同控制

或重大影響，且在活躍市場中沒有報價、公允價值不能可靠計量的長期股權投資，採用成本法

核算。

採用成本法時，被投資單位宣告分派的現金股利或利潤，確認為當期投資收益。確認的投資收

益，僅限於被投資單位接受投資後產生的累積淨利潤的分配額，所獲得的利潤或現金股利超過

上述數額的部分作為初始投資成本的收回。

本集團對被投資單位具有共同控制或重大影響的，長期股權投資採用權益法核算。

採用權益法時，長期股權投資的初始投資成本大於投資時應享有被投資單位可辨認淨資產公允

價值份額的，歸入長期股權投資的初始投資成本；長期股權投資的初始投資成本小於投資時應

享有被投資單位可辨認淨資產公允價值份額的，其差額計入當期損益，同時調整長期股權投資

的成本。



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三、主要會計政策和會計估計（續）15. 長期股權投資（續）

採用權益法時，取得長期股權投資後，按照應享有或應分擔的被投資單位實現的淨損益的份額，

確認投資損益並調整長期股權投資的賬面價值。按照被投資單位宣告分派的利潤或現金股利計

算應分得的部分，相應減少長期股權投資的賬面價值。本集團確認被投資單位發生的淨虧損，

以長期股權投資的賬面價值以及其他實質上構成對被投資單位淨投資的長期權益減記至零為限，

本集團負有承擔額外損失義務的除外。對於被投資單位除淨損益以外所有者權益的其他變動，

調整長期股權投資的賬面價值並計入所有者權益，待處置該項投資時按相應比例轉入當期損益。

處置長期股權投資，其賬面價值與實際取得價款的差額，計入當期損益。

16. 投資性房地產投資性房地產是指為賺取租金或資本增值，或兩者兼有而持有的房地產。本集團的投資性房地

產主要為已出租的建築物及相應的土地使用權。

投資性房地產僅在與其有關的經濟利益很可能流入本集團，且其成本能夠可靠地計量時予以確

認。

投資性房地產按成本進行初始計量，並採用成本模式進行後續計量。投資性房地產的折舊採用

年限平均法計提，具體的預計使用年限及預計淨殘值率見下文附註三、17固定資產之相關內容。

17. 固定資產固定資產是指為出租或經營管理而持有，使用年限超過1個會計年度的有形資產。在建工程是指

購建固定資產使其達到預定可使用狀態前發生的必要支出，包括工程直接材料、直接工資、待

安裝設備、工程建築安裝費、工程管理費和工程試運轉淨損益及允許資本化的借款費用。在建

工程在達到預定可使用狀態時轉入固定資產。

固定資產僅在與其有關的經濟利益很可能流入本集團，且其成本能夠可靠地計量時才予以確認。

與固定資產有關的後續支出，如果滿足上述確認條件，則計入固定資產成本；否則，在發生時

計入當期損益。





三、主要會計政策和會計估計（續）17. 固定資產（續）

固定資產按照成本進行初始計量。購置固定資產的成本包括購買價款，相關稅費，以及為使固

定資產達到預定可使用狀態前所發生的可直接歸屬於該資產的其他支出，如運輸費、安裝費等。

固定資產的折舊採用年限平均法計提，各類固定資產的預計使用年限及預計淨殘值率如下：

預計使用年限預計淨殘值率

房屋及建築物 30-35年 5%

辦公及通訊設備 5年 5%

運輸設備 5-8年 5%

本集團至少於每年年度終了，對固定資產的使用壽命、預計淨殘值和折舊方法進行復核，必要

時進行調整。

18. 無形資產無形資產主要為土地使用權（屬於投資性房地產的除外）、計算機軟件系統及交易席位費等。無

形資產按照成本進行初始計量，通過非同一控制下的企業合併取得的無形資產按購買日的公允

價值進行初始計量。

本集團將無形資產分為使用壽命有限的無形資產及使用壽命不確定的無形資產。使用壽命不確

定的無形資產是指無法預見其帶來經濟利益期限的無形資產。對於使用壽命有限的無形資產，

本集團將其應攤銷金額在其使用壽命內進行系統合理地攤銷。使用壽命不確定的無形資產不進

行攤銷。本集團至少於每年年度終了，對無形資產的使用壽命及攤銷方法進行複核，必要時進

行調整。

19. 抵債資產抵債資產是指本集團依法行使債權或擔保物權而受償於債務人、擔保人或第三人的實物資產或

財產權利。抵債資產按其公允價值進行初始計量。



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三、主要會計政策和會計估計（續）20. 保險保障基金

本集團根據《保險保障基金管理辦法》（保監會令 [2004]16號）按下列比例提取保險保障基金：

(1) 財產保險、意外傷害保險和短期健康保險，按自留保費的1%提取；

(2) 有保證利率的長期人壽保險和長期健康保險，按自留保費的0.15%提取；

(3) 無保證利率的長期人壽保險，按自留保費的0.05%提取。

當平安壽險、平安養老保險股份有限公司（以下簡稱“平安養老險”）和平安健康保險股份有限公

司（以下簡稱“平安健康險”）等的保險保障基金余額達到其各自總資產的1%時，其不再提取保

險保障基金。當平安產險的保險保障基金余額達到其總資產的6%時，其不再提取保險保障基

金。

21. 原保險合同本集團與投保人簽訂的合同，如本集團承擔了保險風險，則屬於原保險合同。發生保險合同約

定的保險責任範圍內的事故可能導致本集團承擔賠付保險金責任的，則本集團承擔了保險風險。

如果本集團與投保人簽訂的合同使本集團既承擔保險風險又承擔其他風險的，則將整個合同認

定為原保險合同，不對保險風險部分和其他風險部分進行分拆。

原保險合同提前解除的，本集團轉銷相關未到期責任準備金、壽險責任準備金、長期健康險責

任準備金余額，並將其與退保費一起計入當期損益。

22. 未到期責任準備金未到期責任準備金是指本集團作為保險人為尚未終止的非壽險業務保險責任提取的準備金。本

集團按照三百六十五分之一毛保費法得出的保險精算結果提取未到期責任準備金；同時，根據

保監發 [1999] 90號文規定，壽險子公司提取的未到期責任準備金不應低於當期自留保費收入的

50%。





三、主要會計政策和會計估計（續）22. 未到期責任準備金（續）

本集團在資產負債表日對未到期責任準備金進行測試，對已提取的未到期責任準備金和下列兩

者中較大者之間的重大差額部分，補提未到期責任準備金：

（一）預期未來發生的賠款與費用扣除相關投資收入之後的余額；

（二）在責任準備金評估日假設所有保單退保時的退保金額。

23. 未決賠款準備金未決賠款準備金是指本集團作為保險人為非壽險保險事故已發生尚未結案的賠案提取的準備金，

包括已發生已報案未決賠款準備金、已發生未報案未決賠款準備金及理賠費用準備金。

已發生已報案未決賠款準備金是指本集團為非壽險業務保險事故已發生並已向本集團提出索賠

但尚未結案的賠案提取的準備金。本集團按最高不超過該保單對該保險事故所承諾的保險金額，

採用逐案估計法、案均賠款法等合理的方法謹慎提取已發生已報案未決賠款準備金。

已發生未報案未決賠款準備金是指本集團為非壽險保險事故已發生、尚未向本集團提出索賠的

賠案提取的準備金。本集團採用鏈梯法、案均賠款法、準備金進展法及Bornhuetter-Ferguson法

中至少兩種方法進行謹慎評估。

理賠費用準備金是指本集團為非壽險保險事故已發生尚未結案的賠案可能發生的律師費、訴訟

費、損失檢驗費、相關理賠人員薪酬等費用提取的準備金。本公司採取逐案預估法及比率分攤

法提取該項準備金。

24. 壽險責任準備金壽險責任準備金是指本集團作為保險人為尚未終止的人壽保險責任提取的準備金。壽險責任準

備金按保險精算結果提取。本集團根據中國保監會規定，計提不低於法定責任準備金的壽險責

任準備金。法定責任準備金根據中國保監會下發的保監發 [1999] 90號文件所載之《人壽保險精

算規定》及《利差返還型人壽保險精算規定》，保監發 [2003] 67號文件所載之《個人分紅保險精算

規定》，保監發 [2007] 335號文件所載之《萬能保險精算規定》及《投資連結保險精算規定》，《關

於印發〈精算報告〉的通知》（保監壽險 [2005]8號）及《關於修訂精算規定中生命表使用有關事項的

通知》（保監發 [2005]118號）等有關文件及中國保監會的有關批複而估算。



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三、主要會計政策和會計估計（續）24. 壽險責任準備金（續）

本集團的壽險責任準備金的主要計算基準如下：

(1) 採用“未來法”逐單計算，或經中國保監會同意後，採用“過去法”逐單計算；

(2) 人壽險產品評估利息率不高於下面兩項規定的最低值：

‧ 中國保監會公佈的評估利息率7.5%；

‧ 該險種確定保險費所使用的預定利息率；

(3) 人壽險產品評估死亡率採用《中國人壽保險業經驗生命表 (2000-2003)》所提供的數據；

(4) 壽險責任準備金的計算方法（不包括萬能保險和投資連結保險的壽險責任準備金）：

‧ 除終身年金外的人壽保險中，傳統非分紅產品採用一年期完全修正方法，分紅產品

則按《個人分紅保險精算規定》的修正法計算；

‧ 終身年金保險採用修正均衡純保費方法；

‧ 如果按修正法計算的續年評估均衡純保費高於毛保費，則還需計提保費不足準備

金；

‧ 壽險責任準備金不低於責任準備金評估日的保單現金價值；

(5) 萬能保險的責任準備金包括賬戶準備金及非賬戶準備金，其計算方法如下：

‧ 賬戶準備金採用逐單計算，其金額等於準備金評估日的保單賬戶價值；

‧ 非賬戶準備金遵循普遍認可的精算原則，參照現金流折現方法計算，其折現使用的

利率以預計回報率為基礎，但不高於5%；





三、主要會計政策和會計估計（續）24. 壽險責任準備金（續）

‧ 本集團按規定對萬能保險的保證利益提取非賬戶準備金；

‧ 本集團為萬能賬戶設立平滑準備金，用於平滑不同結算期的結算利率；平滑準備金

不得為負，並且只能來自於實際投資收益與結算利息之差的積累；本集團會儘量保

持結算利率的平滑性。

(6) 投資連結壽險責任準備金包括單位準備金和非單位準備金，其計算方法如下：

‧ 單位準備金採用逐單計算，其金額等於準備金評估日的保單賬戶價值；

‧ 非單位準備金遵循普遍認可的精算原則，參照現金流折現方法計算，其折現使用的

利率以預計回報率為基礎，但不高於5%；

‧ 本集團按規定對投資連結保險的保證利益提取非單位準備金；

(7) 對分紅保險和萬能保險賬戶中以公允價值計量且其變動計入當期損益的金融資產的公允

價值變動，採用合理的方法將應歸屬於保單持有人的部分確認為壽險責任準備金，將歸

屬於本集團的部分計入當期損益。對分紅保險和萬能保險賬戶中可供出售金融資產的公

允價值變動，採用合理的方法將應歸屬於保單持有人的部分確認為壽險責任準備金，將

歸屬於本集團的部分確認為資本公積。

25. 長期健康險責任準備金長期健康險責任準備金是指本集團作為保險人為尚未終止的長期健康保險責任提取的準備金。

長期健康險責任準備金按保險精算結果提取。本集團根據中國保監會規定，計提不低於法定責

任準備金的長期健康險責任準備金。法定責任準備金根據中國保監會下發的《健康保險精算規定》

（保監發 [1999] 90號）等有關文件及中國保監會的有關批複而估算。計算長期健康險責任準備金

時使用的預定損失率和預定發病率根據再保險公司已有的經驗表，並結合本公司的經驗數據制

定。其他參照《人壽保險精算規定》（保監發 [1999] 90號）中有關死亡保險的規定執行。



91

三、主要會計政策和會計估計（續）26. 負債充足性測試

本集團在資產負債表日對未決賠款準備金、壽險責任準備金、長期健康險責任準備金進行以總

體業務為基礎的充足性測試。本集團按照保險精算重新計算確定的相關準備金金額超過充足性

測試日已提取的相關準備金余額的，按照其差額補提相關準備金，計入當期損益；反之，不調

整相關準備金。

在對壽險責任準備金和長期健康險責任準備金進行負債充足性測試時，本集團基於最優估計的

精算假設，採用適當的精算模型對保單的未來現金流作出預期。考慮的精算假設主要包括保費

收入、保險利益支出、退保金支出、佣金及手續費支出、營業費用、保單紅利及其他非保證利

益支出等。對未來現金流貼現時使用的貼現率，反映當前與準備金相對應的資產及預期未來現

金流的投資收益率情況。

27. 收入確認原則收入只有在經濟利益很可能流入從而導致本集團資產增加或者負債減少、且經濟利益的流入額

能夠可靠計量時予以確認。

保險業務收入

保費收入及分保費收入於保險合同成立並承擔相應保險責任，與保險合同相關的經濟利益很可

能流入，並與保險合同相關的淨收入能夠可靠計量時予以確認。非壽險原保險合同，根據原保

險合同約定的保費總額確定保費收入金額。壽險原保險合同，分期收取保費的，根據當期應收

取的保費確定保費收入金額；一次性收取保費的，根據一次性應收取的保費確定保費收入金額。

分入業務根據相關再保險合同的約定，計算確定分保費收入金額。

利息收入

利息收入按實際利率法計算，並計入當期損益。

其他收入

手續費收入主要為證券代理買賣佣金收入和信託管理費收入，證券代理買賣佣金收入於代理買

賣證券交易日予以入賬，受托資產管理費收入是根據合同規定的計提方法、計提標準確認的應

由委托人承擔的受託人報酬，於服務提供時入賬；證券承銷收入是採用包銷及代銷方式代理發

行證券的收入，於證券承銷項目的合同條款完成時予以入賬；經營租賃收入按有關租約年期以

直線法記錄。





三、主要會計政策和會計估計（續）28. 保單紅利支出

保單紅利支出是根據原保險合同的約定，按照分紅保險產品的紅利分配方法及有關精算結果而

估算，支付給保單持有人的紅利。

29. 一般風險準備本集團合併財務報表中的一般風險準備包括從事保險業務的子公司提取的總準備金、從事銀行

業務的子公司提取的一般準備、從事證券業務的子公司提取的一般風險準備、從事信託業務的

子公司提取的信託賠償準備以及從事期貨業務的子公司提取的風險準備金。上述一般風險準備

於年末計提，作為利潤分配處理。

30. 再保險分出業務

本集團在常規業務過程中對其保險業務分出保險風險。已分出的再保險安排並不能使本集團免

除其對保單持有人的責任。在確認原保險合同保費收入的當期，本集團按照相關再保險合同的

約定，計算確定分出保費及應向再保險接受人攤回的分保費用，計入當期損益。在提取原保險

合同未到期責任準備金、未決賠款準備金、壽險責任準備金、長期健康險責任準備金的當期，

本集團按照相關再保險合同的約定，計算確定應向再保險接受人攤回的相應準備金，確認為相

應的應收分保準備金資產。在確定支付賠付款項金額或實際發生理賠費用而沖減原保險合同相

應準備金余額的當期，本集團沖減相應的應收分保準備金余額；同時，本集團按照相關再保險

合同的約定，計算確定應向再保險接受人攤回的賠付成本，計入當期損益。在原保險合同提前

解除的當期，本集團按照相關再保險合同的約定，計算確定分出保費、攤回分保費用的調整金

額，計入當期損益；同時，轉銷相關應收分保準備金余額。

作為再保險分出人，本集團將再保險合同形成的資產與有關原保險合同形成的負債在資產負債

表中分別列示，不相互抵銷；將再保險合同形成的收入或費用與有關原保險合同形成的費用或

收入在利潤表中也分別列示，不相互抵銷。



93

三、主要會計政策和會計估計（續）30. 再保險（續）

分入業務

本集團在確認分保費收入的當期，根據相關再保險合同的約定，計算確定分保費用，計入當期

損益。對純益手續費而言，本集團根據相關再保險合同的約定，在能夠計算確定應向再保險分

出人支付的純益手續費時，將該項純益手續費作為分保費用，計入當期損益。

本集團在收到分保業務賬單時，按照賬單標明的金額對相關分保費收入、分保費用進行調整，

調整金額計入當期損益。

31. 經營租賃凡租出公司仍保留與資產所有權有關的風險和報酬的租賃為經營租賃。經營租賃租金收入及支

出在租賃期內各個期間按直線法計入當期損益。

32. 財務擔保合同非以保險合同計量的財務擔保合同，在初始確認時按公允價值計量，隨後按照確定的預計負債

的金額以及初始確認金額扣除累計攤銷額後的余額兩者之中的較高者進行後續計量。

33. 受託業務本集團在受託業務中擔任客戶的託管人、受託人或代理人。本集團的資產負債表不包括本集團

因受託業務而持有的資產以及有關向客戶交回該等資產的承諾，因為這些資產的風險和收益由

客戶承擔。

34. 所得稅的會計處理方法所得稅包括當期所得稅和遞延所得稅。除由於企業合併產生的調整商譽，或與直接計入所有者

權益的交易或者事項相關的計入所有者權益外，均作為所得稅費用或收益計入當期損益。

對於當期和以前期間形成的當期所得稅負債或資產，本集團按照稅法規定計算的預期應交納或

返還的所得稅金額計量。

本集團對暫時性差異確認遞延所得稅負債或遞延所得稅資產。暫時性差異是指資產或負債的賬

面價值與其計稅基礎之間的差額；未作為資產和負債確認的項目，按照稅法規定可以確定其計

稅基礎的，該計稅基礎與其賬面價值之間的差額也屬於暫時性差異。





三、主要會計政策和會計估計（續）34. 所得稅的會計處理方法（續）

本集團確認所有應納稅暫時性差異產生的遞延所得稅負債，除非應納稅暫時性差異是在以下交

易中產生的：

‧ 商譽的初始確認，或者具有以下特征的交易中產生的資產或負債的初始確認：該交易不

是企業合併，並且交易發生時既不影響會計利潤也不影響應納稅所得額；及

‧ 對於與子公司、合營企業及聯營企業投資相關的應納稅暫時性差異，該暫時性差異轉回

的時間能夠控制並且該暫時性差異在可預見的未來很可能不會轉回。

本集團以很可能取得用來抵扣可抵扣暫時性差異、可抵扣虧損及稅款抵減的應納稅所得額為限，

確認由可抵扣暫時性差異、可抵扣虧損及稅款抵減產生的遞延所得稅資產，除非可抵扣暫時性

差異是在以下交易中產生的：

‧ 該交易不是企業合併，並且交易發生時既不影響會計利潤也不影響應納稅所得額；及

‧ 對於與子公司、合營企業及聯營企業投資相關的可抵扣暫時性差異，未能滿足：暫時性

差異在可預見的未來很可能轉回，且未來很可能獲得用來抵扣可抵扣暫時性差異的應納

稅所得額。

對於遞延所得稅資產及遞延所得稅負債，本集團根據稅法規定，按照預期收回該資產或清償該

負債期間的適用稅率計量，並反映資產負債表日預期收回資產或清償負債方式的所得稅影響。

本集團於資產負債表日對遞延所得稅資產的賬面價值進行複核。如果未來期間很可能無法獲得

足夠的應納稅所得額用以抵扣遞延所得稅資產的利益，本集團減記遞延所得稅資產的賬面價值。

當未來期間很可能獲得足夠的應納稅所得額時，減記的金額予以轉回。



95

三、主要會計政策和會計估計（續）35. 非金融資產減值

本集團對除存貨、金融資產和遞延所得稅資產以外的資產減值，按以下方法確定。

本集團於資產負債表日判斷資產是否存在可能發生減值的跡象。如果存在減值跡象，本集團估

計其可收回金額，進行減值測試。對因企業合併所形成的商譽和使用壽命不確定的無形資產，

無論是否存在減值跡象，每年都進行減值測試。

可收回金額根據資產的公允價值減去處置費用後的淨額與資產預計未來現金流量的現值兩者之

間較高者確定。本集團以單項資產為基礎估計其可收回金額；難以對單項資產的可收回金額進

行估計的，以該資產所屬的資產組為基礎確定資產組的可收回金額。資產組的認定，以資產組

產生的主要現金流入是否獨立於其他資產或者資產組的現金流入為依據。

當資產或資產組的可收回金額低於其賬面價值時，本集團將其賬面價值減記至可收回金額，減

記的金額計入當期損益，同時計提相應的資產減值準備。

就商譽的減值測試而言，對於因企業合併形成的商譽的賬面價值，自購買日起按照合理的方法

分攤至相關的資產組；難以分攤至相關的資產組的，將其分攤至相關的資產組組合。相關的資

產組或資產組組合，是能夠從企業合併的協同效應中受益的資產組或者資產組組合，且不大於

本集團確定的報告分部。

減值測試時，如與商譽相關的資產組或者資產組組合存在減值跡象的，首先對不包含商譽的資

產組或者資產組組合進行減值測試，計算可收回金額，確認相應的減值損失。然後對包含商譽

的資產組或者資產組組合進行減值測試，比較其賬面價值與可收回金額，如可收回金額低於賬

面價值的，確認商譽的減值損失。

資產減值損失一經確認，在以後會計期間不再轉回。





三、主要會計政策和會計估計（續）36. 股份支付

本集團對高級管理人員及部分關鍵員工等採用以現金結算的股份支付（即虛擬期權）方式支付部

分酬金，在該交易方式下，上述人員通過為本集團提供勞務服務來換取按現金結算的虛擬期權。

本集團的虛擬期權在上述人員完成等待期內的服務後以現金結算。本集團在等待期內的每個資

產負債表日，以對將來結算情況的最佳估計為基礎，按照本集團承擔虛擬期權負債的公允價值

金額，將當期取得的服務計入費用和相應的負債。本集團運用Black-Scholes模型估計虛擬期權負

債的公允價值。

本集團在虛擬期權負債結算前的每個資產負債表日以及結算日，對虛擬期權負債的公允價值重

新計量，其變動計入當期損益。

37. 員工福利本集團的員工主要參加由政府機構設立及管理的社會保障體系，如養老和醫療保險、住房公積

金及其他社會保障制度。本集團對上述社會保障的義務僅限於定期繳納款項，這些款項於發生

時計為費用。部分員工還得到本集團提供的團體壽險，但涉及金額並不重大。除此之外，本集

團對員工沒有其他重大福利承諾。

38. 關聯方一方控制、共同控制另一方或對另一方施加重大影響，以及兩方或兩方以上同受一方控制、共

同控制或重大影響，構成關聯方。

39. 首次執行企業會計準則根據財政部的《關於印發〈企業會計準則第1號－存貨〉等38項具體準則的通知》（財會[2006]3號），

本公司自2007年1月1日起執行《企業會計準則》，不再執行原有企業會計準則和《金融企業會計

制度》。本財務報表按照《企業會計準則第38號－首次執行企業會計準則》以及財政部會計準則

委員會《企業會計準則實施問題專家工作組意見》等規定，對會計政策變更所涉及的交易和事項

進行了追溯調整。



97

三、主要會計政策和會計估計（續）39. 首次執行企業會計準則（續）

首次執行企業會計準則主要影響如下：

（經審計）

2007年1月1日

少數

資本公積盈余公積未分配利潤股東權益合計

追溯調整前余額 15,163 6,126 8,667 1,251 31,207

調整：

　長期股權投資差額－ 6 52 － 58

　金融資產 13,352 369 3,047 169 16,937

　衍生金融工具－ (4) 2 － (2)

　壽險責任準備金 (3,825) (186) (1,659) (57) (5,727)

　未決賠款準備金－ (240) (1,147) (14) (1,401)

　土地使用權－ (8) (47) (1) (56)

遞延所得稅 (1,429) 57 252 (11) (1,131)

其他 (15) － 15 29 29

追溯調整後余額 23,246 6,120 9,182 1,366 39,914

（經審計）

2006年1月1日（重述）

少數

資本公積盈余公積未分配利潤股東權益合計

追溯調整前余額 15,163 5,526 5,350 525 26,564

調整：

　長期股權投資差額－－ (3) － (3)

　金融資產 1,074 54 308 15 1,451

　衍生金融工具－ (8) (46) (1) (55)

　壽險責任準備金 (318) －－ (3) (321)

　未決賠款準備金－ (231) (1,307) (16) (1,554)

　土地使用權－ (6) (37) － (43)

遞延所得稅 (113) 62 351 3 303

其他 (17) 2 13 － (2)

追溯調整後余額 15,789 5,399 4,629 523 26,340





三、主要會計政策和會計估計（續）39. 首次執行企業會計準則（續）

首次執行企業會計準則對截至2006年6月30日止6個月期間扣除少數股東損益後淨利潤的影響如

下：

（未經審計）

截至2006年

6月30日

6個月期間

（重述）

追溯調整前金額 2,670

調整：

　長期股權投資差額 20

　金融資產 1,730

　未決賠款準備金 (337)

　土地使用權 (7)

　遞延所得稅 (119)

　其他及少數股東損益 (12)

追溯調整後金額 3,945

40. 主要會計估計及判斷在執行本集團會計政策的過程中，管理層會作出影響資產及負債的呈報金額的重要估計及判斷。

基於過往經驗及其他因素，包括對在有關情況下視為合理的未來事件的預期，本集團對該等估

計及判斷進行持續評估。

判斷

在應用本集團會計政策時，除作出涉及估計之假設外，管理層亦作出以下對財務報表中確認的

金額具有重大影響的判斷。

(1) 金融資產的分類

管理層需要就金融資產的分類作出重大判斷，不同的分類會影響會計核算方法及本集團

的財務狀況和經營成果。期後，如發現本集團錯誤判斷了金融資產的分類，有可能影響

到整體的金融資產需要進行重分類。

(2) 保險合同的分類

管理層需要就是否分類為保險合同作出重大判斷，不同的分類會影響會計核算方法及本

集團的財務狀況和經營成果。



99

三、主要會計政策和會計估計（續）40. 主要會計估計及判斷（續）

估計及假設

於資產負債表日，有關未來的主要假設及其他估計不確定性的主要來源載列如下，該等估計及

假設對下一會計年度內資產及負債賬面值發生重要調整可能產生重大風險。

(1) 對保險合同準備金的估值

壽險責任準備金及長期健康險責任準備金

壽險責任準備金及長期健康險責任準備金評估以中國保監會規定為依據，使用的主要假

設包括評估利率和評估死亡率等。

全部壽險合同還須進行負債充足性測試，該測試反映管理層對未來現金流的現時最佳估

計。負債充足性測試使用的主要假設包括死亡率、發病率、投資回報率、費用率以及保

單退保率等。本集團的死亡率及發病率表以反映以往經驗的行業標準及全國死亡率及發

病率表為基礎，經適當調整以反映本集團的特有風險、產品特征、目標市場及自身過往

的理賠嚴重程度與頻率。本集團的投資回報率假設是基於公司當前和預期未來的投資組

合、當前市場回報和預期未來經濟及金融發展狀況。未來費用假設乃根據現時費用水平

作出，並根據預期通脹作出相應調整。保單退保率依賴於產品特征以及所處保單年度等

因素，本集團根據以往的保單退保經驗制定該假設。

對於本集團既承擔保險風險又承擔其他風險的投資連結保險業務，投資連結保險投資賬

戶準備金乃參考支持該負債的資產的公允價值確定。

未決賠款準備金

對財產保險及短期人壽保險合同而言，須對於資產負債表日已報告的賠案預期最終成本

及於資產負債表日已發生但尚未報告的賠案最終成本作出估計。未決賠款的最終成本乃

通過使用鏈梯法、案均賠款法、準備金進展法及Bornhuetter-Ferguson法中至少兩種方法

進行評估。






估計及假設（續）

(1) 對保險合同準備金的估值（續）

與這些方法相關的主要假設為本集團的歷史索賠進展經驗，該經驗可用於預測未來索賠

進展，從而得出最終賠款成本。因此，這些方法根據分析過往年度的索賠進展及預期損

失率來推斷已付或已報告的賠款金額的發展、每筆賠案的平均成本及賠案數目。歷史索

賠進展主要按事故年度作出分析，但亦可按地域或重大業務類別及賠款類型作出進一步

分析。重大賠案通常單獨進行考慮，按照理賠人員估計的金額計提或進行單獨預測，以

反映其未來發展。在多數情況下，不會就未來賠案進展比率或賠付比率作出明確的假設；

相反，使用的假設隱含在歷史賠款進展數據當中，並基於此預測未來賠款進展。為反映

一些過往趨勢不適用於未來的情形（例如一次性事件，公眾對賠款的態度、經濟條件、通

脹水平、司法判定及立法或政策制定因素的變動，以及產品組合、賠款處理流程等內部

因素的變動），會使用額外定性判斷，在考慮了所有涉及的不確定因素後，挑選出最有可

能的結果來估計最終賠款成本。

(2) 運用估值技術確定金融工具的公允價值

對於不存在活躍市場的金融工具，採用估值技術確定其公允價值。估值技術包括參考熟

悉情況並自願交易的各方最近進行的市場交易中使用的價格、參照實質上相同的其他金

融工具的當前公允價值、現金流量折現法和期權定價模型等。

本集團採用估值技術確定金融工具的公允價值時，儘可能使用市場參與者在金融工具定

價時考慮的所有市場參數，包括無風險利率、信用風險、外匯匯率、商品價格、股價或

股價指數、金融工具價格未來波動率、提前償還風險等。

使用不同的估值技術或參數假設可能導致公允價值估計存在較重大差異。

(3) 貸款減值

本集團於資產負債表日審閱其貸款以評估是否存在減值，並將減值準備計入當期損益。

在確定減值準備額時，管理層尤其需就未來現金流量數額及時間作出估計。該等估計乃

以若干因素的假設為基準，與實際結果可能有所不同。



101


估計及假設（續）

(4) 遞延所得稅資產及負債

遞延所得稅資產及負債，根據稅法規定，按照預期收回該資產或清償該負債期間的適用

稅率計量。在很有可能有足夠的應納稅所得額來抵扣虧損的限度內，本集團就所有未利

用的可抵扣虧損確認遞延所得稅資產。這需要管理層運用大量的判斷來估計未來應納稅

所得額發生的時間和金額以及適用的稅率，結合稅務籌劃策略，以決定應確認的遞延所

得稅資產和負債的金額。

41. 主要會計估計變更會計估計變更，採用未來適用法。

(1) 本集團在符合保監發 [1999] 90號文件關於所提取責任準備金不得低於法定責任準備金，

以及評估利息率不得高於定價利率或7.5%的精算規定的基礎上，對定價利息率高於或等

於7.5%的高利率險種採用更穩健的評估利息率。於截至2007年6月30日止6個月期間（以

下簡稱“本期間”），本集團將高利率險種的評估利息率從6.5%-7.5%降至6%-6.5%。本項

會計估計變更對本集團本期間稅前利潤的影響為減少稅前利潤約人民幣6,260百萬元。

(2) 於2007年3月16日閉幕的第十屆全國人民代表大會第五次會議通過了《中華人民共和國企

業所得稅法》（以下簡稱“新企業所得稅法”），並將於2008年1月1日起施行。根據新企業

所得稅法，內資企業所得稅稅率將自2008年1月1日起從33%降為25%。另外，對目前享

受較低優惠稅率（如15%）的企業而言，這些優惠稅率將在新企業所得稅法施行後5年內逐

步過渡到新企業所得稅法規定的稅率。根據《企業會計準則第18號－所得稅》，遞延所得

稅資產和遞延所得稅負債應當根據稅法規定，按照預期收回該資產或清償該負債期間的

適用稅率計量。根據管理層現時對可以可靠計量數據的最佳估計，企業所得稅率的改變

對本集團本期間的經營成果和財務狀況造成下列影響：

截至

2007年

6月30日

（經審計）止6個月期間

減少本期間遞延所得稅費用 382

減少資本公積（可供出售金融資產公允價值變動） 1,567

增加遞延所得稅資產 237

增加遞延所得稅負債 1,422





三、主要會計政策和會計估計（續）41. 主要會計估計變更（續）

於本財務報表批準日，由於新企業所得稅法的具體實施細則和管理辦法尚未公佈。這些

具體要求可能將涉及應稅收入的計算、可抵扣項目的確定、稅收優惠及相關過渡條款。

本集團將於這些具體要求公佈時，進一步評估新企業所得稅法對本集團未來期間經營成

果和財務狀況的影響。

四、稅項本集團根據對現時稅法的理解，主要繳納下列稅項：

營業稅金及附加營業稅乃就當年應稅保費收入、其他營業收入及投資業務收入等，按5%的稅率征收。營業稅金附加

包括城市維護建設稅及教育費附加等，乃按營業稅的一定比例征收。

所得稅根據《中華人民共和國企業所得稅暫行條例》，本集團按收入總額減去准予扣除及免稅項目為應納稅所

得額。本集團各子公司和分支機構適用的所得稅稅率如下：

稅種公司／分支機構稅率

中國企業所得稅平安銀行有限責任公司

（以下簡稱“平安銀行”）及

經濟特區內的公司及分支機構 15%

經濟特區外的公司及分支機構 33%

香港利得稅在香港特別行政區設立的公司 17.5%



103

五、控股子公司情況於本期間，本公司的控股子公司發生以下主要變化：

(1) 於2007年1月1日，平安信托收購了深圳市中信城市廣場投資有限公司（以下簡稱“深圳中信廣場”）

99%的股份。深圳中信廣場的實收資本為人民幣2,000萬元。

本集團在該收購中取得的可辨認資產及負債於收購日的公允價值如下：

收購所確認的

公允價值賬面值

貨幣資金 29 29

投資性房地產 1,955 1,543

其他資產 4 4

小計 1,988 1,576

長期貸款 1,319 1,319

遞延所得稅負債 62 －

其他負債 234 234

小計 1,615 1,553

淨資產的公允價值 373 23

本集團應佔所收購淨資產的公允價值 373

收購所產生的商譽 66

收購成本 439

減：應付賬款余額 (28)

支付現金 411

收購子公司的現金流出額：

獲取的子公司的現金 29

支付現金 (411)

現金流出淨額 (382)





五、控股子公司情況（續）(2) 於2007年6月26日，深圳市商業銀行股份有限公司完成了從平安信托和平安銀行其他少數股東

手中收購平安銀行100%股權的交易。該收購完成後，深圳市商業銀行股份有限公司於2007年

6月27日更名為深圳平安銀行股份有限公司（以下簡稱“深圳平安銀行”）。

於2007年6月30日，本公司擁有下列主要已合併子公司：

註冊及實收資本

所佔權益份額（除特別說明外，

名稱成立日期／地址直接間接均以人民幣元表示）主營業務

中國平安人壽保險股份有限公司 2002年12月17日，中國 99.00% － 3,800,000,000 人身保險業務

中國平安財產保險股份有限公司 2002年12月24日，中國 99.06% － 3,000,000,000 財產保險業務

深圳平安銀行股份有限公司 1995年8月3日，中國 89.36% － 5,502,000,000 銀行業務

平安信託投資有限責任公司 1984年11月19日，中國 99.88% － 4,200,000,000 信託投資業務

平安證券有限責任公司 1996年7月18日，中國－ 86.11% 1,800,000,000 證券投資與

經紀業務

平安養老保險股份有限公司 2004年12月13日，中國 97.00% 2.98% 500,000,000 養老保險業務

平安資產管理有限責任公司 2005年5月27日，中國 90.00% 9.90% 200,000,000 投資、資產

管理業務

平安健康保險股份有限公司 2005年6月13日，中國 95.00% 4.96% 500,000,000 健康保險業務

中國平安保險海外（控股）有限公司 1996年10月24日，香港 100.00% －港元555,000,000 投資控股

中國平安保險（香港）有限公司 1976年8月17日，香港－ 75.00% 港元110,000,000 財產保險業務

深圳市平安期貨經紀有限公司 1996年4月10日，中國－ 93.13% 50,000,000 期貨經紀業務



105

五、控股子公司情況（續）註冊及實收資本

所佔權益份額（除特別說明外，

名稱成立日期／地址直接間接均以人民幣元表示）主營業務

深圳市平安實業投資有限公司 1992年11月24日，中國－ 99.88% 20,000,000 投資興辦

各類實業

深圳平安物業設施管理有限公司 1995年1月6日，中國－ 99.88% 20,000,000 物業管理

福州平安房地產有限公司 1994年3月28日，中國－ 74.25% 美元5,000,000 興建於福州的

樓宇（已竣工）

深圳市平安置業投資有限公司 2005年3月8日，中國－ 99.88% 300,000,000 房地產投資、

興辦各類實業

深圳市信安投資咨詢有限公司 2005年9月5日，中國－ 99.88% 3,000,000 投資咨詢

中國平安資產管理（香港）有限公司 2006年5月16日，香港－ 100.00% 港元38,500,000 資產管理業務

玉谿平安置業有限公司 2006年7月31日，中國－ 79.90% 38,500,000 物業出租

泛華置業（荊州）有限公司 2005年3月1日，中國－ 50.94% 美元9,700,000 房地產投資

深圳市中信城市廣場投資有限公司 2001年9月26日，中國－ 98.88% 20,000,000 房地產投資

安勝投資有限公司 2006年4月6日，－ 100.00% 美元2 項目投資英屬維爾京群島

時至投資有限公司 2006年8月11日，－ 100.00% 美元1 項目投資英屬維爾京群島

滿信投資有限公司 2006年9月8日，－ 100.00% 美元1 項目投資英屬維爾京群島

翠達投資有限公司 2006年11月13日，－ 100.00% 美元1 項目投資英屬維爾京群島





六、合併財務報表項目附註1. 貨幣資金

（經審計）（經審計）2007年 2006年

6月30日 12月31日

現金 405 347銀行存款 71,111 31,623存放中央銀行款項 9,700 7,714其中：存放中央銀行法定準備金 7,558 5,787

存放中央銀行超額存款準備金 2,142 1,927存放同業款項 2,311 2,840其他貨幣資金 262 61

合計 83,789 42,585

於2007年6月30日，本集團的銀行存款包括代理買賣證券的客戶存款人民幣8,239百萬元（2006年12月31日－經審計：人民幣2,958百萬元）。

本集團從事銀行業務的子公司按規定向中國人民銀行繳存人民幣存款準備金、外幣存款準備金。於2007年6月30日及2006年12月31日，人民幣存款準備金的繳存比例分別為11.5%及9%，外幣存款準備金的繳存比例分別為5%及4%。

2. 結算備付金


2007年 2006年

6月30日 12月31日

公司自有 64 107

經紀業務客戶 1,527 768

合計 1,591 875

於2007年6月30日，本集團的結算備付金主要為平安證券在中國證券登記結算有限責任公司存

放的款項，其中包括客戶結算備付金人民幣1,527百萬元（2006年12月31日－經審計：人民幣768

百萬元）。



107

六、合併財務報表項目附註（續）3. 拆出資金


2007年 2006年6月30日 12月31日

拆放銀行 1,100 1,727拆放非銀行金融機構 64 376

合計 1,164 2,103減：坏賬準備 (63) (376)

拆出資金淨額 1,101 1,727

4. 交易性金融資產


2007年 2006年6月30日 12月31日

債券

國債 1,881 1,820金融債 27,477 5,298企業債 8,980 10,643

權益工具

基金 24,270 17,219股票 10,828 9,023

合計 73,436 44,003

於2007年6月30日，金額為人民幣39百萬元（2006年12月31日－經審計：人民幣94百萬元）的股票投資被作為本集團下屬的一間子公司創設認購權證的擔保物。除此之外，管理層認為交易性

金融資產的變現不存在重大限制。

5. 衍生金融工具


2007年6月30日 2006年12月31日

公允價值公允價值

名義金額資產負債名義金額資產負債

利率衍生工具 1,033 － 35 2,506 11 61貨幣衍生工具 76 － 1 5 －－

權益衍生工具 1,236 10 283 324 10 88信用衍生工具 914 6 21 －－－

其他衍生工具－－ 16 －－ 29

合計 3,259 16 356 2,835 21 178





六、合併財務報表項目附註（續）6. 買入返售金融資產


2007年 2006年

6月30日 12月31日

證券 9,465 6,162

票據 2,784 889

貸款 605 200

合計 12,854 7,251

減：減值準備－－

淨額 12,854 7,251

買入返售金融資產擔保物的公允價值與其賬面淨額大致相等。

7. 應收利息


2007年 2006年

6月30日 12月31日

應收銀行存款利息 1,064 482

應收貸款利息 150 88

應收債券利息 3,477 2,640

其他 25 39

合計 4,716 3,249


淨額 4,716 3,249



109

六、合併財務報表項目附註（續）8. 應收保費

（經審計）

2007年6月30日

賬齡賬面余額坏賬準備淨額

3個月以內（含3個月） 5,133 － 5,133

3個月至1年（含1年） 272 (98) 174

1年以上 99 (99) －

合計 5,504 (197) 5,307

（經審計）

2006年12月31日

賬齡賬面余額坏賬準備淨額

3個月以內（含3個月） 2,972 － 2,972

3個月至1年（含1年） 170 (69) 101

1年以上 86 (86) －

合計 3,228 (155) 3,073

本賬戶余額中並無持本公司5%或以上表決權股份的股東的款項。

9. 保單質押貸款本集團的保單質押貸款的利率為5.22%至6.50%（2006年12月31日－經審計：5.22%至6.50%）。





六、合併財務報表項目附註（續）10. 發放貸款及墊款

(1) 發放貸款及墊款按個人及企業分佈情況


2007年 2006年

6月30日 12月31日

個人貸款及墊款

信用卡 353 －

住房抵押 13,795 12,666

其他 1,713 1,634

企業貸款及墊款

貸款 25,440 24,331

貼現 17,631 12,634

其他－ 318

貸款及墊款總額 58,932 51,583

發放貸款損失準備

其中：單項計提數 (417) (2,263)

　　　組合計提數 (88) (168)

發放貸款及墊款淨額 58,427 49,152

貸款及墊款中，已抵押於賣出回購協議的部分約為人民幣911百萬元（2006年12月31日－

經審計：人民幣2,231百萬元）。

(2) 發放貸款及墊款按行業分佈情況


2007年 2006年

行業分佈 6月30日比例 12月31日比例

農牧業、漁業 55 0.09% 187 0.36%

採掘業 18 0.03% 683 1.33%

製造業 9,823 16.67% 9,199 17.83%

能源業 5,664 9.61% 1,395 2.70%

交通運輸、郵電 4,793 8.13% 1,386 2.69%

商業 6,553 11.12% 7,375 14.30%

房地產業 11,081 18.80% 7,812 15.14%

建築業 2,153 3.65% 3,768 7.31%

個人貸款 15,861 26.92% 14,300 27.72%

其他 2,931 4.98% 5,478 10.62%

發放貸款及墊款總額 58,932 100% 51,583 100%



111

六、合併財務報表項目附註（續）10. 發放貸款及墊款（續）

(3) 發放貸款及墊款按地區分佈情況


2007年 2006年

地區分佈 6月30日比例 12月31日比例

華南地區 55,558 94.27% 49,646 96.24%

華東地區 3,170 5.38% 1,469 2.85%

其他地區 204 0.35% 468 0.91%

發放貸款及墊款總額 58,932 100% 51,583 100%

(4) 發放貸款及墊款按擔保方式分佈情況


2007年 2006年

6月30日 12月31日

信用貸款 7,765 6,524

保證貸款 8,887 8,667

附擔保物貸款 42,280 36,392

其中：抵押貸款 21,833 20,538

質押貸款 20,447 15,854

發放貸款及墊款總額 58,932 51,583

(5) 逾期貸款按逾期天數列示如下：

2007年6月30日（經審計）

3個月以內 3個月至1年 1至3年 3年以上合計

信用貸款 7 1 8 99 115

保證貸款 76 7 116 10 209

附擔保物貸款 1,004 256 117 22 1,399

其中：抵押貸款 949 219 86 22 1,276

　　　質押貸款 55 37 31 － 123

合計 1,087 264 241 131 1,723





六、合併財務報表項目附註（續）10. 發放貸款及墊款（續）

(5) 逾期貸款按逾期天數列示如下：（續）

2006年12月31日（經審計）

3個月以內 3個月至1年 1至3年 3年以上合計

信用貸款 14 27 2 104 147

保證貸款 104 175 425 539 1,243

附擔保物貸款 777 679 356 479 2,291

其中：抵押貸款 728 314 135 474 1,651

　　　質押貸款 49 365 221 5 640

合計 895 881 783 1,122 3,681

(6) 貸款損失準備



6月30日止6個月期間 6月30日止6個月期間

單項組合單項組合

年初余額 2,263 168 94 －

本期提取 5 －－ 1

本期轉出 (1,758) (42) －－

本期核銷－－ (7) －

本期轉回

貸款及墊款因折現值

上升導致的轉回 (73) －－－

減值貸款利息收入 (20) －－－

其他因素導致的轉回－ (38) －－

期末余額 417 88 87 1

於本期間，本集團處置不良貸款收益為人民幣267百萬元（截至2006年12月31日止年度－經審計：無）。



113

六、合併財務報表項目附註（續）11. 定期存款


2007年 2006年6月30日 12月31日

3個月以內（含3個月） 6,776 6,5993個月至1年（含1年） 8,704 22,3261年至2年（含2年） 5,221 10,6842年至3年（含3年） 30 1,3303年至4年（含4年） 1,200 1,2004年至5年（含5年） 18,730 10,6005年以上 9,842 12,677

合計 50,503 65,416

12. 可供出售金融資產


2007年 2006年6月30日 12月31日

債券

國債 12,020 14,374金融債 43,259 27,095企業債 29,028 22,299

權益工具

基金 8,725 8,286股票 39,411 23,146

合計 132,443 95,200

本集團分類為可供出售金融資產的債券到期期限分析如下：


2007年 2006年6月30日 12月31日

3個月以內（含3個月） 10,398 1493個月至1年（含1年） 10,929 5951年至2年（含2年） 1,787 2,6592年至3年（含3年） 3,491 3,1593年至4年（含4年） 1,121 2,2974年至5年（含5年） 4,988 3,8635年以上 51,593 51,046

合計 84,307 63,768





六、合併財務報表項目附註（續）13. 持有至到期投資

賬面余額公允價值

（經審計）（經審計）（經審計）（經審計）

2007年 2006年 2007年 2006年

6月30日 12月31日 6月30日 12月31日

債券

國債 78,994 78,913 79,402 83,511

金融債 37,968 37,142 36,962 39,364

企業債 13,231 13,195 13,059 13,585

合計 130,193 129,250 129,423 136,460

本集團分類為持有至到期投資的債券到期期限分析如下：


2007年 2006年

6月30日 12月31日

3個月以內（含3個月） 1,259 68

3個月至1年（含1年） 1,787 1,777

1年至2年（含2年） 4,089 4,951

2年至3年（含3年） 5,282 3,101

3年至4年（含4年） 7,060 2,843

4年至5年（含5年） 17,695 20,740

5年以上 93,021 95,770

合計 130,193 129,250



115

六、合併財務報表項目附註（續）14. 長期股權投資


2007年 2006年

被投資單位 6月30日 12月31日

權益法：威立雅水務（昆明）投資有限公司 176 176

成本法：興業銀行股份有限公司－ 113

交通銀行股份有限公司－ 92

其他 35 34

合計 211 415

本集團於2007年6月30日對聯營公司的投資如下：

本集團

名稱註冊資本持股比例期末投資額主營業務

威立雅水務（昆明）美元95,000,000 24% 176 投資水務公司

　投資有限公司

15. 商譽


2007年 2006年

被投資單位 6月30日 12月31日

平安證券 313 313

平安銀行 13 13

深圳平安銀行 83 83

深圳中信廣場 66 －

合計 475 409


淨額 475 409

本集團於2007年1月完成對深圳中信廣場的收購，形成商譽人民幣66百萬元，其計算過程參見

附注五。





六、合併財務報表項目附註（續）16. 投資性房地產

（經審計）


房屋建築物土地使用權合計

原值

年初余額 1,918 154 2,072

新增子公司轉入數 2,046 － 2,046

本期外購數 301 6 307

轉出至固定資產 (24) － (24)

本期減少數 (66) － (66)

期末余額 4,175 160 4,335

累計折舊和累計攤銷

年初余額 339 22 361

本期計提數 76 5 81

新增子公司轉入數 91 － 91

轉出至固定資產 (3) － (3)

本期減少數 (7) － (7)

期末余額 496 27 523

減值準備

年初余額 51 － 51

本期計提數 19 － 19

本期減少數 (47) － (47)

期末余額 23 － 23

淨額

期末余額 3,656 133 3,789

年初余額 1,528 132 1,660



117

六、合併財務報表項目附註（續）16. 投資性房地產（續）

（經審計）

截至2006年12月31日止年度

房屋建築物土地使用權合計

原值

年初余額 1,762 154 1,916


本年外購數 398 － 398

固定資產轉入數 41 － 41

本年減少數 (407) － (407)

年末余額 1,918 154 2,072

累計折舊和累計攤銷

年初余額 316 19 335

本年計提數 86 3 89


固定資產轉入數 (1) － (1)

本年減少數 (79) － (79)

年末余額 339 22 361

減值準備

年初余額 203 － 203

本年減少數 (152) － (152)

年末余額 51 － 51

淨額

年末余額 1,528 132 1,660

年初余額 1,243 135 1,378

于2007年6月30日，淨額約為人民幣25百萬元（2006年12月31日－經審計：人民幣93百萬元）的

投資性房地產的產權證正在辦理中。





六、合併財務報表項目附註（續）17. 固定資產

（經審計）


辦公及

房屋建築物通訊設備運輸設備在建工程合計

原值

年初余額 3,777 2,131 421 644 6,973

新增子公司轉入數－ 1 2 － 3

本期外購數 20 159 27 2,396 2,602

投資性房地產轉入數 24 －－－ 24

本期減少數 (137) (50) (7) (9) (203)

期末余額 3,684 2,241 443 3,031 9,399

累計折舊

年初余額 752 1,263 254 － 2,269

本期計提數 85 131 22 － 238

新增子公司轉入數－ 1 2 － 3

投資性房地產轉入數 3 －－－ 3

本期減少數 (106) (6) (3) － (115)

期末余額 734 1,389 275 － 2,398

減值準備

年初余額 141 －－ 11 152

本期計提數 41 －－－ 41

本期減少數 (31) －－－ (31)

期末余額 151 －－ 11 162

淨額

期末余額 2,799 852 168 3,020 6,839

年初余額 2,884 868 167 633 4,552



119

六、合併財務報表項目附註（續）17. 固定資產（續）

（經審計）


辦公及

房屋建築物通訊設備運輸設備在建工程合計

原值

年初余額 2,719 1,573 400 646 5,338

新增子公司轉入數 435 308 8 10 761

本期外購數 161 362 87 764 1,374

在建工程轉入數 776 －－ (776) －

轉出至投資性房地產 (41) －－－ (41)

本年減少數 (273) (112) (74) － (459)

年末余額 3,777 2,131 421 644 6,973

累計折舊

年初余額 603 929 250 － 1,782

本年計提數 213 199 51 － 463

新增子公司轉入數 77 213 7 － 297

轉出至投資性房地產 1 －－－ 1

本年減少數 (142) (78) (54) － (274)

年末余額 752 1,263 254 － 2,269

減值準備

年初余額 120 －－ 26 146

本年計提數 30 －－－ 30

本年減少數 (9) －－ (15) (24)

年末余額 141 －－ 11 152

淨額

年末余額 2,884 868 167 633 4,552

年初余額 1,996 644 150 620 3,410

于2007年6月30日，淨額約為人民幣210百萬元（2006年12月31日－經審計：人民幣156百萬元）

的房屋建築物的產權證正在辦理中。





六、合併財務報表項目附註（續）18. 無形資產

（經審計）


計算機軟件

土地使用權系統及其他交易席位費合計

成本

年初余額 871 324 58 1,253

本期增加數 1 59 6 66

本期減少數－ (11) － (11)

期末余額 872 372 64 1,308

累計攤銷

年初余額 85 187 38 310

本期提取數 16 58 3 77

本期減少數－ (4) － (4)

期末余額 101 241 41 383

減值準備

期末余額 3 －－ 3

年初余額 3 －－ 3

淨額

期末余額 768 131 23 922

年初余額 783 137 20 940



121

六、合併財務報表項目附註（續）18. 無形資產（續）

（經審計）


計算機軟件

土地使用權系統及其他交易席位費合計

成本

年初余額 869 251 59 1,179

本年增加數 2 87 1 90

本年減少數－ (14) (2) (16)

年末余額 871 324 58 1,253

累計攤銷

年初余額 67 147 34 248

本年提取數 18 54 6 78

本年減少數－ (14) (2) (16)

年末余額 85 187 38 310

減值準備

年末余額 3 －－ 3

年初余額 3 －－ 3

淨額

年末余額 783 137 20 940

年初余額 799 104 25 928

於2007年6月30日，淨額約為人民幣490百萬元（2006年12月31日－經審計：人民幣498百萬元）

的土地使用權的產權証正在辦理中。





六、合併財務報表項目附註（續）19. 遞延所得稅資產／負債

本集團遞延所得稅資產／負債的明細如下：

（經審計）（經審計）2007年 2006年

6月30日 12月31日

遞延所得稅資產 592 888遞延所得稅負債 (3,555) (1,441)

淨額 (2,963) (553)

（經審計）（經審計）2007年 2006年

6月30日 12月31日

坏賬準備 75 107貸款損失準備 126 280虛擬期權費用 413 105金融資產公允價值的變動 (6,026) (2,537)保險責任準備金 2,300 1,381抵債資產減值準備 69 52未決訴訟預計負債 16 27其他 64 32

合計 (2,963) (553)

20. 其他資產

（經審計）（經審計）2007年 2006年

6月30日 12月31日

投資項目預付款 753 1,689應收外單位往來款 645 406應收利率掉期交易保證金 113 238應收股利 21 107抵債物資 985 1,179長期待攤費用 315 313其他 1,662 917

合計 4,494 4,849減：減值準備 (339) (529)

淨額 4,155 4,320

本賬戶余額中並無持本公司5%或以上表決權股份的股東的款項。

本集團截止2007年6月30日6個月期間及2006年度均未發生損余物資。



123

六、合併財務報表項目附註（續）20. 其他資產（續）

本集團抵債資產的明細如下：


2007年 2006年

6月30日 12月31日

房屋及建築物 880 1,085

其他 105 94

合計 985 1,179

減：減值準備 (274) (353)

淨額 711 826

於本期間，本集團處置抵債資產的收益為人民幣17百萬元（截至2006年12月31日止年度－經審

計：無）。

21. 資產減值準備本集團資產減值準備的變動如下：

（經審計）


本期減少額

本期

項目期初余額增加額轉回轉銷合計期末余額

壞賬準備 586 51 (10) (278) (288) 349

長期股權投資減值準備 154 － (18) (12) (30) 124

貸款損失準備 2,431 5 (131) (1,800) (1,931) 505

投資性房地產減值準備 51 19 (11) (36) (47) 23

固定資產減值準備 152 41 (4) (27) (31) 162

無形資產減值準備 3 －－－－ 3

其他資產減值準備 529 75 － (265) (265) 339

總計 3,906 191 (174) (2,418) (2,592) 1,505





六、合併財務報表項目附註（續）21. 資產減值準備（續）

（經審計）


本年減少額

本年

項目年初余額增加額轉回轉銷合計年末余額

壞賬準備 168 428 － (10) (10) 586

長期股權投資減值準備 80 86 － (12) (12) 154

貸款損失準備 94 2,531 － (194) (194) 2,431

投資性房地產減值準備 203 － (111) (41) (152) 51

固定資產減值準備 146 30 (9) (15) (24) 152

無形資產減值準備 3 －－－－ 3

其他資產減值準備 88 496 (1) (54) (55) 529

總計 782 3,571 (121) (326) (447) 3,906

22. 短期借款本集團的短期借款均為保證借款。

23. 同業及其他金融機構存放款項


2007年 2006年

6月30日 12月31日

銀行存放款項 2,130 1,984

非銀行金融機構存放款項 3,188 1,481

合計 5,318 3,465

本集團同業存放款項皆來自於中國境內。



125

六、合併財務報表項目附註（續）24. 存入保證金


2007年 2006年

6月30日 12月31日

承兌匯票開證保證金 3,905 3,712

擔保保證金 648 891

開立保函保證金 568 474

信用證保證金 182 259

期貨保證金 54 40

其他 508 109

合計 5,865 5,485

25. 拆入資金


2007年 2006年

6月30日 12月31日

銀行 1,871 992

26. 賣出回購金融資產款


2007年 2006年

6月30日 12月31日

證券 21,997 12,478

貸款 886 2,095

合計 22,883 14,573

於2007年6月30日，本集團面值約人民幣911百萬元（2006年12月31日－經審計：約人民幣2,231

百萬元）的貸款及約人民幣21,997百萬元（2006年12月31日－經審計：約人民幣12,478百萬元）

的債券投資作為本集團賣出回購資產交易余額的抵押品。截至本財務報表批準日，本集團上述

賣出回購資產已贖回約人民幣20,739百萬元。





六、合併財務報表項目附註（續）27. 吸收存款


2007年 2006年

6月30日 12月31日

活期存款

公司客戶 26,652 37,601

個人客戶 5,450 5,672

定期存款（含通知存款）

公司客戶 25,279 17,454

個人客戶 4,457 5,749

匯出匯款及應解匯款 381 249

合計 62,219 66,725

28. 代理買賣證券款


2007年 2006年

6月30日 12月31日

個人客戶 9,031 3,423

公司客戶 815 327

合計 9,846 3,750

29. 應付職工薪酬本集團應付職工薪酬的明細如下：

（經審計）


期初余額本期增加額本期減少額期末余額

工資、獎金、津貼、補貼 608 3,052 (2,583) 1,077

職工福利費 295 － (181) 114

社會保險費 3 280 (233) 50

住房公積金 1 25 (23) 3

工會經費及職工教育經費 117 147 (32) 232

應付內退員工薪酬－ 20 (1) 19

以現金結算的股份支付 1,109 777 － 1,886

合計 2,133 4,301 (3,053) 3,381



127

六、合併財務報表項目附註（續）30. 應交稅費


2007年 2006年

6月30日 12月31日

企業所得稅 673 691

營業稅 636 319

城市維護建設稅 20 14

其他 180 142

合計 1,509 1,166

31. 保戶儲金及投資款


2007年 2006年

6月30日 12月31日

1年以內（含1年） 132 58

3年至5年（含5年） 35 37

5年以上 4,778 3,954

合計 4,945 4,049

32. 保險合同準備金

（經審計）


本期減少額

本期

期初余額增加額賠付款項提前解除其他期末余額

未到期責任準備金

原保險合同 12,927 14,168 －－ (11,465) 15,630

再保險合同 10 46 －－ (33) 23


原保險合同 6,465 7,156 (6,016) － (200) 7,405

再保險合同 15 18 (2) －－ 31

壽險責任準備金

原保險合同 248,574 52,619 (5,427) (5,934) (481) 289,351

長期健康險責任準備金

原保險合同 30,694 5,747 (516) (309) (1,217) 34,399

合計 298,685 79,754 (11,961) (6,243) (13,396) 346,839





六、合併財務報表項目附註（續）32. 保險合同準備金（續）

本集團保險合同準備金的未到期期限情況如下：


2007年6月30日 2006年12月31日

1年以下 1年以下

（含1年） 1年以上（含1年） 1年以上

未到期責任準備金

原保險合同 11,642 3,988 9,660 3,267

再保險合同 5 18 7 3


原保險合同 5,934 1,471 5,158 1,307

再保險合同 24 7 12 3

壽險責任準備金

原保險合同 15,204 274,147 11,495 237,079

長期健康險責任準備金

原保險合同 693 33,706 613 30,081

合計 33,502 313,337 26,945 271,740

本集團原保險合同未決賠款準備金的明細如下：


2007年 2006年

6月30日 12月31日

已發生已報案未決賠款準備金 3,908 3,222

已發生未報案未決賠款準備金 2,955 2,785

理賠費用準備金 542 458

合計 7,405 6,465

33. 長期借款本集團長期借款均為人民幣保證借款。



129

六、合併財務報表項目附註（續）34. 其他負債


2007年 2006年

6月30日 12月31日

保險保障基金 106 82

應付股利 147 81

應付外單位往來款 515 255

單證風險金 190 179

應付代扣款 102 117

預收租金 67 60

應付員工款 76 57

其他 1,970 1,140

合計 3,173 1,971

35. 股本本公司註冊及實收股本人民幣7,345百萬元，每股面值1元，股份種類及其結構如下：


期初數本期期末數

（百萬股）股數比例發行新股股數比例

有限售條件股份：

國家股 589 9.51% － 589 8.02%

國有法人持股 367 5.93% － 367 5.00%

境內非國有法人持股 2,680 43.26% 345 3,025 41.19%

小計 3,636 58.70% 345 3,981 54.21%

無限售條件股份：

人民幣普通股－－ 805 805 10.96%

境外上市的外資股 2,559 41.30% － 2,559 34.83%

小計 2,559 41.30% 805 3,364 45.79%

合計 6,195 100.00% 1,150 7,345 100.00%

上述股本業經中國註冊會計師專項驗證。





六、合併財務報表項目附註（續）36. 資本公積


2007年 2006年

6月30日 12月31日

股本溢價 (1) 51,907 14,835

可供出售金融資產公允價值變動 11,615 8,100

其他資本公積 (2) 311 311

合計 63,833 23,246

(1) 股本溢價為首次公開發行A股及H股所產生。

(2) 本公司在出資投入平安壽險與平安產險前，對本公司原壽險業務和產險業務進行資產評

估。根據中華財務會計咨詢有限公司出具的資產評估報告書中華評報字 (2002)039號和

(2002)038號，評估的淨增值為人民幣311百萬元。

37. 一般風險準備根據中國有關財務規定，從事保險、銀行、信托、證券及期貨行業的公司需要提取一般風險準

備，用於補償巨災風險或彌補虧損。本集團從事上述行業的子公司在其各自年度財務報表中，

根據中國有關財務規定以其各自當年度淨利潤或年末風險資產為基礎提取一般風險準備，作為

利潤分配。上述一般風險準備不得用於分紅或轉增資本。



131

六、合併財務報表項目附註（續）38. 利潤分配

依照本公司章程，本公司一般按下列順序進行利潤分配：

(1) 彌補上一年度虧損；

(2) 提取淨利潤彌補累計虧損後金額的10%的法定盈余公積；

(3) 按股東大會決議提取任意盈余公積，其金額按公司章程或股東大會的決議提取和使用；

(4) 支付股東股利。

當法定盈余公積已達本公司註冊資本的50%以上時，可不再提取。經股東大會決議，法定盈余

公積亦可轉為股本，按股東原有股份比例派送新股。但法定盈余公積轉增股本後，留存本公司

的法定盈余公積不得低於註冊資本的25%。





六、合併財務報表項目附註（續）39. 保險業務收入

(1) 本集團保險業務收入按保險合同劃分的明細如下：



6月30日 6月30日


原保險合同 53,838 45,993

再保險合同 47 7

合計 53,885 46,000

(2) 本集團保險業務收入按險種劃分的明細如下：



6月30日 6月30日


壽險

個人壽險

躉繳業務保費收入 948 1,571

期繳業務首年保費收入 8,361 5,269

期繳業務續期保費收入 24,924 22,743

小計 34,233 29,583

銀行保險

躉繳業務保費收入 3,713 3,451

期繳業務首年保費收入 45 12

期繳業務續期保費收入 126 128

小計 3,884 3,591

團體壽險

躉繳業務保費收入 3,919 3,713

期繳業務續期保費收入 212 242

小計 4,131 3,955

壽險合計 42,248 37,129



133

六、合併財務報表項目附註（續）39. 保險業務收入（續）



6月30日 6月30日


產險

機動車輛及第三者責任險 7,799 5,797

健康及意外險 582 441

其他 3,256 2,633

產險合計 11,637 8,871

總計 53,885 46,000

40. 提取未到期責任準備金



6月30日 6月30日


原保險合同 2,092 2,046


合計 2,105 2,054





六、合併財務報表項目附註（續）41. 銀行業務利息淨收入



6月30日 6月30日


銀行業務利息收入

存放同業 65 9

存放中央銀行 73 －

拆出資金 29 6

發放貸款及墊款

其中：個人貸款及墊款 456 －

公司貸款及墊款 714 7

票據貼現 159 －

買入返售金融資產 114 －

其他 106 －

其中：已減值金融資產利息收入 20 －

合計 1,716 22

銀行業務利息支出

同業存放 99 －

拆入資金 7 －

吸收存款 532 1

賣出回購金融資產 51 －

合計 689 1

銀行業務利息淨收入 1,027 21



135

六、合併財務報表項目附註（續）42. 手續費及佣金淨收入



6月30日 6月30日


手續費及佣金收入

證券承銷業務手續費收入 224 43

證券經紀業務手續費收入 790 150

信託產品管理費 246 22

結算與清算手續費收入 6 －

託管及其他受託業務佣金收入 19 －

其他 72 3

合計 1,357 218

手續費及佣金支出

證券經紀業務手續費支出 71 12

其他手續費支出 142 18

合計 213 30

手續費及佣金淨收入 1,144 188





六、合併財務報表項目附註（續）43. 投資收益



6月30日 6月30日


利息收入 5,918 4,879

債券利息收入 4,498 3,209

持有至到期投資 2,669 2,457

可供出售金融資產 1,272 681

以公允價值計量且其變動計入當期損益 557 71

定期存款利息收入 1,288 1,632

貸款及應收款 1,288 1,632

其他 132 38

貸款及應收款 132 38

股息收入 6,702 1,365

基金股息收入 6,566 1,160


以公允價值計量且其變動計入當期損益 3,591 711

股權投資股息收入 136 205

可供出售金融資產 96 114


已實現收益 16,936 2,590

債券 278 224



基金 5,820 1,659



股票 10,835 568



衍生金融工具 3 139

對聯營公司的投資收益－－

賣出回購證券及拆入資金利息支出 (432) (32)

合計 29,124 8,802



137

六、合併財務報表項目附註（續）44. 公允價值變動收益



6月30日 6月30日


交易性金融工具

債券 (226) 43

基金 2,361 2,789

股票 1,039 927

指定以公允價值計量且其變動計入

當期損益的金融工具 (190) 86

衍生金融工具 110 156

合計 3,094 4,001

45. 賠付支出(1) 本集團賠付支出按保險合同劃分的明細如下：



6月30日 6月30日


原保險合同 11,789 7,813

再保險合同 2 1

合計 11,791 7,814

(2) 本集團賠付支出按內容劃分的明細如下：



6月30日 6月30日


賠款支出 6,011 4,893

滿期給付 3,582 1,094

年金給付 1,427 1,293

死傷醫療給付 771 534

合計 11,791 7,814





六、合併財務報表項目附註（續）46. 提取保險責任準備金

(1) 本集團提取保險責任準備金按保險合同劃分的明細如下：



6月30日 6月30日


提取未決賠款準備金

原保險合同 1,140 306


提取壽險責任準備金

原保險合同 40,088 25,275

提取長期健康險責任準備金

原保險合同 3,705 4,406

合計 44,949 30,021

(2) 本集團提取原保險合同未決賠款準備金按內容劃分的明細如下：



6月30日 6月30日


已發生已報案未決賠款準備金 753 (123)

已發生未報案未決賠款準備金 303 410

理賠費用準備金 84 19

合計 1,140 306

47. 攤回保險責任準備金



6月30日 6月30日


攤回未決賠款準備金 334 9

攤回壽險責任準備金 7 －

攤回長期健康險責任準備金 7 －

合計 348 9



139

六、合併財務報表項目附註（續）48. 營業稅金及附加



6月30日 6月30日


營業稅 1,628 715

城市維護建設稅 61 38

教育費附加 53 21

合計 1,742 774

49. 保險業務手續費及佣金支出



6月30日 6月30日


保險業務手續費支出 1,258 795

保險業務佣金支出 4,408 3,137

合計 5,666 3,932

50. 業務及管理費本集團業務及管理費包括以下費用：



6月30日 6月30日


工資及福利費 3,052 1,825

社會統籌保險 280 180

住房公積金 25 48

投資性房地產折舊費 81 32

固定資產折舊費 238 148

無形資產攤銷 77 28

審計師薪酬

－半年度審計及其他鑒證服務費 12 7





六、合併財務報表項目附註（續）51. 資產減值損失



6月30日 6月30日


坏賬損失 41 11

長期股權投資減值損失 (18) －

貸款減值損失 (126) 1

投資性房地產減值損失 8 －

固定資產減值損失 37 33

其他資產減值損失 75 －

合計 17 45

52. 所得稅費用



6月30日 6月30日


當期所得稅 666 319

遞延所得稅 (120) 101

合計 546 420

本集團所得稅費用與會計利潤的關係如下：



6月30日 6月30日


稅前利潤 8,872 4,426

以主要適用稅率15%計算的所得稅 1,331 664

稅率變動的稅務影響 (382) －

不可抵扣的費用對確定應稅所得的稅務影響 573 240

免稅收入對確定應稅所得的稅務影響 (1,558) (562)

中國經濟特區以外的機構及法人使用較高稅率的稅務影響 582 78

合計 546 420



141

六、合併財務報表項目附註（續）53. 每股收益

基本每股收益為本期間歸屬於本公司普通股股東的淨利潤除以本期間發行在外普通股的加權平

均數6,961,720,001股計算得出（截至2006年6月30日止6個月期間－未經審計：發行在外普通股

的加權平均數為6,195,053,334股）。

本公司不存在稀釋性潛在普通股，因此並無計算稀釋每股收益。

54. 股份支付於2004年2月5日，本公司董事會批準本集團的高級管理人員及部分關鍵員工等參與虛擬期權計

劃。虛擬期權於2004年至2008年發行，但本公司不會根據此計劃發行任何股份。虛擬期權以單

位方式授出，每個單位代表1股本公司H股。該計劃的參與者將在行使上述權利時收到現金付款，

但在行權當年該計劃參與者收到的收益總額不得超過行權年度的估計淨利潤的特定百分比，其

中現金付款金額等於已行使權利單位數量乘以行使價與行權時H股市場價之間的差額。

本集團於本期間確認的上述人員服務支出金額為人民幣777百萬元（截至2006年6月30日止6個月

期間－未經審計：人民幣249百萬元）。

本集團於本期間授予的虛擬期權單位數量列示如下：



6月30日 6月30日

（單位：百萬）止6個月期間止6個月期間

期初單位數 69 54

本期內授出單位數－－

本期內行權單位數－－

期末單位數 69 54

已接受的服務及其形成的虛擬期權負債在相應期間內予以確認。本集團於虛擬期權負債結算前

每個資產負債表日及結算日，重新計量虛擬期權負債的公允價值，並將其公允價值的變動計入

當期損益。於2007年6月30日，本集團虛擬期權負債賬面值為人民幣1,886百萬元（2006年12月

31日－經審計：人民幣1,109百萬元）。





六、合併財務報表項目附註（續）55. 投資連結保險

(1) 投資連結保險投資賬戶基本情況

本集團的投資連結保險包括平安世紀理財投資連結保險和平安團體退休金投資連結保險。

平安世紀理財投資連結保險下設四個投資賬戶：平安發展投資賬戶（以下簡稱“發展賬

戶”）、保證收益投資賬戶（以下簡稱“保證賬戶”）、平安基金投資賬戶（以下簡稱“基金賬

戶”）及平安價值增長投資賬戶（以下簡稱“價值賬戶”）。平安團體退休金投資連結保險下

設三個投資賬戶：穩健投資賬戶（以下簡稱“穩健賬戶”）、平衡投資賬戶（以下簡稱“平衡

賬戶”）及進取投資賬戶（以下簡稱“進取賬戶”）。平安世紀理財投資連結保險及平安團體

退休金投資連結保險各賬戶是依照中國保監會《投資連結保險管理暫行辦法》等有關規定

和平安世紀理財投資連結保險、平安團體退休金投資連結保險的有關條款，並經向中國

保監會報批後設立。除保證賬戶的投資範圍限制在銀行存款和拆出資金外，平安投資連

結保險其他投資賬戶的投資對象為銀行存款、依法發行的證券投資基金、債券、股票及

中國保監會允許投資的其他金融工具。

(2) 投資連結保險投資賬戶單位數及每一投資賬戶單位淨資產


2007年6月30日 2006年12月31日

設立時間單位數單位淨資產單位數單位淨資產

百萬人民幣元百萬人民幣元

發展賬戶 2000年10月23日 6,646 2.3998 6,420 1.8333

保證賬戶 2001年4月30日 222 1.2205 221 1.2007

基金賬戶 2001年4月30日 2,822 2.8118 2,716 1.8591

價值賬戶 2003年9月4日 2,155 1.4337 2,042 1.2403

穩健賬戶 2001年3月31日 2,236 1.5283 2,313 1.3099

平衡賬戶 2001年3月31日 120 2.4139 114 1.7452

進取賬戶 2001年3月31日 240 3.2241 232 2.1309



143

六、合併財務報表項目附註（續）55. 投資連結保險（續）

(3) 投資連結保險投資賬戶組合情況


2007年 2006年

6月30日 12月31日

投資連結保險投資賬戶資產：

貨幣資金 2,512 1,002

交易性金融資產 20,923 17,180

買入返售金融資產 1,706 300

應收利息 201 41

定期存款 6,509 6,309

其他資產 39 100

合計 31,890 24,932

投資連結保險投資賬戶負債：

賣出回購金融資產款 78 1,137

壽險責任準備金 31,462 23,587

其他應付款 350 208

合計 31,890 24,932

(4) 投資連結保險投資賬戶管理費計提情況

投資賬戶資產管理費是本集團根據投資連結保險的保單條款而向保戶收取的投資賬戶資

產管理費。對於平安世紀理財投資連結保險，本公司在每個估值日收取投資賬戶資產管

理費，其收取的最高比例為每月不超過投資賬戶資產最高值的0.2%（即年率為2.4%）。對

於平安團體退休金投資連結保險，本公司在每個估值日收取行政管理費和投資管理費，

其中行政管理費的最高標準為投資賬戶資產的1.5%，以年率計；投資管理費的最高標準

為投資賬戶資產的1.5%，以年率計。

(5) 投資連結保險投資賬戶採用的主要會計政策

平安世紀理財投資連結保險既承擔保險風險又承擔其他風險，整個合同視為原保險合同，

不對保險風險部分和其他風險部分進行分拆，按照原保險合同進行會計處理。平安團體

退休金投資連結保險不承擔保險風險，整個合同視為投資合同，按照金融工具進行會計

處理。





六、合併財務報表項目附註（續）55. 投資連結保險（續）

(6) 投資連結保險投資賬戶採用的估值原則

投資連結保險投資賬戶的各項資產以市價法計價。對於除開放式基金以外的任何上市流

通的有價證券，本集團以其在估值日證券交易所掛牌的收盤價估值，估值日無交易的，

以最近交易日的市場收盤價估值；對於開放式基金，本集團以其公告的基金單位淨值估

值；募集期內的證券投資基金，按成本估值。

56. 現金流量表補充資料



6月30日 6月30日


(1) 將淨利潤調節為經營活動現金流量

淨利潤 8,326 4,006

加：資產減值準備 17 45

投資性房地產折舊 81 32

固定資產折舊 238 148


長期待攤費用攤銷 66 49

處置固定資產、無形資產和其他長期

資產的收益 (2) (2)

公允價值變動收益 (3,094) (4,001)

投資收益 (29,124) (8,802)

匯兌損失 335 130

提取各項保險準備金 46,706 32,066

遞延所得稅資產的減少／（增加） 296 (37)

遞延所得稅負債的增加／（減少） (416) 138

經營性應收項目的減少／（增加） (14,244) 3,151

經營性應付項目的增加／（減少） 10,740 (1,943)

經營活動產生的現金流量淨額 20,002 25,008



145

六、合併財務報表項目附註（續）56. 現金流量表補充資料（續）



6月30日 6月30日


(2) 現金及現金等價物淨增加情況

現金的期末余額 77,893 26,871

減：現金的期初余額 (37,683) (17,121)

加：現金等價物的期末余額 42,211 2,898

減：現金等價物的期初余額 (9,644) (8,367)

現金及現金等價物增加淨額 72,777 4,281

(3) 本集團收購子公司的有關信息參見附注五(1)。

(4) 現金及現金等價物


2007年 2006年

6月30日 12月31日

現金

庫存現金 405 347

可隨時用於支付的銀行存款 71,111 31,623

可隨時用於支付的其他貨幣資金 262 61

可用於支付的存放中央銀行款項 2,142 1,927

結算備付金 1,591 875

存放同業款項 2,199 2,531

拆放同業款項 183 319

小計 77,893 37,683

現金等價物

三個月以內到期的債券投資 25,652 437

貨幣市場基金 4,055 2,476

三個月以內到期的買入返售資產 12,504 6,731

小計 42,211 9,644

年／期末現金及現金等價物余額 120,104 47,327





七、分部報告本集團的業務分部信息現分為：人壽保險業務、財產保險業務、銀行業務、證券業務、總部及其他業

務。分部淨利潤包括直接歸屬分部的收入減費用以及按合理比例分配至分部的收入減費用（包括外部

交易及與集團內其他分部之間的交易）。

分部資產與負債主要包括直接歸屬分部的經營性資產及負債及按合理比例分配至分部的資產及負債。

分部資產在扣除相關準備之後予以確定，在本集團合併資產負債表中將上述扣除計作直接沖銷。本集

團於本期間的收入及淨利潤主要來自中國境內的上述業務，因此，未提供按地域所作的分部分析。

（經審計）


人壽保險財產保險銀行證券總部其他抵銷合計

利潤表

保險業務收入 42,248 11,637 －－－－－ 53,885

減：分出保費 (476) (2,124) －－－－－ (2,600)

提取未到期責任準備金 (191) (1,914) －－－－－ (2,105)

已賺保費 41,581 7,599 －－－－－ 49,180

銀行業務利息淨收入－－ 918 －－－ 109 1,027

其中：分部間銀行業務利息淨收入－－ (109) －－－－ (109)

手續費及佣金淨收入 52 － 52 975 － 132 (67) 1,144

其中：分部間手續費及佣金淨收入 52 －－ 15 －－－ 67

投資收益 25,618 918 583 384 1,414 216 (9) 29,124

公允價值變動收益 2,530 10 1 107 359 87 － 3,094

匯兌收益／（損失） (316) (11) 22 (2) (25) (3) － (335)

其他業務收入 526 38 9 － 130 364 (250) 817

其中：分部間其他業務收入 90 24 －－ 18 118 － 250

營業收入合計 69,991 8,554 1,585 1,464 1,878 796 (217) 84,051



147

七、分部報告（續）

（經審計）



利潤表（續）

退保金 (5,919) －－－－－－ (5,919)

賠付支出 (6,825) (4,966) －－－－－ (11,791)

減：攤回賠付支出 258 909 －－－－－ 1,167

提取保險責任準備金 (43,862) (1,087) －－－－－ (44,949)

減：攤回保險責任準備金 8 340 －－－－－ 348

保單紅利支出 (897) －－－－－－ (897)

分保費用－ (7) －－－－－ (7)

營業稅金及附加 (841) (661) (77) (72) (54) (37) － (1,742)

保險業務手續費及傭金支出 (4,601) (1,117) －－－－ 52 (5,666)

業務及管理費 (2,900) (1,805) (733) (531) (504) (213) 115 (6,571)

其中：分部間業務及管理費 (80) (10) －－ (23) (2) － (115)

減：攤回分保費用 111 564 －－－－－ 675

其他業務成本 (87) (5) (4) －－ (149) 50 (195)

其中：分部間

其他業務成本－－－－－ (50) － (50)

資產減值損失－ (73) 62 (1) － (5) － (17)

營業支出合計 (65,555) (7,908) (752) (604) (558) (404) 217 (75,564)

營業利潤 4,436 646 833 860 1,320 392 － 8,487

加：營業外收入 8 2 446 －－ 1 (22) 435

減：營業外支出 (5) (6) (37) (1) (1) －－ (50)

利潤總額 4,439 642 1,242 859 1,319 393 (22) 8,872

減：所得稅費用 374 (320) (156) (183) (179) (82) － (546)

淨利潤 4,813 322 1,086 676 1,140 311 (22) 8,326





七、分部報告（續）

（經審計）

2007年6月30日


資產負債表

分部資產 385,745 33,818 124,788 19,962 73,908 11,781 (66,859) 583,143

分部負債 363,649 29,878 117,620 17,239 3,137 5,098 (48,389) 488,232

（經審計）



補充信息

折舊和攤銷費用 311 64 38 9 7 33 － 462

資本性支出 2,636 63 66 19 13 296 － 3,093

折舊和攤銷以外的非現金費用－ 73 (62) 1 － 5 － 17



149

七、分部報告（續）（未經審計）



利潤表

保險業務收入 37,129 8,871 －－－－－ 46,000

減：分出保費 (358) (2,108) －－－－－ (2,466)

提取未到期責任準備金 (263) (1,791) －－－－－ (2,054)

已賺保費 36,508 4,972 －－－－－ 41,480

銀行業務利息淨收入－－ 11 －－－ 10 21

其中：分部間銀行業務利息淨收入－－ (10) －－－－ (10)

手續費及傭金淨收入 7 －－ 218 － (18) (19) 188

其中：分部間手續費及傭金淨收入－－－ 1 － 18 － 19

投資收益 8,060 282 － 89 280 91 － 8,802

公允價值變動收益／（損失） 3,836 24 － 79 69 (7) － 4,001

匯兌損失 (114) (8) － (1) (5) (2) － (130)

其他業務收入 172 25 －－ 30 100 (62) 265

其中：分部間其他業務收入 31 6 －－ 5 20 － 62

營業收入合計 48,469 5,295 11 385 374 164 (71) 54,627





七、分部報告（續）（未經審計）



利潤表（續）

退保金 (3,910) －－－－－－ (3,910)

賠付支出 (4,044) (3,770) －－－－－ (7,814)

減：攤回賠付支出 279 853 －－－－－ 1,132

提取保險責任準備金 (29,696) (325) －－－－－ (30,021)

減：攤回保險責任準備金 (25) 34 －－－－－ 9

保單紅利支出 (1,714) －－－－－－ (1,714)

分保費用－ (1) －－－－－ (1)

營業稅金及附加 (263) (486) －－ (3) (22) － (774)

保險業務手續費及傭金支出 (3,272) (674) －－－－ 14 (3,932)

業務及管理費 (2,217) (1,308) (9) (190) (265) (35) 38 (3,986)

其中：分部間業務及管理費 (18) (1) － (18) (1) －－ (38)

減：攤回分保費用 167 755 －－－－－ 922

其他業務成本 (58) (5) －－－ (22) 19 (66)

其中：分部間其他業務成本 (19) －－－－－－ (19)

資產減值損失 (14) (27) －－－ (4) － (45)

營業支出合計 (44,767) (4,954) (9) (190) (268) (83) 71 (50,200)

營業利潤 3,702 341 2 195 106 81 － 4,427

加：營業外收入 3 1 －－－ 12 － 16

減：營業外支出 (6) (3) －－－ (8) － (17)

利潤總額 3,699 339 2 195 106 85 － 4,426

減：所得稅費用 (171) (176) (1) (21) (38) (13) － (420)

淨利潤 3,528 163 1 174 68 72 － 4,006



151

七、分部報告（續）（經審計）

2006年12月31日


資產負債表

分部資產 329,906 23,192 85,591 8,914 31,507 6,837 (22,659) 463,288

分部負債 311,040 19,649 79,410 6,866 1,726 2,967 (4,996) 416,662

（未經審計）



補充信息

折舊和攤銷費用 192 46 － 10 4 5 － 257

資本性支出 290 102 48 12 20 49 － 521

折舊和攤銷以外的非現金費用 14 27 －－－ 4 － 45





八、風險管理1. 保險風險

(1) 保險風險類型

保險合同風險是指發生保險事故的可能性以及由此產生的賠款金額和時間的不確定。在

保險合同下，本集團面臨的主要風險是實際賠款及保戶利益給付超過已計提保險責任的

賬面額。這種風險在下列情況下均可能出現：

發生性風險－保險事故發生的數量與預期不同的可能性。

嚴重性風險－保險事故產生的成本與預期不同的可能性。

發展性風險－投保人的責任金額在合同期結束時出現變動的可能性。

風險的波動性可通過把損失風險分散至大批保險合同組合而得以改善，因為較分散的合

同組合很少因組合中某部份的變動而使整體受到影響。慎重選擇和實施承保策略和方針

也可改善風險的波動性。

本集團保險業務包括長期人壽保險合同、財產保險和短期人壽保險合同等。就意外險合

同而言，傳染病、生活方式的巨大改變和自然災害均為可能增加整體索賠率的重要因素，

而導致比預期更早或更多的索賠。就長期人壽保險合同而言，不斷改善的醫學水平和社

會條件有助於延長壽命，是最重要的影響因素。就財產保險合同而言，索賠經常受到自

然災害、巨災、恐怖襲擊等因素影響。

目前，風險在本集團所承保風險的各地區未存在重大分別，但不合理的金額集中可能對

基於組合進行賠付的嚴重程度產生影響。

對於含固定和擔保賠付以及固定未來保費的合同，並無可減少保險風險的重大緩和條款

和情況。但是，對於若干分紅保險合同而言，其分紅特征使較大部份保險風險由投保方

所承擔。

保險風險也會受保戶終止合同、降低保費、拒絕支付保費或行使年金轉換權利影響。因

此，保險風險受保單持有人的行為和決定影響。



153

八、風險管理（續）1. 保險風險（續）

(2) 保險風險集中度

本集團保險風險的集中度於附註六、39按主要業務類別的保費收入分析中反映。

(3) 假設及敏感性分析

長期人壽保險合同

假設

壽險責任準備金及長期健康險責任準備金根據中國保監會的有關精算規定計算，具體參

見附註三、24及附註三、25。中國保監會對計算法定準備金的各項假設（包括評估死亡

率、評估發病率和評估利息率假設）進行了較嚴格的定量規定，具體如下：

(1) 評估利息率不得高於中國保險監督管理委員會每年公布的評估利息率（目前為7.5%）

與該險種厘定保險費所使用的預定利息率的最低值；

(2) 評估死亡率採用《中國人壽保險業經驗生命表 (2000-2003)》所提供的數據；

(3) 評估發病率採用該險種厘定保險費所使用預定發病率。

敏感性分析

本集團通常不能任意改變上述假設，因此不在此對假設變動進行敏感性分析。

如附註三、41所述，惟對定價利息率高於或等於7.5%的高利率險種，本集團在符合中國

保監會關於所提取責任準備金不得低於會計年度末法定責任準備金，以及評估利息率不

得高於定價利息率或7.5%的精算規定的基礎上，對其採用更穩健的評估利息率。於2007

年6月30日，本集團已將法定評估利息率為7.5%的所有險種的評估利息率降至6.5%及以

下。於本期間，本集團將評估利息率高於或等於6.5%的險種的評估利息率降至6%-6.5%。

本項會計估計變更對本集團本期間稅前利潤的影響為減少稅前利潤約人民幣6,260百萬元。






(3) 假設及敏感性分析（續）

財產及短期人壽保險合同

假設

估計採用的主要假設為本集團的過往賠付經驗，包括各事故年度的平均賠付成本、賠付

手續費、賠付通脹因素及賠案數目的假設。須運用判斷來評估外部因素（如司法裁決及政

府立法等）對估計的影響。

其他主要假設包括結付延遲等。

敏感性分析

上述主要假設將影響財產及短期人壽保險的未決賠款準備金。若干變量的敏感度無法量

化，如法律變更、估計程序的不確定性等。此外，由於發生索賠與報案和最終結案之間

的時間差異，於評估日尚無法精確地確定未決賠款準備金數額。

本集團財產保險業務不考慮分出業務的索賠進展信息如下：

（經審計）

財產保險（事故年度）

截至2007年

6月30日

止6個月

項目 2003年 2004年 2005年 2006年期間合計

累計賠付款項估計額：

當年／期末 5,429 5,955 7,171 9,317 5,446

1年後 5,403 5,948 7,172 9,864 －

2年後 5,403 5,397 7,046 －－

3年後 5,277 5,320 －－－

4年後 5,255 －－－－

累計賠付款項估計額 5,255 5,320 7,046 9,864 5,446 32,931

累計已支付的賠付款項 (5,132) (5,091) (6,437) (7,503) (2,241) (26,404)

以前期間調整額

及間接理賠費用 210

尚未支付的賠付款項 6,737



155



財產及短期人壽保險合同（續）

敏感性分析（續）

本集團財產保險業務考慮分出業務後的索賠進展信息如下：

（經審計）

財產保險（事故年度）

截至2007年

6月30日

止6個月

項目 2003年 2004年 2005年 2006年期間合計


當年／期末 3,726 4,181 5,266 7,219 4,477

1年後 3,687 4,228 5,280 7,375 －

2年後 3,705 3,833 5,204 －－

3年後 3,611 3,776 －－－

4年後 3,596 －－－－

累計賠付款項估計額 3,596 3,776 5,204 7,375 4,477 24,428

累計已支付的賠付款項 (3,522) (3,597) (4,756) (5,960) (1,918) (19,753)



尚未支付的賠付款項 4,867









本集團短期人壽保險業務不考慮分出業務的索賠進展信息如下：

（經審計）

短期人壽保險 (事故年度)

截至2007年

6月30日

止6個月

項目 2003年 2004年 2005年 2006年期間合計


當年／期末 1,376 1,571 1,767 2,039 994

1年後 1,349 1,577 1,960 2,030 －

2年後 1,354 1,582 1,938 －－

3年後 1,354 1,582 －－－

4年後 1,354 －－－－

累計賠付款項估計額 1,354 1,582 1,938 2,030 994 7,898

累計已支付的賠付款項 (1,354) (1,582) (1,931) (1,885) (465) (7,217)



尚未支付的賠付款項 699



157





本集團短期人壽保險業務考慮分出業務後的索賠進展信息如下：

（經審計）

短期人壽保險 (事故年度)

截至2007年

6月30日

止6個月

項目 2003年 2004年 2005年 2006年期間合計


當年／期末 978 1,053 1,156 1,616 750

1年後 959 1,057 1,482 1,540 －

2年後 916 1,086 1,499 －－

3年後 916 1,086 －－－

4年後 916 －－－－

累計賠付款項估計額 916 1,086 1,499 1,540 750 5,791

累計已支付的賠付款項 (916) (1,086) (1,493) (1,438) (365) (5,298)



尚未支付的賠付款項 511

平均賠款成本或賠案數目的單項變動，均會導致未決賠款準備金的同比例變動。當其他

假設維持不變時，平均賠款成本增加5%將會導致2007年6月30日財產保險及短期人壽保

險的淨未決賠款準備金分別增加約人民幣243百萬元及25百萬元。









再保險

本集團主要通過訂立再保險合同控制保險業務的損失風險。大部分分保業務為成數分保，

並按產品類別設立不同自留額。對於可從再保險公司攤回的賠款金額，使用與原保單一

致的假設進行估計，並在資產負債表內列示為應收分保賬款或應收分保未決賠款準備金。

盡管本集團可能已訂立再保險合同，但這並不會解除本集團對保戶承擔的直接責任。因

此再保險存在因再保險公司未能履行再保險合同應承擔的責任而產生的信用風險。

2. 市場風險市場風險是指因匯率（外匯風險）、市場利率（利率風險）和市場價格（價格風險）波動而引起的金

融工具公允價值變動的風險，不論該價格變動是因個別工具或其發行人特有因素所致或因影響

在市場上交易的所有工具的因素造成。

(1) 外匯風險

外匯風險是指因匯率變動產生損失的風險。人民幣與本集團從事業務地區的其他貨幣之

間的匯率波動會影響本集團的財務狀況和經營業績。本集團務求通過減少外匯淨余額的

方法來降低外匯風險。



159

八、風險管理（續）2. 市場風險（續）

(1) 外匯風險（續）

以下是在其他變量不變的情況下，關鍵變量可能發生的合理變動對稅前利潤（因對匯率敏

感的貨幣性資產和貨幣性負債的公允價值發生變化）及權益的稅前影響。變量之間存在的

相關性會對市場風險的最終影響金額產生重大作用，但為了描述變量的影響情況，本集

團假定其變化是獨立的。


2007年6月30日 2006年12月31日

對利潤的對權益的對利潤的對權益的

變量變動影響影響影響影響

所有外幣對人民幣

貶值5% 770 770 678 678

(2) 價格風險

本集團面臨的價格風險與價值隨市價變動而改變的金融資產和負債有關，主要是可供出

售的投資及以公允價值計量且其變動計入當期損益的金融資產。

上述投資因投資工具的市值變動而面臨價格風險，該變動可因只影響個別金融工具或其

發行人的因素所致，亦可因影響市場上交易的所有金融工具的因素所致。

本集團採用風險價值計算方法來估計上市股票及證券投資基金公允價值的10天持有期間

潛在損失。本集團採用10天作為持有期間是因為本集團假設並非所有投資均能在同一天

售出。另外，風險價值的估計是在假設正常市場條件並採用99%的置信區間而作出的。

在正常市場條件下，本集團上市股票及證券投資基金採用風險價值模型估計的10天潛在

損失對股東權益的影響如下：


2007年 2006年

6月30日 12月31日

上市股票及證券投資基金 9,746 4,241





八、風險管理（續）2. 市場風險（續）

(3) 利率風險

利率風險是指金融工具的價值／未來現金流量會因市場利率變動而出現波動的風險。

浮動利率工具使本集團面臨現金流利率風險，而固定利率工具使本集團面臨公允價值利

率風險。

本集團的利率風險政策規定其須維持一個適當的固定及浮動利率工具組合，以管理利率

風險。有關政策亦規定本集團管理計息金融資產及計息金融負債的到期情況。浮動利率

工具一般不到一年便會重新估價一次。固定利率工具的利率在有關金融工具初始時固定，

在到期前不會改變。

以下是在其他變量不變的情況下，利率可能發生的合理變動對債券（用於支持分紅保險、

萬能保險、投資連結保險的債券除外）、發放貸款及墊款和吸收存款等在利潤（因金融資

產和金融負債的公允價值發生變化）及權益（因利潤的影響及可供出售金融資產的公允價

值發生變化）方面的稅前影響。變量之間存在的相關性會對利率風險的最終影響金額產生

重大作用，但為了描述變量的影響情況，本集團假定其變化是獨立的。


2007年6月30日 2006年12月31日

對利潤的對權益的對利潤的對權益的

利率變動影響影響影響影響

為交易而持有及

可供出售債券增加50個基點 (197) (3,082) (144) (3,088)

對利息收入／支出的影響


2007年1-6月 2006年1-6月

浮動利率債券增加50個基點 17 16

發放貸款及墊款增加50個基點 68 61

吸收存款增加50個基點 (161) (124)



161

八、風險管理（續）3. 財務風險

(1) 信用風險

信用風險是指金融工具的一方因無法履行義務而使另一方遭受財務損失的風險。本集團

主要面臨的信用風險與存放在商業銀行的定期存款、發放貸款及墊款、債券投資、權益

投資、與再保險公司的再保險安排、保單質押貸款等有關。本集團通過使用多項控制措

施，包括運用信用控制政策，對潛在投資進行信用分析及對債務人設定整體額度來控制

信用風險。

本集團銀行業務在向個人客戶授信之前，首先會進行信用評估，亦定期檢查所授出的信

貸。信用風險管理的手段亦包括取得抵押品及擔保。對於資產負債表外的授信承諾，本

集團一般會收取保證金以減低信用風險。

信用質量

本集團的大部分金融資產為債券投資，包括國債、金融債和企業債。本集團持有的金融

債擁有國內信用評級A級或以上，本集團持有的企業債擁有國內信用評級AA級或以上。

信用風險敞口

下表列示了資產負債表項目及未來承諾項目的最大信用風險敞口。該最大敞口為考慮擔

保或其他信用增級方法影響前的金額。





八、風險管理（續）3. 財務風險（續）

(1) 信用風險（續）


2007年 2006年

6月30日 12月31日

貨幣資金 81,277 41,583

結算備付金 1,591 875

拆出資金 1,101 1,727

交易性金融資產 34,141 11,720

衍生金融資產 16 21

買入返售金融資產 11,148 6,951

應收利息 4,515 3,208

應收保費 5,307 3,073

應收分保賬款 2,205 795

應收分保未到期責任準備金 3,048 2,437

應收分保未決賠款準備金 2,058 1,724

應收分保壽險責任準備金 7 －

應收分保長期健康險責任準備金 7 －

保戶質押貸款 1,799 1,381

發放貸款及墊款 58,427 49,152

存出保證金 1,139 334

定期存款 43,994 59,107

可供出售金融資產 84,307 63,768

持有至到期投資 130,193 129,250

存出資本保證金 1,520 1,520

其他資產 2,816 2,728

小計 470,616 381,354

承諾 30,691 29,115

信用風險敞口合計 501,307 410,469

以上資產科目余款皆已扣除投資連結賬戶余額及權益投資余額。



163



對以公允價值計量的金融工具而言，上述金額反映了其當前的風險敞口但並非其最大的

風險敞口。其最大的風險敞口將隨著其未來公允價值的變化而改變。

擔保及其他信用增級

擔保的形式及金額取決於對交易對手方信用風險的評估。擔保形式的可接受程度和評估

標準有指引可供實施。

擔保的主要形式如下：

－現金或證券用於融券和逆回購交易；

－物業、存貨及應收賬款等用於企業貸款；及

－住宅抵押等用於個人貸款。

管理層關注擔保的市場價值，如有需要，會要求提供額外的擔保並進行減值評估。

本集團採取有序的方式處置抵債資產。處置所得用於清償或減少尚未收回的款項。一般

而言，本集團不會將得到的抵債資產用於商業用途。







逾期金融資產賬齡分析

（經審計）

2007年6月30日

未減值的逾期金融資產

未發生

減值的發生減值

30天 31- 90天逾期金融的逾期

未逾期及以內 90天以上資產小計金融資產合計

貨幣資金 81,277 －－－－－ 81,277

結算備付金 1,591 －－－－－ 1,591

拆出資金 1,100 －－－－ 64 1,164

應收保費 5,136 4 4 2 10 358 5,504

應收分保賬款 2,205 －－－－ 88 2,293

發放貸款及墊款 57,208 784 247 93 1,124 600 58,932

存出保證金 1,139 －－－－－ 1,139

定期存款 43,994 －－－－－ 43,994

存出資本保證金 1,520 －－－－－ 1,520

小計 195,170 788 251 95 1,134 1,110 197,414

減：減值準備－－－－－ (854) (854)

淨額 195,170 788 251 95 1,134 256 196,560



165



逾期金融資產賬齡分析（續）

（經審計）

2006年12月31日

未減值的逾期金融資產

未發生

減值的發生減值

30天 31- 90天逾期金融的逾期

未逾期及以內 90天以上資產小計金融資產合計

貨幣資金 41,583 －－－－－ 41,583

結算備付金 875 －－－－－ 875

拆出資金 1,727 －－－－ 376 2,103

應收保費 2,965 3 2 2 7 256 3,228

應收分保賬款 795 －－－－ 55 850

發放貸款及墊款 47,914 434 240 215 889 2,780 51,583

存出保證金 334 －－－－－ 334

定期存款 59,107 －－－－－ 59,107

存出資本保證金 1,520 －－－－－ 1,520

小計 156,820 437 242 217 896 3,467 161,183

減：減值準備－－－－－ (3,017) (3,017)

淨額 156,820 437 242 217 896 450 158,166

於2007年6月30日，本集團為未發生減值的逾期貸款及墊款而持有的擔保物公允價值約為

人民幣1,983百萬元（2006年12月31日－經審計：人民幣1,907百萬元）。

於2007年6月30日，本集團為已發生減值的逾期貸款及墊款而持有的擔保物公允價值約為

人民幣809百萬元（2006年12月31日－經審計：人民幣2,071百萬元）。

還款條件經重新協商的金融資產


2007年 2006年

6月30日 12月31日

發放貸款及墊款 477 2,336






(2) 流動性風險

流動性風險是指本集團無法籌集足夠資金或不能及時以合理的價格將資產變現以償還到

期債務風險。

本集團部分保單允許退保，減保或以其他方式提前終止保單，使本集團面臨潛在的流動

性風險。本集團通過匹配投資資產的期限與對應保險責任的期限來控制流動性風險及確

保本集團能夠履行付款責任，及時為本集團的借貸和投資業務提供資金。本集團的銀行

業務有潛在的流動性風險。本集團通過優化資產負債結構，保持穩定的存款基礎等方法

來控制銀行流動性風險。

下表按未折現的剩余合同義務列示了本集團金融負債的到期情況。

167



167財務報表附註



(2) 流動性風險（續）

（經審計）

2007年6月30日

已逾期 3個月以內 3-12個月 1年以上不定期投資連結合計

短期借款－－ 557 －－－ 557

同業及其他金融機構

存放款項－ 5,079 239 －－－ 5,318

存入保證金 54 3,862 1,936 52 －－ 5,904

拆入資金－ 1,871 －－－－ 1,871

衍生金融負債－ 229 95 241 －－ 565

賣出回購金融資產款－ 21,705 1,100 －－ 78 22,883

吸收存款－ 41,862 17,106 4,122 －－ 63,090

代理買賣證券款－－－－ 9,846 － 9,846

預收保費－ 664 2 －－－ 666

應付手續費及傭金－ 1,427 －－－－ 1,427

應付分保賬款－ 2,162 624 －－－ 2,786

應付職工薪酬－ 1,705 420 823 433 － 3,381

應付利息－ 137 179 39 －－ 355

應付賠付款－ 4,274 －－－－ 4,274

應付保單紅利－ 4,771 －－－－ 4,771

保戶儲金及投資款－ 132 － 368 － 4,445 4,945

長期借款－－－ 167 2,174 － 2,341

其他負債－ 1,723 604 70 426 350 3,173

合計 54 91,603 22,862 5,882 12,879 4,873 138,153







（經審計）

2006年12月31日

已逾期 3個月以內 3-12個月 1年以上不定期投資連結合計

短期借款－－ 527 －－－ 527

同業及其他金融機構

存放款項－ 3,234 231 －－－ 3,465

存入保證金－ 3,991 1,519 52 －－ 5,562

拆入資金－ 992 －－－－ 992

衍生金融負債－ 19 119 286 －－ 424

賣出回購金融資產款－ 11,770 1,172 494 － 1,137 14,573

吸收存款－ 53,850 9,637 4,036 －－ 67,523

代理買賣證券款－－－－ 3,750 － 3,750

預收保費－ 1,352 －－－－ 1,352

應付手續費及傭金－ 894 －－－－ 894

應付分保賬款－ 512 234 －－－ 746

應付職工薪酬－ 1,077 172 543 341 － 2,133

應付利息－ 131 118 38 －－ 287

應付賠付款－ 3,981 －－－－ 3,981

應付保單紅利－ 4,107 －－－－ 4,107

保戶儲金及投資款－ 58 － 242 － 3,749 4,049

長期借款－－－ 155 －－ 155

其他負債－ 549 181 118 915 208 1,971

合計－ 86,517 13,910 5,964 5,006 5,094 116,491



169



下表按剩余合同義務列示了本集團衍生金融負債名義金額的到期情況。

3個 3-12 1年

月以內個月以上不定期投資連結合計

2007年6月30日（經審計） 754 430 1,039 －－ 2,223

2006年12月31日（經審計） 327 865 1,015 －－ 2,207

下表列示了資產的預計收回及結付情況。

（經審計）

2007年6月30日

流動* 非流動投資連結合計

貨幣資金 73,719 7,558 2,512 83,789

結算備付金 1,591 －－ 1,591

貴金屬 1 －－ 1

拆出資金 1,101 －－ 1,101

交易性金融資產 52,513 － 20,923 73,436

衍生金融資產 9 7 － 16

買入返售金融資產 11,148 － 1,706 12,854

應收利息 4,515 － 201 4,716

應收保費 5,209 98 － 5,307

應收分保賬款 2,108 97 － 2,205

應收分保未到期責任準備金 1,893 1,155 － 3,048

應收分保未決賠款準備金 1,401 657 － 2,058

應收分保壽險責任準備金 7 －－ 7

應收分保長期健康險責任準備金 7 －－ 7







（經審計）

2007年6月30日


保戶質押貸款 1,799 －－ 1,799

發放貸款及墊款 35,326 23,101 － 58,427

存出保證金 1,139 －－ 1,139

定期存款 15,034 28,960 6,509 50,503

可供出售金融資產 21,327 111,116 － 132,443

持有至到期投資 3,046 127,147 － 130,193

長期股權投資－ 211 － 211

商譽－ 475 － 475

存出資本保證金－ 1,520 － 1,520

投資性房地產－ 3,789 － 3,789

固定資產－ 6,839 － 6,839

無形資產－ 922 － 922

遞延所得稅資產－ 592 － 592

其他資產 1,792 2,324 39 4,155

資產合計 234,685 316,568 31,890 583,143

* 預期於資產負債表日起12個月內收回或結付



171



（經審計）

2006年12月31日


貨幣資金 35,796 5,787 1,002 42,585

結算備付金 875 －－ 875

貴金屬 111 －－ 111

拆出資金 1,727 －－ 1,727

交易性金融資產 26,823 － 17,180 44,003

衍生金融資產 10 11 － 21

買入返售金融資產 6,951 － 300 7,251

應收利息 3,208 － 41 3,249

應收保費 3,000 73 － 3,073

應收分保賬款 746 49 － 795

應收分保未到期責任準備金 1,475 962 － 2,437

應收分保未決賠款準備金 1,220 504 － 1,724

保戶質押貸款 1,381 －－ 1,381

發放貸款及墊款 27,886 21,266 － 49,152

存出保證金 334 －－ 334

定期存款 26,609 32,498 6,309 65,416

可供出售金融資產 744 94,456 － 95,200

持有至到期投資 1,845 127,405 － 129,250

長期股權投資－ 415 － 415

商譽－ 409 － 409

存出資本保證金－ 1,520 － 1,520

投資性房地產－ 1,660 － 1,660

固定資產－ 4,552 － 4,552

無形資產－ 940 － 940

遞延所得稅資產－ 888 － 888

其他資產 2,579 1,641 100 4,320

資產合計 143,320 295,036 24,932 463,288

* 預期於資產負債表日起12個月內收回或結付





八、風險管理（續）4. 資產與負債失配風險

本集團資產與負債管理的目標是匹配資產與負債的期限與利率。在目前的法規與市場環境下，

本集團沒有期限足夠長的資產可供投資，以與保險及投資合同責任的期限相匹配。然而，如果

目前法規與市場環境允許，本集團將通過延長資產期限，以匹配新產生的保證收益率較低的負

債，並減小與現有的保證收益率較高的負債的差異。

5. 經營風險經營風險是指由於缺乏足夠的針對業務流程、人員和系統的內部控制，或內部控制失效、或由

於不可控制的外部事件而引起損失的風險。本集團在管理其業務時會面臨多種由於缺乏或忽略

適當的授權、書面支持和確保操作與信息安全的程序，或由於員工的錯誤與舞弊而產生的風險。

本集團努力嘗試通過制訂清晰的政策並要求記錄完整的業務程序來確保交易經過適當授權、書

面支持與記錄來管理其經營風險。



173

九、關聯方關係及交易1. 關聯方關係

(1) 存在控制關係的關聯方

存在控制關係的關聯方主要是本公司下屬的子公司，其基本資料及與本公司的關係詳見

附註五。

(2) 不存在控制關係的關聯方

關聯方名稱與本公司的關係

匯豐控股有限公司（以下簡稱“匯豐控股”）股東的母公司

匯豐保險控股有限公司（以下簡稱“匯豐保險”）股東

香港上海匯豐銀行有限公司（以下簡稱“匯豐銀行”）股東

於2005年8月底，匯豐控股通過其全資子公司匯豐保險及匯豐銀行將其於本公司的股權增

加至19.90%。自此，匯豐控股及其子公司成為對本集團具有重大影響的關聯方。於2007

年6月30日，匯豐控股通過其子公司持有本公司的股權比例為16.79%。

(3) 於2007年6月30日，持有本公司5%以上股份的主要股東

股東名稱持股數量（股）股份類別佔總股本比例(%)

匯豐保險控股有限公司 618,886,334 H股 8.43%

香港上海匯豐銀行有限公司 613,929,279 H股 8.36%

深圳市投資控股有限公司 543,181,445 限售A股 7.40%

深圳市新豪時投資發展有限公司 389,592,366 限售A股 5.30%

源信行投資有限公司 380,000,000 限售A股 5.17%





九、關聯方關係及交易（續）2. 關聯方交易

(1) 重大交易

本集團從匯豐銀行收到的銀行存款利息收入如下：



6月30日 6月30日


匯豐銀行 6 10

(2) 與關聯方往來款項余額


2007年 2006年

6月30日 12月31日

匯豐銀行 235 710

(3) 關鍵管理人員的報酬如下：



6月30日 6月30日


工資及其他短期僱員福利 53 42

關鍵管理人員包括本公司的董事、監事及公司章程中定義的高級管理人員。關鍵管理人

員的虛擬期權費用（附註六54）未計入上述分析中。於2007年6月30日，本公司累計授予

關鍵管理人員的虛擬期權為20百萬單位（2006年12月31日－經審計：20百萬單位），計入

本期間利潤表的關鍵管理人員虛擬期權費用為人民幣226百萬元（截至2006年6月30日止

6個月期間－未經審計：人民幣79百萬元）。



175

十、受託業務


2007年 2006年

6月30日 12月31日

信託受託淨資產 28,676 16,677

企業年金受託資產 1,198 634

委託貸款 1,931 2,120

合計 31,805 19,431

十一、或有事項1. 擔保

平安置業為若干由平安信託管理的信託項下的投資性房地產提供價值擔保。於2007年6月30日，

上述擔保金額為人民幣1.60億元（2006年12月31日－經審計：4.26億元）。

2. 訴訟鑒於保險及金融服務的業務性質，本集團在開展正常業務時，會涉及各種估計、或有事項及法

律訴訟，包括在訴訟中作為原告與被告及在仲裁中作為申請人與被申請人。上述糾紛所產生的

不利影響主要包括保單及其他的索賠。本集團已對可能發生的損失計提準備，包括當管理層參

考律師意見並能對上述訴訟結果做出合理估計後，對保單等索賠計提的準備。

對於無法合理預計結果及管理層認為敗訴可能性極小的未決訴訟或可能的違約，不計提相關準

備。對於上述未決訴訟，管理層認為最終裁定結果產生的義務將不會對本集團或其附屬公司的

財務狀況和經營成果造成重大負面影響。





十二、承諾事項1. 資本承諾

本集團有關投資及物業開發的資本承諾如下：


2007年 2006年

6月30日 12月31日

已簽約但未在賬目中計提 5,947 3,431

已獲授權但未簽約 1,036 1,182

合計 6,983 4,613

2. 租賃承諾本集團已簽定的不可撤銷經營租賃合同，在資產負債表日後以下會計期間需支付的最低租賃付

款額如下：


2007年 2006年

6月30日 12月31日

1年以內（含1年） 491 453

1年以上至2年以內（含2年） 337 306

2年以上至3年以內（含3年） 213 197

3年以上 216 211

合計 1,257 1,167

3. 信貸承諾


2007年 2006年

6月30日 12月31日

貸款承諾

其中：原到期日在1年以內 2,977 5,565

　　　原到期日在1年或以上 9,974 7,258

開出信用證 652 734

開出保函 7,404 6,536

開出銀行承兌匯票 9,680 9,017

其他 4 5

合計 30,691 29,115



177

十三、資產負債表日後事項1. 截至2007年7月20日，本集團通過平安信托完成了對山西太長高速公路有限責任公司30%的股

權、山西長普高速公路有限責任公司60%的股權及山西普焦高速公路有限責任公司60%的股權

收購，價款合計人民幣23億元。

2. 於2007年8月16日，本公司董事會建議分派2007年度中期股息每普通股人民幣0.20元，合計人

民幣14.69億元。

十四、母公司財務報表項目附註1. 貨幣資金


2007年 2006年

6月30日 12月31日

現金 1 －

銀行存款 44,342 3,139

其他貨幣資金 115 －

合計 44,458 3,139

2. 交易性金融資產


2007年 2006年

6月30日 12月31日

債券

國債 24 24

金融債 1,291 498

企業債 1,211 2,889

權益工具

基金 301 417

股票 2,491 1,630

合計 5,318 5,458

3. 定期存款


2007年 2006年

6月30日 12月31日

3個月以內（含3個月） 100 50

3個月至1年（含1年） 300 501

5年以上 48 225

合計 448 776





十四、母公司財務報表項目附註（續）4. 可供出售金融資產


2007年 2006年

6月30日 12月31日

債券

國債 2,002 1,159

金融債 782 786

企業債 212 103

權益工具

基金 656 22

股票 1,803 2,157

合計 5,455 4,227

本公司分類為可供出售金融資產的債券到期期限分析如下：


2007年 2006年

6月30日 12月31日

3個月以內（含3個月）－ 61

3個月至1年（含1年） 1,015 349

1年至2年（含2年） 510 1,154

2年至3年（含3年） 480 412

4年至5年（含5年） 962 42

5年以上 29 30

合計 2,996 2,048



179

十四、母公司財務報表項目附註（續）5. 長期股權投資


2007年 2006年

6月30日 12月31日

平安壽險 3,762 3,762

平安產險 2,973 2,973

平安信託 4,216 4,216

深圳平安銀行 4,916 4,916

平安海外控股 561 561

平安養老險 485 285

平安健康險 475 475

平安資產管理 180 180

合計 17,568 17,368

6. 遞延所得稅負債


2007年 2006年

6月30日 12月31日

金融資產公允價值的變動 341 172

虛擬期權費用 (171) (79)

合計 170 93

7. 拆入資金


2007年 2006年

6月30日 12月31日

銀行拆入 1,416 820

非銀行金融機構拆入 335 －

合計 1,751 820





十四、母公司財務報表項目附註（續）8. 應付職工薪酬

（經審計）


期初余額本期增加額本期減少額期末余額

工資、獎金、津貼、補貼 44 115 (115) 44

職工福利費 25 － (5) 20

社會保險費－ 4 (1) 3

工會經費及職工教育經費 9 37 (3) 43

以現金結算的股份支付 508 272 － 780

合計 586 428 (124) 890

9. 應交稅費


2007年 2006年

6月30日 12月31日

企業所得稅 120 51

營業稅 23 20

其他 36 4

合計 179 75

10. 資本公積


2007年 2006年

6月30日 12月31日

股本溢價 (1) 51,907 14,835

可供出售金融資產公允價值變動 207 585

其他資本公積 (2) 311 311

合計 52,425 15,731

(1) 股本溢價為首次公開發行A股及H股所產生。

(2) 本公司在出資投入平安壽險與平安產險前，對本公司原壽險業務和產險業務進行資產評

估。根據中華財務會計咨詢有限公司出具的資產評估報告書中華評報字 (2002)039號和

(2002)038號，評估的淨增值為人民幣311百萬元。



181

十四、母公司財務報表項目附註（續）11. 投資收益



6月30日 6月30日


利息收入 97 250

債券 84 26



定期存款 10 224

貸款及應收款 10 224

其他 3 －

貸款及應收款 3 －

股息收入 3,760 4,940

基金 297 －

可供出售金融資產 73 －

以公允價值計量且其變動計入當期損益 224 －

股權投資 3,463 4,940

長期股權投資 3,386 4,934


以公允價值計量且其變動計入當期損益 9 －

已實現收益 1,054 26

債券 23 3


基金 60 17


以公允價值計量且其變動計入當期損益 (36) －

股票 971 6

可供出售金融資產 29 －


賣出回購證券及拆入資金利息支出 (33) (3)

合計 4,878 5,213





十四、母公司財務報表項目附註（續）12. 公允價值變動收益



6月30日 6月30日


交易性金融工具

債券 (111) 16

基金 (21) －

股票 491 53

合計 359 69

13. 營業稅金及附加



6月30日 6月30日


營業稅 52 3

城市維護建設稅 1 －

教育費附加 1 －

合計 54 3

14. 業務及管理費本公司業務及管理費包括以下費用：



6月30日 6月30日


工資及福利費 115 88

社會統籌保險 4 4

固定資產折舊費 7 4




183

十四、母公司財務報表項目附註（續）15. 所得稅費用



6月30日 6月30日


當期所得稅 141 27

遞延所得稅 38 11

合計 179 38

本公司所得稅費用與會計利潤的關係如下：



6月30日 6月30日


稅前利潤 4,783 5,039

以適用稅率15%計算的所得稅 717 756

稅率變動的稅務影響 68 －

不可抵扣的費用對確定應稅所得的稅務影響 41 18

免稅收入對確定應稅所得的稅務影響 (647) (736)

合計 179 38





十四、母公司財務報表項目附註（續）16. 現金流量表補充資料



6月30日 6月30日


(1) 將淨利潤調節為經營活動現金流量

淨利潤 4,604 5,001

加：固定資產折舊 7 4


長期待攤費用攤銷 1 1

公允價值變動收益 (359) (69)

投資收益 (4,878) (5,213)

匯兌損失 25 5

遞延所得稅負債的增加 39 6

經營性應收項目的減少／（增加） 96 (64)

經營性應付項目的增加 227 167

經營活動產生的現金流量淨額 (235) (160)

(2) 現金及現金等價物淨增加情況



6月30日 6月30日


現金的期末余額 44,458 334

減：現金的期初余額 (3,139) (120)

加：現金等價物的期末余額 1,305 28

減：現金等價物的期初余額 (309) (2,517)

現金及現金等價物增加淨額 42,315 (2,275)



185

十四、母公司財務報表項目附註（續）16. 現金流量表補充資料（續）

(3) 現金及現金等價物


2007年 2006年

6月30日 12月31日

現金

庫存現金 1 －

可隨時用於支付的銀行存款 44,342 3,139

可隨時用於支付的其他貨幣資金 115 －

小計 44,458 3,139

現金等價物

三個月以內到期的債券投資 1,293 299

貨幣市場基金 12 10

小計 1,305 309

年／期末現金及現金等價物余額 45,763 3,448





十四、母公司財務報表項目附註（續）17. 關聯方交易

(1) 本公司于本期間與下屬子公司之間的關聯方交易如下：



6月30日止 6月30日止

6個月期間 6個月期間

銀行存款利息收入

深圳平安銀行 96 －

平安銀行 3 2

平安証券 1 －

合計 100 2

拆入資金利息支出

平安產險 5 －

平安壽險 4 －

合計 9 －

資產管理費

平安資產管理 2 1

物業管理費

平安物業 7 －

交易席位租用費

平安証券 1 －

股利收入

平安產險－ 570

平安壽險 3,386 4,364



187

十四、母公司財務報表項目附註（續）17. 關聯方交易（續）

(2) 本公司與下屬子公司的關聯方往來款項余額：


2007年 2006年

6月30日 12月31日

銀行存款

深圳平安銀行 38,362 －

平安銀行 802 801

合計 39,164 801

拆入資金

平安壽險 152 －

平安產險 183 －

合計 335 －

交易保證金

平安證券 115 2

其他應收款

平安養老－ 200

平安資產管理 300 －

深圳平安銀行 10 －

合計 310 200

其他應付款

平安壽險 13 3

平安產險－ 1

平安證券－ 1

平安海外控股 2 －

合計 15 5





十四、母公司財務報表項目附註（續）17. 關聯方交易（續）

(3) 本公司向下屬子公司提供的擔保如下：


2007年 2006年

6月30日 12月31日

平安證券 800 800

平安信托 300 300

平安海外控股 487 500

合計 1,587 1,600

十五、比較數字若干比較數字已重新編排，以符合本期間之呈報形式。

十六、財務報表之批準本財務報表業經本公司董事會於2007年8月16日批準。

189



189附錄、財務報表補充資料

1. 中國會計準則與國際財務報告準則編報差異調節表按中國會計準則編制的財務報表與按國際財務報告準則編制的財務報表的主要差異如下：



6月30日 6月30日

合併淨利潤止6個月期間止6個月期間

註釋人民幣百萬元人民幣百萬元

按中國會計準則編制的本財務報表 8,063 3,945

未到期責任準備金 (i) (86) (102)

壽險責任準備金 (ii) (2,106) (2,249)

遞延保單獲得成本 (iii) 4,136 2,611

遞延所得稅 (iv) (301) (136)

少數股東權益及其他 (16) 30

按國際財務報告準則編制的財務報表 9,690 4,099


2007年 2006年

合併股東權益 6月30日 12月31日

註釋人民幣百萬元人民幣百萬元

按中國會計準則編制的本財務報表 93,396 45,260

未到期責任準備金 (i) － 86

壽險責任準備金 (ii) (32,380) (30,023)

遞延保單獲得成本 (iii) 36,069 31,866

遞延所得稅 (iv) (966) (687)

少數股東權益及其他 (86) (127)

按國際財務報告準則編制的財務報表 96,033 46,375

上述金額為扣除少數股東權益後的金額。

注釋：

(i) 在中國會計準則報表中，壽險子公司提取的未到期責任準備金不應低於當期自留保費收入的50%。在國際財務報告準則報表中，本集團按精算方法(1/365法)確定未到期責任準備金。

(ii) 在中國會計準則報表中，壽險責任準備金是根據中國保監會的有關精算規定計算。在國際財務報告準則報表中，本集團按照《國際財務報告準則第4號－保險合同》的規定及參照美國會計準則的要求計算各項壽險責任準備金。

(iii) 在中國會計準則報表中，傭金、手續費等新業務的保單獲得成本於發生時計入損益。在國際財務報告準則報表中，本集團按照《國際財務報告準則第4號－保險合同》的規定及參照美國會計準則的要求，將傭金、手續費等保單獲得成本予以遞延，根據其所屬險種不同，分別在預計保單年限內以預期保費收入的固定比例攤銷，或在保單年限內以預計實現的毛利潤現值的固定比例攤銷。

(iv) 根據《國際會計準則第12號－所得稅會計》，上述各項中國會計準則報表與國際財務報告準則報表的差異均為暫時性差異。因此，本集團按上述差異及估計未來轉回時將適用的所得稅稅率確認遞延所得稅資產和負債。



190 附錄、財務報表補充資料

2. 新舊會計準則淨利潤差異調節表本公司屬於原同時按照中國會計準則及國際財務報告準則對外提供財務報表的A股及H股上市公司。

為保持本財務報表比較數字的一致性，根據《企業會計準則第38號－首次執行企業會計準則》和財政部

會計準則委員會2007年2月1日發布的《企業會計準則實施問題專家工作組意見》的要求，本集團根據

取得的相關信息，對因會計政策變更所涉及的相關交易和事項進行了追溯調整，並將會計政策在本財

務報表所涵蓋的各會計期間中一貫地採用。

根據中國證監會《公開發行證券的公司信息披露規範問答第7號－新舊會計準則過渡期間比較財務會計

信息的編制和披露》（證監會計字[2007]10號）的規定，本集團編制了新舊會計準則淨利潤差異調節表，

列示對截至2006年6月30日止6個月期間利潤表的追溯調整情況。

（未經審計）

項目（人民幣百萬元）金額

截至2006年6月30日止6個月期間淨利潤（原會計準則） 2,670

長期股權投資差額 20

金融資產 1,730

未決賠款准備金 (337)

土地使用權 (7)

遞延所得稅 (119)

其他及少數股東損益 (12)

截至2006年6月30日止6個月期間淨利潤（新會計準則） 3,945

上述淨利潤為扣除少數股東損益後的淨利潤。


中期

報告

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上海證券交易所股份代碼：601318 Shanghai Stock Exchange Stock Code: 601318

A股

代碼

：601318 S

SE

：601318

2007 中期報告 2007 Interim Report

Ping An Insurance (Group) Company of China, Ltd.Interim Report 2007

TABLE OFCONTENTS

Section I Important Notes and Definitions 2

Section II Basic Corporate Information 4

Section III Changes in Share Capital and Shareholdings ofSubstantial Shareholders 8

Section IV Directors, Supervisors and Senior Management 12

Section V Report of the Directors 15

Section VI Material Matters 44

Section VII Audited Financial Statements 54

Section VIII Documents Available for Inspection 55

Section IX Attachment 56

Cautionary Statements Regarding Forward-Looking Statements

To the extent any statements made in this report containing information that is not historicalare essentially forward-looking. These forward-looking statements include but not limited toprojections, targets, estimates and business plans that the Company expects or anticipates willor may occur in the future. These forward-looking statements are subject to known and unknownrisks and uncertainties that may be general or specific. Certain statements, such as those includethe words or phrases “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”,“plans”, “believes”, “will”, ”may”, “should”, and similar expressions or variations on suchexpressions may be considered forward-looking statements.

Readers should be cautioned that a variety of factors, many of which are beyond the Company’scontrol, affect the performance, operations and results of the Company, and could cause actualresults to differ materially from the expectations expressed in any of the Company’s forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations,market shares, competition, environmental risks, changes in legal, financial and regulatoryframeworks, international economic and financial market conditions and other risks and factorsbeyond our control. These and other factors should be considered carefully and readers shouldnot place undue reliance on the Company’s forward-looking statements. In addition, the Companyundertakes no obligation to publicly update or revise any forward-looking statement that iscontained in this report as a result of new information, future events or otherwise. None of theCompany, or any of its employees or affiliates is responsible for, or is making, any representationsconcerning the future performance of the Company.

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Section I Important Notes and Definitions 2

The Board of Directors, the Supervisory Committee and the directors, supervisors and senior management of

the Company undertake that there are no misrepresentation, misleading statement, or material omission

contained in the Report and accept joint and several responsibility for the authenticity, accuracy and

completeness of the contents of the Report.

The Interim Report 2007 and its summary have been considered and passed at the fourteenth meeting of the

seventh Board of Directors of the Company on August 16, 2007. The Board meeting should be attended by

19 directors. 15 directors attended in person and 4 directors attended by proxy. (Mr. HU Aimin and Mr.

CHEN Hongbo appointed Mr. MA Mingzhe, as their proxies to attend the meeting and vote, Mr. WONG Tung

Shun Peter appointed Mr. NG Sing Yip, as his proxy attend the meeting and vote, Mr. FAN Gang appointed

Ms. LIN Lijun as his proxy to attend the meeting and vote).

Ernst & Young Hua Ming has audited the interim financial statements of the Company and has issued a

standard unqualified auditor’s opinion.

The Board of Directors of


Mr. MA Mingzhe, Chairman and Chief Executive Officer, Mr. CHEUNG Chi Yan Louis, President and

Chief Financial Officer, and Mr. MAK, Wai Lam William, Deputy Chief Financial Officer, confirm the

authenticity and completeness of the financial statement in the Interim Report.

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DEFINITIONIn this report, unless the context otherwise indicated, the following expressions shall have the followingmeanings:

Company, the Company, Ping An Insurance (Group) Company of China, Ltd.Group, the Group

Ping An Life Ping An Life Insurance Company of China, Ltd., a subsidiary of the Company

Ping An Property Ping An Property & Casualty Insurance Company of China, Ltd., a subsidiary& Casualty of the Company

Ping An Health Ping An Health Insurance Company of China, Ltd., a subsidiary of the Company

Ping An Annuity Ping An Annuity Insurance Company of China, Ltd., a subsidiary of the Company

Ping An Trust China Ping An Trust & Investment Co., Ltd., a subsidiary of the Company

Ping An Securities Ping An Securities Company, Ltd., a subsidiary of Ping An Trust

Ping An Asset Ping An Asset Management Co., Ltd., a subsidiary of the CompanyManagement

Shenzhen Ping An Bank Shenzhen Ping An Bank Co., Ltd., a subsidiary of the Company

Shenzhen Commercial Bank, Shenzhen Commercial Bank Co., Ltd., renamed as Shenzhen Ping An BankSZCB after merger with Ping An Bank

Ping An Bank Ping An Bank Limited

Ping An Overseas China Ping An Insurance Overseas (Holdings) Limited, a subsidiary of theHoldings Company

Ping An Hong Kong China Ping An Insurance (Hong Kong) Company Limited, a subsidiary of PingAn Overseas Holdings

Ping An Asset Management Ping An of China Asset Management (Hong Kong) Company Limited, a(Hong Kong) subsidiary of Ping An Overseas Holdings

PRC Accounting Standards the Accounting Standards for Business Enterprises and the other relevantregulations issued by the Ministry of Finance of the People’s Republic of China

IFRS International Financial Reporting Standards issued by International AccountingStandards Board

CSRC China Securities Regulatory Commission

CIRC China Insurance Regulatory Commission

CBRC China Banking Regulatory Commission

Interim Report half yearly report of the Company

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Section II Basic Coporate Information 4

I. CORPORATE INFORMATION1. Registered Chinese name: 中國平安保險（集團）股份有限公司

Chinese abbreviation: 中國平安

Registered English name: Ping An Insurance (Group) Company of China, Ltd.

English abbreviation: Ping An of China

2. Legal representative: Ma Mingzhe

3. Secretary of the Board of Directors: Sun Jianyi

Securities Affairs Representative: Zhou Qiang

Telephone: 4008866338

Fax: 0755-82431029

E-mail: [email protected]; [email protected]

Contact address: Ping An Building, Ba Gua No. 3 Road, Shenzhen, PRC

4. Registered address: Ping An Building, Ba Gua No. 3 Road, Shenzhen, PRC

Office address: Ping An Building, Ba Gua No. 3 Road, Shenzhen, PRC

Postcode: 518029

Website: http://www.pingan.com.cn

E-mail address: [email protected]; [email protected]

5. Name of designated newspapers China Securities Journal

for information disclosure: Shanghai Securities News

Securities Times

Website appointed by CSRC for http://www.sse.com.cn

publishing Interim Report

of the Company:

Place available for inspection the office of the Board of Directors of the Company

of Interim Report:

6. Stock Exchange of listing (A Shares): Shanghai Stock Exchange

Stock abbreviation (A Shares): 中國平安 (Ping An of China)

Stock code (A Share): 601318

Stock Exchange of listing (H Shares): The Stock Exchange of Hong Kong Limited

Stock abbreviation (H Shares): 中國平安 (Ping An of China)

Stock code (H Share): 2318

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7. Other relevant informationFirst registration date: March 21, 1988Registration office: State Administration for Industry & Commerce of

the PRCBusiness license registration number: 1000001001231Taxation registration number: Guo Shui Shen Zi No. 440301100012316;

Shen Di Shui Zi No. 440300100012316Accountant (domestic): Ernst & Young Hua MingAddress of accountant (domestic): 16th Floor, Tower E3, Oriental Plaza, No. 1 East Chang

An Avenue, Dongcheng District, BeijingAccountant (international): Ernst & YoungAddress of accountant (international): 18th Floor, Two International Finance Centre, 8 Finance

Street, Central, Hong Kong

8. This report is prepared in both Chinese and English. In case of inconsistency, the Chinese versionshall prevail.

II. MAJOR FINANCIAL DATA AND INDICATORS(I) Major accounting data and financial indicators

As at As at Increase/June 30, 2007 December 31, 2006 (decrease) (%)

After Beforeadjustment(2) adjustment

Total assets (RMB million) 583,143 463,288 441,791 25.9Shareholders’ equity(1)

(RMB million) 93,396 45,260 36,668 106.4Net assets per share(1)

(RMB) 12.72 7.31 5.92 74.0

For the six months Increase/ended June 30 2007 2006 (decrease) (%)

Operating profit (RMB million) 8,487 4,427 91.7Profit before tax (RMB million) 8,872 4,426 100.5Net profit(1) (RMB million) 8,063 3,945 104.4Net profit after deducting non-recurring

items(1) (RMB million) 7,771 3,946 96.9Basic earnings per share (RMB) 1.16 0.64 81.3Diluted earnings per share (RMB) 1.16 0.64 81.3Fully diluted return on net assets(3) (%) 8.6 10.7 drop by 2.1

percentage pointsNet cash flows from operating activities

(RMB million) 20,002 25,008 (20.0)Net cash flows from operating activities

per share (RMB) 2.87 4.04 (29.0)

(1) Based on the amount attributable to shareholders of the parent company.

(2) Disclosed in accordance with the “Question and Answer No. 7 Regarding the Rules on Information Disclosure for

Companies that Publicly Offer Securities - Compilation and Disclosure of Comparative Financial and Accounting

Information During the Transition Period between the New and Old Accounting Standards” (Zheng Jian Kuai Ji Zi

[2007] No.10) promulgated by the CSRC.

(3) The decrease in fully diluted return on net assets is primarily due to the significant increase of the net assets of

the Company resulting from the IPO of A shares by the Company in the first half of 2007.

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6Section II Basic Corporate Information

(II) Non-recurring gains or losses and amounts

For the six months

ended

Non-recurring items (in RMB million) June 30, 2007

Gains on disposal of non-current assets 286

Other non-operating net gains excluding the above items 99

Income tax effect (58)

Attributable to minority shareholders (35)

Total 292

(III) Reconciliation of GAAP difference between PRC Accounting Standards and IFRS

Net profit attributable to Equity attributable to

shareholders of shareholders of

the parent company the parent company

For the For the

six months six months

ended ended As at As at

June 30, June 30, June 30, December 31,

(in RMB million) Notes 2007 2006 2007 2006

Financial statements

prepared in

accordance with PRC

Accounting Standards 8,063 3,945 93,396 45,260

Unearned premium

reserves (i) (86) (102) – 86

Policyholders’ reserves (ii) (2,106) (2,249) (32,380) (30,023)

Deferred policy

acquisition costs (iii) 4,136 2,611 36,069 31,866

Deferred tax (iv) (301) (136) (966) (687)

Minority interests

and others (16) 30 (86) (127)

Financial statements

prepared in

accordance with IFRS 9,690 4,099 96,033 46,375

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Notes:

(i) Under PRC Accounting Standards, unearned premium reserves of life insurance businesses should be no less than

50% of the net premium for the current period. Under IFRS, unearned premium reserves are provided using

actuarial valuation results (1/365 method).

(ii) Under PRC Accounting Standards, policyholders’ reserves are provided in accordance with related actuarial

regulations released by CIRC. Under IFRS, policyholders’ reserves are provided in accordance with IFRS 4 Insurance

Contracts and by reference to US GAAP.

(iii) Under PRC Accounting Standards, handling costs and commission expenses of acquiring new policies are recognized

in the income statement when incurred. Under IFRS, handling costs and commission expenses of acquiring new

policies are deferred and amortized by category in proportion to expected premiums over the life of the insurance

contracts or the present value of estimated gross profits expected to be realized over the life of the insurance

contracts, in accordance with IFRS 4 Insurance Contracts and by reference to US GAAP.

(iv) The above differences between PRC Accounting Standards and IFRS are temporary differences in accordance

with IAS 12 Income Taxes. The Group recognizes deferred tax assets on the basis of the above differences and

the tax rates expected to apply to taxable income in the years in which those temporary differences are expected

to be recovered or settled.

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Section III Changes in Share Capital and Shareholdings ofSubstantial Shareholders

8

I. CHANGE OF SHARE CAPITAL

(I) Table of change of share capital

Unit: Share

Before Change Increase and Decrease of the Change After Change

Shares

Issue of Converted

New Bonus From

Number Percentage Shares Shares Reserves Others Sub-total Number Percentage

(%) (%)

1. Shares subject to Selling Restrictions

1. Shares held by the State 588,859,239 9.51 - - - - - 588,859,239 8.02

2. Shares held by state-owned

legal entity 367,542,525 5.93 - - - - - 367,542,525 5.00

3. Shares held by other domestic

investments 2,680,007,872 43.26 345,000,000 - - - 345,000,000 3,025,007,872 41.19

Of which:

Shares held by domestic legal

entities 2,680,007,872 43.26 345,000,000 - - - 345,000,000 3,025,007,872 41.19

Shares held by domestic natural

persons - - - - - - - - -

4. Shares held by foreign investments - - - - - - - - -

Of which:

Shares held by overseas legal

entities - - - - - - - - -

Shares held by overseas natural

persons - - - - - - - - -

Total 3,636,409,636 58.70 345,000,000 - - - 345,000,000 3,981,409,636 54.21

II. Shares without Selling Restrictions

1. Renminbi ordinary shares - - 805,000,000 - - - 805,000,000 805,000,000 10.96

2. Domestic listed foreign invested shares - - - - - - - - -

3. Overseas listed foreign invested shares 2,558,643,698 41.30 - - - - - 2,558,643,698 34.83

4. Others - - - - - - - -

Total 2,558,643,698 41.30 805,000,000 - - - 805,000,000 3,363,643,698 45.79

III. Total number of shares 6,195,053,334 100.00 1,150,000,000 - - - 1,150,000,000 7,345,053,334 100.00

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(II) The Status of the issuance and listing of shares1. The public offering of the shares of the Company

Pursuant to the approval issued by China Securities Regulatory Commission (documentnumber Zheng Jian Zi [2007] No.29), the Company completed the public offering of1,115,000,000 ordinary shares denominated in RMB (A shares) at an offering price ofRMB33.8 per share in Shanghai Stock Exchange, in which 345,000,000 shares placed tostrategic investors would be subject to a moratorium period of 12 months commencingfrom the date of the listing of A shares of the Company, and 230,000,000 shares placedto institutional investors would be subject to a moratorium period of 3 months commencingfrom the date of the listing of A shares of the Company. Upon the completion of thisoffering of A shares, the total share capital of the Company amounts to 7,345,053,334shares. With the approval issued by Shanghai Stock Exchange (document number ShangZheng Shang Zi [2007] No.39) , the Company’s A shares were listed in Shanghai StockExchange in the PRC on March 1, 2007.

During the reporting period, 230,000,000 shares of the Company placed to institutionalinvestors during the initial public offering of A shares were allowed for trading upon theexpiry of the 3-month moratorium period commencing from March 1, 2007 and such Ashares were tradable commencing from June 1,2007.

Upon the IPO and the listing of H shares of the Company on June 24, 2004, HSBCInsurance Holdings Limited and Dai-ichi Mutual Life Insurance Co. undertook that theywould not dispose H shares converted from their holdings of 493,333,334 and 49,333,334foreign-invested unlisted shares respectively within three years of the listing of H sharesof the Company. During the reporting period, the undertakings of lock-up period inrelation to this portion of H shares was expired on June 24, 2007.

2. The expected timetable for the availability of trading of restricted shares in stockmarket

The expecteddate for the

The number of commencementrestricted shares of trading

No. Name of Shareholders/Class of shares held (share) in stock market

1 Shenzhen New Horse Investment Development Co., Ltd 389,592,366 March 1, 20102 Shenzhen Jingao Industrial Development Co., Ltd. 331,117,778 March 1, 20103 Shenzhen Jiangnan Industrial Development Co., Ltd 139,112,886 March 1, 20104 The shares held by 50 domestic shareholders

other than Shenzhen New Horse InvestmentDevelopment Co., Ltd, Shenzhen Jingao IndustrialDevelopment Co., Ltd. and Shenzhen JiangnanIndustrial Development Co., Ltd prior to the IPO ofA shares of the Company 2,776,586,606 March 1, 2008

5 The shares placed to strategic investors upon the IPO ofA shares of the Company 345,000,000 March 1, 2008

3. Changes in the aggregated number and the structure of the shares of the CompanyDuring the reporting period, there was no change in the aggregated number and thestructure of the shares of the Company due to issue of bonus shares or placement.

4. The status of the existing employee sharesAs at the end of the reporting period, there was no employee share in the Company.

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10

Section III Changes in Share Capital and Shareholdings ofSubstantial Shareholders

II. THE STATUS OF SHAREHOLDERS

(I) The number of shareholders and their shareholdingsUnit: share

The number of shareholders at the end of 74,531 (including 68,254 domestic shareholders)the reporting period

The shareholdings of the 10 largest shareholdersThe Increase or The number

aggregated decrease The number of pledgedNature of number of during of restricted or blocked

Name of shareholders shareholders Shareholdings shares held the year shares held shares(%)

HSBC Insurance Holdings Limited Overseas legal entity 8.43 618,886,334The Hongkong and Shanghai Overseas legal entity 8.36 613,929,279

Banking Corporation LimitedShenzhen Investment Holdings State 7.40 543,181,445 – 543,181,445

Co., Ltd.Shenzhen New Horse Investment Domestic non-state- 5.30 389,592,366 – 389,592,366

Development Co., Ltd owned legal entityYuan Trust Investment Company Ltd. Domestic non-state- 5.17 380,000,000 – 380,000,000

owned legal entityShenzhen Jingao Industrial Domestic non-state- 4.51 331,117,788 – 331,117,788

Development Co., Ltd. owned legal entityShenzhen Shum Yip State-owned 4.11 301,585,684 – 301,585,684 167,910,000

Investment Development legal entity shares pledgedCompany Ltd.

Guangzhou Hengde Trade Domestic non-state- 2.72 200,000,000 – 200,000,000 –Development Co., Ltd. owned legal entity

Shenzhen Wuxin Yufu Industrial Domestic non-state- 2.66 195,455,920 – 195,455,920 65,151,976Co., Ltd. owned legal entity shares pledged

Shenzhen Liye Group Company Limited Domestic non-state- 2.40 176,000,000 – 176,000,000 167,000,000owned legal entity shares pledged

The shareholdings of the 10 largest holders of non-restricted sharesThe number of

Name of shareholders non-restricted shares Class of shares

HSBC Insurance Holdings Limited 618,886,334 H shareThe Hongkong and Shanghai Banking Corporation Limited 613,929,279 H shareICBC – Lion Stock Investment Fund 18,816,555 A shareICBC – Bosera Third Industry Growth Stock Investment Fund 14,003,401 A shareChina Life Insurance Company Limited – Traditional – Ordinary Insurance Product

– 005L – CT001 Shanghai 13,077,800 A shareICBC – Bosera Selected Stock Investment Fund 11,642,545 A shareICBC – China Universal Growth Focus Stock Investment Fund 11,199,909 A shareChina Life Insurance Company Limited – Participating – Individual Participating

– 005L – FH002 Shanghai 8,936,500 A shareChina Life Insurance Company Limited – Participating – Group Participating

– 005L – FH001 Shanghai 8,936,500 A shareChina Life Insurance (Group) Co. – Traditional – Ordinary Insurance Product 8,936,500 A share

Description of the connected relations or the relations of acing in concert among the above shareholders:

Shenzhen New Horse Investment Development Co., Ltd and Shenzhen Jingao Industrial Development Co., Ltd. are connected due tothe overlapping among their effective capital contributors.

Save for disclosed above, the Company is not aware of any connected relations among other shareholders.

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(II) Description of the controlling shareholder and effective controller

The Company’s shareholding structure is fragmented and there is neither controlling shareholder

nor effective controller. The first and second largest shareholders of the Company were two

wholly-owned subsidiaries of HSBC Holdings plc., namely: HSBC Insurance Holdings Limited and

The Hongkong and Shanghai Banking Corporation Limited . As at June 30, 2007, those two

companies held an aggregate of 1,232,815,613 H shares of the Company.

(III) Other legal person shareholders with over 10% shareholdings

As at the end of the reporting period, the Company did not have any other legal person

shareholders with over 10% shareholdings.

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Section IV Directors, Supervisors and Senior Management 12

I. MOVEMENTS IN NUMBERS OF THE SHARES, STOCK OPTIONS AND RESTRICTEDSHARES GRANTED OF OUR COMPANY HELD BY DIRECTORS, SUPERVISORS ANDSENIOR MANAGEMENT DURING THE REPORTING PERIOD

(I) Direct shareholdings

Except for Mr. CHEUNG Chi Yan Louis , a director and Mr. KU Min-shen, senior vice president

(during the reporting period, there is no changes in the shareholding of Mr. Cheung and Mr. Ku

as detailed below), none of other directors and supervisors and senior management has any

direct shareholding.

No. of shares No. of shares

held at the held at Increase or

beginning of the end of decrease Reason for

Name Position the period the period of shares Change

CHEUNG Chi Yan Louis Executive director 248,000 248,000 – –

President and H Shares H Shares

Chief Financial

Officer

KU Min-shen Senior vice 177,500 177,500 – –

president H Shares H Shares

(II) Indirect Shareholdings

1. Mr. Lin Li, a supervisor, indirectly held 176,000,000 restricted A Shares of our company,

through Shenzhen Liye Group Co., Ltd (formerly known as Shenzhen Liye Investment

Development Co., Ltd), a company under his control and no movement thereof has been

recorded during the reporting period.

2. Certain directors, supervisors and senior management of the Company, indirectly held

shares of the Company through employees’ investment pool and Jiangnan Industrial. During

the reporting period, there was no change in their shareholdings of the Company.

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The participants of employee’s investment pool collectively and beneficially own 9.81% of

the existing aggregated share capital of the Company and Jiangnan Industrial holds

139,112,886 shares of the Company. The status of the indirect shareholdings of the

directors, supervisors (other than Lin Li) and senior management is set out as follows:

(1) The equity interest held in employee’s investment pool

Equity

interest held Equity Increase

in employee’s interest held or decrease

investment in employee’s of equity

pool at investment pool interest held

the beginning at the end in employee’ Reason

Name Position of the period of the period investment pool for Change

MA Mingzhe Chairman and 4,743,600 4,743,600 – –

Chief Executive Officer

CHEUNG Chi Yan Louis Executive director, President 500,000 500,000 – –

and Chief Financial Officer

SUN Jianyi Executive Director, 4,168,300 4,168,300 – –

Secretary of the Board of

Directors and Executive

Vice President

FAN Gang Director 502,080 502,080 – –

LIN Lijun Director 992,800 992,800 – –

HE Shi Resigned Supervisor 836,160 836,160 – –

HU Jie Supervisor 2,358,240 2,358,240 – –

WANG Wenjun Supervisor 64,602 64,602 – –

LEUNG Ka Kui Dominic Executive Vice President 300,000 300,000 – –

Richard JACKSON Chief Finance Business Officer – – – –

KU Min-shen Senior Vice President 300,000 300,000 – –

John PEARCE Senior Vice President – – –

CAO Shifan Senior Vice President 1,307,680 1,307,680 – –

GOH Yethun Senior Vice President 300,000 300,000 – –

WANG Liping Senior Vice President 1,721,520 1,721,520 – –

CHEN Kexiang Senior Vice President 1,373,040 1,373,040 – –

LO Sai Lai Senior Vice President 300,000 300,000 – –

Total 19,768,022 19,768,022

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14Section IV Directors, Supervisors and Senior Management

(2) Pro rata shareholdings in Jiangnan Industrial (%)

Proportion of Proportion ofshares as at shares as at Increase

the beginning the end of or decrease ReasonName Position of the period the period of shares for Change

(%) (%)

MA Mingzhe Chairman and 5.86 5.86 – –Chief Executive Officer

CHEUNG Chi Yan Louis Executive director, President 2.93 2.93 – –and Chief Financial Officer

SUN Jianyi Executive Director, 3.83 3.83 – –Secretary of the Board ofDirectors and ExecutiveVice President

FAN Gang Director 0.44 0.44 – –LIN Lijun Director 0.12 0.12 – –HE Shi Resigned Supervisor 0.35 0.35 – –DU Jiangyuan New Supervisor 0.29 0.29 – –LEUNG Ka Kui Dominic Executive Vice President – – – –Richard JACKSON Chief Finance Business Officer 0.59 0.59 – –KU Min-shen Senior Vice President 1.76 1.76 – –John PEARCE Senior Vice President – – – –CAO Shifan Senior Vice President 0.59 0.59 – –GOH Yethun Senior Vice President 3.57 3.57 – –WANG Liping Senior Vice President 1.17 1.17 – –CHEN Kexiang Senior Vice President 3.81 3.81 – –LO Sai Lai Senior Vice President 0.70 0.70 – –

Total 26.01 26.01

(III) Changes in stock options and the number of the restricted shares grantedDuring the reporting period, the directors, supervisors, senior management of the Company donot hold any stock options and have not been granted to any restricted shares.

II. NEWLY APPOINTED AND DISMISSED DIRECTORS, SUPERVISORS AND SENIORMANAGEMENT DURING THE REPORTING PERIOD1. In order to meet the requirements that at least one third of the board of directors of a A share

listed company should be independent directors, during the 2006 annual general meeting heldon June 7, 2007, Mr. Xia Liping was appointed as an independent non-executive director of theCompany.

2. Mr. HE Shi, supervisor representing the employees resigned as a supervisor due to a change inhis duties. On July 10, 2007, the Company held the employees representative meeting and DuJiangyuan was elected as supervisor representing the employees.

3. REN Huichuan, the former senior vice president of the Company was relocated to Ping AnProperty & Casualty in April, 2007 and is no longer the senior vice president; Mr. CAO Shifan,the former chairman and CEO of Ping An Property & Casualty was relocated to the Company inApril, 2007 as senior vice president of the Company and do not hold any positions of Ping AnProperty & Casualty.

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Section V Report of the Directors15

I. ANALYSIS OF THE OPERATIONS DURING THE REPORTING PERIOD

In the first half of 2007, China’s economy remained robust and achieved rapid and steady growth. The

overall performance of the financial sector went well while reform of the financial sector further

deepened. During the first half of the year, the Company’ net profit increased 107.8% to RMB8,326

million as compared to that in the same period last year. Total assets were RMB583,143 million, with

shareholders’ equity RMB94,911 million. Premium income was RMB53,885 million while premium income

from direct insurance contract was RMB53,838 million, both of which increased 17.1% compared to

that in the same period last year. All of our business segments maintained rapid and steady growth.

(I) Consolidated performance

1. Group’s consolidated performance

The following is a summary of the consolidated results of the Group:

For the six months ended June 30, (in RMB million) 2007 2006

Total operating income 84,051 54,627

Total operating expenses (75,564) (50,200)

Operating profit 8,487 4,427

Net profit 8,326 4,006

The following table sets forth the breakdown of our net profit by business segment:


Life insurance 4,813 3,528

Property and casualty insurance 322 163

Banking business 1,086 1

Securities business 676 174

Other businesses 1,429 140


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16Section V Report of the Directors

Consolidated net profit increased 107.8% to RMB8,326 million in the six months ended

June 30, 2007 from RMB4,006 million in the same period in 2006. This increase was

primarily due to the better performance in all our business segments, and the strong

investment returns.

Our life insurance business, property and casualty insurance business, banking business

and securities business accounted for approximately 57.8%, 3.9%, 13.0% and 8.1%,

respectively, of our consolidated net profit.

2. Consolidated investment income

For the six months ended June 30,

(in RMB million, except percentages) 2007 2006

Investment income(1) 25,016 7,787

Gains from changes in fair values(1) 607 1,867

Total investment income 25,623 9,654

Total investment yield(1) 9.9% 5.8%

(1) Investment accounts of investment-linked insurance were not taken into account in investment income,

gains from changes in fair values and total investment yield.

Our total investment income increased significantly to RMB25,623 million in the six months

ended June 30, 2007 from RMB9,654 million in the same period in 2006. Total investment

yield increased to 9.9% in the six months ended June 30, 2007 from 5.8% in the same

period in 2006. These increases were primarily due to the strong performance in the PRC

stock market in the first half of 2007. In order to lock in the profits, we realized part of

the floating gains in 2007. Investment income significantly increased to RMB25,016 million

in the six months ended June 30, 2007 from RMB7,787 million in the same period in

2006, and gains from changes in fair values decreased to RMB607 million in the six

months ended June 30, 2007 from RMB1,867 million in the same period in 2006.

We continued to improve the asset allocation of our portfolio to capture the opportunities

arising from the development of the capital market. As a result, our term deposits as a

percentage of our total investment assets decreased to 13.3% as at June 30, 2007 from

19.1% as at December 31, 2006, and our equity investments as a percentage of our total

investment assets increased to 18.9% as at June 30, 2007 from 14.5% as at December

31, 2006.

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The following table presents our investment portfolio allocations among the major

categories of our investments:

As at June 30, As at December 31,2007 2006

Carrying % of Carrying % of(in RMB million) Value Total Value Total

Fixed maturity investmentsTerm deposits(3) 43,994 13.3% 59,107 19.1%Bond investments(1)(3) 222,992 67.2% 204,282 65.9%Other fixed maturity

investments(3) 2,149 0.6% 1,600 0.5%Equity investments(2)(3) 62,698 18.9% 44,791 14.5%

Total investments(4) 331,833 100.0% 309,780 100.0%

(1) Bond investments include the carrying value of derivatives embedded with the host contracts.

(2) Equity investments include funds, stocks and long-term equity investments.

(3) The corresponding figures exclude items that are classified as cash and cash equivalents.

(4) Investment accounts of Investment-Linked insurance are not included.

3. Foreign currency gains/(losses)In the first half of 2007, Renminbi appreciated against other major currencies, especiallythe US dollar. As a result, we experienced a net exchange loss of RMB335 million in thesix months ended June 30, 2007 as compared to RMB130 million in the same period in2006.

(II) Performances of segments1. Life insurance business

The following is a summary of the operation data of our life insurance business:

As at As atJune 30, December 31,

2007 2006

Market share of premiums(1) 16.3% 17.0%

Number of customers:Individual (in thousands) 32,853 31,761Corporate (in thousands) 321 307

Total (in thousands) 33,174 32,068

Persistency ratio:13-month 89.0% 89.0%25-month 80.7% 80.3%

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(1) Based on our financial data and the PRC insurance industry data calculated in accordance with the PRC

Accounting Standards and published by the National Bureau of Statistics of China.

Market share as at June 30, 2007 was computed based on premium income accumulated over a period

of six months.

Market share as at December 31, 2006 was computed based on premium income accumulated over a

period of one year.

For the six months ended June 30, 2007, our life insurance business accounted forapproximately 16.3% of the total premium income received by PRC life insurancecompanies, based on our financial data and the PRC insurance industry data calculated inaccordance with the PRC Accounting Standards. We are the second largest life insurancecompany in the PRC in terms of premium income.

Through continued refinement of our sales agents training system, we enhanced theproductivity and professionalism of our sales agents. At the same time, our sales agentsfor life insurance also increased, from approximately 205,000 at the beginning of the yearto approximately 244,000, representing an increase of 19.0%.We have also continuedour efforts in enhancing customer service. As a result, the 13-month and 25-monthpersistency ratios for our individual life insurance customers maintained at a satisfactorylevel of above 85% and 80%, respectively, as at June 30, 2007.

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Results of operations

The following is a summary of the results of our life insurance business:


Premium income 42,248 37,129

Earned premiums 41,581 36,508

Investment income 25,618 8,060

Gains from changes in fair values 2,530 3,836

Foreign exchange losses (316) (114)

Other operating income 578 179


Surrenders (5,919) (3,910)

Claims paid (6,825) (4,044)

Less: Reinsurers’ share of claims paid 258 279

Change in insurance contract reserves, net (43,854) (29,721)

Policyholders’ dividends (897) (1,714)

Business tax and surcharges (841) (263)

Handling charges and commission expenses (4,601) (3,272)

General and administrative expenses (2,900) (2,217)

Less: Reinsurers’ share of expenses 111 167

Other operating expenses (87) (72)



Non-operating income/(expenses), net 3 (3)

Profit before tax 4,439 3,699

Income taxes 374 (171)


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Premium income


Individual life

New business

First year regular premiums 8,361 5,269

First year single premiums 13 18

Short term accident and health premiums 935 1,553

Total new business 9,309 6,840

Renewal business 24,924 22,743

Total individual life 34,233 29,583

Bancassurance

New business

First year regular premiums 45 12

First year single premiums 3,712 3,450

Short term accident and health premiums 1 1


Renewal business 126 128

Total bancassurance 3,884 3,591

Group insurance

New business

First year regular premiums 2,278 2,452

Short term accident and health premiums 1,641 1,261


Renewal business 212 242

Total group insurance 4,131 3,955

Total life insurance 42,248 37,129

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Individual Life Business. Premium income from our individual life business increased 15.7%

to RMB34,233 million in the six months ended June 30, 2007 from RMB29,583 million in

the same period in 2006. This increase was primarily due to the 36.1% increase in first

year premiums to RMB9,309 million in the six months ended June 30, 2007 from RMB6,840

million in the same period in 2006. In addition, renewal premiums for our individual life

business increased 9.6% to RMB24,924 million in the six months ended June 30, 2007

from RMB22,743 million in the same period in 2006. These increases were primarily due

to the continued improvement in the quantity and productivity of our agency force.

Bancassurance Business. Premium income from our bancassurance business increased 8.2%

to RMB3,884 million in the six months ended June 30, 2007 from RMB3,591 million in

the same period in 2006. This increase was primarily due to the growth in sales of our

universal life products through our bancassurance channel.

Group Insurance Business. Premium income from our group insurance business increased

4.5% to RMB4,131 million in the six months ended June 30, 2007 from RMB3,955 million

in the same period in 2006. This increase was primarily due to our continued efforts to

manage the growth of this business line to improve profit margin. We continued to focus

on selling employee welfare benefit plans. As a result, premium income from our short-

term accident and health insurance business increased 30.1% to RMB1,641 million in the

six months ended June 30, 2007 from RMB1,261 million in the same period in 2006.

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Total investment income

Total investment income for our life insurance business increased significantly to RMB21,553

million in the six months ended June 30, 2007 from RMB8,748 million in the same period

in 2006. Total investment yield for our life insurance business increased to 10.5% in the

six months ended June 30, 2007 from 5.9% in the same period in 2006.



Investment income(1) 21,511 7,045

Gains from changes in fair values(1) 42 1,703

Total investment income 21,553 8,748

Total investment yield(1) 10.5% 5.9%

(1) Investment accounts of investment-linked insurance were not taken into account in investment income,

gains from changes in fair values and total investment yield.

Change in insurance contract reserves, net

The net change in insurance contract reserves was RMB43,854 million in the six months

ended June 30, 2007, as compared to RMB29,721 million in the same period in 2006.

The bigger net change in insurance contract reserves was primarily due to the growth in

premium income.

Surrenders

Payments for surrenders increased 51.4% to RMB5,919 million in the six months ended

June 30, 2007 from RMB3,910 million in the same period in 2006. This increase was

primarily due to the increase in payments for surrenders of certain single premium

participating products sold through our group and bancassurance channels.

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Claims paid

The following table summarizes the main components of the claims paid.


Claims 1,045 1,123

Annuities 1,427 1,293

Maturities and survival benefits 3,582 1,094

Payment for death and medical treatment 771 534

Total 6,825 4,044

Claims paid increased 68.8% to RMB6,825 million in the six months ended June 30, 2007

from RMB4,044 million in the same period in 2006. This increase was primarily due to the

increase in survival benefits paid as a result of the product features of certain individual

life insurance products, leading to the significant increase of payments for maturities and

survival benefits to RMB3,582 million in the six months ended June 30, 2007 from

RMB1,094 million in the same period in 2006.

Policyholders’ dividends

Payments for policyholders’ dividends decreased 47.7% to RMB897 million in the six

months ended June 30, 2007 from RMB1,714 million in the same period in 2006. Within

the policyholders' participating funds, a proportion of the realized or unrealized investment

gains are held as the special dividend reserves which will be distributed to the policyholders

in future years. The special dividend reserves were recorded under policyholders' dividend

payable as at June 30, 2006, while in 2007 we reclassified them under policyholders'

reserves and the change in special dividend reserves would go through the increase in

policyholders' reserves. This was the primary reason for the decrease of policyholders'

dividends in the six months ended June 30, 2007 compared to the same period in 2006.

In fact, the total policyholder’s dividends, including special dividend reserves, increased

significantly in the six months ended June 30, 2007 as compared to the same period in

2006 due to the strong investment returns in the first half of 2007.

Handling charges and commission expenses

For the six months ended June 30 2007 2006

Handling charges and commission expenses

as a percentage of premium income 10.9% 8.8%

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Handling charges and commission expenses, which were mainly paid to our sales agents,

increased 40.6% to RMB4,601 million in the six months ended June 30, 2007 from

RMB3,272 million in the same period in 2006. Handling charges and commission expenses

as a percentage of premium income increased from 8.8% in the six months ended June

30, 2006 to 10.9% in the same period in 2007. These increases were primarily due to the

increase in first year premiums income from individual life products which have relatively

higher level of commission.

General and administrative expenses



as a percentage of premium income 6.9% 6.0%

General and administrative expenses increased 30.8% to RMB2,900 million in the six

months ended June 30, 2007 from RMB2,217 million in the same period in 2006. General

and administrative expenses as a percentage of premium income increased to 6.9% in the

six months ended June 30, 2007 from 6.0% in the same period in 2006. These increases

were primarily due to the increase of first year premiums.

Income taxes


Effective tax rate –8.4% 4.6%

Income taxes for our life insurance business in the six months ended June 30, 2006 was

RMB171 million, while the income taxes in the same period in 2007 was RMB-374 million.

The effective tax rate decreased from 4.6% in the six months ended June 30, 2006 to

-8.4% in the same period in 2007. These decreases were primarily due to the increase in

dividend income from equity investment funds subject to tax exemptions and decrease in

deferred income tax liabilities in relation to the income tax reported in the income

statement.

Net Profit

As a result of the foregoing, the net profit for our life insurance business increased

36.4% to RMB4,813 million in the six months ended June 30, 2007 from RMB3,528

million in the same period in 2006.

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2. Property and casualty insurance business

The following is a summary of the operating data of our property and casualty insurance

business:

As at As at

June 30, December, 31

2007 2006

Market share of premiums(1) 10.2% 10.7%

Number of customers:

Individual (in thousand) 6,895 6,222

Corporate (in thousand) 1,628 1,724

Total (in thousand) 8,523 7,946

For the

six months For the year

ended ended

June 30, December 31,

2007 2006

Combined ratio

Expense ratio 39.8% 34.5%

Loss ratio 63.2% 64.5%

Combined ratio 103.0% 99.0%

(1) Based on our financial data and the PRC insurance industry data calculated in accordance with PRC

Accounting Standards and published by the National Bureau of Statistics of China.

Market share as at June 30, 2007 was computed based on premium income accumulated over a period

of six months.

Market share as at December 31, 2006 was computed based on premium income accumulated over a

period of one year.

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For the six months ended June 30, 2007, our property and casualty insurance accountedfor approximately 10.2% of the premium income received by PRC property and casualtyinsurance companies, based on our financial data and PRC insurance industry data calculatedin accordance with PRC Accounting Standards and published by the National Bureau ofStatistics of China. Ping An Property & Casualty is the third largest property insurancecompany in the PRC in terms of premium income.

The increase in the combined ratio for our property and casualty insurance business wasprimarily due to the increase of acquisition cost of insurance products resulting fromincreased competition in the property and casualty insurance industry.

Results of operationThe following is a summary of the results of our property and casualty insurance business:


(in RMB million) 2007 2006

Premium income 11,637 8,871

Earned premiums 7,599 4,972Investment income 918 282Gains from changes in fair values 10 24Foreign exchange losses (11) (8)Other operating income 38 25


Claims paid (4,966) (3,770)Less: Reinsurers’ share of claims paid 909 853Change in insurance contract reserves, net (747) (291)Expenses for reinsurance accepted (7) (1)Business tax and surcharges (661) (486)Handling charges (1,117) (674)General and administrative expenses (1,805) (1,308)Less: Reinsurers’ share of expenses 564 755Other operating expenses (78) (32)


Operating profit 646 341Non-operating income/(expenses), net (4) (2)

Profit before tax 642 339Income taxes (320) (176)

Net profit 322 163

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Premium income


Automobile insurance 7,799 5,797

Non-automobile insurance 3,256 2,633

Accident and health insurance 582 441

Total premium income 11,637 8,871

Premium income increased 31.2% to RMB11,637 million in the six months ended June

30, 2007 from RMB8,871 million in the same period in 2006. This increase in premium

income was primarily due to the significant growth in all three principal lines of our

property and casualty insurance business.

Automobile Insurance Business. Premium income attributable to our automobile insurance

business increased 34.5% to RMB7,799 million in the six months ended June 30, 2007

from RMB5,797 million in the same period in 2006. This increase was primarily due to the

continued increase in demand for automobiles in the PRC and implementation of

compulsory third party liability insurance.

Non-automobile Insurance Business. Premium income attributable to our non-automobile

insurance business increased 23.7% to RMB3,256 million in the six months ended June

30, 2007 from RMB2,633 million in the same period in 2006. This increase was primarily

due to the increase of sales in commercial property insurance, construction insurance,

special risk insurance and cargo insurance. Premium income attributable to the commercial

property insurance increased 23.0% to RMB1,570 million in the six months ended June

30, 2007 from RMB1,276 million in the same period in 2006.

Accident and Health Insurance Business. Premium income attributable to our accident and

health insurance business increased 32.0% to RMB582 million in the six months ended

June 30, 2007 from RMB441 million in the same period in 2006. This increase was primarily

due to our continued focus on growing this line of business in the first half of 2007.


For the six months ended June 30


Investment income 918 282

Gains from changes in fair values 10 24

Total investment income 928 306

Total investment yield 9.6% 5.2%

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Total investment income for our property and casualty insurance business increased

significantly to RMB928 million in the six months ended June 30, 2007 from RMB306

million in the same period in 2006. Total investment yield for our property and casualty

insurance business increased to 9.6% in the first half of 2007 from 5.2% in the same

period in 2006.

Claim expenses

For the six months ended June 30 (in RMB million) 2007 2006

Automobile insurance 3,935 2,527

Non-automobile insurance 594 528

Accident and health insurance 275 153

Total claim expenses(1) 4,804 3,208

(1) Claim expenses of our property and casualty insurance business include claims paid, reinsurers’ share of

claims paid, change in insurance contract reserves and reinsurers’ share of insurance contract reserves

included in our financial statement.

Total claim expenses increased 49.8% to RMB4,804 million in the six months ended June

30, 2007 from RMB3,208 million in the same period in 2006.

Claims attributable to our automobile insurance business increased 55.7% to RMB3,935

million in the first half of 2007 from RMB2,527 million in the same period in 2006. This

increase was primarily due to the increase in premiums of our automobile insurance business

during the past twelve months.

Claims attributable to our non-automobile insurance business increased 12.5% to RMB594

million in the first half of 2007 from RMB528 million in the same period in 2006. This

increase was primarily due to the increase in premiums of our non-automobile insurance

business during the past twelve months.

Claims attributable to our accident and health insurance business increased 79.7% to

RMB275 million in the first half of 2007 from RMB153 million in the same period in 2006,

primarily due to the increase in premiums of our accident and health insurance business

during the past twelve months.

Handling charges


Handling charges as a percentage of

premium income 9.6% 7.6%

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Handling charges increased 65.7% to RMB1,117 million in the six months ended June 30,

2007 from RMB674 million in the same period in 2006. Handling charges as a percentage

of premium income increased to 9.6% in the six months ended June 30, 2007 from 7.6%

in the same period in 2006. These increases were primarily due to the increase of premium

income and the higher market commission rate resulting from the increased competition

in the property and casualty insurance industry.



General and administrative expenses as a percentage of

premium income 15.5% 14.7%

General and administrate expenses increased 38.0% to RMB1,805 million in the six months

ended June 30, 2007 from RMB1,308 million in the same period in 2006. This increase

was primarily due to the increase in premiums and the increased competition in the

property and casualty insurance industry.

Income taxes


Effective tax rate 49.8% 51.9%

Income taxes increased 81.8% to RMB320 million in the six months ended June 30, 2007

from RMB176 million in the same period in 2006. This increase was primarily due to the

increase in our taxable profit. Effective tax rate decreased to 49.8% in the six months

ended June 30, 2007 from 51.9% in the same period in 2006. This decrease was primarily

due to the increase in dividend income from equity investment funds subject to tax

exemptions.

Net profit

As a result of the foregoing, the net profit from our property and casualty insurance

business increased 97.5% to RMB322 million in the six months ended June 30, 2007 from

RMB163 million in the same period in 2006.

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3. Banking businessOur banking business consists of two subsidiaries namely: Ping An Bank and ShenzhenCommercial Bank (“SZCB”). Ping An Bank operates in Shanghai and Fuzhou and obtainedan approval from CBRC to provide Renminbi services in June 2006. SZCB operates inShenzhen and was established on August 3, 1995. SZCB is amongst the top 6 banks inShenzhen in terms of total loans and deposits size. By the end of 2006, SZCB had completedits restructuring and its registered capital was increased from RMB1,600 million toRMB5,502 million. The Group, through equity transfer and contribution of fund, acquired89.36% of SZCB and became its largest shareholder.

On June 16, 2007, the CBRC approved the merger of SZCB and Ping An Bank by poolingof interest. After the merger, SZCB is renamed as Shenzhen Ping An Bank and the existingheadquarters of Ping An Bank in Shanghai and branch in Fuzhou are reorganised asShenzhen Ping An Bank Shanghai Branch and Fuzhou Branch respectively. On June 27,2007, the industrial and commercial registration procedures for Shenzhen CommercialBank renaming as Shenzhen Ping An Bank were completed. After the merger, ShenzhenPing An Bank has 49 sub-branches and 157 ATMs network across Shenzhen, Shanghaiand Fuzhou.

The integration and transformation of SZCB into the Group has been progressing smoothly.The organization structure has been restructured; the segregation of duties andresponsibilities has been refined and the IT capability has been significantly enhanced. Onbusiness development, the wealth management business kicks off with the launch ofthree “Anchor Wealth Management Centre” in Shenzhen. On May 21, 2007, wesuccessfully launched the Wanlitong Affinity Credit Card, a China UnionPay standard creditcard. This is one of the best affinity credit cards which offers comprehensive insuranceprotection in the PRC by leveraging the combined strength of our insurance and bankingplatform.

Results of operationThe following table sets forth certain key financial information of our banking business:


Net interest income 1,488 11

General and administrative expenses(1) (900) (9)

Net profit 1,086 1

(1) General and administrative expenses include operating expenses, business tax and surcharges, other

operating expenses, non-operating expenses and other asset impairment losses other than loans included

in our financial statement.

The net profit from our banking business increased significantly to RMB1,086 million forthe six months ended June 30, 2007 from RMB1 million in the same period in 2006. Theincrease in net profit was primarily due to the profit contribution from SZCB after theacquisition as compared to the contribution from Ping An Bank alone for the six monthsended June 30, 2006.

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Besides, the first half of 2007 operation results recognized some non-recurring items*

amounting to RMB409 million, which mainly included gain from non-performing assets

disposals and reversals of litigation provision.

* Non-recurring items refer to items that comply with the CSRC [2004] No. 4 Requirement on the Disclosure

of Non-recurring Items.

Core business profitability


Interest income

Loans and advances to customers 1,348 7

Balances with central bank 73 –

Due from banks and other financial institutions 295 15

Total interest income 1,716 22

Interest expenses

Customers deposits (641) (2)

Due to banks and other financial institutions (157) (9)

Total interest expenses (798) (11)

Lending business net interest income 918 11

Bond interest income 570 –

Net interest income 1,488 11

Net interest spread (1) 2.4% 0.6%

Average interest earning assets balance

(in RMB million) 118,411 1,170

Average interest bearing liabilities balance

(in RMB million) 110,507 681

(1) Net interest spread represents the difference between the annualized average yield on interest earning

assets and the annualized average cost on interest bearing liabilities.

Net interest income increased to RMB1,488 million for the six months ended June 30,2007 from RMB11 million in the same period in 2006. As discussed above, the significantincrease in net interest income is due to the acquisition of SZCB.

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Net interest spread increased to 2.4% for the six months ended June 30, 2007 from0.6% in the same period in 2006. In the first half of 2006, Ping An Bank mainly engagedin foreign currency businesses and obtained funding from interbank market where fundingcost is not low. With the acquisition of SZCB, our banking business now has a mix ofRenminbi and foreign currency banking business with over 3 million customers accounts.Accordingly, funding now is mainly sourced from customer deposits, which has a relativelylow funding cost. As a result, net interest spread improved to 2.4%.

Operational efficiency

For the six months ended June 30, 2007 2006

Cost-to-income ratio (1) 46.3% 84.4%

(1) Cost-to-income ratio is defined as operating expenses/net operating income.

Cost-to-income ratio decreased to 46.3% in the six months ended June 30, 2007 from

84.4% in the same period in 2006. However, the cost-to-income ratio for the six months

ended June 30, 2006 was solely from Ping An Bank. After the acquisition, for the same

period of 2007, the cost-to-income ratio reflects the combined results of SZCB and Ping

An Bank.

Supplementary reference information on shenzhen ping an bank’s comparative

data

The following table sets forth the key performance indicators of Shenzhen Ping An Bank

for the first half of 2007 as compared to the same period in 2006(1):

As at June 30 or for the six months ended June 30, 2007 2006

Cost-to-income ratio(2) 46.3% 35.5%

Loan to deposit ratio(3) 52.6% 72.6%

Non-performing loans ratio(4) 1.1% 8.2%

Loan loss provisions/non-perfoming loans ratio 66.0% 39.1%

Capital adequacy ratio 10.6% 4.9%

(1) The 2006 ratios as stated in this table are unaudited proforma results as if SZCB and Ping An Bank were

merged in the first half of 2006.

(2) Cost-to-income ratio is defined as operating expenses/net operating income. Due to the increase in costs

related to the reorganisation and integration of SZCB as well as those expenses for future development

such as key hirings, investments in IT infrastructure and re-branding after Ping An‘s acquisition, cost-to-

income ratio was expected to be maintained at a relatively high level.

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(3) Total loans include general term loans and discounted bills.

(4) Non-performing loan is defined as those loans and advances graded as substandard, doubtful and loss.

The drop in non-performing assets package ratio is mainly due to the disposal of over RMB2.8 billion

non-performing loan to Cinda Asset Management Company in 2nd Quarter of 2007.

As at June 30, 2007, after the merger, Shenzhen Ping An Bank’s total assets amounted toRMB124,788 million. The capital adequacy ratio was 10.6% and the non-performing loan’sratio was reduced to 1.1%.

4. Securities businessOur securites business is mainly carried out by our 86.1%-owned subsidiary Ping AnSecurities. Ping An Securities has 22 branches across China and PA18 as the internetportal.

Results of operationThe net profit from our securities business increased significantly to RMB676 million inthe six months ended June 30, 2007 from RMB174 million in the same period in 2006.

The following are certain key financial information of our securities business:


Net fees and commission income 975 218

Total investment income(1) 491 168

Net profit 676 174

(1) Total investment income includes investment income and gains from changes in fair values.

Net fees and commission incomeThe following table sets forth the major components of net fees and commission income:


Fees and commission incomeBrokerage fees 790 150Underwriting commission income 224 35Others 32 45

Total fees and commission income 1,046 230

Fees and commission expensesBrokerage fees paid (71) (12)

Total fees and commission expenses (71) (12)

Net fees and commission income 975 218

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Brokerage fees income from our brokerage business increased significantly to RMB790million in the six months ended June 30, 2007 from RMB150 million in the same period in2006. This increase was primarily due to the significant increase in trading volume of thebooming PRC stock market.

Underwriting commission income from our investment banking business increasedsignificantly to RMB224 million in the six months ended June 30, 2007 from RMB35million in the same period in 2006. This increase was primarily due to the booming equitymarket and our business development efforts.

Total fees and commission expenses increased in line with the business growth. As aresult, net fees and commission income increased significantly to RMB975 million in thesix months ended June 30, 2007 from RMB218 million in the same period in 2006.


Total investment income from our securities business increased significantly to RMB491

million in the six months ended June 30, 2007 from RMB168 million in the same period in

2006. This increase was primarily due to the increase in realized investment gains from

our proprietary trading business.

5. Trust business


Total operating income(1) 448 140

Net Profit(1) 275 61

(1) Total operating income and net profit have not taken into account the data of the subsidiaries of Ping

An Trust.

Total income from our trust business increased significantly to RMB448 million in the six

months ended June 30, 2007 from RMB140 million in the same period in 2006. Net profit

from our trust business increased significantly to RMB275 million in the six months ended

June 30, 2007 from RMB61 million in the same period in 2006. The increase in net profit

was primarily due to the significant increase in assets held under the management of Ping

An Trust as well as the better investment return.

6. Fiduciary business

As at As at


(In RMB million) 2007 2006

Entrusted loans 1,931 2,120

Assets under corporate annuity scheme 1,198 634

Net assets under trust scheme 28,676 16,677

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7. Asset management business

Our assets under the management of Ping An Asset Management continued to grow

remarkably in the first half of 2007. Total investment income and total investment yield

both recorded steady growth. In addition to the Group’s funds, Ping An Asset Management

also commenced developing third party assets management business. In terms of internal

management, Ping An Asset Management has standardized and regulated its business

flow, risk measures, assets allocation and performance measurement mechanism to sustain

continuous improvement in investment capability.

Ping An Asset Management (Hong Kong) obtained the asset management license from

SFC on March 1, 2007, and would be playing a main role in our overseas investment

management business.

II. DISCUSSION AND ANALYSIS OF THE SIGNIFICANT EVENTS DURING THE REPORTING PERIODDuring the reporting period, significant events in operations that could have an impact on the Company’s

operations were set out as follows:

(I) Insurance business

Ping An Life has experienced a rapid growth during the first half of the year. Some products

have been terminated while others have been updated, caused a relatively impact on business

development. Individual life insurance achieved first year premiums of RMB9,309 million for the

first half of the year, representing an increase of 36.1% compared to the same period of 2006.

During the first half of the year, market competition had become intense, the policy on commission

rates became less regulated and acquisition costs increased. All these factors had placed pressure

on the earnings of property and casualty insurance business, resulting in a relative higher combined

ratio for this business segment.

Benefiting from the significant improvement of the investment environment, insurance funds

recorded excellent investment results.

The promulgation of the Guidelines on Credit Rating for Bond Investments by Insurance Institutions

(Trial) by the CIRC, which require insurance companies to set up an internal credit rating system

to assess the credit risk involved in bond investments, represents an important move of the

insurance industry in its efforts to implement the Opinions on Strengthening Risk Management

of Insurance Funds to a full extent, and this also marks the first step of credit risk management

of bond investment by insurance funds. It also serves as a guiding instruction for the Company

when it comes to establishing an internal credit rating system to ensure the safety of its insurance

assets.

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(II) Banking businessDuring the reporting period, the amount of the losses/gains arising from the non-recurring items

of banking business were RMB409 million, which mainly included gain from non-performing

assets disposals and reversals of litigation provision.

(III) OthersFor the purpose of nurturing the healthy development of trust companies and encouraging the

qualified trust companies to carry on prudent and innovative financial services, China Banking

Regulatory Commission (CBRC) and the State Administration of Foreign Exchange have formulated

The Interim Measures for the Administration of Trusted Companies’ Overseas Financial

Management Business. And in order to further diversify the investment varieties of overseas

financial management services offered to clients, as well as to promote a stable development of

such overseas financial management business, the CBRC has extended the investment scope of

commercial banks’ overseas financial management services offered to clients. In addition, the

Pilot Rules on the Administration of Overseas Securities Investment by Qualified Domestic

Institutional Investors was promulgated which is applicable to securities related institutions, such

as domestic fund management companies and securities companies. All these measures will help

to foster the development of financial management business of the operating units within the

Group.

III. THE PROBLEMS AND DIFFICULTIES ENCOUNTERED IN THE OPERATION OF THE COMPANY(I) Life insurance business

Ping An Life has formulated a two tier market development strategy, on one hand it will

strengthen well established advantageous position in the coastal cities, and on the other hand

accelerate the development of a new business model in inland provinces and small and medium

cities on the other side. The Group will face the challenges of manpower and resources allocation

in the rapid growth of its two-tier markets.

The continuation of the Central Bank’s macro-control measures has exerted certain effects on

the development of the insurance industry. For instance, the sale of insurance products could be

adversely affected. After the raising of interest rate, the one-year standard deposit rate was

adjusted upward to 3.33%. The effective yield, after deducting interest tax, is 3.16%, which

exceeds the pricing interest rate cap of 2.5% set by the CIRC. This has brought a negative

effect on the sale of traditional insurance savings type of products. Meanwhile, the control

measures have a positive effect on the insurance fund investment returns. Since a substantial

part of the assets of insurance companies have been placed in bank deposits and bond investment,

the raising of interest rate would increase the net investment returns arising from re-investment

and new investment in bank deposits and bond investment, which would help match the assets

and liabilities of life insurance companies, as well as increasing its embedded value.

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There is a growing trend of premium rates liberalization, and our life insurance business will

undoubtedly face such challenge. We will closely monitor the development of regulatory policies

and measures, as well as further enhance the existing analysis and stipulate corresponding

measures.

(II) Property and casualty insurance business

During the first half of this year, intense competition in the property and casualty insurance

market, the deregulation of policy on commission rates and increased business acquisition cost

had placed pressure on our profitability and overall operating cost of our property and casualty

business. Facing greater challenges to the operating management, Ping An Property & Casualty

has to expand the scale of operations in the profitable markets and to properly manage business

quality and cost. Meanwhile, the Group has to optimize and consolidate resources, conduct

market segmentation, implement the transformation of sales mode and establish professional

sales teams.

(III) Banking business

During the current stage of transforming from a regional bank to a national bank, Shenzhen

Ping An Bank, after the merger, proactively launched various innovative financial products and

services, issued credit cards, recruited operational and managerial talents and refined the

organizational structure, resulting in an increase in the bank’s operating cost, and cost-to-

income ratio has maintained at a relatively high level.

(IV) Others

Ping An Annuity, Ping An Health and Ping An Asset Management (Hong Kong) are still in the

start-up period, and are unable to make any significant contribution to the total profit of the

Group.

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IV. EMBEDDED VALUEIn order to provide investors with an additional tool to understand our economic value and business

performance results, the Group has disclosed information regarding embedded value in this section.

The embedded value represents the shareholders’ adjusted net asset value plus the value of the Group’s

in-force life insurance business adjusted for the cost of regulatory solvency margin deployed to support

this business. The embedded value excludes the value of future new business sales.

Components of Economic Value

As at As at

(in RMB million) June 30, 2007 December 31, 2006

Adjusted net asset value 95,567 46,282

Value of in-force insurance business written

prior to June 1999 (16,446) (20,932)

Value of in-force insurance business written

since June 1999 51,251 48,011

Cost of holding the required solvency margin (9,573) (7,788)

Embedded Value 120,799 65,573

Value of one year’s new business 7,323 6,007

Cost of holding the required solvency margin (1,108) (875)

Value of one year’s new businessafter cost of solvency 6,215 5,132

The adjusted net asset value is based on the audited shareholders net assets of the Group as measured

on the PRC statutory basis. The values placed on certain assets have been adjusted to the market

values. It should be noted that the adjusted net asset is for the whole Group, including Ping An Life

and other business units, whilst the value of in-force insurance business and the value of one year’s

new business presented are only in respect of Ping An Life and not other business units.

Key Assumptions

The key assumptions used in the embedded value calculation as at June 30, 2007 have been the same

as those used in 2006 year-end valuation.

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New Business Volumes and Business Mix

The volume of new business sold during the past 12 months prior to June 30, 2007 has been modelled

to calculate the value of one year’s new business. The volume was RMB27,272 million in terms of first

year premium. The mix of the new business measured by first year premium was:

Percentage

Individual life 51.3%

Long-term business 49.5%

Short-term business 1.8%

Group life 26.0%


Short-term business 9.3%

Bancassurance 22.7%


Total 100.0%

* Figures may not be additive due to rounding.

Sensitivity Analysis

The Group has investigated the effect, on the value of in-force business and the value of one year’s

new business, of varying independently certain assumptions regarding future experience. Specifically,

the following changes in assumptions have been considered:

• Risk discount rate

• Investment return increased by 50 basis points every year

• Investment return increased by 100 basis points every year

• A 10% reduction in mortality and morbidity for assured lives

• A 10% reduction in policy discontinuance rates

• A 10% reduction in maintenance expense

• A 5% increase in the policyholders’ dividend payout ratio

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(in RMB million) Risk Discount Rate

Earned Earned Earned

Rate/11.0% Rate/12.0% Rate/13.0% 12.0%

Value of in-force business 27,309 25,232 23,330 25,902

Earned

11.0% 12.0% 13.0% Rate/12.0%

Value of one year’s new business 6,814 6,215 5,694 7,060

Assumptions Value of Value of one year’s

(in RMB million) in-force business new business

Central case 25,232 6,215

Investment return increased by 50bp every year 33,339 6,473

Investment return increased by 100bp every year 40,838 6,733

10% reduction in mortality and morbidity rates 25,566 6,343

10% reduction in policy discontinuance rates 25,769 6,452

10% reduction in maintenance expense 26,064 6,353

5% increase in the policyholders’ dividend payout ratio 24,046 6,070

Risk discount rates were earned rate/12.0% and 12.0% for in-force business and new business respectively.

V. INVESTMENTS DURING THE REPORTING PERIOD(I) Use of subscription proceeds of H shares

The net proceeds from the Company’s initial public offering of H shares in 2004 have been fully

used for general corporate purposes and for the improvement of its operating activities. The

proceeds formed part of the Company’s working capital and were used in accordance with the

applicable rules and regulations of relevant industry regulatory authority.

The Company’s significant equity investments during the reporting period are as follows:

Capital injection into Ping An AnnuityWith the approval of CIRC on March 9, 2007, the Company injected RMB200 million into Ping

An Annuity. After that, the registered capital of Ping An Annuity amounted to RMB500 million.

(II) Use of subscription proceeds of A sharesThe net proceeds from the Company’s public offering of A shares in February 2007 amounted

to RMB38,222 million. By June 30, 2007, the application for the change in registered capital of

the Company had been submitted to regulators for approval, all proceeds raised from the offering

of A shares were deposited in the designated account for such subscription proceeds opened

with Shenzhen Ping An Bank.

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VI. ACTUAL OPERATING RESULTS AS COMPARED TO THE LISTING DOCUMENTS/EARNINGS FORECAST/PLAN, DESCRIPTION OF FORECAST OR STATUS OF PLANIMPLEMENTATION(I) Status of completion of earnings plan

During the first half of 2007, the Group recorded an aggregate net profit of RMB8,326 million,

representing an increase of 107.8% as compared to the corresponding period of the previous

year, and exceeded the anticipated target.

The three major business lines, including insurance, banking and asset management, all recorded

substantial increases in net profit. In breakdown, net profit from banking and asset management

businesses achieved rapid growth, resulting in a substantial increase of its percentages to total

profit; net profit from insurance business recorded RMB5,135 million, representing an increase

of 39.1% as compared to the corresponding period of the previous year, and accounting for

61.7% of total profit, representing a decrease of 30.4 percentage points as compared to the

corresponding period of the previous year; net profit from banking business recorded RMB1,086

million, accounting for 13.0% of total profit, representing an increase in contribution of 13.0

percentage points; and net profit from securities business recorded RMB676 million, representing

an increase of 288.5% as compared to the corresponding period of the previous year, and

accounting for 8.1% of total profit, representing an increase of 3.8 percentage points as compared

to the corresponding period of the previous year.

(II) Status of completion of operation plan

During the first half of 2007, under the circumstance of steady and rapid development, the

Group carried out various activities in accordance with the formulated business plan, fully

implemented its various development strategies and achieved various operational targets.

The Group continuously progressed towards the goal of becoming an international leading

financial service conglomerate, and strived to become one of the market leaders. As the Company

puts more effort in its business, organization and management, the Group’s integrated financial

services platform has been further refined. Along with the smooth integration of various back-

office functions, the performance of cross-selling various financial products within the Group

exceeded its business targets. Meanwhile, on the basis of an ever-stronger insurance business,

the Group smoothly completed the consolidation of its banking business, preliminarily built up

the international platform for its asset management business, and basically formed a three-pillar

core business system comprising insurance, banking and asset management.

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Insurance business

The Company adhered to a two-pronged strategy which stressed both organic growth and

outward expansion, it also focused on the retention of customer resources for its long-term

development, maintained a steady expansion while proactively sought new business growth

opportunities. The Group implemented the “Two Tier Market Development” strategy that focused

on the balanced development of both urban and rural areas. Ping An Life initiated the pilot

programs in the rural areas of Jiangsu and Zhejiang provinces. Ping An Life was the first to offer

foreign-exchange insurance products in the PRC and received encouraging market response.

Number of individual life sales agents increased to approximately 224,000 from approximately

205,000 as at the beginning of this year, maintaining a healthy growth momentum. The Group

formulated a guideline of proactive development for property and casualty insurance business,

expanded new channels, fully leveraged on the sales agents and solid customer base of other

subsidiaries of the Group, accelerated the implementation of cross selling and strived to increase

market share. The Group’s annuity insurance business focused on the provision of professional

services, grasped the opportunity of social insurance transformation and experienced rapid

development and expansion. By June 2007, the Group applied to open 35 branches for its

annuity insurance business, which all obtained License for Operating Insurance Business. The

Group’s annuity insurance business was carried out smoothly nationwide.

Banking business

The Group proactively explores various models to gradually form a nationwide network through

mergers and acquisitions. With the approval of China Banking Regulatory Commission, Shenzhen

Commercial Bank merged with and took in Ping An Bank and renamed as “Shenzhen Ping An

Bank Co., Limited.” (“Shenzhen Ping An Bank”). Shenzhen Ping An Bank has branches in

Shenzhen, Shanghai and Fuzhou and provides a full range of financial services and products for

corporate and individual customers. The merger of the two banks further consolidated the

banking resources of the Group, helped strengthen the pillar of banking business, created a

single banking brand name and gradually formed a nationwide platform for banking business.

On May 21, 2007, after years of dedicate preparations, we successfully launched the Wanlitong

Affinity Credit Card, a China UnionPay standard credit card. This is one of the best joint-name

credit cards which offers comprehensive insurance protection in the PRC by leveraging the

combined strength of our insurance and banking platform.

Asset management business

The Group, on one side, continued to strengthen the construction and operation of domestic

investment platform, constantly expanding investment channels, enhanced ability to identify

quality projects and pack products, and on the other side, it strived to form an efficient overseas

investment platform in order to achieve global asset allocation, enhance investment return and

reduce asset-liability mis-match risk.

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During the first half of the year, benefiting from the booming domestic equity market and the

surge of trading volume, the Group’s securities business (including securities brokerage, investment

banking and derivative products business) experienced a rapid growth. Insurance fund investment

return increased substantially. The non capital market investment of the Group’s trust business

generated a promising result, and the development of third party asset management business

achieved a breakthrough, resulting in rapid growth of the amount of entrusted assets under

management. Ping An Asset Management (Hong Kong) Company Limited was being granted a

license for asset management in Hong Kong, and a global investment platform was primarily

formed. Four analysts from Ping An Securities were ranked among the “Top Analysts in 2006”

in Asia by Star Mine, a world renowned professional evaluation agency of security analysts. Ping

An Securities as a whole was ranked No.8 among a large number of prestigious research

institutions.

VII. AMENDMENT TO THE OPERATION PLAN DISCLOSED IN THE ANNUAL REPORT OFTHE PREVIOUS YEARThe Group did not disclose any operation plan in the previous year. During the reporting period, the

Group had no amendment to the operating plan as compared to the development target disclosed

upon the listing of A shares.

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Section VI Material Matters 44

I. CORPORATE GOVERNANCEThe Company has been in strict compliance with the “Company Law of the People’s Republic of

China” and the relevant laws and regulations, and has implemented the relevant provisions set out by

the supervisory authorities in relation to corporate governance and constantly improved the corporate

governance structure and performance with the Company’s particular circumstances taken into account.

During the reporting period, the Company was successfully listed on the Shanghai Stock Exchange.

Pursuant to the regulatory requirements in relation to corporate governance of the companies listed in

PRC, the Company had revised the Articles of Association of Ping An Insurance (Group) Company of

China, Ltd. (hereinafter referred to as the “Articles of Association”), which was considered and adopted

by the shareholders at the general meeting; the Company also developed the Rules Governing

Information Disclosure, which was considered and adopted by the Board. In addition, a number of

other rules and regulations, namely the Rules Governing Material Transactions, the Rules Governing

Connected Transactions, the Model Code for Holding and Trading of Shares of the Company by Directors,

Supervisors and Senior Management as well as the Rules Governing Exclusive Storage and Utilization

of Raised Capital have also been developed, issued and implemented as the internal policies of the

Company.

During the reporting period, the Company convened the 2006 Annual General Meeting and one

Extraordinary General Meeting; the Board held seven meetings and the Supervisory Committee held

two meetings. The General Meeting, the Board, the Supervisory Committee and the Senior Management

have been operating independently with reference to their duties in accordance with the Articles of

Association, and exercising their rights and performing their obligations without breaching any laws or

regulations.

The Company has been acting in strict compliance with the laws, regulations and the Articles of

Association and disclosing all the material information punctually, accurately, truthfully and completely,

ensuring equal chances for all the shareholder to access the related information. The Company is

committed to constantly building a high-level corporate governance and believes that a well-maintained

corporate governance system can further improve the efficiency and reliability of the management of

the Company and is crucial for the Company to maximize shareholders’ value. During the reporting

period, the Company was awarded consecutively for the fourth time the Customer Management Awards

2006 by Greater China CRM (Customer Relation Management); was also dubbed consecutively for the

sixth time the Most Respected Enterprises in China by the Economics Observer Newspaper and Beijing

University Management Research Center; was named the Best Company in China in Corporate

Governance by the Asset Magazine, a distinguished Asian finance magazine, and was granted the

Corporate Governance Asia Annual Recognition Awards 2007 by Corporate Governance Asia, a renowned

magazine in the Asia-Pacific Region.

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II. IMPLEMENTATION OF PROFIT DISTRIBUTION SCHEME DURING THE REPORTINGPERIODThe 2006 Profit Distribution Scheme of the Company has been approved by the shareholders at the

2006 AGM held on June 7, 2007, which proposed that a final dividend of RMB0.22 per share be

distributed in cash based on the 7,345,053,334 shares of the Company’s total share capital (including

the additional share capital issued upon the IPO of A shares), amounting to RMB1,615,911,733.48.

The retained profits were carried forward to the year 2007. The announcement on AGM resolutions

was published on The China Securities Journal, The Shanghai Securities News and The Securities Times

dated June 8, 2007. The equity registration date for the dividend distribution was June 21, 2007, the

ex-dividend date was June 22, 2007 and the bonus distribution date was June 27, 2007. The

announcement on the implementation of the 2006 Profit Distribution Scheme was published on The

China Securities Journal, The Shanghai Securities News and The Securities Times dated June 15, 2007.

The Scheme has been implemented during the reporting period.

III. THE PROFIT DISTRIBUTION SCHEME PROPOSED FOR THE HALF YEARPursuant to the Articles of Association and other relevant regulations the Company shall, when

determining the profit available for distribution to shareholders, provide for the statutory surplus reserve

fund based on the net profit stated in the PRC Accounting Standards financial statements. The net

profit stated in the PRC Accounting Standards audited financial statements of the parent company for

the six months ended June 30, 2007 was RMB4,604 million, and 10% of which was allocated to

statutory surplus reserve, in interim profit appropriation.

After the above profit appropriation with the retained profits adjusted in accordance with the relevant

regulations having been carried forward, the Company’s distributable profits are RMB5,024 million

according to the PRC Accounting Standards and IFRS financial statements.

Pursuant to the Articles of Association, the amount of interim dividend should not exceed 50% of the

interim distributable profits.

Therefore, the Company proposed that an interim dividend of RMB0.20 per share be distributed in

cash based on the 7,345,053,334 shares of the Company’s total share capital, amounting to

RMB1,469,010,666.80.

IV. MATERIAL LITIGATIONS & ARBITRATIONSThe Company had no material litigation or arbitration during the reporting period.

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46Section VI Material Matters

V. ASSET TRANSACTIONS(I) Asset acquisition

On June 8, 2007, Ping An Life entered into the Subscription Agreement with Minsheng Bank,

pursuant to which Ping An Life subscribed 714 million Minsheng Bank’s non-public offer shares

at RMB7.63 per share, with a lock up period of 12 months and total consideration of RMB5,448

million. The subscription can enhance the Group’s efforts to expand investment channels and

maximize the return from the use of insurance funds, and is in line with the Group’s ordinary

course of business of investment decision.

(II) Merger

On June 16, 2007, CBRC approved Shenzhen Commercial Bank in acquiring the entire equity

interest of Ping An Bank, consolidating and renaming as Shenzhen Ping An Bank Co., Ltd.

(hereinafter referred to as “Shenzhen Ping An Bank”), with its headquarters in Shenzhen. The

former Ping An Bank was restructured as Shenzhen Ping An Bank Shanghai Branch, the former

Ping An Bank Fuzhou Branch and Shanghai Zhangjiang Sub-branch were restructured as Shenzhen

Ping An Bank Fuzhou Branch and Shanghai Zhangjiang Sub-branch. On June 27, 2007, the

industrial & commercial registration procedures for Shenzhen Commercial Bank renaming as

Shenzhen Ping An Bank were completed.

VI. MATERIAL CONNECTED TRANSACTIONSThe Company had no material connected transactions during the reporting period.

VII. CUSTODYThe Company had no discloseable custody business during the reporting period.

VIII. CONTRACTThe Company had no discloseable contract business during the reporting period.

IX. LEASEThe Company had no discloseable lease business during the reporting period.

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X. GUARANTEESUnit: RMB million

External guarantees provided by the Company(excluding guarantees provided to subsidiaries)

Whethera guarantee

Guaranteed Date of Amount Type of Terms of Whether fully provided toparties incurrence guaranteed guarantee guarantee performed related parties

Total amount of guarantee providedduring the reporting period – – – – – –

Total balance of guarantee provided at theend of the reporting period – – – – – –

Guarantees provided by the Company to subsidiaries

Total amount of guarantee provided to subsidiaries during the reporting period –Balance of guarantee provided to subsidiaries at the end of the reporting period 1,587

Total amount of guarantees of the Company(including guarantee provided to subsidiaries)

Total amount of guarantee 1,587Total amount of guarantee as a percentage of the Company’s net assets 1.7Including:

Amount of guarantee provided to shareholders, de facto controller and its related parties –Amount of debt guarantee directly or indirectly provided to parties with gearing ratio exceeding 70% –Amount of guarantee exceeding 50% of the net assets –

Aggregated amount of above three guarantees –

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XI. ASSET MANAGEMENT ON TRUSTThe Company had no asset management on trust during the reporting period.

XII. OTHER MATERIAL CONTRACTSThe Company had no other discloseable material contracts during the reporting period.

XIII. IMPLEMENTATION OF UNDERTAKINGSWhen the Company issued its H shares in June 2004, as approved by the CIRC through its Reply on

the Issue of the Conversion of the Shares Held by Ping An Insurance Group’s Foreign Shareholders to

the Overseas H shares (Baojianfagai No.[2004] 61) and the CSRC with its Reply Regarding the Approval

of the Ping An Insurance (Group) Company of China, Ltd.’s Issuing Overseas Listed H Shares

(Zhengjianguohe No.[2004] 18), the 1,170,751,698 non-listed foreign shares held by the foreign

shareholders of the Company were converted to H shares. Each of HSBC Insurance Holdings Limited

and Dai-Ichi Mutual Life Insurance Company, being the shareholders of the Company, agreed not to

sell any of their converted H shares within three years since the listing of H shares. During the reporting

period, the undertakings of lock-up period of HSBC Insurance Holdings Limited and Dai-Ichi Mutual

Life Insurance Company was expired on June 24, 2007.

XIV. APPOINTMENT OR TERMINATION OF APPOINTMENT OF THE AUDITORSPursuant to the resolution of the Company’s general meeting 2006, the Company re-appointed Ernst

& Young Hua Ming and Ernst & Young (hereinafter collectively “Ernst & Young”) respectively as

auditing institutions of financial statements prepared in accordance with PRC Accounting Standards

and IFRS. The interim financial statements of the Company have been audited by Ernst & Young which

has issued a standard unqualified auditors’ opinion. The interim audit and other assurance service fee

for the reporting period is about RMB12 million.

XV. PUNISHMENT AND REFORMS ON THE COMPANY, ITS DIRECTORS, SUPERVISORS,SENIOR MANAGEMENT, SHAREHOLDERS, AND DE FACTO CONTROLLERSDuring the reporting period, none of the Company, its directors, supervisors, senior management,

shareholders and de facto controllers was a subject of inspection, administrative punishment or criticism

by CSRC or public censure by stock exchange.

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XVI. EXPLANATION FOR ANALYSIS OF OTHER SIGNIFICANT EVENTS AND THEIR IMPACTAND SOLUTIONS(I) As at the end of the reporting period, the Company together with its subsidiaries had the

following interests in the securities investments of other listed companies (the top ten securitiesinvestments are listed in sequence based on initial investment cost):

Initial Percentage of theSerial Stock Number of investment share capitalNo. code Abbreviation shares held cost of the company(1) Accounting items

(million) (in RMB million)

1 600016 Minsheng Bank 721 5,474 5.21% Available-for-sale financial assets33 143 Held-for-trading financial assets

2 600000 Shanghai Pudong 197 2,228 4.92% Available-for-sale financial assetsDevelopment Bank

17 206 Held-for-trading financial assets3 HK3988 Bank of China 453 1,315 0.21% Available-for-sale financial assets

601988 91 280 Available-for-sale financial assets4 HK2628 China Life Insurance 4 96 0.25% Available-for-sale financial assets

601628 51 966 Available-for-sale financial assets14 444 Held-for-trading financial assets

5 HK1398 Industrial and 30 121 0.37% Available-for-sale financial assetsCommercial Bankof China

601398 353 1,100 Available-for-sale financial assets3 10 Held-for-trading financial assets

6 601006 Daqin Railway 154 878 1.24% Available-for-sale financial assets7 83 Held-for-trading financial assets

7 HK3328 Bank of Communications 9 21 0.29% Available-for-sale financial assets601328 100 573 Available-for-sale financial assets

33 259 Held-for-trading financial assets8 000002 Vanke A 110 631 1.87% Available-for-sale financial assets

13 176 Held-for-trading financial assets9 601919 China COSCO 51 436 0.75% Available-for-sale financial assets

15 129 Held-for-trading financial assets10 600900 Yangtze Power 56 429 0.61% Available-for-sale financial assets

2 12 Held-for-trading financial assetsOther securities investments 11,942

Total 27,952

(1) The percentage of the share capital of the company was calculated based on the aggregate number of sharesheld in the company.

(II) As at the end of the reporting period, Ping An Trust, a subsidiary of the Company, had thefollowing interest of unlisted financial company:

Percentage ofInitial Number of the share capital

Company name investment cost shares held of the company Net book value(in RMB million) (million) (in RMB million)

Xingye Securities Co., Ltd. 9 7 0.77% 4

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XVII. INDEX OF INFORMATION DISCLOSEDNewspaper and page Date of Website for

Announcement for publication publication publication and index

Lin No.2007-001: China Securities Journal, March 2, 2007 Shanghai Stock Exchange

Announcement on Convening the Page A11; Shanghai Securities News, http://www.sse.com.cn/

First Extraordinary General Meeting Page D8; Securities Times Page A4

in 2007


Announcement on Estimated Increase Page A24; Shanghai Securities News http://www.sse.com.cn/

in Results for 2006 Page D8; Securities Times Page A4

Lin No.2007-003:

Announcement on Substantial Matters China Securities Journal, March 19, 2007 Shanghai Stock Exchange

Page D005; Shanghai Securities News, http://www.sse.com.cn/

Page A6; Securities Times Page C12


Announcement on Resolution of the Page D004; Shanghai Securities News, http://www.sse.com.cn/

First Extraordinary General Meeting Page D24; Securities Times, Page B8

in 2007


Announcement on Premiums Income Page D004; Shanghai Securities News, http://www.sse.com.cn/

Page D24 ; Securities Times, Page B8


Announcement Page C61; Shanghai Securities News, http://www.sse.com.cn/

Page D80; Securities Times, Page A4

Lin No.2007-007: China Securities Journal, April 9, 2007 Shanghai Stock Exchange

Announcement on Changes of Page B12; Shanghai Securities News, http://www.sse.com.cn/

Securities Representative Page A14; Securities Times, Page C12


Announcement on Resolution Page C007; Shanghai Securities News, http://www.sse.com.cn/

of the Fourth Session of the Page D33; Securities Times, Page C13

Fifth Supervisory Committee



of the Ninth Session of the Page D33; Securities Times, Page C13

Seventh Board of Directors

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Newspaper and page Date of Website for


Abstract from 2006 Annual Report China Securities Journal, April 12, 2007 Shanghai Stock Exchange

Page C005; Shanghai Securities News, http://www.sse.com.cn/

Page D33; Securities Times, Page C13


Announcement on Guarantee Given Page C008; Shanghai Securities News, http://www.sse.com.cn/

to Ping An Insurance Overseas Page A9 ; Securities Times, Page C7

(Holdings) Co. Ltd.


Announcement on Convening the Page C068; Shanghai Securities News, http://www.sse.com.cn/

Annual General Meeting of 2006 Page D75; Securities Times, Page B8


Announcement on Premiums Income Page C081; Shanghai Securities News, http://www.sse.com.cn/



Announcement on Changes Page C09; Shanghai Securities News, http://www.sse.com.cn/

of Sponsor Page D64; Securities Times, Page A16



of the Eleventh Session of the Page D73; Securities Times, Page C4


First Quarter Report of 2007 China Securities Journal, April 27, 2007 Shanghai Stock Exchange

Page C10; Shanghai Securities News, http://www.sse.com.cn/


Lin No.2007-015: China Securities Journal, May 18, 2007 Shanghai Stock Exchange


Page D16 ; Securities Times, Page A8

Lin No.2007-016: China Securities Journal, May 30, 2007 Shanghai Stock Exchange

Indicative Announcement on Page C013; Shanghai Securities News, http://www.sse.com.cn/

Listing of A Shares Placed Offline Page D6 ; Securities Times, Page A4

(Lock-in Period: 3 Months)

Lin No.2007-017: China Securities Journal, June 8, 2007 Shanghai Stock Exchange

Announcement on Resolution of Page C004; Shanghai Securities News, http://www.sse.com.cn/

2006 Annual General Meeting Page D9; Securities Times, Page C13

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Announcement on Substantial Matters Page C005; Shanghai Securities News, http://www.sse.com.cn/

Page A16; Securities Times, Page C8


Announcement on Page C009; Shanghai Securities News, http://www.sse.com.cn/

Dividend Distribution for 2006 Page D22; Securities Times, Page C4


Self-inspection Report and Page C009; Shanghai Securities News, http://www.sse.com.cn/

Rectification Program in the Special Page D22; Securities Times, Page C4

Operation on Corporate Governance





Announcement on Page 008; Shanghai Securities News, http://www.sse.com.cn/

Ping An Bank Consolidated Page D9; Securities Times, Page C13

by Shenzhen Commercial Bank



of the Thirteenth Session of the Page D19 ; Securities Times, Page C16



Announcement Page A20; Shanghai Securities News, http://www.sse.com.cn/

Page D8; Securities Times, Page A12

Lin No.2007-025: China Securities Journal, July 10, 2007 Shanghai Stock Exchange

Announcement on Page C008; Shanghai Securities News, http://www.sse.com.cn/

Holding Online Forum Page D19; Securities Times, Page C12

on Corporate Governance

Lin No.2007-026: China Securities Journal July 16, 2007 Shanghai Stock Exchange

Announcement on Changes of Page A16; Shanghai Securities News, http://www.sse.com.cn/

Employee Representative Supervisor Page A14; Securities Times, Page C4

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Announcement on 2007 Estimated Page B16; Shanghai Securities News, http://www.sse.com.cn/

Interim Results Page D14; Securities Times, Page C24

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Section VII Audited Financial Statements 54

Ernst & Young Hua Ming has audited the interim financial statements of the Company and issued a standard

unqualified auditor’s opinion. Please refer to audited financial statements in “Section IX Attachment”.

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Section VIII Documents Available for Inspection55

1. The text of the Interim Report signed by the Chairman of Board of Directors of the Company.

2. Financial statements signed and sealed by the legal representative and financial officer.

3. The original copy of the audit report sealed by the accounting firm and signed and sealed by the

certified public accountant.

4. The original copy of all the documents and announcements that were publicly disclosed by the Company

in the China Securities Journal, Shanghai Securities News and Securities Times.

5. The articles of association of the Company.

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Section IX Attachment 56

The audited financial statements of Ping An Insurance (Group) Company of China, Ltd. as at June 30, 2007

Ma Mingzhe

Chairman and Chief Executive Officer

The Board of Directors of


August 16, 2007

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Auditors’ Report57

Ernst & Young Hua Ming (2007) Shen Zi No.60468101-B31

To the shareholders of


We have audited the accompanying financial statements of Ping An Insurance (Group) Company of China,

Ltd. (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated and company

balance sheets as at June 30, 2007, the consolidated and company income statements, statements of changes

in equity and cash flow statements for the six months ended June 30, 2007 and notes to the financial

statements.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTSThe management is responsible for preparing financial statements in accordance with Accounting Standards

for Business Enterprises. This responsibility includes (1) designing, implementing and maintaining internal

controls relevant to the preparation of the financial statements that are free from material misstatement

whether due to fraud or error; (2) selecting and applying appropriate accounting policies; and (3) making

accounting estimates that are reasonable in the circumstances.

AUDITORS’ RESPONSIBILITYOur responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with the Chinese Auditing Standards issued by the Chinese Institute of Certified

Public Accountants. Those standards require that we comply with ethical requirements and plan and perform

the audit to obtain a reasonable assurance as to whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of

the risks of material misstatement of the financial statements, whether due to fraud or error. In making

those risk assessments, we consider the internal controls relevant to the entity’s preparation of financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes

evaluating the appropriateness of the accounting polices used and the reasonableness of the accounting

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

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58Auditors’ Report

OPINIONIn our opinion, the financial statements have been prepared in accordance with Accounting Standards for

Business Enterprises and present fairly, in all material aspects, the financial position of the Group and the

Company as at June 30, 2007 and the results of their operations and their cash flows for the six months

ended June 30, 2007.

Ernst & Young Hua Ming

Chinese Certified Public Accountant Zhang Xiaodong

Chinese Certified Public Accountant Huang Yuedong

Beijing, The People’s Republic of China

August 16, 2007

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Consolidated Balance SheetJune 30, 2007

(in RMB million)

59

(Audited) (Audited)


Notes VI 2007 2006

ASSETS

Cash on hand and at bank 1 83,789 42,585

Balances with clearing companies 2 1,591 875

Precious metal 1 111

Placements with banks and other

financial institutions 3 1,101 1,727

Held-for-trading financial assets 4 73,436 44,003

Derivative financial assets 5 16 21

Financial assets purchased under agreements to resell 6 12,854 7,251

Interest receivables 7 4,716 3,249

Premium receivables 8 5,307 3,073

Receivable from reinsurers 2,205 795

Unearned premium reserves receivable from reinsurers 3,048 2,437

Claim reserves receivable from reinsurers 2,058 1,724

Policyholders’ reserves for life insurance receivable

from reinsurers 7 –

Long-term reserves for health insurance receivable


Policy loans 9 1,799 1,381

Loans and advances to customers 10 58,427 49,152

Deposits with stock and futures exchanges 1,139 334

Term deposits 11 50,503 65,416

Available-for-sale financial assets 12 132,443 95,200

Held-to-maturity investments 13 130,193 129,250

Long-term equity investments 14 211 415

Goodwill 15 475 409

Statutory deposits 1,520 1,520

Investment properties 16 3,789 1,660

Fixed assets 17 6,839 4,552

Intangible assets 18 922 940

Deferred tax assets 19 592 888

Other assets 20 4,155 4,320

Total assets 583,143 463,288

The accompanying notes on pages 75 to 188 form an integral part of these financial statements.

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60Consolidated Balance SheetJune 30, 2007

(in RMB million)

(Audited) (Audited)


Notes VI 2007 2006

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Short-term borrowings 22 557 527

Due to banks and other financial institutions 23 5,318 3,465

Guarantee deposits 24 5,865 5,485

Placements from banks and other financial

institutions 25 1,871 992

Derivative financial liabilities 5 356 178

Financial assets sold under agreements to repurchase 26 22,883 14,573

Customer bank deposits 27 62,219 66,725

Customer brokerage deposits 28 9,846 3,750

Premiums received in advance 666 1,352

Handling charges and commission payable 1,427 894

Due to reinsurers 2,786 746

Salary and welfare payable 29 3,381 2,133

Taxes payable 30 1,509 1,166

Interest payable 355 287

Claims payable 4,274 3,981

Policyholder dividends payable 4,771 4,107

Policyholder deposits and investments 31 4,945 4,049

Unearned premium reserves 32 15,653 12,937

Claim reserves 32 7,436 6,480

Policyholders’ reserves for life insurance 32 289,351 248,574

Long-term reserves for health insurance 32 34,399 30,694

Long-term borrowings 33 1,636 155

Deferred tax liabilities 19 3,555 1,441

Other liabilities 34 3,173 1,971

Total liabilities 488,232 416,662


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61

(Audited) (Audited)


Notes VI 2007 2006

LIABILITIES AND SHAREHOLDERS’ EQUITY (Continued)

SHAREHOLDERS’ EQUITY

Share capital 35 7,345 6,195

Capital reserves 36 63,833 23,246

Surplus reserves 6,928 6,120

General risk provision 37 517 517

Retained profits 14,821 9,182

Foreign currency translation differences (48) –

Attributable to shareholders of the parent 93,396 45,260

Minority interests 1,515 1,366

Total shareholders’ equity 94,911 46,626

Total liabilities and shareholders’ equity 583,143 463,288

The financial statements on pages 59 to 188 have been signed by:

MA Mingzhe CHEUNG Chi Yan Louis MAK, Wai Lam William

Chairman and President and Deputy

Chief Executive Officer Chief Financial Officer Chief Financial Officer


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62Consolidated Income StatementFor the six months ended June 30, 2007

(in RMB million)

(Audited) (Unaudited)For the six For the six

months ended months endedJune 30, June 30,

Notes VI 2007 2006

Operating income

Premium income 39 53,885 46,000Including reinsurance premium income 39 47 7Less: Premium ceded to reinsurers (2,600) (2,466)

Change in unearned premium reserves 40 (2,105) (2,054)

Earned premium 49,180 41,480

Interest income from banking operations 1,716 22Interest expense of banking operations (689) (1)

Net interest income from banking operations 41 1,027 21

Fees and commission income 1,357 218Fees and commission expenses (213) (30)

Net income from fees and commission 42 1,144 188

Investment income 43 29,124 8,802Gains from changes in fair values 44 3,094 4,001Foreign exchange losses (335) (130)Other operating income 817 265


Operating expensesSurrenders (5,919) (3,910)Claims paid 45 (11,791) (7,814)Less: Reinsurers’ share of claims paid 1,167 1,132Change in insurance contract reserves 46 (44,949) (30,021)Less: Reinsurers’ share of insurance contract reserves 47 348 9Policyholder dividends (897) (1,714)Expenses for reinsurance accepted (7) (1)Business tax and surcharges 48 (1,742) (774)Insurance related handling charges and commission 49 (5,666) (3,932)General and administrative expenses 50 (6,571) (3,986)Less: Reinsurers’ share of expenses 675 922Other operating expenses (195) (66)Impairment losses 51 (17) (45)



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63



Notes VI 2007 2006


Add: Non-operating income 435 16

Less: Non-operating expenses (50) (17)


Less: Income taxes 52 (546) (420)

Net Profit 8,326 4,006

Attributable to:

Shareholders of the parent 8,063 3,945

Minority interests 263 61

8,326 4,006

RMB RMB

Earnings per share

Basic and diluted earnings per share 53 1.16 0.64


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64Consolidated Cash Flow StatementFor the six months ended June 30, 2007

(in RMB million)

(Audited) (Unaudited)

For the six For the six

months ended months ended

June 30, June 30,

Notes VI 2007 2006

I. Cash flows from operating activities:

Premiums received from direct business 50,918 41,567

Net cash from reinsurance business (88) 32

Increase in policyholder deposits and investments 896 342

Increase/(decrease) in customer bank deposits and

due to banks and other financial institutions (2,653) 92

Increase in placement from other financial institutions 491 681

Cash received from interest, fees

and commission income 3,073 238

Net increase in placements from banks and other

financial institutions 879 –

Cash received from other operating activities 7,993 1,370

Sub-total of cash inflows 61,509 44,322

Direct business claims paid (11,366) (7,535)

Policyholder dividends paid (232) (100)

Net increase in loans and advances to customers (9,196) –

Net increase in deposits with central bank and other

financial institutions (1,577) (5)

Interest, handling charges and commission paid (6,035) (3,746)

Cash paid to and for employees (2,115) (1,849)

Cash paid for taxes and surcharges (2,065) (705)

Cash paid for other operating activities (8,921) (5,374)

Sub-total of cash outflows (41,507) (19,314)

Net cash flows from operating activities 56 20,002 25,008


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65




June 30, June 30,

Notes VI 2007 2006

II. Cash flows from investing activities:

Cash received from sales and redemption of investments 116,021 56,536

Cash received from returns on investment 12,117 5,160

Net cash received from disposals of fixed assets,

intangible assets and other long-term assets 92 9


Cash paid for acquisition of fixed assets, intangible

assets and other long-term assets (2,043) (527)

Cash paid for acquisition of investments (116,953) (73,892)

Policy loans drawn (418) (212)

Acquisition of a subsidiary (382) –

Acquisition of minority interest in a subsidiary (229) –


Net cash flows from investing activities 8,205 (12,926)

III. Cash flows from financing activities:

Cash received from capital contributions 38,222 –

Cash received from borrowings 192 2

Cash received from other financing activities 8,310 –

Sub-total of cash inflows 46,724 2

Cash paid for distribution of dividends and interest (2,080) (1,325)

Including dividends paid to minority shareholders (34) (50)

Cash paid for other financing activities – (6,460)


Net cash flows from financing activities 44,644 (7,783)


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66Consolidated Cash Flow StatementFor the six months ended June 30, 2007

(in RMB million)




June 30, June 30,

Notes VI 2007 2006

IV. Effect of changes in foreign exchange

rate on cash and cash equivalents (74) (18)

V. Net increase in cash and cash equivalents 56 72,777 4,281

Add: Beginning balance of cash and cash equivalents 56 47,327 25,488

VI. Ending balance of cash and cash equivalents 56 120,104 29,769


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Consolidated Statement of Changes in EquityFor the six months ended June 30, 2007

(in RMB million)

67

For the six months ended June 30, 2007

Equity attributable to shareholders of the parent

Foreign

General currency

Notes Share Capital Surplus risk Retained translation Minority

Item III capital reserves reserves provision profits differences interests Total

(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)

I. Prior year’s ending balance 6,195 15,163 6,126 517 8,667 – 1,251 37,919

Add: Changes in accounting policies 39 – 8,083 (6) – 515 – 115 8,707

II. Current period’s beginning balance 6,195 23,246 6,120 517 9,182 – 1,366 46,626

III. Changes in current period

(1) Net profit – – – – 8,063 – 263 8,326

(2) Gains/(losses) recognized directly

in equity

Net gains from changes in fair

values of available-for-sale

financial assets

Recognized directly in equity – 15,367 – – – – 154 15,521

Transferred to the income

statement – (8,727) – – – – (88) (8,815)

Related tax effect of items

recognized directly in equity – (2,443) – – – – (25) (2,468)

Others – (682) – – – (48) (121) (851)

Sub-total of (1) and (2) – 3,515 – – 8,063 (48) 183 11,713

(3) Paid-in-capital 1,150 37,072 – – – – – 38,222

(4) Profit appropriation

Appropriation to surplus

reserves – – 808 – (808) – – –

Distribution to shareholders – – – – (1,616) – (34) (1,650)

IV. Current period’s ending balance 7,345 63,833 6,928 517 14,821 (48) 1,515 94,911


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68Consolidated Statement of Changes in EquityFor the six months ended June 30, 2007

(in RMB million)


Equity attributable to shareholders of the parent

Foreign

General currency

Notes Share Capital Surplus risk Retained translation Minority

Item III capital reserves reserves provision profits differences interests Total

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

I.Prior year’s ending balance 6,195 15,163 5,526 430 5,350 – 525 33,189

Add: Changes in accounting policies 39 – 626 (127) – (721) – (2) (224)

II. Current period’s beginning balance 6,195 15,789 5,399 430 4,629 – 523 32,965


(1) Net profit – – – – 3,945 – 61 4,006

(2) Gains/(losses) recognized

directly in equity

Net gains from changes in fair

values of available-for-sale

financial assets

Recognized directly in

equity – 4,124 – – – – 37 4,161

Transferred to the income

statement – (1,204) – – – – (12) (1,216)

Related tax effect of items

recognized directly

in equity – (438) – – – – (4) (442)

Others – (908) – – – – (9) (917)

Sub-total of (1) and (2) – 1,574 – – 3,945 – 73 5,592


Distribution to

shareholders – – – – (1,239) – (50) (1,289)

IV. Current period’s ending balance 6,195 17,363 5,399 430 7,335 – 546 37,268


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Balance SheetJune 30, 2007

(in RMB million)

69

(Audited) (Audited)


Notes XIV 2007 2006

ASSETS

Cash on hand and at bank 1 44,458 3,139

Held-for-trading financial assets 2 5,318 5,458

Interest receivables 92 29

Term deposits 3 448 776

Available-for-sale financial assets 4 5,455 4,227

Long-term equity investments 5 17,568 17,368

Fixed assets 63 69

Intangible assets 10 18

Other assets 328 422

Total assets 73,740 31,506

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Placements from banks and other financial institutions 7 1,751 820

Salary and welfare payable 8 890 586

Taxes payable 9 179 75

Deferred tax liabilities 6 170 93

Other liabilities 132 146

Total liabilities 3,122 1,720

SHAREHOLDERS’ EQUITY

Share capital 7,345 6,195

Capital reserves 10 52,425 15,731

Surplus reserves 5,429 4,969

General risk provision 395 395

Retained profits 5,024 2,496

Total shareholders’ equity 70,618 29,786

Total liabilities and shareholders’ equity 73,740 31,506


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70Income StatementFor the six months ended June 30, 2007

(in RMB million)




June 30, June 30,

Notes XIV 2007 2006

Operating income

Investment income 11 4,878 5,213

Gains from changes in fair values 12 359 69

Foreign exchange losses (25) (5)

Other operating income 130 30


Operating expenses

Business tax and surcharges 13 (54) (3)

General and administrative expenses 14 (504) (265)

Total operating expenses (558) (268)


Less: Non-operating expenses (1) –


Less: Income taxes 15 (179) (38)



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Cash Flow StatementFor the six months ended June 30, 2007

(in RMB million)

71




June 30, June 30,

2007 2006

I. Cash flows from operating activities:

Cash received from other operating activities 129 5

Sub-total of cash inflows 129 5

Cash paid to and for employees (89) (107)

Cash paid for taxes and surcharges (90) (5)

Cash paid for other operating activities (185) (53)

Sub-total of cash outflows (364) (165)

Net cash flows from operating activities (235) (160)

II. Cash flows from investing activities:

Cash received from sales and redemption of investments 7,443 4,737

Cash received from return on investment 3,897 5,087

Net cash received from disposals of fixed assets and

intangible assets 14 –


Cash paid for acquisitions of fixed assets (11) (21)

Cash paid for acquisition of investments (6,359) (10,798)


Net cash flows from investing activities 4,984 (995)


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72 Cash Flow StatementFor the six months ended June 30, 2007

(in RMB million)




June 30, June 30,

Notes XIV 2007 2006

III. Cash flows from financing activities:

Cash received from capital contributions 38,222 –

Cash received from borrowings 931 1,247


Cash paid for distribution of dividends and interests (1,571) (1,243)

Cash paid for other financing activities – (1,119)


Net cash flows from financing activities 37,582 (1,115)

IV. Effect of changes in foreign exchange rate on cash

and cash equivalents (16) (5)

V. Net increase in cash and cash equivalents 16 42,315 (2,275)

Add: Beginning balance of cash and cash equivalents 16 3,448 2,637

VI. Ending balance of cash and cash equivalents 16 45,763 362


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73 Statement of Changes in EquityJune 30, 2007

(in RMB million)


General

Share Capital Surplus risk Retained

Item capital reserves reserves provision profits Total

(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)

I. Prior year’s ending balance 6,195 15,163 6,126 517 8,678 36,679

Add: Changes in accounting policies – 568 (1,157) (122) (6,182) (6,893)

II. Current period’s beginning balance 6,195 15,731 4,969 395 2,496 29,786


(1) Net profit – – – – 4,604 4,604


in equity

Net gains from changes in fair values of

available-for-sale financial assets

Recognized directly in equity – (379) – – – (379)

Transferred to the income statement – (125) – – – (125)

Related tax effect of items recognized

directly in equity – 126 – – – 126

Sub-total of (1) and (2) – (378) – – 4,604 4,226

(3) Paid-in-capital 1,150 37,072 – – – 38,222


Appropriation to surplus reserves – – 460 – (460) –

Distribution to shareholders – – – – (1,616) (1,616)

IV. Current period’s ending balance 7,345 52,425 5,429 395 5,024 70,618


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74Statement of Changes in EquityJune 30, 2007

(in RMB million)


General

Share Capital Surplus risk Retained

Item capital reserves reserves provision profits Total

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

I. Prior year’s ending balance 6,195 15,163 5,526 430 5,350 32,664

Add: Changes in accounting policies – 7 (1,112) (35) (7,002) (8,142)

II. Current period’s beginning balance 6,195 15,170 4,414 395 (1,652) 24,522


(1) Net profit – – – – 5,001 5,001


in equity

Net gains from changes in fair values

of available-for-sale financial assets

Recognized directly in equity – 301 – – – 301

Transferred to the income statement – (17) – – – (17)

Related tax effect of items recognized

directly in equity – (43) – – – (43)

Sub-total of (1) and (2) – 241 – – 5,001 5,242


Distribution to shareholders – – – – (1,239) (1,239)

IV. Current period’s ending balance 6,195 15,411 4,414 395 2,110 28,525


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Notes to the Financial Statements75

June 30, 2007(in RMB million)

I. CORPORATE INFORMATIONPing An Insurance (Group) Company of China, Ltd. (the “Company”) was incorporated in Shenzhen,

the People’s Republic of China (the “PRC”) on March 21, 1988 as Shenzhen Ping An Insurance Company,

and was engaged primarily in property & casualty insurance business in Shenzhen. With the expansion

of business, the Company was renamed as Ping An Insurance Company of China in 1992. The Company

started to be engaged in life insurance business from July 1994 and subsequently changed its name to

Ping An Insurance Company of China, Ltd. in January 1997.

China Insurance Regulatory Commission (the “CIRC”) issued the “Approval of separation of business

operations of Ping An Insurance Company of China, Ltd (Baojianfu [2002] No.32)”on April 2, 2002

and agreed with the Company’s proposal on the “Separation of business operations of Ping An Insurance

Company of China, Ltd”. According to the proposal, the Company will be renamed as Ping An Insurance

(Group) Company of China, Ltd. The Company will also establish Ping An Property & Casualty Insurance

Company of China, Ltd. (the “Ping An Property & Casualty”) and Ping An Life Insurance Company of

China, Ltd. (the “Ping An Life”), China Ping An Trust & Investment Co., Ltd. (the “Ping An Trust”)

which holds shares of Ping An Securities Company, Ltd (the “Ping An Securities”).

Based on “Approval of changes in Ping An Insurance Company of China” (Baojianbianshen [2002]

No.98), “Approval of establishment of Ping An Property & Casualty Insurance Company of China, Ltd.”

(Baojianjishen [2002] No.350) and “Approval of establishment of Ping An Life Insurance Company of

China, Ltd.”(Baojianjishen [2002] No.351) issued by CIRC on October 28, 2002, the Company was

renamed as Ping An Insurance (Group) Company of China, Ltd., and Ping An Property & Casualty and

Ping An Life were established. The Company obtained its revised business license on January 24, 2003

while Ping An Property & Casualty and Ping An Life obtained their revised business licenses on December

24, 2002 and December 17, 2002, respectively.

Based on “Approval of Ping An Insurance (Group) Company of China, Ltd. to list overseas and issue H

Shares,” (Baojianfu [2003] No.228) issued by CIRC and “Approval of Overseas Share Issuance by Ping

An Insurance (Group) Company of China, Ltd., “(Zhengjianguohezi [2004] No.18) issued by China

Securities Regulatory Commission (the “CSRC”), the Company was allowed to issue 1,261,720,000 H

shares. The H shares were listed on the Hong Kong Stock Exchange on June 24, 2004.

Based on “Approval of Ping An Insurance (Group) Company of China, Ltd. to issue A shares,”

(Zhengjianfaxingzi [2007] No.29) issued by CSRC, the Company was allowed to issue 1,150,000,000 A

shares. The A shares were listed on the Shanghai Stock Exchange on March 1, 2007.

The business scope of the Company includes investing in insurance and authorized financial enterprises,

supervising and managing domestic and overseas business of subsidiaries and utilizing insurance funds.

The Company is also approved to carry out domestic and overseas insurance and other businesses. The

Group mainly provides integrated financial products and services, including life insurance, property and

casualty insurance, trust business, securities business, banking business and other services.

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76Notes to the Financial StatementsJune 30, 2007

(in RMB million)

II. STATEMENT OF COMPLIANCEThe financial statements are prepared in accordance with the Accounting Standards for Business

Enterprises (ASBE) and the Implementation Guidelines issued by the Ministry of Finance of the PRC

(MOF) in 2006 and other relevant regulations.

The Company is listed in both the A and H share stock markets and needs to prepare financial

statements using PRC GAAP and International Financial Reporting Standards for investors of both

markets. In accordance with the Accounting Standards for Business Enterprises No. 38 – First-Time

Adoption of Accounting Standards for Business Enterprises and Experts’ Opinions on Implementation

of Accounting Standards for Business Enterprises issued by the Ministry of Finance on February 1,

2007, the Group restated its comparative figures retrospectively as a result of the change in accounting

policies and consistently applied the accounting policies for the accounting periods covered by these

financial statements. The impact of the change in accounting policies on the Group’s equity as at

December 31, 2006 and the Group’s net profit for the six-months accounting period ended June 30,

2006 is shown in note III, 39.

The financial statements fairly and completely reflect the financial position on June 30, 2007 and the

operating results and cash flow for the 6 months ended June 30, 2007 of the Company and the

Group.

III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES1. Accounting year

The accounting year of the Group is from January 1 to December 31 of each calendar year.

2. Functional currency

The functional currency of the Company’s domestic subsidiaries is Renminbi (“RMB”), and the

functional currency of its overseas subsidiaries is Hong Kong dollars (“HKD”). The financial

statements adopt RMB as the presentation currency and are expressed in RMB million unless

otherwise stated.

3. Basis of accounting and measurement basis

The Group’s accounts have been prepared on an accrual basis. Assets and liabilities are recorded

using historical cost as the basis of measurement except for those financial instruments measured

at fair value and certain insurance contract reserves.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)4. Principles of consolidation

The Group’s consolidated financial statements comprise the financial statements of the Company

and its subsidiaries. Subsidiaries are those entities which the Company has control over. The

Company has control over an entity when it can exercise control over the entity’s financial and

operating policies in order to gain economic benefits from the entity’s operations.

The financial statements of the subsidiaries are prepared for the same reporting period as the

Company, using consistent accounting policies. All significant intra-group transactions and balances

are eliminated in consolidation.

The consolidated portion of shareholders’ equity of the subsidiaries not held by the Group is

presented separately as minority interests in the consolidated financial statements.

Business combinations not involving entities under common control

Business combinations not involving entities under common control are accounted for using the

purchase method. The cost of acquisition is measured as the aggregate of the fair values of the

assets given, liabilities incurred or assumed and equity instruments issued by the acquirer at the

acquisition date, in exchange for control of the acquiree. The Group, at the acquisition date,

recognizes the acquiree’s identifiable assets, liabilities and contingent liabilities at their fair values

at that date.

Where the cost of a business combination exceeds the acquirer’s interest in the fair value of the

acquiree’s identifiable net assets, the difference is recognized as goodwill and measured at cost

less accumulated impairment losses. Where the cost of a business combination is less than the

acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference is,

after reassessment, recognized in the profit or loss for the current period.

The operating results of the acquiree are consolidated from the date the Group obtains control,

until the date when such control transfers out of the Group.

Business combinations involving entities under common control

Business combinations involving entities under common control are accounted for using a method

similar to the pooling of interest method. Except for adjustments made due to different accounting

policies compared to those of the Group, assets and liabilities of the party being absorbed,

which are obtained in the business combination, are measured at their carrying amounts at the

combination date as recorded by the party being absorbed. The difference between the carrying

amount of the consideration paid for the combination and the carrying amount of the net assets

obtained is adjusted to capital reserve; if the capital reserve is not sufficient to absorb the

difference, any excess shall be adjusted to retained earnings. The net profit made by the party

being absorbed before the combination is included in the consolidated income statement.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)5. Foreign currency translation

Domestic subsidiaries of the Group keep separate books for foreign currency transactions, and

these transactions are initially recorded in the original currencies. At the balance sheet date,

foreign currency monetary items are translated using the spot exchange rate at the balance

sheet date, while foreign currency non-monetary items measured at historical cost continue to

be translated at the spot exchange rate at the dates of the transactions. Exchange differences

arising from differences between the spot exchange rate prevailing at the balance sheet date

and those spot rates used on initial recognition or at the previous balance sheet date are

recognized in profit or loss for the current period in which they arise.

The Group translates the functional currencies of foreign operations into Renminbi when preparing

the financial statements. Asset and liability items in the balance sheet are translated at the spot

exchange rate prevailing at the balance sheet date. Shareholders’ equity items, except for retained

earnings, are translated at the spot exchange rates at the date when such items arose. Income

and expense items in the income statement are translated using the average exchange rate for

the period when transactions occur. Translation differences arising from the above translation

are presented as a separate line item under shareholders’ equity in the balance sheet. When a

foreign operation is disposed of, the translation differences relating to translation of the financial

statements of that foreign operation are transferred to profit or loss in the period in which the

disposal occurs. All items in the cash flow statement are translated using the current period’s

average exchange rate.

6. Cash equivalents

Cash equivalents are short-term, highly liquid investments which are readily convertible to known

amounts of cash, and subject to an insignificant risk of changes in value, and includes balances

with central bank without restrictions, balances with banks and other financial institutions and

placements with banks and other financial institutions with original maturities of less than three

months.

7. Customer deposits held for securities trading

Customer deposits held for securities trading are deposited in designated bank accounts by the

Group. These deposits are recognized as a liability when received for the purpose of settlement

with customers.

The Group acts on behalf of customers to purchase and sell securities through stock exchanges.

If the total amount of securities purchased is greater than that of securities sold on each settlement

date, customer deposits are reduced for the net purchases of securities on the settlement day

plus withholding stamp duty and commission expenses due from customers. If the total amount

of securities purchased is less than that of securities sold, customer deposits are increased for

the net sales of securities less withholding stamp duty and commission expenses due from

customers.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)8. Securities underwriting business

The Group accounts for securities underwriting business on the following basis according to the

underwriting methods agreed with the issuers:

(1) Where the Group undertakes to purchase all underwritten securities upfront, the Group

recognizes an asset at cost upon purchase of the underwritten securities. When the

securities are sold to investors, the income for underwriting the securities is determined at

the sales price, while the cost is calculated at purchase price. Unsold securities are

transferred into investments at cost after the underwriting period.

(2) Where the Group undertakes to purchase all underwritten securities not sold to investors

at the end of the underwriting period, the Group will not recognize an asset or a liability

upon receipt of the underwritten securities, but will keep a specific record of these

securities. Unsold securities are transferred into investments at underwriting price after

the underwriting period.

(3) Where the Group does not undertake to purchase any underwritten securities unsold at

the end of the underwriting period, the Group does not recognize an asset or a liability

upon receipt of the underwritten securities, but will keep a specific record of these

securities.

(4) Underwriting commission income is recognized upon completion of underwriting service.

9. Financial instruments

The Group recognizes a financial asset or a financial liability when it becomes a party to the

contractual provisions of the financial instrument.

The Group classifies its financial assets into four categories: financial assets at fair value through

profit or loss, held-to-maturity investments, loans and receivables, and available-for-sale financial

assets. The Group classifies its financial liabilities into two categories: financial liabilities at fair

value through profit or loss and other financial liabilities. Financial assets and financial liabilities

are initially recognized at fair value. For financial assets or liabilities at fair value through profit

or loss, relevant transaction costs are directly recognized in profit or loss; for other financial

assets or financial liabilities, relevant transaction costs are recognized in their initial recognition

amount.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)9. Financial instruments (Continued)

Financial assets or financial liabilities at fair value through profit or loss comprise held-for-

trading financial assets or financial liabilities and those designated at fair value through profit or

loss at inception. Financial assets or financial liabilities and derivative financial instruments are

classified as held-for-trading if they are acquired or incurred principally for the purpose of

selling or repurchasing in the near term. For financial assets or financial liabilities designated as

at fair value through profit or loss, one of the following criteria must be met:

– the designation eliminates or significantly reduces recognition or measurement inconsistency

of the related gains or losses that would otherwise arise from measuring the assets or

liabilities on a different basis; or

– the group of financial assets, financial liabilities or both which are managed and their

performance is evaluated on a fair value basis, in accordance with the formal documented

risk management or investment strategy, and information about the group is provided

internally on that basis to the Group’s key management personnel; or

– the financial asset or financial liability comprises embedded derivative instrument which

needs to be performed separately.

Financial assets or financial liabilities at fair value through profit or loss are initially recorded at

fair value. Subsequent to initial recognition, they are re-measured at fair value. Gains or losses

arising from fair value changes are recognized in profit or loss.

Held-to-maturity investments are non-derivative financial assets with fixed maturity and fixed or

determinable payments that the Group has the positive intention and ability to hold to maturity.

Subsequent to initial recognition, these financial assets are carried at amortized cost using the

effective interest method. Gains and losses are recognized in profit or loss when such financial

assets are derecognized or impaired, as well as through the amortization process.

Loans and receivables are non-derivative financial assets with fixed or determinable payments

that are not quoted in an active market. Subsequent to initial recognition, these financial assets

are carried at amortized cost using the effective interest method. Gains and losses are recognized

in profit or loss when such financial assets are derecognized or impaired, as well as through the

amortization process.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)9. Financial instruments (Continued)

Available-for-sale financial assets are non-derivative financial assets that are designated as

available-for-sale or those financial assets that are not classified in any of the above categories.

Subsequent to initial recognition, these financial assets are measured at fair value. Gains and

losses arising from fair value changes except for impairment losses and translation differences,

are recognized directly in shareholders’ equity, until the financial assets are derecognized or

impaired upon which the cumulative gains or losses are removed from shareholders’ equity and

recognized in profit or loss. Dividend or interest income derived from available-for sale financial

assets are recognized in profit and loss.

Equity investments that are not quoted in an active market and whose fair value cannot be

reliably measured are carried at cost.

Other financial liabilities are carried at amortized cost using the effective interest method.

10. Derivative financial instruments

Derivative financial instruments include options embedded in convertible bonds purchased by

the Group, embedded derivatives separated from insurance contracts, interest rate swaps and

futures, credit default swaps, cross currency swaps, forward currency contracts, and options on

interest rates, currencies and equities, etc. Derivativel financial instruments are classified as held-

for-trading financial assets or financial liabilities unless they are designated as effective hedging

instruments. All derivatives are carried as assets when the fair values are positive and as liabilities

when the fair values are negative.

Embedded derivatives are treated as separate derivatives and are recorded at fair value, if their

economic characteristics and risks are not closely related to those of the related host contract

and the host contract is not itself recorded at fair value through the income statement. If

embedded derivatives cannot be measured separately at acquisition or at balance sheet date,

the hybrid instrument is designated wholly as financial asset or financial liability at fair value

through profit or loss.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)11. Fair value of financial instruments

If there is an active market for a financial instrument, the Group uses quoted prices in the active

market to establish its fair value.

For financial instruments where there is no active market, the fair value is established by using

valuation techniques. For application of valuation techniques in establishing fair value of financial

instruments, please refer to Note III, 40.

12. Impairment of financial assets

The Group assesses at the balance sheet date the carrying amount of financial assets other than

those at fair value through profit and loss. If there is any objective evidence that a financial

asset is impaired, the Group provides for such impairment losses.

If financial assets carried at amortized cost are impaired, the carrying amount of the financial

assets is reduced to the present value of estimated future cash flows (excluding future credit

losses that have not been incurred). The reduction is recognized as an impairment loss in the

income statement. If, in a subsequent period, there is objective evidence of a recovery in value

of the financial assets which can be related objectively to an event occurring after the impairment

was recognized, the previously recognized impairment loss is reversed and recognized in profit

and loss. Any reversal of an impairment loss is recognized, to the extent that the carrying value

of the asset does not exceed its amortized cost at the reversal date, as if no impairment provision

was made for that asset.

For a financial asset that is individually significant, the Group assesses the asset individually for

impairment, and recognizes the amount of impairment in profit or loss if there is objective

evidence of impairment. For a financial asset that is not individually significant, the Group assess

the asset individually for impairment or include the asset in a group of financial assets with

similar credit risk characteristics and collectively assess them for impairment. If it is determined

that no objective evidence of impairment exists for an individually assessed financial asset, whether

the financial asset is individually significant or not, the financial asset is included in a group of

financial assets with similar credit risk characteristics and collectively assessed for impairment.

Financial assets for which an impairment loss is individually recognized are not included in the

collective assessment for impairment.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)12. Impairment of financial assets (Continued)

If an available-for-sale financial asset is impaired, the cumulative loss arising from decline in fair

value that had been recognized directly in shareholders’ equity is removed from shareholders’

equity and recognized in profit or loss. The cumulative loss that is removed from shareholders’

equity is the difference between its acquisition cost (net of any principal repayment and

amortization) and its current fair value, less any impairment loss previously recognized in profit

and loss. Impairment losses recognized for equity instruments classified as available-for-sale are

not reversed. If, after an impairment loss has been recognized on an available-for-sale debt

instrument, and the fair value of the debt instrument increases in a subsequent period whereby

the increase can be objectively related to an event occurring after the impairment losses were

recognized, the impairment loss is reversed and recognized in profit or loss.

If an impairment loss has been incurred on an investment in an unquoted equity instrument

(without a quoted price from an active market) whose fair value cannot be reliably measured, or

on a derivative financial asset that is linked to and must be settled by delivery of such an

unquoted equity instrument, the amount of the impairment loss is measured as the difference

between the carrying amount of the equity instrument or the derivative financial asset and the

present value of the estimated future cash flows discounted at the current market rate of return

for a similar financial asset. The impairment losses recognized on such assets cannot be reversed.

13. Derecognition of financial assets

A financial asset is derecognized when one of the following criterias is met:

(1) the contractual right of receiving the cash flows generated from the financial asset is

terminated;

(2) the financial asset has been transferred, and met the following derecognizing criterias for

financial assets transformation.

A financial asset is derecognized when the Group has transferred substantially all the risks and

rewards of the ownership of such financial asset; if the Group has retained substantially all the

risks and rewards of ownership of the financial asset, such financial asset is not derecognized.

When the Group has neither transferred nor retained substantially all the risks and rewards of

ownership of the financial asset, if the Group has relinquished control of the financial asset, the

financial asset is derecognized. If the Group has control of the financial asset, it recognizes the

financial asset to the extent of its continuing involvement in the transferred financial asset and

recognizes an associated liability.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)14. Assets purchased under agreements to resell and assets sold under repurchase

agreements

Assets purchased under agreements to resell and assets sold under repurchase agreements are

recorded as the amount actually paid or received when the transactions occurred, and are

recognized in the balance sheet. The underlying assets of the agreements to resell are recorded

off balance sheet, while the underlying assets of the repurchase agreements continue to be

recorded in the balance sheet.

The bid and ask spread of the assets purchased under agreements to resell and assets sold

under repurchase agreements are recognized using actual interest rate method as interest income

and interest expense in the reselling or repurchasing period.

15. Long-term equity investments

Long-term equity investments are initially accounted for at cost on acquisition.

The cost method is used when the Company controls the investee or when the Company does

not control, jointly control or have significant influence over the investee and the long-term

equity investments have no quotation in active markets, and no fair value can be reliably measured.

When the cost method is used, profit distributions or cash dividends declared by the investee

are recognized as investment income for the current period. The amount of investment income

recognized is limited to the amount distributed out of accumulated net profit of the investee

that arises after the investment was made. The amount of profit distributions or cash dividends

declared by the investee in excess of the above threshold is treated as a recovery of initial

investment cost.

The equity method is used to account for long-term equity investments the Company can jointly

control or has significant influence over the investee.

Under the equity method, any excess of the initial investment cost over the Company’s share of

the net fair value of the investment’s identifiable assets and liabilities is included in the initial

investment cost of the long-term equity investment. Any excess of the Company’s share of the

investment’s identifiable assets and liabilities over the cost of investment is excluded from the

carrying amount of the investment and the difference is charged to profit and loss for the

current period.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)15. Long-term equity investments (Continued)

Under the equity method, investment gains or losses are recognized and the carrying amount of

the investment is adjusted to reflect the Company’s share of the investment’s net profit or loss.

When the investee declares profit appropriations or cash dividends, the carrying amount of

investment is adjusted down by the Company’s share of the profit appropriations and dividends.

The Company shall discontinue recognizing its share of the losses of the investee after the long-

term equity investment together with any long-term interests that in substance forms part of the

Company’s net investment in the investee are reduced to zero, except to the extent that the

Company has incurred obligations to assume additional losses. The Company also adjusts the

carrying amount of the long-term equity investment for other changes in owner’s equity of the

investee (other than net profits or losses), and include the corresponding adjustment in equity.

On disposal of the long-term equity investment, the difference between book value and market

price is charged to profit and loss for the current period.

16. Investment properties

Investment properties are interest in buildings that are held to earn rental income or capital gain

or both. Investment properties of the Group are mainly buildings that are for rental and related

land-use-rights.

An investment property is recognized when, and only when, it is probable that future economic

benefits that are associated with the investment properties will flow to the Group and the cost

can be measured reliably.

Investment properties are initially measured at cost and subsequent recognized by using the cost

model. Investment properties are depreciated on a straight-line basis. For detailed estimated

useful lives and estimated residual values, please refer to Notes III, 17 (Fixed Assets).

17. Fixed assets

Fixed assets are tangible assets held for rental or administrative purposes that are used for more

than one accounting year. Construction-in-progress represents necessary costs incurred for fixed

assets before they can be put into use. These costs include direct materials cost, direct labor

cost, installment fees of equipments, construction cost and permitted capitalized borrowing

fees. Construction-in-progress are transferred into fixed assets when put in use.

A fixed asset is recognized when, and only when, it is probable that future economic benefits

that are associated with the fixed asset will flow to the Group and the cost can be measured

reliably. Subsequent costs related to a fixed asset are recognized in the carrying amount of the

fixed asset at the time those costs are incurred if the above recognition criteria are met; otherwise,

those costs are recognized in profit or loss as incurred.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)17. Fixed assets (Continued)

Fixed assets are initially accounted for at cost. Cost of purchased fixed assets includes purchasing

price, relevant taxes, and any directly attributable expenditures for bring the asset to working

condition for its intended use such as delivery and handling costs, installation costs and others.

Fixed assets are depreciated on a straight-line basis, and the respective estimated useful lives

and estimated residual values are as follows:

Estimated useful lives Estimated residual values

Buildings 30-35 years 5%

Office equipments, furnitures and fixtures 5 years 5%

Motor vehicles 5-8 years 5%

The Group review, at least each year end, the useful lives and the estimated residual values and

the depreciation methods of fixed assets, with change made accordingly if necessary.

18. Intangible assets

Intangible assets are mainly land-use-rights (except for those of investment properties), computer

software and membership fees. Intangible assets are initially measured at actual cost or fair

value (if acquired through business combinations involving entities not under common control).

Depending on their useful lives, the Group separates intangible assets into intangible assets with

finite lives and intangible assets with indefinite useful lives. Intangible assets with indefinite lives

are those intangible assets with no foreseeable limit to the period over which those assets are

expected to bring economic benefits. The Group allocates on a systematic basis the depreciable

amount of intangible assets with finite useful lives over their useful lives. Intangible assets with

indefinite lives are not amortized. The Group review, at least each year end, the useful lives of

the intangible assets and their amortization methods, with changes made accordingly if necessary.

19. Repossessed assets

Repossessed assets are tangible assets or properties that borrowers, guarantors or other third

parties use to exercise their debtors’ or guarantors’ rights. Repossessed assets are initially

recognized at their fair value.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)20. Insurance guarantee fund

According to “Administrative Regulations on the Insurance Guarantee Fund” (Baojianhuiling

[2004] No.16), the Group calculates the insurance guarantee fund as follows:

(1) For property insurance, accident insurance and short-term health insurance, insurance

guarantee fund is provided at 1% of net premiums respectively.

(2) For long-term life insurance and long-term health insurance with guaranteed interest rate,

insurance guarantee fund is provided at 0.15% of net premiums respectively.

(3) For long-term life insurance without guaranteed interest rate, insurance guarantee fund is

provided at 0.05% of net premiums.

No additional provision is required when the accumulated insurance guarantee fund balances of

Ping An Life, Ping An Annuity Insurance Company of China, Ltd. (“Ping An Annuity”) and Ping

An Health Insurance Company of China, Ltd. (“Ping An Health”) reaches 1% of their respective

total assets. For Ping An Property & Casualty, no additional provision is required when the

accumulated balance reaches 6% of its total assets.

21. Direct insurance contract

Direct insurance contracts are contracts entered into by the Group and policyholders where the

Group undertakes insurance risks. The Group undertakes insurance risks when the occurrence of

an accident within the scope of an insurance contract is likely to cause the Group to undertake

the insurance claim liability. Contracts entered into by the Group and policyholders that cause

the Group to accept both insurance risk and other risks are insurance contracts in their entirety

with no separation of insurance risk and other risks.

When direct insurance contracts are terminated prior to their expiration dates, the Group transfers

the residual unearned premiums reserves, life insurance liabilities, and long-term health insurance

liabilities, and recognizes them in the current period’s profits or losses together with the

corresponding surrender payments.

22. Unearned premium reserves

Unearned premium reserves are reserves made for the unexpired portion of in-force non-life

insurance policies. Unearned premium reserves are recorded based on actuarial valuation results

(1/365 method). In accordance with the regulation issued by the CIRC (Baojianfa [1999] No.90),

unearned premium reserves for life insurance should not be less than 50% of net premiums for

the current period.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)22. Unearned premium reserves (Continued)

The Group performs the following tests on the balance sheet date and makes additional provision

for unearned premium reserves for the difference between the unearned premium provided and

the greater of the following two basis:

(1) Balance of estimated future claims and expenses after deduction of relevant investment

income.

(2) Surrender amount on the date of premium reserve valuation assuming all insurance policies

were surrendered.

23. Claim reserves

The Group, as the insurer, provides claim reserves for non-life insurance accidents claims incurred

but not settled, which include claims reported but not settled, claims incurred but not reported,

and claim expense provisions.

Reserves for claims incurred and reported but not yet settled are those reserves for which the

non-life insurance accidents have occurred and the claims have been reported to the Group but

are not yet settled. Reserves for claims reported but not settled are prudently provided on the

basis of the estimated claim losses but not more than the maximum insured amount on the

insurance policy using the Average Incurred Claim Projection, Average Paid Claim Projection and

other methods for the valuation of the reserves.

Reserves for claims incurred but not reported are those reserves for non-life insurance accidents

incurred but not yet reported for loss. Reserves for claims incurred but not reported are prudently

provided using at least two of the following methods: the Chain-ladder method, the Average

Paid Claim Projection, Loss Development method and the Bornhuetter-Ferguson method.

Provisions for claim expenses are those reserves for expenses incurred for claims reported but

not yet settled such as lawyer fees, litigation fees, loss inspection expenses and salaries of

related claims handling staff. The Group uses the Average Case Projection method and Proportional

Allocation method to provide for these reserves.

24. Policyholders’ reserves for life insurance

Policyholders’ reserves for life insurance are reserves provided to meet future insurance obligations

arising from life insurance business and are provided using actuarial valuation methods. In

accordance with the CIRC’s regulations, the Group provides for policyholders’ reserves for life

insurance in excess of the statutory minimum standard. The statutory policyholders’ reserves are

calculated in accordance with “Actuarial Regulations on Life Products”, “Actuarial Regulations

on Interest-Dividend-Only Products” (Baojianfa [1999] No.90), “Actuarial Regulations on Individual

Participating Products”(Baojianfa [2003] No.67) , “Actuarial Regulations on Universal Life

Products”, “Actuarial Regulations on Investment-linked Products” (Baojianfa [2007] No.335),

“Notice on Actuarial report” (Baojianshouxian [2005] No.8), “Notice on Amendment of the

Usage of Mortality Table in Actuarial Regulations” (Baojianfa [2005] No. 118) and other regulations

promulgated by the CIRC.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)24. Policyholders’ reserves for life insurance (Continued)

The main basis of measuring the policyholders’ reserves for life insurance of the Group is as

follows:

(1) Using the prospective method on a seriatim basis or using the retrospective method on a

seriatim basis if it has obtained the approval of CIRC.

(2) The valuation interest rate used for life insurance should be capped at the lower of:

• 7.5% set by the CIRC; or

• Pre-set interest rate that is used in determining the insurance premium of the

product.

(3) The mortality rates used for life insurance products valuation are based on the China life

Insurance Mortality Table (2000-2003).

(4) The policyholders’ reserves for life insurance valuation method (excluding universal life

insurance and investment-linked life insurance) are as below:

• The one-year term Full Preliminary Term is adopted for traditional non-participating

life insurance contracts, other than whole life annuities, while participating life

insurance products are calculated according to actuarial regulations;

• For whole life annuities, a modified net level premium method is adopted;

• Premium deficiency reserve is required if the renewal year valuation premium,

calculated by modified method, is higher than the gross premium;

• Amount of policyholders’ reserves for life insurance should be no less than the cash

value of policy at valuation date.

(5) The reserve valuation method for universal life insurance, which includes account reserve

and non-account reserve, is as follows:

• Account reserve is calculated on a seriatim basis; and the amount should equal the

policy’s account value at valuation date.

• Non-account reserves are calculated by using cash flow discounted method on the

basis of generally accepted actuarial principles. The discount rate used is based on

expected rate of return and should not exceed 5%.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)24. Policyholders’ reserves for life insurance (Continued)

• The Group makes provision for non-account reserves for the guaranteed benefits of

universal insurance according to related rules.

• The Group sets smoothing reserves for universal account in order to smooth

settlement interest rates of different settlement periods. Smoothing reserves should

not be negative and should only be derived from the accumulated difference between

the actual investment return and the settlement interest. The Group will maintain

the smoothing nature of the settlement interest rates.

(6) The reserves for investment-linked life insurance are the sum of unit reserve and non-unit

reserve. The calculation method is as below:

• Unit reserve is calculated on a seriatim basis and should be equal to the value of

the unit investment account as at valuation date;

• Non-unit reserves are calculated by using cash flow discounted method on the basis

of generally accepted actuarial principles. The discount rate used is based on expected

rate of return and should not exceed 5%;

• The Group makes provision for non-unit reserve for the guaranteed benefits of

investment-linked insurance according to related rules.

(7) The changes in fair values of financial assets at fair value through profit and loss for both

participating insurance and universal life insurance are recorded in policyholders’ reserves

for life insurance for those portions that are reasonably attributable to the policyholders

and in profit and loss for the period for those that are attributable to the shareholders.

For available-for-sale financial assets, fair value changes are recorded in policyholders’

reserves for insurance for those portions that are reasonably attributable to the policyholders

and in capital reserves for those that are attributable to the shareholders.

25. Long-term reserves for health insurance

Long-term reserves for health insurance is provided to meet future obligations arising from long-

term health insurance business and is recorded based on actuarial valuation results. According

to the CIRC’s regulations, long-term reserves for health insurance are provided at a level not less

than the statutory minimum standard. The statutory reserve is calculated in accordance with

“Actuarial Regulations on Health Products” (Baojianfa [1999] No.90), other regulations and

approvals promulgated by the CIRC. The expected loss rates and expected Mobidity rates that

are used to calculate long-term reserves for health insurance are based on the experience data

of the Company and the existed experience table of reinsurance companies. “The Actuarial

Regulation on Life Products” (Baojianfa [1999] No.90) is also, followed accordingly.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)26. Liability adequacy test

The Group performs adequacy tests on claim reserves, policyholders’ reserves for life insurance

and long-term reserves for health insurance on each balance sheet day. If the reserves re-

calculated by using actuarial methods exceed the balance of the relevant reserves on the day of

adequacy test, the Group will provide for additional reserves to top up the reserve deficiency

and recognize it in current profit and loss, if any, and if the related reserve is adequate, no

adjustment is made.

When performing liability adequacy tests on policyholders’ reserves for life insurance and long-

term reserves for health insurance, the Group applies actuarial models on the basis of best

estimate hypothesis in order to estimate the future cash flow of the policies. The actuarial

hypothesis parameters includes premium receipts, benefit expenditure, surrender expenditure,

commission and handling fees, operating expenses, policyholder dividends and other non-beneficial

expenditure. The discount rates used for discounting future cash flows takes into account those

assets related to reserves and the yield rates of expected future cash flows for investments.

27. Revenue recognition

Revenue is recognized only when economic benefits associated with the transaction will flow to

the Group, so that the Group’s assets will increase or its liabilities will decrease, and the relevant

amount of revenue can be measured reliably.

Premium income

Premium income and reinsurance premium income is recognized when the insurance contracts

are issued, related insurance risk is undertaken by the Group, related economic benefits will

most likely flow to the Group and related net income can be reliably measured. Premiums from

original non-life contracts are recognized as revenue per the amount of total premium stated in

the contracts. Premiums from original life contracts with installment or single payments are

recognized as revenue when due. Reinsurance premiums are recognized as revenue in accordance

with the terms of the related reinsurance contracts.

Interest income

Interest income is recognized in income statement as it accrues and is calculated by using the

effective interest rate method.

Other income

Commission income mainly arises from securities brokerage and trust management business.

Commission income from securities brokerage business is recognized on the transaction dates

while, trust management income is recognized according to the terms, conditions and returns to

be assumed by the trustors as stipulated in the trust contracts. Securities premium income arises

from securities underwriting business and is recognized upon the completion of underwriting

services when cash is received. Rental income is recognized on a straight-line basis over the

lease terms.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)28. Policyholder dividends

Policyholder dividends represent dividends paid by the Group to policyholders in accordance

with the terms of direct insurance contracts. The dividends are calculated and provided based on

dividends allocation method and results of actuarial valuation.

29. General risk provision

The general risk provision on the Group’s consolidated financial report consists of the general

reserves of insurance company subsidiaries, general provision of bank subsidiaries, general risk

provisions of security company subsidiaries, loss provision for trust business of trust company

subsidiaries and risk provisions of subsidiaries with dealings in futures contracts. The above

mentioned general risk provision accrued by the Group is appropriated from profit.

30. Reinsurance

Reinsurance outwards

The Group cedes insurance risk in the normal course of business for its insurance businesses.

Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders.

The Group calculates, in accordance with the terms of relevant reinsurance contracts, premiums

ceded to reinsurers and expenses recoverable from reinsurers and recognizes them in income

statement. The Group determines, in accordance with the terms of the relevant reinsurance

contracts, and recognizes as assets the reserves to be recovered from reinsurers in the period in

which the Group recognizes the outstanding claims reserves, policyholders’ reserves for life

insurance and long-term reserves for health insurance of the direct insurance contracts. When

the Group reduces the balance of the corresponding reserves as the amounts of claims and

benefits payments are ascertained or actual claim handling expenses are incurred for the direct

insurance contracts, it also reduces the balance of the corresponding reserves attributable to the

outward reinsurance contracts. At the same time, the Group also determines the costs of claims

and benefits recoverable from reinsurers according to the terms of the reinsurance contracts and

recognizes the amount in income statement for the period. When early termination of the direct

insurance contracts occurs, the Group determines the adjustments required for the premium

ceded to reinsurers and commissions recoverable in accordance with the terms of the related

reinsurance contracts and recognizes these amounts in income statement for the period. At the

same time, the Group adjusts the relevant reserves attributable to the outward reinsurance

contracts.

As the cedent, the Group does not offset but presents separately in the balance sheet the assets

and liabilities, as well as in the income statement the income and expenses arising from the

reinsurance contracts and their related direct insurance contracts.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)30. Reinsurance (Continued)

Reinsurance inwards

The Group calculates and recognizes reinsurance expenses in current period’s income statement

in the same period the reinsurance premium income is recognized according to the terms of the

related reinsurance contracts. Profit commission expenses are recognized in current period’s

income statement when the Group is able to calculate and determine the expenses according to

the terms of the reinsurance contracts.

The Group adjusts and recognizes in current period’s income statement the related reinsurance

premium income and expenses according to the actual amounts stated on the reinsurance

statement of accounts when received.

31. Operating lease

Leases where substantially all the risks and rewards of ownership of assets remain with the

lessor are accounted for as operating leases. Rental income and expenses applicable to such

operating leases are charged to profit or loss on a straight-line basis over the lease terms.

32. Financial guarantee contracts

Financial guarantee contracts other than insurance contract are initially recognized at fair value.

After initial recognition, they are subsequently measured at the higher of the amount of the

estimated liabilities or the initial amount less accumulated amortization.

33. Fiduciary business

Transactions arising from assets held in trust on behalf of third parties arising from fiduciary

business are not shown in the balance sheet because the legal interest of any risk and return are

borne by policyholders.

34. Accounting methods for income tax

Income tax include current and deferred tax. Income tax are recognized in current period’s profit

and loss as income tax expense or income except for the adjustment made for goodwill in a

business consolidation and income tax from transactions or items that directly related to equity.

For current period’s deferred tax assets and liabilities arising in current and prior periods, the

Group measures them using the expected payment or refund amount in according to relevant

taxation regulations.

The Group recognizes deferred tax liabilities or assets based on temporary differences. Temporary

differences are differences between the carrying amount of assets or liabilities in the balance

sheet and their tax base. Temporary differences also include the differences between the book

values and tax bases of items not recognized as assets or liabilities where the tax base can be

calculated according to the relevant tax regulations.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)34. Accounting methods for income taxes (Continued)

Deferred tax liabilities are recognized for all taxable temporary differences, except:

• where the deferred tax liability arises from goodwill or the initial recognition of an asset

or liability in a transaction that is not a business combination and, at the time of the

transaction, affects neither the accounting profit nor taxable profit or loss ; and

• in respect of taxable temporary differences associated with investments in subsidiaries,

associates and interests in joint ventures, where the timing of the reversal of the temporary

differences can be controlled and it is probable that the temporary differences will not

reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, unused tax losses

and carry-forward of unused tax credits, to the extent that it is probable that taxable profit will

be available against which the deductible temporary differences, and the carry-forward of unused

tax credits and unused tax losses can be utilized except:

• where the deferred tax asset relating to the deductible temporary differences arises from

the initial recognition of an asset or liability in a transaction that is not a business

combination and, at the time of the transaction, affects neither the accounting profit nor

taxable profit or loss; and

• in respect of taxable temporary differences associated with investments in subsidiaries,

associates and interests in joint ventures, where the temporary differences are not likely

to be reversed in the foreseeable future and taxable profit in the future may not be

obtained to offset the temporary differences.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the

period when the asset is realized or the liability is settled, and reflect the tax consequences at

the balance sheet date, to recover the assets or settle the carrying amount of its assets and

liabilities.

The Group re-assesses book value of deferred tax assets at each balance sheet date. The Group

reduces the book value of deferred tax assets if future taxable profit may not be sufficient to

offset the benefits from the assets. When future taxable profit is sufficient, the reduction is

reversed.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)35. Impairment of non-financial assets

The Group assesses impairment to assets other than inventory, financial assets and deferred tax

assets using the methods described below.

The Group assesses at each balance sheet date whether there is an indication that a non-

financial asset may be impaired. If any such indication exists, the Group makes an estimate of

the asset’s recoverable amount and performs a test of impairment for the asset. For goodwill

generated from business consolidation and intangible assets with indefinite useful lives, tests for

impairment is performed annually regardless of whether there are indications of impairment.

Recoverable amount is the higher of the asset’s fair value less costs to sell and its present value

of estimated future cash flows. The Group estimates recoverable value for individual assets.

When it is hard to estimate individually, the recoverable value of the cash generating units

which the asset belongs to will be estimated. The definition of cash generating units is determined

on the basis of whether the cash generating units generate cash flows which are largely

independent of those from other cash generating units.

Where the carrying amount of an asset or a cash generating unit exceeds its recoverable amount,

the asset or cash generating unit is considered impaired and is written down to its recoverable

amount. The difference between the carrying amount and recoverable amount is recognized in

the current period’s profit or loss and provision for impairment is made accordingly.

For the purpose of impairment testing, goodwill acquired in a business combination is, from the

acquisition date, allocated to the related cash-generating units, or groups of cash-generating

units, that are expected to benefit from the synergies of the combination.

When testing for impairment, if there is indication that a cash generating unit or a group of

cash generating units with related goodwill may be impaired, the unit without goodwill allocated

is first tested for impairment by comparing the unit’s carrying amount, excluding any goodwill,

with its recoverable amount and any related impairment loss is recognized accordingly. Then,

the unit to which goodwill has been allocated is tested for impairment by comparing the carrying

amount of the unit, including goodwill, with the recoverable amount of the unit and if the

carrying amount exceeds the recoverable amount of the unit, impairment loss is recognized on

the goodwill.

Previously recorded impairment losses for goodwill are not reversed in future periods.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)36. Share-based payment transactions

Senior management and some of the key employees of the Group receive remuneration in the

form of share-based payment transactions (i.e. share appreciation rights) whereby the above

mentioned employees render services as consideration for share appreciation rights which are

settled in cash.

Share appreciation rights are settled in cash after completion of services by the above mentioned

employees in the vesting period. The fair value of share appreciation rights is expensed over the

period until vesting with recognition of a corresponding liability. The cost of share appreciation

rights is measured initially at fair value at the grant date using the Black-Scholes formula taking

into account the terms and conditions upon which the instruments are granted.

The liability is re-measured at each balance sheet date up to and including the settlement date

with changes in fair value recognized in the income statement.

37. Employee benefit

The employees of the Group are entitled to participate in government-managed social insurance

schemes, including pension plans, medical benefits, housing funds and other social insurance

schemes. The Group’s liability in respect of these benefits is limited to the contributions paid in

each period, which are expensed as incurred. Certain employees are also provided with group

life insurance, but the amount involved is insignificant. The Group has no other significant legal

or constructive (welfare) obligations for employee benefits beyond the said contributions.

38. Related party

Parties are considered to be related if the Group has the ability, directly or indirectly, to control

the other party or to exercise joint control or significant influence over the other party in

making financial and operating decisions, and vice versa.

39. First-time adoption of Accounting Standards for Business Enterprises

In accordance with “Issuance of ‘ASBE No.1 – Inventory’ and other 38 specific standards” (Caikuai

[2006] No.3), the Group started to implement the ASBE since January 1, 2007 to replace the old

accounting standards and Accounting Standards for Financial Institutes. In this financial statements,

retrospective adjustments are made on the comparative data in accordance with “ASBE No. 38 –

First-time Adoption of ASBE”, “Experts’ Opinions on Implementation of ASBE” issued by

Accounting Standard Committee of MOF and etc., in respect of the translations and events

affected by the change in accounting policies.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)39. First-time adoption of Accounting Standards for Business Enterprises (Continued)

The impact of first-time adoption of Accounting Standards for Business Enterprises are as

follows:

(Audited)

January 1, 2007

Capital Surplus Retained Minority

reserves reserves profits interests Total

Balance before retrospective

adjustment 15,163 6,126 8,667 1,251 31,207

Adjustments:

Goodwill – 6 52 – 58

Financial assets 13,352 369 3,047 169 16,937

Derivative financial instruments – (4) 2 – (2)

Policyholders’ reserves for

life insurance (3,825) (186) (1,659) (57) (5,727)

Claim reserves – (240) (1,147) (14) (1,401)

Land-use-rights – (8) (47) (1) (56)

Deferred tax (1,429) 57 252 (11) (1,131)

Others (15) – 15 29 29

Balance after retrospective

adjustment 23,246 6,120 9,182 1,366 39,914

(Audited)

January 1, 2006 (restated)

Capital Surplus Retained Minority

reserves reserves profits interests Total

Balance before retrospective

adjustment 15,163 5,526 5,350 525 26,564

Adjustments:

Goodwill – – (3) – (3)

Financial assets 1,074 54 308 15 1,451

Derivative financial instruments – (8) (46) (1) (55)

Policyholders’ reserves

for life insurance (318) – – (3) (321)

Claim reserves – (231) (1,307) (16) (1,554)

Land-use-rights – (6) (37) – (43)

Deferred tax (113) 62 351 3 303

Others (17) 2 13 – (2)

Balance after retrospective

adjustment 15,789 5,399 4,629 523 26,340

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)39. First-time adoption of Accounting Standards for Business Enterprises (Continued)

The impact of first-time adoption of ASBE on net profit after minority interests for the six

months ended June 30, 2006 is as follows:

(Unaudited)

Six months ended

June 30, 2006

(restated)

Balance before retrospective adjustment 2,670

Adjustments:

Goodwill 20

Financial assets 1,730

Claim reserves (337)

Land-use-rights (7)

Deferred tax (119)

Others and minority interests (12)

Balance after retrospective adjustment 3,945

40. Critical accounting estimates and judgments in applying accounting policies

The Group makes critical estimates and judgments that affect the reported amounts of assets

and liabilities. Estimates and judgments are continually evaluated and based on historical

experience and other factors, including expectations of future events that are believed to be

reasonable under the circumstances.

Judgments

In the process of applying the Group’s accounting policies, management has made the following

judgments, apart from those involving estimations and assumptions, which has the most significant

effect on the amounts recognized in the financial statements.

(1) Classification of financial assets

Management needs to make significant judgment in classification of financial assets.

Different classifications may affect accounting methods as well as the financial condition

and operational results of the Group. After the balance sheet date, if it is discovered that

inaccurate judgment was made for the classification of financial assets, the whole financial

assets may need to be reclassified.

(2) Classification of insurance contracts

Management needs to make significant judgment in classification of insurance contracts.

Different classifications may affect accounting methods as well as the financial condition

and operational results of the Group.

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)40. Critical accounting estimates and judgments in applying accounting policies (Continued)

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at

the balance sheet date, that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year are discussed below.

(1) Valuation of insurance contract reserves

Policyholders’ reserves for life insurance and long-term reserves for health insurance

Policyholders’ reserves for life insurance and long-term reserves for health insurance are

valued according to the regulations of CIRC, using the main assumptions which include

interest rates and mortality rates.

All life insurance policies must also be subject to a liability adequacy test, which reflects

management’s current best estimate of future cash flows. The main assumptions used are

mortality, morbidity, investment returns, expenses, lapse and surrender rates. The Group

base their mortality and morbidity tables on standard industry and national tables which

reflect historical experiences, adjusted when appropriate to reflect the Group’s unique risk

exposure, product characteristics, target markets and own claims severity and frequency

experiences. Estimates are also made as to future investment income arising from the

assets backing life insurance contracts. These estimates are based on current market returns

as well as expectations about future economic and financial developments. Assumptions

on future expense are based on current expense levels, adjusted for expected inflation

when appropriate. Lapse and surrender rates depend on product features, policy duration

and etc. Historical experience is used in choosing these assumptions.

The reserves for investment-linked policies, where the Group undertakes both insurance

risks and other risks, are determined with reference to the fair values of the assets

supporting such liabilities.

Claims reserves

For property and casualty and short term life insurance contracts, estimates have to be

made both for the expected ultimate cost of claims reported at the balance sheet date

and for the expected ultimate cost of claims incurred but not yet reported at the balance

sheet date (“IBNR”). The ultimate cost of outstanding claims is estimated by using at least

two of the actuarial claims projection techniques, such as Chain Ladder Method, Average

Claim Method, Reserve Development Method and Bornhuetter-Ferguson methods.

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Estimates and assumptions (Continued)(1) Valuation of insurance contract reserves (Continued)

Policyholders’ reserves for life insurance and long-term reserves for health insurance(Continued)Claims reserves (Continued)The main assumption underlying these techniques is that the Group’s past claimsdevelopment experience can be used to project future claims development and henceultimate claims costs. As such, these methods extrapolate the development of paid andincurred losses, average costs per claim and claim numbers based on the observeddevelopment of earlier years and expected loss ratios. Historical claims development ismainly analyzed by accident years, but can also be further analyzed by geographical area,as well as by significant business lines and claim types. Large claims are usually separatelyaddressed, either by being reserved at the face value of loss adjustor estimates or separatelyprojected in order to reflect their future development. In most cases, no explicit assumptionsare made regarding future rates of claims inflation or loss ratios. Instead, the assumptionsused are those implicit in the historic claims development data on which the projectionsare based. Additional qualitative judgment is used to assess the extent to which pasttrends may not apply in future, (for example to reflect one-off occurrences, changes inexternal or maker factors such as public attitudes to claiming, economic conditions, levelsof claims inflation, judicial decisions and legislation, as well as internal factors such asportfolio mix and claims handling procedures) in order to arrive at the estimated ultimatecost of claims that present the most likely outcome from the range of possible outcomes,taking account of all the uncertainties involved.

(2) Fair value of financial instruments determined using valuation methodsFair value of financial instrument, in the absence of an active market, is estimated byusing valuation techniques, such as the price used in recent arm’s length transactions,reference to the current fair value of another instrument which is substantially the same,discounted cash flow analysis and option pricing model.

When using valuation techniques to determine the fair value of financial instruments, theGroup makes use of all factors, whenever possible, considered by market participants inpricing technique instruments including risk-free rates, credit risk, foreign currency exchangerates, commodity prices, stock price or stock index, magnitude of future changes in priceof the financial instrument and prepayment and surrender risk.

Using different valuation techniques or references assumptions may result in the existenceof relatively significant differences in fair value estimations.

(3) Impairment losses of loans and advancesThe Group reviews its loans and advances at each reporting date to assess whether anallowance for impairment should be recorded in the income statement. In particular,estimation by management is required in respect of the amount and timing of future cashflows when determining the level of allowance required. Such estimates are based onassumptions about a number of factors and actual results may differ.

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Estimates and assumptions (Continued)(4) Deferred tax assets and liabilities

Deferred tax assets and liabilities are measured, based on tax laws, at the tax rates that

are expected to apply to the period when the asset is realised or the liability is settled.

Deferred tax assets are recognized for all unused tax losses, to the extent that it is likely

that taxable profit will be available to offset these unused tax losses. Many judgments are

needed from the management to estimate the timing and amount of taxable profit as

well as applicable tax rate in the future, with tax planning strategies, to determine the

amount of the deferred tax assets and liabilities that should be recognized.

41. Major changes in accounting estimatesChanges in accounting estimates are applied prospectively.

(1) In compliance with Baojianfa [1999] No.90 that reserves provided for the year should not

be less than the statutory minimum reserves, and valuation interest rate should not be

higher than the pricing interest rate or the determined rate of 7.5%, the Group uses a

more prudent valuation interest rate for insurance products with pricing interest rate

equal to or higher than 7.5%. In the current period, the valuation interest rate of high

interest rate insurance products of the Group was reduced to 6% – 6.5% from 6.5% –

7.5%. The accounting estimation changes result in a decrease in profit before tax of

approximately RMB6,260 million.

(2) On March 16, 2007, the National people’s Congress approved the Corporate Income Tax

Law of the People’s Republic of China (the “New CIT Law”), which is effective from

January 1, 2008. Under the New CIT Law, the corporate income tax rate applicable to

domestic companies from January 1, 2008 will decrease from 33% to 25%. In addition,

for those enterprises which are benefiting from lower preferential tax rates (e.g. 15%);

such preferential rates will be gradually phased out by increasing them over the next five

years. According to ‘ASBE No.18 – Income Tax’, deferred tax assets and deferred tax

liabilities are measured at the tax rates that are expected to apply to the period when the

asset is realized or the liability is settled. As a result, the change in the corporate income

tax rate has had the following impact on the operation results and financial position of

the Group for the period:

(Audited)Six months ended

June 30, 2007

Decrease in income tax expense of current period 382Decrease in capital reserve (change in fair value of

available-for-sale financial assets) 1,567Increase in deferred tax assets 237Increase in deferred tax liabilities 1,422

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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (Continued)41. Major changes in accounting estimates (Continued)

At the date of approval of these financial statements, detailed implementation guidelines and

administrative requirements relating to the New CIT Law have yet to be announced. These

detailed requirements include regulations concerning the computation of taxable income, as

well as specific preferential tax treatments and their related transitional provisions. The Group

will further evaluate the impact on its operating results and financial positions of future periods

as more detailed requirements are issued.

IV. TAXATIONThe major types of taxes and related tax rates applicable to the Group are as follows:

Business tax and surcharges

Business tax is levied on 5% of taxable premium income, other operating income and investment

income. Business tax surcharges, comprising city maintenance and construction tax and education

surcharges are calculated at a pre-determined percentage of business tax.

Income tax

According to the “Provisional Regulations of the PRC on Enterprise Income Tax”, the taxable income of

the Group represents its income for financial reporting purposes, net of deductible and non-taxable

items for income tax purposes.

The income tax rates applicable to the Group, the subsidiaries and their branches during the period are

as follows:

Types of tax Subsidiaries and branches Tax rate

Enterprise income tax – Ping An Bank Limited (“Ping An bank”) 15%

in the PRC and subsidiaries and branches of

the Group located in Special Economic Zones

– Subsidiaries and branches of the Group 33%

located outside Special Economic Zones

Hong Kong profits tax – Subsidiaries in Hong Kong Special Administrative Region 17.5%

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V. INFORMATION OF SUBSIDIARIESThe major changes in the subsidiaries of the Group during the period are as follows:

(1) On January 1, 2007, Ping An Trust completed its acquisition of 99% equity interest in Shenzhen

CITIC City Plaza Investment Co., Ltd (“Shenzhen CITIC Plaza”). The paid-up capital of Shenzhen

CITIC Plaza is RMB20 million.

The fair values of the identifiable assets and liabilities acquired as at the date of acquisition

were:

Fair value

recognized on

acquisition Carrying value

Cash on hand and at bank 29 29

Investment properties 1,955 1,543

Other assets 4 4

Sub-total 1,988 1,576

Long term loans 1,319 1,319

Deferred income tax liabilities 62 –

Other liabilities 234 234

Sub-total 1,615 1,553

Fair value of net assets 373 23

Fair value of net assets acquired attributable to the Group 373

Goodwill arising on acquisition 66

Cost of acquisition 439

Less: payable balance (28)

Cash paid 411

Cash outflow on acquisition of the subsidiary:

Net cash acquired with the subsidiary 29

Cash paid (411)

Net cash outflow (382)

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V. INFORMATION OF SUBSIDIARIES (Continued)(2) On June 26, 2007, Shenzhen Commercial Bank Co., Ltd. finished its acquisition of 100% equity

interest in Ping An Bank from Ping An Trust and other minority shareholder of Ping An Bank.Subsequent to the acquisition, Shenzhen Commercial Bank Co., Ltd. renamed as Shenzhen PingAn Bank Co., Ltd. (“Shenzhen Ping An Bank”) on June 27, 2007.

Particulars of the Company’s principal subsidiaries as at June 30, 2007 are set out below:

Registered andAttributable paid-up capital

Date/place of equity interest (RMB unlessName incorporation Direct Indirect otherwise stated) Principal activities

Ping An Life Insurance December 17, 2002 99.00% – 3,800,000,000 Life insuranceCompany of China, Ltd. The PRC

Ping An Property & Casualty December 24, 2002 99.06% – 3,000,000,000 Property and casualtyInsurance Company of The PRC insuranceChina, Ltd.

Shenzhen Ping An Bank August 3, 1995 89.36% – 5,502,000,000 BankingCo., Ltd The PRC

China Ping An Trust & November 19, 1984 99.88% – 4,200,000,000 Trust and investmentInvestment Co., Ltd. The PRC

Ping An Securities Company, July 18, 1996 – 86.11% 1,800,000,000 Security investmentLtd. The PRC and brokerage

Ping An Annuity Insurance December 13, 2004 97.00% 2.98% 500,000,000 Annuity insuranceCompany of China, Ltd. The PRC

Ping An Asset Management May 27, 2005 90.00% 9.90% 200,000,000 Asset managementCo., Ltd. The PRC

Ping An Health Insurance June 13, 2005 95.00% 4.96% 500,000,000 Health insuranceCompany of China, Ltd. The PRC

China Ping An Insurance October 24, 1996 100.00% – HK$555,000,000 Investment holdingOverseas (Holdings) Limited Hong Kong

China Ping An Insurance August 17, 1976 – 75.00% HK$110,000,000 Property and casualty(Hong Kong) Company Hong Kong insuranceLimited

Shenzhen Ping An Futures April 10, 1996 – 93.13% 50,000,000 Futures brokerage

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Brokerage Co., Ltd. The PRC

V. INFORMATION OF SUBSIDIARIES (Continued)Registered and

Attributable paid-up capitalDate/place of equity interest (RMB unless

Name incorporation Direct Indirect otherwise stated) Principal activities

Shenzhen Ping An Industries November 24, 1992 – 99.88% 20,000,000 InvestmentCo., Ltd. The PRC

Shenzhen Ping An Property January 6, 1995 – 99.88% 20,000,000 Property managementand Facility Management The PRCCo., Ltd.

Fuzhou Ping An Real Estate March 28, 1994 – 74.25% US$5,000,000 Development ofDevelopment Co., Ltd. The PRC property in Fuzhou

(completed)

Shenzhen Ping An Real Estate March 8, 2005 – 99.88% 300,000,000 Real estateInvestment Co., Ltd. The PRC development,

investment

Shenzhen Xin An Investment September 5, 2005 – 99.88% 3,000,000 ConsultingConsultant Co., Ltd The PRC

Ping An of China Asset May 16, 2006 – 100.00% HK$38,500,000 Asset managementManagement (Hong Kong) Hong KongCompany Limited

Yuxi Ping An Real Estate July 31, 2006 – 79.90% 38,500,000 Property leasingCo., Ltd. The PRC

Pan-China Real Estate March 1, 2005 – 50.94% US$9,700,000 Real estate Investment(Jingzhou) Co., Ltd The PRC

Shenzhen CITIC City Plaza September 26,2001 – 98.88% 20,000,000 Real estate InvestmentInvestment Co., Ltd. The PRC

Anseng Investment Company April 6, 2006 – 100.00% US$2 Investment holdingLimited BVI

Timely Reach Investments August 11, 2006 – 100.00% US$1 Investment holdingLimited BVI

Total Faith Investments Limited September 8, 2006 – 100.00% US$1 Investment holdingBVI

Jade Reach Investments Limited November 13, 2006 – 100.00% US$1 Investment holdingBVI

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1. Cash on hand and at bank

(Audited) (Audited)


2007 2006

Cash on hand 405 347

Cash at bank 71,111 31,623

Balances with central bank 9,700 7,714

Including: Mandatory reserves deposits 7,558 5,787

Surplus reserves deposits 2,142 1,927

Due from banks and other financial institutions 2,311 2,840

Other monetary funds 262 61

Total 83,789 42,585

On June 30, 2007, the cash on hand and at bank of the Group included deposits from customers

held for securities trading of RMB8,239 million (December 31, 2006: RMB2,958 million).

In accordance with relevant regulations, the Group’s subsidiaries in the banking business maintain

mandatory reserves deposits with PBOC in both RMB and foreign currencies. As at June 30,

2007 and December 31, 2006, the mandatory reserves deposits are calculated at 11.5 % and

9% for eligible RMB deposits respectively and 5% and 4% for foreign currencies deposits for

both periods.

2. Balances with clearing companies

(Audited) (Audited)


2007 2006

Company-owned 64 107

Broker clients 1,527 768

Total 1,591 875

On June 30, 2007, balances with clearing companies of the Group are mainly deposits placed by

Ping An Securities Company, Ltd with China Securities Depository and Clearing Corporation,

which includes customer deposits of RMB1,527 million (December 31,2006: RMB768 million).

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)3. Placements with banks and other financial institutions

(Audited) (Audited)June 30, December 31,

2007 2006

Placements with banks 1,100 1,727Placements with other financial institutions 64 376

Total 1,164 2,103Less: Provision for bad debts (63) (376)

Placements with banks and other financial institutions, net 1,101 1,727

4. Held-for-trading financial assets


2007 2006

BondsGovernment bonds 1,881 1,820Financial bonds 27,477 5,298Corporate bonds 8,980 10,643

Equity instrumentsFunds 24,270 17,219Stocks 10,828 9,023

Total 73,436 44,003

Stocks investments amounting to RMB39 million as at June 30, 2007 (Audited December 31,2006: RMB94 million) were pledged by the Group as collateral for warrants issued by a subsidiaryof the Group. Management is of the opinion that there are no other material restrictions on thesale of held-for-trading financial assets.

5. Derivative financial instruments

(Audited) (Audited)June 30, 2007 December 31, 2006

Nominal Fair value Nominal Fair valueamount Asset Liability amount Asset Liability

Interest derivative instruments 1,033 – 35 2,506 11 61Currency derivative instruments 76 – 1 5 – –Equity derivative instruments 1,236 10 283 324 10 88Credit derivative instruments 914 6 21 – – –Other derivative instruments – – 16 – – 29

Total 3,259 16 356 2,835 21 178

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)6. Financial assets purchased under agreements to resell

(Audited) (Audited)


2007 2006

Securities 9,465 6,162

Notes 2,784 889

Loans 605 200

Total 12,854 7,251

Less: Provision for impairment losses – –

Net 12,854 7,251

The fair value of the assets held as collateral for financial assets purchased under agreements to

resell approximates the fair value of the collateral.

7. Interest receivables

(Audited) (Audited)


2007 2006

Interest receivables from banking operations 1,064 482

Interest receivables from loans 150 88

Interest receivables from bonds 3,477 2,640

Others 25 39

Total 4,716 3,249

Less: Provision for impairment losses – –

Net 4,716 3,249

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)8. Premium receivables

(Audited)

June 30, 2007

Aging Balance Provision Net book value

Within 3 months (including 3 months) 5,133 – 5,133

3 months to 1 year (including 1 year) 272 (98) 174

More than 1 year 99 (99) –

Total 5,504 (197) 5,307

(Audited)

December 31, 2006

Aging Balance Provision Net book value

Within 3 months (including 3 months) 2,972 – 2,972

3 months to 1 year (including 1 year) 170 (69) 101

More than 1 year 86 (86) –

Total 3,228 (155) 3,073

There are no premium receivables from shareholders who individually hold not less than 5% of

the Company’s voting share capital.

9. Policy loans

The interest rate on policy loan of the Group ranges from 5.22% to 6.50% (Audited December

31, 2006: 5.22% to 6.50%).

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)10. Loans and advances to customers

(1) Loans and advances by individual and corporate customers are set out below:

(Audited) (Audited)


2007 2006

Individual loans

Credit card 353 –

Loans secured by mortgages 13,795 12,666

Others 1,713 1,634

Corporate loans

Loans 25,440 24,331

Discounted bills 17,631 12,634

Others – 318

Total 58,932 51,583

Loan loss provision

Including: Specific provision (417) (2,263)

Collective provision (88) (168)

Net 58,427 49,152

Loans of RMB911 million (Audited December 31, 2006: RMB2,231 million) were pledged

as assets sold under agreements to repurchase.

(2) Loans and advances by industry are set out below:

(Audited) (Audited)


Industry 2007 Percentage 2006 Percentage

Agriculture, forestry and fishing 55 0.09% 187 0.36%

Mining 18 0.03% 683 1.33%

Manufacturing 9,823 16.67% 9,199 17.83%

Energy 5,664 9.61% 1,395 2.70%

Transportation and

communications 4,793 8.13% 1,386 2.69%

Commercial 6,553 11.12% 7,375 14.30%

Real estate 11,081 18.80% 7,812 15.14%

Construction 2,153 3.65% 3,768 7.31%

Personal loans 15,861 26.92% 14,300 27.72%

Others 2,931 4.98% 5,478 10.62%

Total 58,932 100% 51,583 100%

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)10. Loans and advances to customers (Continued)

(3) Loans and advances by region are set out below:

(Audited) (Audited)


Region 2007 Percentage 2006 Percentage

Southern China region 55,558 94.27% 49,646 96.24%

Eastern China region 3,170 5.38% 1,469 2.85%

Other region 204 0.35% 468 0.91%

Total 58,932 100% 51,583 100%

(4) Loans and advances by guarantee type are set out below:

(Audited) (Audited)


2007 2006

Unsecured loans 7,765 6,524

Guaranteed loans 8,887 8,667

Secured loans 42,280 36,392

Including: Loans secured by mortgages 21,833 20,538

Loans secured by other collaterals 20,447 15,854

Total 58,932 51,583

(5) Analysis of overdue loans are as follows:

(Audited)

June 30, 2007

Within 3 months to More than

3 months 1 year 1-3 years 3 years Total

Unsecured loans 7 1 8 99 115

Guaranteed loans 76 7 116 10 209

Secured loans 1,004 256 117 22 1,399

Including: Loans secured by

mortgages 949 219 86 22 1,276

Loans secured by

other collaterals 55 37 31 – 123

Total 1,087 264 241 131 1,723

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)10. Loans and advances to customers (Continued)

(5) Analysis of overdue loans are as follows: (continued)

(Audited)

December 31, 2006

Within 3 months to More than

3 months 1 year 1-3 years 3 years Total

Unsecured loans 14 27 2 104 147

Guaranteed loans 104 175 425 539 1,243

Secured loans 777 679 356 479 2,291

Including: Loans secured

by mortgages 728 314 135 474 1,651

Loans secured by

other collaterals 49 365 221 5 640

Total 895 881 783 1,122 3,681

(6) Loan loss provision:


For the six months ended For the six months ended

June 30, 2007 June 30, 2006

Specific Collective Specific Collective

Beginning of period 2,263 168 94 –

Charge for the period 5 – – 1

Recoveries during the period (1,758) (42) – –

Write-offs during the period – – (7) –

Write-backs during the period

Due to increase in present

value of loans and advances (73) – – –

Interest income from

impaired loans (20) – – –

Write-backs of other reasons – (38) – –

End of period 417 88 87 1

Gains on disposal of non-performing assets during the period is RMB267 million (audited

2006: nil)

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)11. Term deposits

(Audited) (Audited)


2007 2006

1 month to 3 months (including 3 months) 6,776 6,599

3 months to 1 year (including 1 year) 8,704 22,326

1-2 years (including 2 years) 5,221 10,684

2-3 years (including 3 years) 30 1,330



More than 5 years 9,842 12,677

Total 50,503 65,416

12. Available-for-sale financial assets

(Audited) (Audited)


2007 2006

Bonds

Government bonds 12,020 14,374

Financial bonds 43,259 27,095

Corporate bonds 29,028 22,299

Equity instruments

Funds 8,725 8,286

Stocks 39,411 23,146

Total 132,443 95,200

Terms of bonds which were classified as available-for-sale financial assets are as follows:

(Audited) (Audited)


2007 2006

Less than 3 months(including 3 months) 10,398 149

3 months to 1 year (including 1 year) 10,929 595






Total 84,307 63,768

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)13. Held-to-maturity investments

(Audited) (Audited)

Book value Fair value

June 30, December 31, June 30, December 31,

2007 2006 2007 2006

Bonds

Government bonds 78,994 78,913 79,402 83,511

Financial bonds 37,968 37,142 36,962 39,364

Corporate bonds 13,231 13,195 13,059 13,585

Total 130,193 129,250 129,423 136,460

Terms of bonds which were classified as held-to-maturity investments are as follows:

(Audited) (Audited)


2007 2006

Less than 3 months (including 3 months) 1,259 68

3 months to 1 year (including 1 year) 1,787 1,777






Total 130,193 129,250

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)14. Long-term equity investments

(Audited) (Audited)


Investees 2007 2006

Equity method: Veolia Water (Kunming) Investment Co., Ltd. 176 176

Cost method: Industrial Bank Co., Ltd. – 113

Bank of Communications Co., Ltd. – 92

Others 35 34

Total 211 415

The Group’s investment in associate as at June 30, 2007 is as follows:

Investment

Registered Percentage of amount at

Name of the investee share capital holding capital period end Business scope

Veolia Water (Kunming)

Investment Co., Ltd. US$95,000,000 24% 176 Water services investment

15. Goodwill

(Audited) (Audited)


Investee 2007 2006

Ping An Security 313 313

Ping An Bank 13 13

Shenzhen Ping An Bank 83 83

Shenzhen CITIC Plaza 66 –

Total 475 409

Less: provision for impairment losses – –

Net 475 409

The Group finished the acquisition of CITIC City Plaza in January 2007 and generated goodwill

of RMB66 million. Please refer to Notes V for detailed computation.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)16. Investment properties

(Audited)


Buildings Land use rights Total

Cost

Beginning of period 1,918 154 2,072

Acquisition of a subsidiary 2,046 – 2,046

Addition 301 6 307

Transfer to fixed assets (24) – (24)

Disposals (66) – (66)

End of period 4,175 160 4,335

Accumulated depreciation and

amortization

Beginning of period 339 22 361

Addition 76 5 81

Acquisition of a subsidiary 91 – 91

Transfer to fixed assets (3) – (3)


End of period 496 27 523

Impairment losses

Beginning of period 51 – 51

Addition 19 – 19


End of period 23 – 23

Net

End of period 3,656 133 3,789

Beginning of period 1,528 132 1,660

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)16. Investment properties (Continued)

(Audited)

For the year ended December 31, 2006

Buildings Land use rights Total

Cost

Beginning of year 1,762 154 1,916

Acquisition of subsidiaries 124 – 124

Addition 398 – 398

Transfer from fixed assets 41 – 41

Disposals (407) – (407)

End of year 1,918 154 2,072

Accumulated depreciation and

amortization

Beginning of year 316 19 335

Addition 86 3 89

Acquisition of subsidiaries 17 – 17

Transfer from fixed assets (1) – (1)


End of year 339 22 361

Impairment losses

Beginning of year 203 – 203

Disposals (152) – (152)

End of year 51 – 51

Net

End of year 1,528 132 1,660

Beginning of year 1,243 135 1,378

The Group is in the process of applying for property certificates in respect of certain buildings

with a net book value of RMB25 million as at June 30, 2007 (Audited December 31, 2006:

RMB93 million).

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)17. Fixed assets

(Audited)


Office Motor Construction

Buildings equipments vehicles in progress Total

Cost

Beginning of period 3,777 2,131 421 644 6,973

Acquisition of subsidiaries – 1 2 – 3

Additions 20 159 27 2,396 2,602

Transfer from investment properties 24 – – – 24

Disposals (137) (50) (7) (9) (203)

End of period 3,684 2,241 443 3,031 9,399

Accumulated depreciation

Beginning of period 752 1,263 254 – 2,269

Additions 85 131 22 – 238

Acquisition of subsidiaries – 1 2 – 3

Transfer from investment properties 3 – – – 3

Disposals (106) (6) (3) – (115)

End of period 734 1,389 275 – 2,398

Impairment losses

Beginning of period 141 – – 11 152

Additions 41 – – – 41

Disposals (31) – – – (31)

End of period 151 – – 11 162

Net

End of period 2,799 852 168 3,020 6,839

Beginning of period 2,884 868 167 633 4,552

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)17. Fixed assets (Continued)

(Audited)


Office Motor Construction

Buildings equipments vehicles in progress Total

Cost

Beginning of year 2,719 1,573 400 646 5,338

Acquisition of subsidiaries 435 308 8 10 761

Additions 161 362 87 764 1,374

Transfer from construction in progress 776 – – (776) –

Transfer to investment properties (41) – – – (41)

Disposals (273) (112) (74) – (459)

End of year 3,777 2,131 421 644 6,973

Accumulated depreciation

Beginning of year 603 929 250 – 1,782

Additions 213 199 51 – 463

Acquisition of subsidiaries 77 213 7 – 297

Transfer to investment properties 1 – – – 1

Disposals (142) (78) (54) – (274)

End of year 752 1,263 254 – 2,269

Impairment losses

Beginning of year 120 – – 26 146

Additions 30 – – – 30

Disposals (9) – – (15) (24)

End of year 141 – – 11 152

Net

End of year 2,884 868 167 633 4,552

Beginning of year 1,996 644 150 620 3,410

The Group is in the process of applying for property certificates in respect of certain buildings

with a net book value of RMB210 million as at June 30, 2007 (Audited December 31, 2006:

RMB156 million).

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)18. Intangible assets

(Audited)


Computer

Land use software Membership

rights and others fees Total

Cost

Beginning of period 871 324 58 1,253

Additions 1 59 6 66

Disposals – (11) – (11)

End of period 872 372 64 1,308

Accumulated amortization

Beginning of period 85 187 38 310

Additions 16 58 3 77

Disposals – (4) – (4)

End of period 101 241 41 383

Impairment losses

End of period 3 – – 3

Beginning of period 3 – – 3

Net

End of period 768 131 23 922

Beginning of period 783 137 20 940

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)18. Intangible assets (Continued)

(Audited)


Computer

Land use software Membership

rights and others fees Total

Cost

Beginning of year 869 251 59 1,179

Additions 2 87 1 90

Disposals – (14) (2) (16)

End of year 871 324 58 1,253

Accumulated amortization

Beginning of year 67 147 34 248

Additions 18 54 6 78

Disposals – (14) (2) (16)

End of year 85 187 38 310

Impairment losses

End of year 3 – – 3

Beginning of year 3 – – 3

Net

End of year 783 137 20 940

Beginning of year 799 104 25 928

The Group is in the process of applying for title certificates for land use rights with a net bookvalue of RMB490 million as at June 30, 2007 (audited December 31, 2006: RMB498 million).

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)19. Deferred tax assets/liabilities

Details of deferred tax assets/liabilities of the Group are as follows:


2007 2006

Deferred tax assets 592 888Deferred tax liabilities (3,555) (1,441)

Net (2,963) (553)


2007 2006

Provision for bad debts 75 107Loan loss provision 126 280Share appreciation rights 413 105Change in fair values of financial assets (6,026) (2,537)Insurance liability reserves 2,300 1,381Provision for settled assets 69 52Provision for unsettled lawsuits 16 27Others 64 32

Total (2,963) (553)

20. Other assets


2007 2006

Prepayment for investment projects 753 1,689External parties receivables 645 406Interest rate swap guarantee receivables 113 238Dividend receivable 21 107Settled assets 985 1,179Long-term deferred expense 315 313Others 1,662 917

Total 4,494 4,849Less: Provision for impairment losses (339) (529)

Net 4,155 4,320

There are no other assets from shareholders who individually hold not less than 5% of thecompany’s voting share capital.

The Group did not dispose of any salvage assets during the six months ended June 30, 2007and the year 2006.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)20. Other assets (Continued)

Details of settled assets held by the Group are as follows:

(Audited) (Audited)


2007 2006

Buildings 880 1,085

Others 105 94

Total 985 1,179

Less: provision for impairment losses (274) (353)

Net 711 826

Gains on disposal of settled assets during the period is RMB17 million (audited 2006: nil).

21. Provision for impairment losses

Movement of provision for impairment losses is as follows:

(Audited)


Balance as Addition Balance as

at January 1, during the Reversal during the period at June 30,

Item 2007 period Write-back Write-off Total 2007

Provision for bad debts 586 51 (10) (278) (288) 349

Provision for impairment on

long-term investment 154 – (18) (12) (30) 124

Loan loss provision 2,431 5 (131) (1,800) (1,931) 505


investment properties 51 19 (11) (36) (47) 23


fixed assets 152 41 (4) (27) (31) 162


intangible assets 3 – – – – 3


other assets 529 75 – (265) (265) 339

Total 3,906 191 (174) (2,418) (2,592) 1,505

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)21. Provision for impairment losses (Continued)

(Audited)


Addition

Beginning during the Reversal during the year End of year

Item of year year Write-back Write-off Total 2006

Provision for bad debts 168 428 – (10) (10) 586


long-term investment 80 86 – (12) (12) 154

Loan loss provision 94 2,531 – (194) (194) 2,431


investment properties 203 – (111) (41) (152) 51


fixed assets 146 30 (9) (15) (24) 152


intangible assets 3 – – – – 3


other assets 88 496 (1) (54) (55) 529

Total 782 3,571 (121) (326) (447) 3,906

22. Short-term borrowings

All short-term borrowings of the Group are guaranteed borrowings.

23. Due to banks and other financial institutions

(Audited) (Audited)


2007 2006

Amounts due to banks 2,130 1,984

Amounts due to other financial institutions 3,188 1,481

Total 5,318 3,465

Due to banks and other financial institutions are all placed domestically.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)24. Guarantee deposits

(Audited) (Audited)


2007 2006

Guaranteed deposits for acceptances 3,905 3,712

Guarantee deposits 648 891

Guaranteed deposits for letter of guarantee 568 474

Guaranteed deposits for letter of credit 182 259

Guaranteed deposits for futures contracts 54 40

Others 508 109

Total 5,865 5,485

25. Placements from banks and other financial institutions

(Audited) (Audited)


2007 2006

Banks 1,871 992

26. Financial assets sold under agreements to repurchase

(Audited) (Audited)


2007 2006

Securities 21,997 12,478

Loans 886 2,095

Total 22,883 14,573

As at June 30, 2007, loans of book value amounting to RMB911 million (Audited December 31,

2006: RMB2,231 million) and bonds investments of book value amounting to RMB21,997 million

(Audited December 31, 2006: RMB12,478 million) were used as collateral for the financial assets

sold under agreements to repurchase. As at the date of approval of the financial statements,

financial assets sold under agreements to repurchase above amounting to about RMB20,739

million have been redeemed.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)27. Customer bank deposits

(Audited) (Audited)


2007 2006

Current deposits

Corporate client 26,652 37,601

Individual client 5,450 5,672

Term deposits (including call deposits)

Corporate client 25,279 17,454


Outward remittance and drafts and telegraphic

transfers payable 381 249

Total 62,219 66,725

28. Customer brokerage deposits

(Audited) (Audited)


2007 2006


Corporate client 815 327

Total 9,846 3,750

29. Salary and welfare payableDetails of salary and welfare payable of the Group are as follows:

(Audited)For the six months ended June 30, 2007

Beginning Endof period Accruals Payments of period

Salary, bonus and allowance 608 3,052 (2,583) 1,077Staff welfare 295 – (181) 114Social insurance 3 280 (233) 50Housing fund 1 25 (23) 3Labor union fund and employee

education fund 117 147 (32) 232Compensation on termination of

contracts – 20 (1) 19Share based payment 1,109 777 – 1,886

Total 2,133 4,301 (3,053) 3,381

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)30. Taxes payable

(Audited) (Audited)


2007 2006

Corporate income tax 673 691

Business tax 636 319

City maintenance and construction tax 20 14

Others 180 142

Total 1,509 1,166

31. Policyholder deposits and investments

(Audited) (Audited)


2007 2006

Less than 1 year (including 1 year) 132 58

3-5 years (including 5 years) 35 37


Total 4,945 4,049

32. Insurance contract reserves

(Audited)

For the six months period ended June 30, 2007

Beginning Decrease End of

of period Additions Payments surrenders Others period

Unearned premium reserves

Direct insurance contracts 12,927 14,168 – – (11,465) 15,630

Reinsurance contracts 10 46 – – (33) 23

Claim reserves

Direct insurance contracts 6,465 7,156 (6,016) – (200) 7,405

Reinsurance contracts 15 18 (2) – – 31


life insurance

Direct insurance contracts 248,574 52,619 (5,427) (5,934) (481) 289,351

Long-term reserves for

health insurance

Direct insurance contracts 30,694 5,747 (516) (309) (1,217) 34,399

Total 298,685 79,754 (11,961) (6,243) (13,396) 346,839

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)32. Insurance contract reserve (Continued)

Due term of insurance contract reserve of the Group are as follows:

(Audited) (Audited)

June 30, 2007 December 31, 2006

Less than Less than

1 year 1 year

(including More than (including More than

1 year) 1 year 1 year) 1 year


Direct insurance contracts 11,642 3,988 9,660 3,267

Reinsurance contracts 5 18 7 3

Claim reserves


Reinsurance contracts 24 7 12 3


life insurance


Long-term reserves for

health insurance

Direct insurance contracts 693 33,706 613 30,081

Total 33,502 313,337 26,945 271,740

Details of claim reserve of direct insurance contracts of the Group are as follows:

(Audited) (Audited)


2007 2006

Incurred and reported claim reserves 3,908 3,222

Incurred but not reported claim reserves 2,955 2,785

Loss adjustment expense reserves 542 458

Total 7,405 6,465

33. Long-term borrowings

All long-term borrowings of the Group are guaranteed borrowings in RMB.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)34. Other payables

(Audited) (Audited)


2007 2006

Insurance guarantee fund 106 82

Dividend payable 147 81

Payables to external companies 515 255

Employees deposits for policy contracts 190 179

Withholding payables 102 117

Rental income received in advance 67 60

Payables to employees 76 57

Others 1,970 1,140

Total 3,173 1,971

35. Share capital

The registered and paid-up share capital of the Company is RMB7,345 million with a par value

of RMB1 per share. Details of share capital are as follows:

(Audited) Issue of (Audited)

Beginning of the period new shares End of the period

(In million) Number Percentage (%) in the period Number Percentage (%)

Shares subject to trading

moratorium:

State-owned shares 589 9.51% – 589 8.02%

State-owned legal-person shares 367 5.93% – 367 5.00%

Domestic non state-owned

legal-person shares 2,680 43.26% 345 3,025 41.19%

Subtotal 3,636 58.70% 345 3,981 54.21%

Shares not subject to trading

moratorium:

A shares – – 805 805 10.96%

H shares 2,559 41.30% – 2,559 34.83%

Subtotal 2,559 41.30% 805 3,364 45.79%

Total 6,195 100.00% 1,150 7,345 100.00%

The registered share capital has been verified by a China certified public accounting firm.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)36. Capital reserves

(Audited) (Audited)


2007 2006

Share premium (1) 51,907 14,835

Gains from changes in fair values of

available-for-sale financial assets 11,615 8,100

Other capital reserves (2) 311 311

Total 63,833 23,246

(1) The share premium was due to the initial public offering of A shares and H shares.

(2) The Company arranged for a revaluation of its life insurance and property and casualty

insurance business prior to its asset contributions into Ping An Life and Ping An Property

& Casualty. In accordance with asset valuation reports Zhonghuapingbaozi [2002] No.039

and [2002] No.038 issued by Chinese Finance Appraisal Co., Ltd., the net valuation surplus

amounted to RMB311 million.

37. General risk provision

In accordance with relevant regulations of the PRC, insurance companies, banking companies,

trust companies, securities companies and futures companies need to set aside general risk

provisions to provide for major catastrophes or losses. The Group’s subsidiaries, have in accordance

with the relevant regulations of the PRC, individually provided for general risk provisions in their

annual financial statements based on their current year profit or risk based assets as profit

appropriation. The above mentioned general risk provisions cannot be used for dividends or

appropriation to capital.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)38. Profit appropriation

Pursuant to the Articles of the Company and relevant regulations, the Company makes

appropriations from net profit according to the following order:

(1) To offset accumulated losses brought forward from prior years;

(2) To allocate 10% of profit after tax, after offsetting accumulated losses, to statutory surplus

reserve;

(3) To provide for discretionary surplus reserve in accordance with the resolutions of the

shareholders’ meeting. The usage of the discretionary surplus reserve is determined in

accordance with the articles of the Company or the resolutions of the shareholders’

meeting;

(4) To distribute dividends to shareholders.

No further provision for the statutory surplus reserve is required when its balance reaches 50%

of the registered share capital. Subject to resolutions approved in the shareholders’ meeting, the

statutory surplus reserve can be converted to share capital and new shares can be issued to

shareholders in proportion to their shareholding. The balance of the statutory surplus reserve

fund after such conversion to share capital should not be less than 25% of the registered share

capital.

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)39. Premium income

(1) Details of premium income by insurance contracts of the Group are as follows:




June 30, June 30,

2007 2006

Direct insurance contracts 53,838 45,993

Reinsurance contracts 47 7

Total 53,885 46,000

(2) Details of premium income by products of the Group are as follows:




June 30, June 30,

2007 2006

Life insurance

Individual

Single premium income 948 1,571

First year regular premium income 8,361 5,269

Renewal premium income 24,924 22,743

Sub-total 34,233 29,583

Bancassurance

Single premium income 3,713 3,451

First year regular premium income 45 12

Renewal premium income 126 128

Sub-total 3,884 3,591

Group insurance

Single premium income 3,919 3,713

Renewal premium income 212 242

Sub-total 4,131 3,955

Life insurance total 42,248 37,129

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)39. Premium income (Continued)

(2) Details of premium income by products of the Group are as follows: (Continued)




June 30, June 30,

2007 2006

Property and casualty insurance

Motor and third party liability insurance 7,799 5,797

Health and accident insurance 582 441

Others 3,256 2,633

Property and casualty insurance total 11,637 8,871

Total 53,885 46,000

40. Unearned premium reserves




June 30, June 30,

2007 2006



Total 2,105 2,054

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)41. Net interest income from banking operations




June 30, June 30,

2007 2006

Interest income from banking operations

Due from banks and other financial institutions 65 9

Placements with central bank 73 –

Placements with banks and other financial institutions 29 6

Interest income from loans

Including: Individual loans 456 –

Corporate loans 714 7

Discounted bills 159 –

Financial assets purchased under agreements to resell 114 –

Others 106 –

Including: Interest income from impaired financial assets 20 –

Total 1,716 22

Interest expense of banking operations

Due to banks and other financial institutions 99 –

Placements with banks and other financial institutions 7 –

Due to customers 532 1

Financial assets sold under agreements to repurchase 51 –

Total 689 1

Net interest income from banking operations 1,027 21

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)42. Net income from fees and commission




June 30, June 30,

2007 2006

Fees and commission income

Commission income from securities

underwriting business 224 43

Commission income from securities trading 790 150

Management fee income from management

of trust products 246 22

Handling fee income from clearing

and settlement business 6 –

Commission income from custodian services 19 –

Others 72 3

Total 1,357 218

Fees and commission expenses

Commission expenses for securities trading 71 12

Other commission expenses 142 18

Total 213 30

Net income from fees and commission 1,144 188

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)43. Investment income




June 30, June 30,

2007 2006

Interest income 5,918 4,879

Bonds 4,498 3,209

Held-to-maturity 2,669 2,457

Available-for-sale 1,272 681

At fair value through profit or loss 557 71

Term deposits 1,288 1,632

Loans and receivables 1,288 1,632

Others 132 38

Loans and receivables 132 38

Dividend income 6,702 1,365

Funds 6,566 1,160


At fair value through profit or loss 3,591 711

Stocks 136 205

Available-for-sale 96 114


Realized gains 16,936 2,590

Bonds 278 224



Funds 5,820 1,659



Stocks 10,835 568



Derivative financial instruments 3 139

Share of profits and losses of an associate – –

Interest expenses on assets sold under

agreements to repurchase (432) (32)

Total 29,124 8,802

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)44. Gains from changes in fair values




June 30, June 30,

2007 2006

Held-for-trading financial instruments

Bonds (226) 43

Funds 2,361 2,789

Stocks 1,039 927

Destined at fair value through profit or loss (190) 86

Derivative financial instruments 110 156

Total 3,094 4,001

45. Claims paid

(1) Details of claims paid by insurance contracts of the Group are as follows:




June 30, June 30,

2007 2006



Total 11,791 7,814

(2) Details of claims paid by types of payments of the Group are as follows:




June 30, June 30,

2007 2006

Claims 6,011 4,893

Payments on maturities 3,582 1,094

Payments on annuities 1,427 1,293

Payments on death and medical claims 771 534

Total 11,791 7,814

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)46. Change in insurance contract reserves

(1) Details of changes in insurance contract reserves by insurance contracts of the Group areas follows:



2007 2006

Change in claim reservesDirect insurance contracts 1,140 306Reinsurance contracts 16 34

Change in policyholders’ reserves for life insuranceDirect insurance contracts 40,088 25,275

Change in long-term reserves for health insuranceDirect insurance contracts 3,705 4,406

Total 44,949 30,021

(2) Details of change in claim reserve of direct insurance contracts by type are as follows:



2007 2006

Incurred and reported claim reserves 753 (123)Incurred but not reported claim reserves 303 410Loss adjustment expense reserves 84 19

Total 1,140 306

47. Reinsurers’ share of insurance contract reserves



2007 2006

Reinsurers’ share of claim reserves 334 9Reinsurers’ share of policyholders’ reserves for life insurance 7 –Reinsurers’ share of long term reserves for health insurance 7 –

Total 348 9

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)48. Business tax and surcharges




June 30, June 30,

2007 2006

Business tax 1,628 715

City maintenance and construction tax 61 38

Education surcharges 53 21

Total 1,742 774

49. Insurance related handling charges and commission




June 30, June 30,

2007 2006

Handling fee for insurance business 1,258 795

Commission expense for insurance business 4,408 3,137

Total 5,666 3,932

50. General and administrative expenses

General and administrative expenses of the Group include following expenses:




June 30, June 30,

2007 2006

Salaries and welfare 3,052 1,825

Social insurance 280 180

Housing fund 25 48

Depreciation of investment properties 81 32

Depreciation of fixed assets 238 148

Amortization of intangible assets 77 28

Auditors’ remuneration

– Interim audit and other assurance service fee 12 7

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)51. Impairment losses



2007 2006

Bad debt for receivables 41 11Impairment losses for long-term equity investment (18) –Impairment losses for loans (126) 1Impairment losses for investment properties 8 –Impairment losses for fixed assets 37 33Impairment losses for other assets 75 –

Total 17 45

52. Income taxes



2007 2006

Current income tax 666 319Deferred income tax (120) 101

Total 546 420

The relationship between income tax and accounting profit of the Group is as follows:



2007 2006


Tax computed at the main applicable tax rate of 15% 1,331 664Tax effect of change in tax rate (382) –Tax effect of expenses not deductible

in determining taxable income 573 240Tax effect of income not taxable

in determining taxable income (1,558) (562)Tax effect of higher tax rate on branches and

entities (in the PRC) that are located outsidethe Special Economic Zones 582 78

Total 546 420

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)53. Earnings per share

Earnings per share is calculated by dividing a company’s net profit for ordinary shareholders by

the weighted average number of outstanding shares 6,961,720,001 (the weighted average number

of outstanding shares for six months ended June 30, 2006 unaudited: 6,195,053,334).

The Company had no diluted potential shares, hence no diluted earnings per share amount is

generated.

54. Share appreciation rights scheme

On February 5, 2004, the Company’s board of directors approved a scheme of share appreciation

rights for the senior executives and certain key employees of the Group. The rights to the units

are issued from 2004 to 2008. No shares will be issued under this scheme. The rights are

granted in units with each unit representing one H share of the Company. Upon exercise of the

said rights, the participants will receive a cash payment, subject to the restrictions that the

annual amount of aggregate benefit to all participants shall not exceed a percentage of the

estimated net profits in the year in which the rights are exercised, which is equal to the product

of the number of units exercised and the difference between the exercise price and market price

of an H share at the time of exercise.

The expense recognized for employee services received during the period is RMB777 million (for

the six months ended June 30, 2006 unaudited: RMB249 million).

The amount of issued SARs units by the Group during the period is as follows:




June 30, June 30,

(Unit: Million) 2007 2006

Beginning of period 69 54

Issued during period – –

Exercised during period – –

End of period 69 54

The services received and corresponding liabilities to pay for those services are recognized over

the expected vesting period. Until the liability is settled, it is re-measured at each balance date

and settlement date, with changes in fair value recognized in the income statement. The carrying

amount of the liability relating to the share appreciation rights as at audited June 30, 2007 is

RMB1,886 million (Audited December 31, 2006: RMB1,109 million).

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(in RMB million)

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)55. Investment-linked insurance

(1) Investment accounts for investment-linked insurance

Investment-linked insurance products of the Group include Ping An Century Wealth Builder

Individual investment-linked Life Insurance and Ping An Group Investment-linked Pension.

Ping An Century Wealth Builder Individual Investment-linked Life Insurance comprises four

investment portfolios as follows: Developed Portfolio of Ping An Century Wealth Builder

Individual Investment-linked Life Insurance (the “Development account”), Guaranteed

Account of Ping An Century Wealth Builder Individual Investment-linked Life Insurance

(the “Guaranteed account”), Fund Portfolio of Ping An Century Wealth Builder Individual

Investment-linked life insurance (the “Fund portfolio”) and Value Portfolio of Ping An

Century Wealth Builder Individual investment-linked Life Insurance (the “Value portfolio”).

Ping An Group Investment-linked Pension comprises three investment portfolios as follows:

Conservative Portfolio of Ping An Group Investment-linked pension (the “Conservative

portfolio”), Balanced Portfolio of Ping An Group Investment-linked Pension (the “Balanced

portfolio”), and Growth Portfolio of Ping An Group Investment-linked Pension (the “Growth

portfolio”). Ping An Century Wealth Builder Individual investment-linked Life Insurance

and Ping An Group Investment-linked Pension accounts are set up in accordance with

relevant regulations issued by CIRC and the terms in the policies, and after CIRC’s approval.

Except for guaranteed accounts with investments limited to bank deposits and placements,

investments for other policies are bank deposits, security investment funds, bonds, shares

and other financial instruments permitted by the CIRC.

(2) Number of units and net asset value for each investment unit of investment-

linked insurance accounts

(Audited) (Audited)

June 30, 2007 December 31, 2006

Net asset Net asset

value per each value per each

Setup Number investment Number investment

date of unit unit of unit unit

(Million) (RMB) (Million) (RMB)

Development account 10/23/2000 6,646 2.3998 6,420 1.8333

Guaranteed account 4/30/2001 222 1.2205 221 1.2007

Fund account 4/30/2001 2,822 2.8118 2,716 1.8591

Value account 9/4/2003 2,155 1.4337 2,042 1.2403

Conservative account 3/31/2001 2,236 1.5283 2,313 1.3099

Balanced account 3/31/2001 120 2.4139 114 1.7452

Growth account 3/31/2001 240 3.2241 232 2.1309

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)55. Investment-linked insurance (Continued)

(3) Separate account (investment-linked) assets and liabilities

(Audited) (Audited)


2007 2006

Separate account (investment-linked) assets:

Cash at bank 2,512 1,002

Financial assets held for trading 20,923 17,180

Financial assets purchased under agreements to resell 1,706 300

Interest receivables 201 41

Term deposit 6,509 6,309

Other assets 39 100

Total 31,890 24,932

Separate account (investment-linked) liabilities:

Assets sold under agreements to repurchase 78 1,137

Policyholders’ reserves for life insurance 31,462 23,587

Other payables 350 208

Total 31,890 24,932

(4) Management fees of investment-linked insurance

Investment-linked account management fees are the management fees collected by the

Group from policyholders in accordance with the terms of the investment-linked insurance

policies. For Ping An Century Wealth Builder Individual investment-linked Life Insurance,

the Group collects management fees every valuation day capped at 0.2% of the highest

value of the account’s asset each month (i.e., annual rate of 2.4%). For Ping An Group

Investment-linked Pension, the Group collects administrative fees and investment

management fees every valuation day with both capped at 1.5%, using annual rate, of

the account’s assets.

(5) Main accounting policies of investment-linked insurance

Ping An Century Wealth Builder Individual investment-linked Life Insurance, which undertake

both insurance risk and other risks, are regarded as direct insurance contracts with no

separation between the insurance risk and other risks and are accounted for as direct

insurance contracts. Ping An Group Investment-linked Pension do, which undertake no

insurance risk, are regarded as investment contracts, and are accounted for as financial

instruments.

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)55. Investment-linked insurance (Continued)

(6) Valuation method of investment-linked insurance account

Assets related to investment-linked contracts are carried at market value. Marketable

securities other than open ended funds are valued using the closing price at the valuation

date or the most recent closing price if there are no transactions of the securities on the

valuation date. Open ended funds are valued using the published net asset value. Equity

investment funds within the insurance period are valued at cost.

56. Notes to consolidated cash flow statement




June 30, June 30,

2007 2006

(1) Reconciliation of the net profit to cash flows from

operating activities


Add: Provision for impairment losses 17 45

Depreciation of investment properties 81 32



Amortization of long-term deferred expenses 66 49

Gains on disposal of fixed assets,

intangible assets and other long-term assets (2) (2)

Gains from changes in fair values (3,094) (4,001)

Investment income (29,124) (8,802)

Foreign exchange losses 335 130

Change in insurance contract reserves 46,706 32,066

Decrease/(increase) in deferred tax assets 296 (37)

Increase/(decrease) in deferred tax liabilities (416) 138

Decrease/(increase) in operating receivables (14,244) 3,151

Increase/(decrease) in operating payables 10,740 (1,943)

Net cash flows from operation activities 20,002 25,008

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VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)56. Notes to consolidated cash flow statement (Continued)




June 30, June 30,

2007 2006

(2) Net increase in cash and cash equivalents

Cash at end of period 77,893 26,871

Less: Cash at beginning of period (37,683) (17,121)

Add: Cash equivalents at end of period 42,211 2,898

Less: Cash equivalents at beginning of period (9,644) (8,367)

Net increase in cash and cash equivalents 72,777 4,281

(3) For information on the acquisition of subsidiary by the Group, please refer to Note V(1).

(4) Cash and cash equivalents

(Audited) (Audited)


2007 2006

Cash

Cash on hand 405 347

Cash at bank readily available for payments 71,111 31,623

Other monetary funds readily available for payments 262 61

Balances with central bank 2,142 1,927

Balances with clearing companies 1,591 875

Balances with other financial institutions 2,199 2,531

Placements with other financial institutions 183 319

Subtotal 77,893 37,683

Cash equivalents

Bonds within 3 months 25,652 437

Money market fund 4,055 2,476

Assets purchased under agreements to resell due

within 3months 12,504 6,731

Subtotal 42,211 9,644

Cash and cash equivalents at end of year/period 120,104 47,327

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VII. SEGMENT REPORTThe Group’s business segment is currently divided into life insurance business, property and casualty

insurance business, banking business, security business, corporate business and other business. Segment

net profit represents revenue less expenses directly attributable to a segment and the relevant portion

of enterprise revenue less expenses that can be allocated on a reasonable basis to a segment, whether

from external transactions or from transactions with other segments of the Group.

Segment assets and liabilities mainly comprise those operating assets and liabilities that are directly

attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets

are determined after deducting related allowances that are reported as direct offsets in the Group’s

consolidated balance sheet. The Group’s revenue and net profit for the year were mainly derived from

the above activities in the PRC. Accordingly, no further segment analysis by geographical area is

provided.

(Audited)


Property

and

Life casualty

insurance insurance Banking Securities Corporate Others Elimination Total

Income statement

Premium income 42,248 11,637 – – – – – 53,885

Less: Premiums ceded to reinsurers (476) (2,124) – – – – – (2,600)

Change in unearned premium reserves (191) (1,914) – – – – – (2,105)

Earned premiums 41,581 7,599 – – – – – 49,180

Net interest income from

banking operations – – 918 – – – 109 1,027

Including: inter-segmental interest

income of banking

operations – – (109) – – – – (109)

Net income from fees and commission 52 – 52 975 – 132 (67) 1,144

Including: Inter-segmental fees and

commission income, net 52 – – 15 – – – 67

Investment income 25,618 918 583 384 1,414 216 (9) 29,124

Gains from changes in fair value 2,530 10 1 107 359 87 – 3,094

Foreign exchange (losses)/gains (316) (11) 22 (2) (25) (3) – (335)

Other operating income 526 38 9 – 130 364 (250) 817

Including: Inter-segmental other

operating income 90 24 – – 18 118 – 250

Total operating income 69,991 8,554 1,585 1,464 1,878 796 (217) 84,051

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VII. SEGMENT REPORT (Continued)

(Audited)


Property

and

Life casualty


Income statement (continued)

Surrenders (5,919) – – – – – – (5,919)

Claims paid (6,825) (4,966) – – – – – (11,791)

Less: Reinsurers’ share of claim paid 258 909 – – – – – 1,167

Change in insurance contract reserves (43,862) (1,087) – – – – – (44,949)

Less: Reinsurers’ share of

insurance contract reserves 8 340 – – – – – 348

Policyholder dividends (897) – – – – – – (897)

Expenses for reinsurance accepted – (7) – – – – – (7)

Business tax and surcharges (841) (661) (77) (72) (54) (37) – (1,742)

Insurance related handling charges

and commission (4,601) (1,117) – – – – 52 (5,666)

General and administrative expenses (2,900) (1,805) (733) (531) (504) (213) 115 (6,571)

Including: Inter-segmental general

and administrative expenses (80) (10) – – (23) (2) – (115)

Less: Reinsurers’ share of expenses 111 564 – – – – – 675

Other operating expense (87) (5) (4) – – (149) 50 (195)

Including: Inter-segmental

other operating expense – – – – – (50) – (50)

Impairment losses – (73) 62 (1) – (5) – (17)

Total operating expenses (65,555) (7,908) (752) (604) (558) (404) 217 (75,564)

Operating profit 4,436 646 833 860 1,320 392 – 8,487

Add: Non-operating income 8 2 446 – – 1 (22) 435

Less: Non-operating expense (5) (6) (37) (1) (1) – – (50)

Profit before tax 4,439 642 1,242 859 1,319 393 (22) 8,872

Less: Income taxes 374 (320) (156) (183) (179) (82) – (546)

Net profit 4,813 322 1,086 676 1,140 311 (22) 8,326

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VII. SEGMENT REPORT (Continued)

(Audited)

June 30, 2007

Property

and

Life casualty


Balance sheet

Segment assets 385,745 33,818 124,788 19,962 73,908 11,781 (66,859) 583,143

Segment liabilities 363,649 29,878 117,620 17,239 3,137 5,098 (48,389) 488,232

(Audited)


Property

and

Life casualty


Other segment information

Depreciation and amortization expense 311 64 38 9 7 33 – 462

Capital expenditure 2,636 63 66 19 13 296 – 3,093

Total non-cash expenses other than

depreciation and amortization – 73 (62) 1 – 5 – 17

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VII. SEGMENT REPORT (Continued)(Unaudited)


Property

and

Life casualty


Income statement

Premiums income 37,129 8,871 — – – – – 46,000

Less: Premiums ceded to reinsurers (358) (2,108) — – – – – (2,466)

Change in unearned premium reserves (263) (1,791) — – – – – (2,054)

Earned premiums 36,508 4,972 — – – – – 41,480

Net interest income of banking operations – – 11 – – – 10 21

Including: Inter-segmental Interest

income of banking operations – – (10) – – – – (10)

Net income from fees and commission 7 – — 218 – (18) (19) 188

Including: Inter-segmental fees

and commission income, net – – – 1 – 18 – 19

Investment income 8,060 282 – 89 280 91 – 8,802

Gain/(Losses) from changes in Fair values 3,836 24 – 79 69 (7) – 4,001

Foreign exchange (losses)/gains (114) (8) – (1) (5) (2) – (130)

Other operating income 172 25 – – 30 100 (62) 265


operating income 31 6 – – 5 20 – 62

Total operating income 48,469 5,295 11 385 374 164 (71) 54,627

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VII. SEGMENT REPORT (Continued)(Unaudited)


Property

and

Life casualty


Income statement (continued)

Surrenders (3,910) – – – – – – (3,910)

Claims paid (4,044) (3,770) – – – – – (7,814)

Less: reinsurers’ share of claim paid 279 853 – – – – – 1,132

Change in insurance contract reserves (29,696) (325) – – – – – (30,021)

Less: reinsurers’ share of insurance

contract reserves (25) 34 – – – – – 9

Policyholder dividends (1,714) – – – – – – (1,714)

Expenses for reinsurance accepted – (1) – – – – – (1)

Business tax and subcharges (263) (486) – – (3) (22) – (774)

Insurance related handling charges

and commission (3,272) (674) – – – – 14 (3,932)

General and administrative expenses (2,217) (1,308) (9) (190) (265) (35) 38 (3,986)

Including: Inter-segmental general

and administrative expenses (18) (1) – (18) (1) – – (38)

Less: Reinsurers’ share of expenses 167 755 – – – – – 922

Other operating expense (58) (5) – – – (22) 19 (66)


operating expense (19) – – – – – – (19)

Impairment losses (14) (27) – – – (4) – (45)

Total operating expenses (44,767) (4,954) (9) (190) (268) (83) 71 (50,200)

Operating profit 3,702 341 2 195 106 81 – 4,427

Add: Non-operating income 3 1 – – – 12 – 16

Less: Non-operating expenses (6) (3) – – – (8) – (17)

Profit before tax 3,699 339 2 195 106 85 – 4,426

Less: income taxes (171) (176) (1) (21) (38) (13) – (420)

Net profit 3,528 163 1 174 68 72 – 4,006

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VII. SEGMENT REPORT (Continued)(Audited)

December 31, 2006

Property

and

Life casualty


Balance sheet

Segment assets 329,906 23,192 85,591 8,914 31,507 6,837 (22,659) 463,288

Segment liabilities 311,040 19,649 79,410 6,866 1,726 2,967 (4,996) 416,662

(Unaudited)


Property

and

Life casualty


Other segment information

Depreciation and amortization expense 192 46 – 10 4 5 – 257

Capital expenditure 290 102 48 12 20 49 – 521

Total other non-cash expenses

other than depreciation and amortization 14 27 – – – 4 – 45

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VIII. RISK MANAGEMENT1. Insurance risk

(1) Insurance risk types

The risk under insurance contract is the possibility of occurrence of insured event and

uncertainty of the amount and timing of the resulting claim. The principal risk the Group

faces under such contracts is that the actual claims and benefit payments exceed the

carrying amount of insurance liabilities. This could occur due to any of the following

factors:

Occurrence risk – the possibility that the number of insured events will differ from those

expected.

Severity risk – the possibility that the cost of the events will differ from those expected.

Development risk – the possibility that changes may occur in the amount of a policyholder’s

obligation at the end of the contract period.

The variability of risks is improved by diversification of risk of loss to a large portfolio of

insurance contracts as a more diversified portfolio is less likely to be affected across the

board by change in any subset of the portfolio. The variability of risks is also improved by

careful selection and implementation of underwriting strategy and guidelines.

The business of the Group comprises long term life insurance contracts, property and

casualty and short term life insurance contracts. For accident insurance contracts, the

significant factors that could increase the overall frequency of claims are epidemics,

widespread changes in lifestyle and natural disasters, resulting in earlier or more claims

than expected. For long-term life contracts, the most significant factor is continued

improvement in medical science and social conditions that would increase longevity. For

property and casualty insurance contracts, claims are often affected by natural disasters,

calamities, terrorist attacks, etc.

These risks currently do not vary significantly in relation to the location of the risk insured

by the Group whilst undue concentration by amounts could have an impact on the severity

of benefit payments on a portfolio basis.

There would be no significant mitigating terms and conditions that reduce the insured

risk accepted for contracts with fixed and guaranteed benefits and fixed future premiums.

However, for contracts with discretionary participation features, the participating nature

of these contracts results in a significant portion of the insurance risk being shared with

the insured party.

Insurance risk is also affected by the policyholders’ rights to terminate the contract, pay

reduced premiums, refuse to pay premiums or annuity conversion rights etc. Thus, the

resultant insurance risk is subject to policyholders’ behavior and decisions.

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VIII. RISK MANAGEMENT (Continued)1. Insurance risk (Continued)

(2) Concentration of Insurance risk

The Group’s concentration of insurance risk is reflected by its major lines of business as

analyzed by premium income in note VI, 39.

(3) Assumption and sensitivity test

Long term life insurance contracts

Assumptions

The policyholders’ reserves for life insurance and long term reserves for health insurance

are calculated in accordance with related actuarial regulations promulgated by the CIRC,

for details please refer to Notes III 24 and Notes III 25. Strict quantitative regulations on

the assumptions for calculation of statutory reserves (include valuation mortality, valuation

morbidity and valuation interest rate) promulgated by the CIRC are as follows:

(1) The valuation interest rate should be capped at the lower of:

• The valuation interest rate which is published annually by the CIRC (presently

7.5%); or

• Pre-determined interest rate that is used in determining the premium of the

insurance product.

(2) Mortality rates are based on the China life Insurance Mortality Table (2000-2003).

(3) Morbidity rates are based on pre-determined morbidity rates that are used in

determining the premium of the insurance products.

Sensitivity Test

The Group normally is not allowed to change the above assumptions, so no sensitivity

analysis is done here relating to changes in assumptions.

As stated in Note III 41, only for those high yield products whose valuation rates are

higher than or equal to 7.5%, the Group can use a more prudent valuation rate in

accordance with the actuarial regulations of CIRC, which states that the reserves provided

should not be less than the statutory reserve at the end of the accounting year and that

the valuation rate should not be higher than the pricing rate or 7.5%. As at June 30,

2007, the Group has decreased the valuation rate of all insurance products whose statutory

valuation rates were 7.5% to 6.5% or below. In the current period, the Group decreased

the valuation rate of some insurance products, whose valuation rates were previously

higher than or equal to 6.5%, to 6.0%-6.5% or below. This change in accounting estimate

reduces the profit before tax by approximately RMB6,260 million for the current period.

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(3) Assumption and sensitivity analysis (Continued)Property and casualty and short term life insurance contractsAssumptionsThe principal assumption underlying the estimates is the Group’s past claims developmentexperience. This includes assumptions in respect of average claim costs, claims handlingcosts, claims inflation factors and claim numbers for each accident year. Judgment is usedto assess the extent to which external factors such as judicial decisions and governmentlegislation affect the estimates.

Other key assumptions include delays in settlement etc.

Sensitivity analysisThe property and casualty and short term life insurance claims reserves are sensitive tothe above key assumptions. The sensitivity of certain variables like legislative change,uncertainty in the estimation process, etc, is not possible to quantify. Furthermore, becauseof delays that arise between occurrence of a claim and its subsequent notification andeventual settlement, the outstanding claim reserves are not known with certainty at thebalance sheet date.

The claim development of property and casualty business excluding reinsurance of theGroup is as follows:

(Audited)Property and Casualty Insurance (Accident year)

Six monthsended

June 30,Item 2003 2004 2005 2006 2007 Total

Estimated cumulative claimspaid as at:End of current year/period 5,429 5,955 7,171 9,317 5,446One year later 5,403 5,948 7,172 9,864 –Two years later 5,403 5,397 7,046 – –Three years later 5,277 5,320 – – –Four years later 5,255 – – – –

Estimated cumulativeclaims paid 5,255 5,320 7,046 9,864 5,446 32,931

Cumulative claims paid (5,132) (5,091) (6,437) (7,503) (2,241) (26,404)

Prior period adjustmentsand unallocated lossadjusting expenses 210

Unpaid claims expenses 6,737

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(3) Assumption and sensitivity analysis (Continued)

Property and casualty and short term life insurance contracts (Continued)

Sensitivity analysis (continued)

The claim development of property and casualty business including reinsurance of the

Group is as follows:

(Audited)Property and Casualty Insurance (Accident year)

Six months

ended

June 30,

Item 2003 2004 2005 2006 2007 Total

Estimated cumulative claims

paid as at:

End of current year/period 3,726 4,181 5,266 7,219 4,477

One year later 3,687 4,228 5,280 7,375 –

Two years later 3,705 3,833 5,204 – –

Three years later 3,611 3,776 – – –

Four years later 3,596 – – – –

Estimated cumulative

claims paid 3,596 3,776 5,204 7,375 4,477 24,428

Cumulative claims paid (3,522) (3,597) (4,756) (5,960) (1,918) (19,753)

Prior period adjustments

and unallocated loss

adjusting expenses 192

Unpaid claims expenses 4,867

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The claim development of short-term life insurance business excluding reinsurance of the


(Audited)Short-term life insurance (Accident year)

Six months

ended

June 30,

Item 2003 2004 2005 2006 2007 Total


paid as at:

End of current year/period 1,376 1,571 1,767 2,039 994

One year later 1,349 1,577 1,960 2,030 –

Two years later 1,354 1,582 1,938 – –

Three years later 1,354 1,582 – – –

Four years later 1,354 – – – –


claims paid 1,354 1,582 1,938 2,030 994 7,898

Cumulative claims paid (1,354) (1,582) (1,931) (1,885) (465) (7,217)




Unpaid claims expenses 699

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The claim development of short-term life insurance business including reinsurance of the


(Audited)Short-term life insurance (Accident year)

Six months

ended

June 30,

Item 2003 2004 2005 2006 2007 Total


paid as at:

End of current year/period 978 1,053 1,156 1,616 750

One year later 959 1,057 1,482 1,540 –

Two years later 916 1,086 1,499 – –

Three years later 916 1,086 – – –

Four years later 916 – – – –


claims paid 916 1,086 1,499 1,540 750 5,791

Cumulative claims paid (916) (1,086) (1,493) (1,438) (365) (5,298)




Unpaid claims expenses 511

A respective percentage change in average claim costs or the number of claims alone

result in a similar percentage change in claim reserves. While other assumptions remain

unchanged, a 5% increase in average claim costs would increase net claim reserves for

property and casualty insurance and short term life insurance as at June 30, 2007 by

approximately RMB243 million and RMB25 million, respectively.

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Reinsurance

The Group limits its exposure to losses within insurance operations mainly through

participation in reinsurance arrangements. The majority of the business ceded is placed on

quota share basis with retention limits varying by product lines. Amounts recoverable

from reinsurers are estimated in a manner consistent with the assumptions used for

ascertaining the underlying policy benefits and are presented in the balance sheet as

receivables from reinsurers or claim reserves receivable from reinsurers.

Even though the Group may have reinsurance arrangements, it is not relieved of its direct

obligations to its policyholders and thus a credit exposure exists with respect to reinsurance

ceded, to the extent that any reinsurer is unable to meet its obligations assumed under

such reinsurance agreements.

2. Market risk

Market risk is the risk of change in fair value of financial instruments from fluctuation in foreign

exchange rates (currency risk), market interest rates (interest rate risk) and market prices (price

risk), whether such change in price is caused by factors specific to the individual instrument or

its issuer or factors affecting all instruments traded in the market.

(a) Foreign currency risk

Foreign currency risk is the risk of loss resulting from changes in foreign currency exchange

rates. Fluctuations in exchange rates between the Renminbi and other currencies in which

the Group conducts business may affect its financial condition and results of operations.

The Group seeks to limit its exposure to foreign currency risk by minimizing its net foreign

currency position.

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VIII. RISK MANAGEMENT (Continued)2. Market risk (Continued)

(a) Foreign currency risk (Continued)

The analysis below is performed for reasonably possible movements in key variables with

all other variables held constant, showing the pre-tax impact on profit (due to changes in

fair value of currency sensitive monetary assets and liabilities) and equity. The correlation

of variables will have a significant effect in determining the ultimate impact on market

risks, but to demonstrate the impact due to changes in variables, variables had to be

changed on an individual basis.

(Audited) (Audited)

June 30, 2007 December 31, 2006

Change in Impact Impact Impact Impact

variables on profit on equity on profit on equity

All foreign currencies -5% 770 770 678 678

(b) Price risk

The Group’s price risk exposure relates to financial assets and financial liabilities whose

values will fluctuate as a result of changes in market prices, principally investments available-

for-sale and financial assets at fair value through profit and loss.

Changes in market prices of investment instruments which produce price risk to investment

can arise from factors affecting individual financial instruments or the issuers or factors

affecting all the financial instruments in the market. The Group adopts risk based calculation

method to estimate the underlying losses of fair value of listed stocks and security

investment fund that are held for a period of ten days.

The Group uses ten days as holding period since it is assumed that not all the investments

can be sold in one day. Moreover, the risk based calculation is made based on normal

market condition and a 99% confidence interval.

Under normal market conditions, the impact of the ten days’ underlying losses of fair

value of listed stock and security investment fund estimated by using risk value model on

shareholders’ equity in as follows:

(Audited) (Audited)


2007 2006

Listed stock and security investment funds 9,746 4,241

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VIII. RISK MANAGEMENT (Continued)2. Market risk (Continued)

(c) Interest rate riskInterest rate risk is the risk that the value/future cash flows of a financial instrument will

fluctuate because of changes in market interest rates.

Floating rate instruments expose the Group to cash flow interest risk, whereas fixed interest

rate instruments expose the Group to fair value interest risk.

The Group’s interest risk policy requires it to manage interest rate risk by maintaining an

appropriate mix of fixed and variable rate instruments. The policy also requires it to

manage the maturities of interest bearing financial assets and interest bearing financial

liabilities. Interest on floating rate instruments is repriced at intervals of less than one

year. Interest on fixed interest rate instruments is priced at inception of the financial

instrument and is fixed until maturity.

The analysis below is performed for reasonably possible movements in interest rates with

all other variables held constant, for bonds (except those bonds used to support

participating insurance, universal insurance and investment-linked insurance), loans and

advances to customers and customer deposits, showing the pre-tax impact on profit and

equity. The correlation of variables will have a significant effect in determining the ultimate

impact on interest rate risk, but to demonstrate the impact due to changes in variables,

variables had to be changed on an individual basis.

(Audited) (Audited)

June 30, 2007 December 31, 2006

Change in Impact Impact Impact Impact

interest rate on profit on equity on profit on equity

Held-for-trading and

available-for-sale

bonds +50 basis points (197) (3,082) (144) (3,088)

Impact on interest

income/expense


January – January –

June, 2007 June, 2006

Floating rate bonds +50 basis points 17 10

Loans and advances to customers +50 basis points 68 61

Customer deposits +50 basis points (161) (124)

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VIII. RISK MANAGEMENT (Continued)3. Financial risk

(a) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for

the other party by failing to discharge an obligation. The Group is exposed to credit risks

primarily associated with its deposit arrangements with commercial banks, loans and

advances to customers, investments in bonds, equity investments, reinsurance arrangements

with reinsurers, policy loans, etc. The Group mitigates credit risk by using a variety of

controls including utilizing credit control policies, undertaking credit analysis on potential

investments, and imposing aggregate counter party exposure limits.

The Group’s banking business carries out credit assessment before granting credit to

individual customers and monitors on a regular basis the credit granted. Credit risk is also

managed through obtaining collateral and guarantees. In the case of off-balance sheet

credit related commitments, guarantee deposits are in general received by the Group to

reduce credit risk.

Credit quality

Majority of the Group’s financial assets are bond investments which include government

bonds, finance bonds and corporate bonds. The finance bonds held by the Group have

domestic credit rating of A or above and the corporate bonds held by the Group have

credit rating of AA or above.

Credit exposure

The table below shows the maximum exposure to credit risk for the components of the

balance sheet and items such as future commitments. The maximum exposure is shown

gross, before the effect of mitigation through any collateral held or other credit

enhancements.

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VIII. RISK MANAGEMENT (Continued)3. Financial risk (Continued)

(a) Credit risk (Continued)

(Audited) (Audited)


2007 2006

Cash and cash equivalents 81,277 41,583

Balances with clearing companies 1,591 875

Placements with banks and other financial institutions 1,101 1,727

Held-for-trading financial assets 34,141 11,720

Derivative financial assets 16 21

Assets purchased under agreement to resell 11,148 6,951

Interest receivables 4,515 3,208

Premium receivables 5,307 3,073

Receivables from reinsurers 2,205 795

Unearned premium reserves receivable from reinsurers 3,048 2,437

Claim reserves receivable from reinsurers 2,058 1,724

Policyholders’ reserves for life insurance receivable


Long-term reserves for health insurance receivables


Policy loans 1,799 1,381

Loans and advances to customers 58,427 49,152

Deposits with stock and futures exchanges 1,139 334

Term deposits 43,994 59,107

Available-for-sale financial assets 84,307 63,768

Held-to-maturity investments 130,193 129,250

Statutory deposits 1,520 1,520

Other assets 2,816 2,728

Sub-total 470,616 381,354

Commitment 30,691 29,115

Total credit risk exposure 501,307 410,469

Above asset account balances are already deducted with investment -links account balance

and equity investment balance.

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Where financial instruments are recorded at fair value, the amounts shown above represents

the current risk exposure but not the maximum risk exposure that could arise in the

future as a result of the change in fair values

Collateral and other credit enhancements

The amount and type of collateral required depends on an assessment of the credit risk of

the counterparty. Guidelines are implemented regarding the acceptability of types of

collateral and the valuation parameters.

The main types of collateral obtained are as follows:

– for securities lending and reverse repurchase transactions, cash or securities;

– for commercial lending, charges over real estate properties, inventories and trade

receivables, etc; and

– for retail lending, mortgages over residential properties, etc.

Management monitors the market value of the collateral, requests additional collateral

when needed and performs an impairment valuation when applicable.

It is the Group’s policy to dispose of repossessed assets in an orderly fashion. The proceeds

are used to reduce or repay the outstanding claim. In general, the Group does not occupy

repossessed assets for business use.

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Aging analysis of financial assets past-due

(Audited)

June 30, 2007

Unimpaired financial assets past-due

Total

past-due Past-due

In due Less than 31 to More than but not and

assets 30 days 90 days 90 days impaired impaired Total

Cash and cash equivalents 81,277 – – – – – 81,277

Balances with clearing companies 1,591 – – – – – 1,591

Placements with banks and

other financial institutions 1,100 – – – – 64 1,164

Premium receivables 5,136 4 4 2 10 358 5,504

Receivables from reinsurers 2,205 – – – – 88 2,293

Loans and advances to customers 57,208 784 247 93 1,124 600 58,932

Deposits with stock and

futures exchanges 1,139 – – – – – 1,139

Term deposits 43,994 – – – – – 43,994

Statutory deposits 1,520 – – – – – 1,520

Sub-total 195,170 788 251 95 1,134 1,110 197,414

Less: Impairment provision – – – – – (854) (854)

Net 195,170 788 251 95 1,134 256 196,560

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Aging analysis of financial assets past-due (Continued)

(Audited)

December 31, 2006

Unimpaired financial assets past-due

Total

past-due Past-due

In due Less than 31 to More than but not and

assets 30 days 90 days 90 days impaired impaired Total

Cash and cash equivalents 41,583 – – – – – 41,583

Balances with clearing companies 875 – – – – – 875

Placements with banks and

other financial institutions 1,727 – – – – 376 2,103

Premium receivables 2,965 3 2 2 7 256 3,228

Receivables from reinsurers 795 – – – – 55 850

Loans and advances to customers 47,914 434 240 215 889 2,780 51,583

Deposits with stock and

futures exchanges 334 – – – – – 334

Term deposits 59,107 – – – – – 59,107

Statutory deposits 1,520 – – – – – 1,520

Sub-total 156,820 437 242 217 896 3,467 161,183

Less: GImpairment provision – – – – – (3,017) (3,017)

Net 156,820 437 242 217 896 450 158,166

Of the aggregate amount of gross past-due but not impaired loans and advances to

customers, the fair value of collateral that the Group held as at June 30, 2007 was

RMB1,983 million (Audited December 31, 2006: RMB1,907 million).

Of the aggregate amount of gross past-due and impaired loans and advances to customers,

the fair value of collateral that the Group held as at June 30, 2007 was RMB809 million

(Audited December 31, 2006: RMB2,071 million).

Financial assets whose terms have been renegotiated

(Audited) (Audited)


2007 2006

Loans and advances to customers 477 2,336

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(b) Liquidity risk

Liquidity risk is the risk of not having access to sufficient funds or being unable to liquidate

a position in a timely manner at a reasonable price to meet the Group’s obligations as

they become due.

The Group is exposed to liquidity risk on insurance policies that permit surrender, withdrawal

or other forms of early termination. The Group seeks to manage its liquidity risk by

matching to the extent possible the duration of its investment assets with the duration of

its insurance policies and to ensure that the Group is able to meet its payment obligations

and fund its lending and investment operations on a timely basis. The Group is exposed

to potential liquidity risk on its banking operations. The Group seeks to manage its banking

liquidity risk by optimizing the assets and liabilities structure, maintaining the stability of

the deposit base, etc.

The table below summarises the maturity profile of the financial liabilities of the Group

based on remaining undiscounted contractual obligations.

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(b) Liquidity risk (Continued)

(Audited)

June 30, 2007

Less than 3 to Over Investment-

Past due 3 months 12 months 1 year Undated linked Total

Short-term borrowings – – 557 – – – 557

Due to banks and other

financial institutions – 5,079 239 – – – 5,318

Guarantee deposits 54 3,862 1,936 52 – – 5,904

Placement from banks and

other financial institutions – 1,871 – – – – 1,871

Derivative financial liabilities – 229 95 241 – – 565

Assets sold under agreements

to repurchase – 21,705 1,100 – – 78 22,883

Customer bank deposits – 41,862 17,106 4,122 – – 63,090

Customer brokerage deposits – – – – 9,846 – 9,846

Premiums received in advance – 664 2 – – – 666

Handling charges and commission

payable – 1,427 – – – – 1,427

Due to reinsurers – 2,162 624 – – – 2,786

Salary and welfare payable – 1,705 420 823 433 – 3,381

Interest payable – 137 179 39 – – 355

Claim payable – 4,274 – – – – 4,274

Policyholder dividend payable – 4,771 – – – – 4,771

Policyholder deposits

and investments – 132 – 368 – 4,445 4,945

Long-term borrowings – – – 167 2,174 – 2,341

Other liabilities – 1,723 604 70 426 350 3,173

Total 54 91,603 22,862 5,882 12,879 4,873 138,153

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(Audited)

December 31, 2006


Past due 3 months 12 months 1 year Undated linked Total

Short-term borrowings – – 527 – – – 527

Due to banks and other

financial institutions – 3,234 231 – – – 3,465

Guarantee deposits – 3,991 1,519 52 – – 5,562

Placement from banks and

other financial institutions – 992 – – – – 992

Derivative financial liabilities – 19 119 286 – – 424

Assets sold under agreements

to repurchase – 11,770 1,172 494 – 1,137 14,573

Customer bank deposits – 53,850 9,637 4,036 – – 67,523

Customer brokerage deposits – – – – 3,750 – 3,750

Premiums received in advance – 1,352 – – – – 1,352

Handling charges and commission

payable – 894 – – – – 894

Due to reinsurers – 512 234 – – – 746

Salary and welfare – 1,077 172 543 341 – 2,133

Interest payable – 131 118 38 – – 287

Claim payable – 3,981 – – – – 3,981

Policyholder dividend payable – 4,107 – – – – 4,107

Policyholder deposits

and investments – 58 – 242 – 3,749 4,049

Long-term borrowings – – – 155 – – 155

Other liabilities – 549 181 118 915 208 1,971

Total – 86,517 13,910 5,964 5,006 5,094 116,491

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The table below summarises the maturity profile of the notional amount of derivative

financial liabilities of the Group based on remaining contractual obligations (H-share).


3 months 12 months 1 year Undated linked Total

June 30, 2007 (Audited) 754 430 1,039 – – 2,223

December 31, 2006 (Audited) 327 865 1,015 – – 2,207

The table below summarises the expected recovery or settlement of assets.

(Audited)

June 30, 2007

Investment-

Current* Non-current linked Total

Cash on hand and at bank 73,719 7,558 2,512 83,789

Balances with clearing companies 1,591 – – 1,591

Precious metal 1 – – 1

Placement with banks and other

financial institutions 1,101 – – 1,101

Held-for-trading financial assets 52,513 – 20,923 73,436

Derivative financial assets 9 7 – 16

Assets purchased under agreements

to repurchase 11,148 – 1,706 12,854

Interest receivables 4,515 – 201 4,716

Premium receivables 5,209 98 – 5,307

Due from reinsurers 2,108 97 – 2,205


receivable from reinsurers 1,893 1,155 – 3,048

Claim reserves receivable

from reinsurers 1,401 657 – 2,058

Policyholders’ reserves for life insurance

receivable from reinsurers 7 – – 7

Long-term reserves for health

insurance receivable from reinsurers 7 – – 7

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(Audited)

June 30, 2007

Investment-


Policy loans 1,799 – – 1,799

Loans and advances to customers 35,326 23,101 – 58,427

Deposits with stocks and

future exchanges 1,139 – – 1,139

Term deposits 15,034 28,960 6,509 50,503

Available-for-sale financial assets 21,327 111,116 – 132,443

Held-to-maturity investments 3,046 127,147 – 130,193

Long-term equity investments – 211 – 211

Goodwill – 475 – 475

Statutory deposits – 1,520 – 1,520

Investments properties – 3,789 – 3,789

Fixed assets – 6,839 – 6,839

Intangible assets – 922 – 922

Deferred tax assets – 592 – 592

Other assets 1,792 2,324 39 4,155

Total assets 234,685 316,568 31,890 583,143

* Expected recovery or settlement within 12 months from the balance sheet date.

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(Audited)

December 31, 2006

Investment-


Cash on hand and at bank 35,796 5,787 1,002 42,585

Balances with clearing companies 875 – – 875

Precious metal 111 – – 111

Placement with banks and other

financial institutions 1,727 – – 1,727

Held-for-trading financial assets 26,823 – 17,180 44,003

Derivative financial assets 10 11 – 21

Assets purchased under agreements

to repurchase 6,951 – 300 7,251

Interest receivables 3,208 – 41 3,249

Premium receivables 3,000 73 – 3,073

Due from reinsurers 746 49 – 795

Unearned premium reserves receivable

from reinsurers 1,475 962 – 2,437

Claim reserves receivable from reinsurers 1,220 504 – 1,724

Policy loans 1,381 – – 1,381

Loans and advances to customers 27,886 21,266 – 49,152

Deposits with sticks and future

exchanges 334 – – 334

Term deposits 26,609 32,498 6,309 65,416

Available-for-sale financial assets 744 94,456 – 95,200

Held-to-maturity investments 1,845 127,405 – 129,250

Long-term equity investments – 415 – 415

Goodwill – 409 – 409

Statutory deposits – 1,520 – 1,520

Investments properties – 1,660 – 1,660

Fixed assets – 4,552 – 4,552

Intangible assets – 940 – 940

Deferred tax assets – 888 – 888

Other assets 2,579 1,641 100 4,320

Total assets 143,320 295,036 24,932 463,288

* Expected recovery or settlement within 12 months from the balance sheet date.

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VIII. RISK MANAGEMENT (Continued)4. Mismatching risk of asset and liability

The objective of the Group’s asset and liability management is to match assets with liabilities on

the basis of both duration and interest rate. In the current regulatory and market environment,

however, the Group is unable to invest in assets that have duration of sufficient length to match

the duration of its insurance and investment contract liabilities. When the current regulatory and

market environment permits, however, the Group will lengthen the duration of its assets by

matching the new liabilities of lower guarantee rates, while narrowing the gap of existing

liabilities of higher guarantee rates.

5. Operational risk

Operational risk is the risk of loss resulting from inadequate or failure of proper internal controls

on business processes, people and systems or from uncontrollable external events. The Group is

exposed to many types of operational risks in the conduct of its business from inadequate or

failure to obtain proper authorizations, supporting documentations and ensuring operational

and informational security procedures as well as from frauds or errors by employees. The Group

attempts to manage operational risk by establishing clear policies and requiring well-documented

business processes to ensure transactions are properly authorized, supported and recorded.

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IX. RELATED PARTY RELATIONSHIP AND TRANSACTION1. Related party relationship

(1) Related parties with control relationship

The Company’s related parties where control exists are mainly subsidiaries of the Company.

For details, please refer to Note V.

(2) Related parties without control relationship

Relationship

Name of related parties with the Company

HSBC Holdings Limited (“HSBC Holdings”) Parent of shareholder

HSBC Insurance Holdings Limited (“HSBC Insurance”) Shareholder

The Honkong and Shanghai Banking Corporation Limited

(“HSBC”) Shareholder

In late August 2005, HSBC Holdings through its wholly owned subsidiaries, HSBC Insurance

and HSBC, held 19.90% of the Company’s share. Since then, HSBC Holdings and its

subsidiaries became the Company’s related parties with significant influence over the

Group. As at June 30, 2007, HSBC Holdings holds 16.79% share of the Company through

its subsidiaries.

(3) Shareholders who hold more than 5% shares of the Company as at June 30, 2007

are as follows:

Number of Percentage of

Name of the shareholders Shares Held Type of Shares Total Shares (%)

HSBC Insurance Holdings Limited 618,886,334 H-Share 8.43%

The Hongkong and Shanghai 613,929,279 H-Share 8.36%

Banking Company Limited

Shenzhen Investment Holdings Co., Ltd. 543,181,445 Non-tradable A-Share 7.40%

Shenzhen New Horse Investment 389,592,366 Non-tradable A-Share 5.30%

Development Co., Ltd.

Yuan Trust Investment Co., Ltd. 380,000,000 Non-tradable A-Share 5.17%

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IX. RELATED PARTY RELATIONSHIP AND TRANSACTION (Continued)2. Related parties transactions

(1) Significant transactions with related parties

Interest income earned by the Group from HSBC:




June 30, June 30,

2007 2006

HSBC 6 10

(2) Balances with related parties

(Audited) (Audited)


2007 2006

HSBC 235 710

(3) Compensation for key management personnel is as below:




June 30, June 30,

2007 2006

Salaries and other short-term employee benefits 53 42

Key management personnel comprise the Company’s directors, supervisors and senior

officers as defined in the Company’s articles of association. The compensation expenses

for share appreciation rights granted to (Note VI, 54) key management personnel are not

included in the above analysis. As at June 30, 2007, the cumulative number of units in

share appreciation rights granted to key management personnel is 20 million (audited

December 31, 2006: 20 millions). The related expense in respect of share appreciation

rights granted to key management personnel recognized in current income statement is

RMB226 million (unaudited six months ended June 30, 2006: RMB79 million).

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X. FIDUCIARY BUSINESS

(Audited) (Audited)


2007 2006

Net assets under trust scheme 28,676 16,677

Net assets under corporate annuity scheme 1,198 634

Entrusted loans 1,931 2,120

Total 31,805 19,431

XI. CONTINGENCES1. Guarantee

Ping An Real Estate provided guarantees for several loans under trust schemes managed by Ping

An Trust. As at June 30, 2007, guarantees provided amount to RMB160 million (audited December

31, 2006: RMB426 million).

2. Litigation

Owing to the nature of insurance and financial service business, the Group is involved in estimates,

contingencies and legal proceedings in the ordinary course of business, including being the

plaintiff or the defendant in litigation and arbitration. The adverse effect of above mentioned

events mostly involve claims on the Group’s insurance policies and other claims. Provision has

been made for the probable losses to the Group, where management can reasonably estimate

the outcome of the lawsuits taking into account of any legal advice.

No provision has been made for pending lawsuits or possible violations of contracts when the

outcome cannot be reasonably estimated or management believes the probability of losing the

lawsuit is low or remote. For pending lawsuits, management also believes that any resulting

liabilities will not have a material adverse effect on the financial position or operating results of

the Group or any of its subsidiaries.

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XII. COMMITMENTS1. Capital commitments

The Group has the following capital commitments relating to property development projects and

investments:

(Audited) (Audited)


2007 2006

Contracted, but not provided for 5,947 3,431

Authorized, but not contracted for 1,036 1,182

Total 6,983 4,613

2. Rental commitments

Future minimum rent payables under non-cancelable operating leases are as follows:

(Audited) (Audited)


2007 2006

Within 1 year (1 year included) 491 453

1-2 years (2 years included) 337 306

2-3 years (3 years included) 213 197

More than 3 years 216 211

Total 1,257 1,167

3. Credit commitments

(Audited) (Audited)


2007 2006

Loan commitment

Original maturities within 1 year 2,977 5,565

Original maturities more than one year and above 9,974 7,258

Letter of credit issued 652 734

Acceptance issued 7,404 6,536

Guarantee issued 9,680 9,017

Others 4 5

Total 30,691 29,115

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XIII. POST BALANCE SHEET EVENTS1. As of July 20, 2007, the Group has acquired 30% shares of Shanxi Taichang Highway Ltd., 60%

shares of Shanxi Changjin Highway Ltd. and 60% shares of Shanxi Jiaojin Highway Ltd. throughPing An Trust. The cost for the above acquisitions amount to RMB2.3 billion.

2. On August 16, 2007, the board of directors of the Group proposed an interim dividend ofRMB0.20 per share totaling RMB1,469 million to be paid for the half year ended June 30, 2007.

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY1. Cash on hand and at bank


2007 2006

Cash on hand 1 –Cash at bank 44,342 3,139Other monetary funds 115 –

Total 44,458 3,139

2. Held-for-trading financial assets


2007 2006

BondsGovernment Bonds 24 24Financial Bonds 1,291 498Corporate Bonds 1,211 2,889

Equity instrumentsFunds 301 417Stocks 2,491 1,630

Total 5,318 5,458

3. Term deposits


2007 2006

Less than 3 months (including 3 months) 100 503 months – 1 year (including 1 year) 300 501More than 5 years 48 225

Total 448 776

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)4. Available-for-sale financial assets

(Audited) (Audited)


2007 2006

Bonds

Government Bonds 2,002 1,159

Financial Bonds 782 786

Corporate Bonds 212 103

Equity instruments

Funds 656 22

Stocks 1,803 2,157

Total 5,455 4,227

Terms of bonds which were classified as available-for-sale financial assets are as follows:

(Audited) (Audited)


2007 2006

Less than 3 months (including 3 months) – 61

3 months – 1 year (including 1 year) 1,015 349

1-2 years (including 2 years) 510 1,154



More than 5 years 29 30

Total 2,996 2,048

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)5. Long-term equity investments

(Audited) (Audited)


2007 2006

Ping An Life 3,762 3,762

Ping An Property & Casualty 2,973 2,973

Ping An Trust 4,216 4,216

Shenzhen Ping An Bank 4,916 4,916

Ping An Overseas Holdings 561 561

Ping An Annuity 485 285

Ping An Health 475 475

Ping An Assets Management 180 180

Total 17,568 17,368

6. Deferred tax liabilities

(Audited) (Audited)


2007 2006

Changes in fair values of financial assets 341 172

Share appreciation rights (171) (79)

Total 170 93

7. Placements from banks and other financial institutions

(Audited) (Audited)


2007 2006

Due from Bank 1,416 820

Due from other financial institutions 335 –

Total 1,751 820

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)8. Salary and welfare payable

(Audited)For the six months ended June 30, 2007

Beginning of End ofperiod Accruals Payments period

Salary, bonus, allowance 44 115 (115) 44Staff welfare 25 – (5) 20Social insurance – 4 (1) 3Labor union fund and

employee education fund 9 37 (3) 43Shares paid by cash 508 272 – 780

Total 586 428 (124) 890

9. Taxes payable


2007 2006

Corporate income tax 120 51Business tax 23 20Others 36 4

Total 179 75

10. Capital reserves


2007 2006

Share premium (1) 51,907 14,835Fair value of financial assets 207 585Other capital reserves (2) 311 311

Total 52,425 15,731

(1) The share premium was due to the initial public offering of A shares and H shares.

(2) The Company arranged for a revaluation of its life insurance and property and casualtyinsurance business prior to its asset contributions into Ping An Life and Ping An Property& Casualty. In accordance with asset valuation reports Zhonghuapingbaozi [2002] No.039and [2002] No.038 issued by Chinese Finance Appraisal Co., Ltd., the net valuation surplusamounted to RMB311 million.

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181

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)11. Investment income




June 30, June 30,

2007 2006

Interest income 97 250

Bonds 84 26



Term deposits 10 224

Loans and receivables 10 224

Others 3 –

Loans and receivables 3 –

Dividend income 3,760 4,940

Funds 297 –

Available-for-sale 73 –

At fair value through profit or loss 224 –

Equity investments 3,463 4,940

Long-term equity investment 3,386 4,934

Available-for-sale financial assets 68 6

At fair value through profit or loss 9 –

Realized gains 1,054 26

Bonds 23 3


Funds 60 17


At fair value through profit or loss (36) –

Stocks 971 6

Available-for-sale 29 –


Interest expenses on assets sold under

agreements to repurchase (33) (3)

Total 4,878 5,213

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)12. Gains from changes in fair values




June 30, June 30,

2007 2006

Held-for-trading financial instruments

Bonds (111) 16

Funds (21) –

Stocks 491 53

Total 359 69

13. Business tax and surcharges




June 30, June 30,

2007 2006

Business tax 52 3

City maintenance and construction tax 1 –

Education surcharges 1 –

Total 54 3

14. General and administrative expenses




June 30, June 30,

2007 2006

Salaries and welfare 115 88

Social insurance 4 4



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183

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)15. Income taxes




June 30, June 30,

2007 2006

Current income tax 141 27

Deferred income tax 38 11

Total 179 38

The relationship between the Company’s income tax expenses and accounting profit is as follows:




June 30, June 30,

2007 2006


Tax computed at the applicable tax rate of 15% 717 756

Tax effect of change in tax rate 68 –

Tax effect of expenses not deductible in determining

taxable income 41 18

Tax effect of income not taxable in determining

taxable income (647) (736)

Total 179 38

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)16. Notes to Cash Flow Statements




June 30, June 30,

2007 2006

(1) Reconciliation of net profit to cash flows from

operating activities:


Add:



Amortization of long-term deferred expenses 1 1

Gains from changes in fair values (359) (69)

Investment income (4,878) (5,213)

Foreign exchange losses 25 5

Increase in deferred income tax liabilities 39 6

Decrease/(increase) in operating receivables 96 (64)

Increase in operating payables 227 167

Net cash flows from operating activities (235) (160)

(2) Net increase in cash and cash equivalents:

Cash at end of period 44,458 334

Less: Cash at beginning of period (3,139) (120)

Add: Cash equivalents at end of period 1,305 28

Less: Cash equivalents at beginning of period (309) (2,517)

Net increase in cash and cash equivalents 42,315 (2,275)

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185

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)16. Notes to Cash Flow Statements (Continued)

(3) Cash and cash equivalents

(Audited) (Audited)


2007 2006

Cash

Cash on hand 1 –

Cash at bank readily available for payments 44,342 3,139

Other monetary funds readily available for payments 115 –

Subtotal 44,458 3,139

Cash equivalents

Bonds within 3 months 1,293 299

Money market fund 12 10

Subtotal 1,305 309

Cash and cash equivalents at end of year/period 45,763 3,448

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(in RMB million)

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)17. Related party transactions

(1) Related party transactions between the Company and the subsidiaries of the Company for

the current period are as follows:




June 30, June 30,

2007 2006

Interest income from bank deposits

Shenzhen Ping An Bank 96 –

Ping An Bank 3 2

Ping An Securities 1 –

Total 100 2

Interest expense of placement

Ping An Property and Casualty 5 –

Ping An Life 4 –

Total 9 –

Asset management fees

Ping An Asset Management 2 1

Property management Fees

Ping An Property 7 –

Membership fees

Ping An Securities 1 –

Dividend income

Ping An Property and Casualty – 570

Ping An Life 3,386 4,364

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187

XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)17. Related party transactions (Continued)

(2) Balances with the subsidiaries of the Company:

(Audited) (Audited)


2007 2006

Bank deposits

Shenzhen Ping An Bank 38,362 –

Ping An Bank 802 801

Total 39,164 801

Placement

Ping An Life 152 –

Ping An Property and Casualty 183 –

Total 335 –

Margin deposits

Ping An Securities 115 2

Other receivables

Ping An Annuity – 200

Ping An Asset Managment 300 –

Shenzhen Ping An Bank 10 –

Total 310 200

Other payables

Ping An Life 13 3

Ping An Property and Casualty – 1

Ping An Securities – 1

Ping An Overseas Holdings 2 –

Total 15 5

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XIV. NOTES TO FINANCIAL STATEMENTS OF THE COMPANY (Continued)17. Related party transactions (Continued)

(3) Guarantees provided by the Company to its subsidiaries:

(Audited) (Audited)


2007 2006

Ping An Securities 800 800

Ping An Trust 300 300

Ping An Overseas Holdings 487 500

Total 1,587 1,600

XV. COMPARATIVE FIGURESCertain comparative figures have been restated to conform to current period’s presentation.

XVI. APPROVAL OF FINANCIAL STATEMENTSThe financial statements have been approved by the Company’s board of directors on August 16,

2007.

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Appendix – Supplementary Information to Financial Statements189

1. RECONCILIATION OF GAAP DIFFERENCES BETWEEN PRC ACCOUNTING STANDARDSAND IFRSThe material GAAP differences between PRC Accounting Standards and IFRS in preparing financialstatements are as follows:



2007 2006Consolidated net profit Notes in RMB million in RMB million

Financial statements prepared in accordancewith PRC Accounting Standards 8,063 3,945Unearned premium reserves (i) (86) (102)Policyholders’ reserves (ii) (2,106) (2,249)Deferred policy acquisition costs (iii) 4,136 2,611Deferred tax (iv) (301) (136)Minority interests and others (16) 30

Financial statements prepared in accordance with IFRS 9,690 4,099


2007 2006Consolidated equity Notes in RMB million in RMB million

Financial statements prepared in accordancewith PRC Accounting Standards 93,396 45,260Unearned premium reserves (i) – 86Policyholders’ reserves (ii) (32,380) (30,023)Deferred policy acquisition costs (iii) 36,069 31,866Deferred tax (iv) (966) (687)Minority Interests and others (86) (127)

Financial statements prepared in accordance with IFRS 96,033 46,375

Minority interests have been deducted from the above amounts.

Notes:

(i) Under PRC Accounting Standards, unearned premium reserves of life insurance businesses should be no less than 50%of the net premium for the current period. Under IFRS, unearned premium reserves are provided using actuarial valuationresults (1/365 method).

(ii) Under PRC Accounting Standards, policyholders’ reserves are provided in accordance with related actuarial regulationsreleased by CIRC. Under IFRS, policyholders’ reserves are provided in accordance with IFRS 4 Insurance Contracts and byreference to US GAAP.

(iii) Under PRC Accounting Standards, handling costs and commission expenses of acquiring new policies are recognized inthe income statement when incurred. Under IFRS, handling costs and commission expenses of acquiring new policies aredeferred and amortized by category in proportion to expected premiums over the life of the insurance contracts or thepresent value of estimated gross profits expected to be realized over the life of the insurance contracts, in accordancewith IFRS 4 Insurance Contracts and by reference to US GAAP.

(iv) The above differences between PRC Accounting Standards and IFRS are temporary differences in accordance with IAS 12Income Taxes. The Group recognizes deferred tax assets on the basis of the above differences and the tax rates expectedto apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

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190Appendix – Supplementary Information to Financial Statements

2 RECONCILIATION STATEMENTS FOR THE PROFIT AND LOSS DIFFERENCES BETWEENNEW AND OLD PRC ACCOUNTING STANDARDSThe Company is listed in both the A and H share stock market and needs to prepare financial statements

using PRC GAAP and International Financial Reporting Standards for investors of both markets. In

accordance with the ASBE No. 38 – First-Time Adoption of ASBE and Experts’ Opinions on

Implementation of ASBE Issued by the Ministry of Finance on February 1, 2007, the Group has restated

its comparative figures as a result of the change in accounting policies and applied the accounting

policies continuously for the period financial statements covered.

In accordance with Question and Answer No.7 Regarding the Rules on Information Disclosure for

Companies that Public Offer Securities – Compilation and Disclosure of Comparative Financial and

Accounting Information During the Transition Period between the New and Old Accounting Standards

(Zheng Jian Kuai Ji Zi [2007] Num.10)issued by the China Securities Regulatory Commission (the “CSRC”)

on February 25, 2007, the Group prepared the reconciliation statements for the profit and loss

differences between New and Old PRC accounting standards to show the impact of the restatements

on the Group’s profit and loss statement for the period ended June 30, 2006.

(Unaudited)

Details (in RMB million) Amount

Net profit for the six months ended June 30, 2006( Old GAAP) 2,670

Goodwill 20

Financial assets 1,730

Claim reserves (337)

Land use right (7)

Deferred income tax (119)

Changes in presentation of minority interests (12)

Net profit for the six months ended June 30, 2006( New GAAP) 3,945

Minority interests have been deducted from the above net profits.

Documents

2007 Interim Report 2007 - Ping Anir.pingan.com/upload/2009122917180025.pdf8、 本報告分別以中英文編制，在對中英文文本理解上發生歧義時，以中文文本為准。二、主要財務數據和指標

2007 Interim Report 2007 - Ping Anir.pingan.com/upload/2009122917180025.pdf8、本報告分別以中英文編制，在對中英文文本理解上發生歧義時，以中文文本為准。二、主要財務數據和指標