Ping An Insurance Grp of China : ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

49abb072-2fa6-4ed3-9a78-93c660e4f24c.pdf

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2318) ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

The Board of Directors (the "Board of Directors") of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Company") announces the unaudited results (the "First Quarterly Results") of the Company and its subsidiaries ("the Group") for the three months ended March 31, 2016 (the "Reporting Period"). The Board of Directors and its Audit and Risk Management Committee have reviewed the First Quarterly Results.

1. KEY FINANCIAL INFORMATION

   During the Reporting Period, the key financial data prepared under International Financial Reporting Standards ("IFRS") are as follows:

   (in RMB million) March 31, 2016

   December 31,

   2015

   Total assets 5,006,993 4,765,159

   Total liabilities 4,566,653 4,351,588

   Total equity 440,340 413,571

   Equity attributable to shareholders of the parent company 347,693 334,248

   For the three months ended March 31, (in RMB million) 2016 2015 Total income 224,477 195,824

   Net profit 23,389 22,436

   Net profit attributable to shareholders of the parent company 20,700 19,964 Basic earnings per share (in RMB) 1.16 1.09

2. TOTAL NUMBER OF SHAREHOLDERS AND TOP TEN SHAREHOLDERS AS AT THE END OF THE REPORTING PERIOD

   As at March 31, 2016, the total share capital of the Company was 18,280,241,410 shares, of which 10,832,664,498 were A shares and 7,447,576,912 were H shares.

   Total number of shareholders as at the end of the Reporting Period			Total number of shareholders was 321,741, of which 317,001 were holders of A shares and 4,740 were holders of H shares.
   Particulars of top ten shareholders
   Name of shareholder	Nature of shareholder	Share- holding percentage (%)	Total number of shares held (Shares)	Type of shares	Number of selling- restricted shares held (Shares)	Number of pledged or frozen shares (Shares)
   Hong Kong Securities Clearing Company Nominees Limited	Overseas legal person	32.10	5,867,255,746	H share	-	unknown
   Shenzhen Investment Holdings Co., Ltd.	State	5.27	962,719,102	A share	-	380,060,000 pledged shares
   All Gain Trading Limited	Overseas legal person	4.32	789,001,992	H share	-	789,001,992 pledged shares
   China Securities Finance Corporation Limited	State-owned legal person	3.55	648,306,818	A share	-	-
   Huaxia Life Insurance Co., Ltd.-Universal Insurance Products	Others	3.50	640,557,804	A share	-	-
   Bloom Fortune Group Limited	Overseas legal person	2.77	505,772,634	H share	-	505,772,634 pledged shares
   Central Huijin Asset Management Ltd.	State	2.65	483,801,600	A share	-	-
   Business Fortune Holdings Limited	Overseas legal person	1.43	261,581,728	H share	-	114,463,933 pledged shares
   Shum Yip Group Limited	State-owned legal person	1.41	257,728,008	A share	-	-
   Tianan Property Insurance Co., Ltd. -BaoYing#1	Others	1.34	244,891,064	A share	-	-

   Note: Shares held by Hong Kong Securities Clearing Company Nominees Limited ("HKSCC Nominees Limited") are held on behalf of its clients. The shares owned by All Gain Trading Limited, Bloom Fortune Group Limited and Business Fortune Holdings Limited have been registered under the name of HKSCC Nominees Limited. In order to avoid double counting, the shares owned by these three companies have been deducted from the shares held by HKSCC Nominees Limited.

   Explanation of the connected relationship or acting-in-concert relationship of the above shareholders:

   All Gain Trading Limited, Bloom Fortune Group Limited and Business Fortune Holdings Limited are indirect wholly-owned subsidiaries of Charoen Pokphand Group Company Limited, and they are of connected relationship or acting-in-concert relationship since they are under common control.

   Save as the above, the Company is not aware of any connected relationship or acting-in- concert relationship among the above-mentioned shareholders.

3. BUSINESS REVIEW FOR THE REPORTING PERIOD

In 2016, Ping An entered its 3.0 Era defined by "Open Platform + Open Marketplace". It remained committed to the "customer-centric" concept, continuing to enhance the customer experience. As a result, the level of its customer management continued to rise. While its insurance and banking businesses maintained steady and healthy growth, Ping An's asset management business structure continued to improve, and its internet finance business maintained rapid growth.

In the first quarter of 2016, the Company's performance are as follows:

Despite the adverse effect caused by the economic slowdown, the capital market volatility, and the change in the benchmark yield curve for the measurement of insurance contract liabilities, the Company still achieved growth for all key performance indicators in the first quarter of 2016. The Company's net profit attributable to shareholders of the parent company stood at RMB20,700 million, up by 3.7% over the same period last year. New business value of life insurance achieved RMB13,084 million, up by 38.3% over the same period last year. As at March 31, 2016, equity attributable to shareholders of the parent company reached RMB347,693 million, up by 4.0% over the beginning of the year; and total assets were over RMB5 trillion, up by 5.1% over the beginning of the year.

Ping An has been actively implementing innovative customer operation model under the "customer-centric" concept, which saw a significant customer migration.

As at March 31, 2016, the number of individual customers of Ping An's core finance companies was nearly 114 million, of which 65.56 million became internet users. In the first quarter of 2016, new customers of core finance companies reached 9.17 million, with 2.63 million new customers from the migration of our internet users.

Life insurance business maintained steady and healthy growth with the rapid growth in new business of individual life insurance. Property and casualty business recorded continuous growth and maintained a sound level of profitability.

Ping An Life placed customer-focused operations as its core, keeping teamwork as the foundation, benevolence as the root, and customer experience and innovation as the driving forces. It focused on the synergetic development of multiple channels, namely individual sales agents, bancassurance outlets, telemarketing and internet marketing. Ping An Life also strove to achieve sustained, healthy and stable development of its embedded value and business scale. In the first quarter of 2016, life insurance business recorded written premiums of RMB134,716 million, representing an increase of 28.3% over the same period last year; the value of new business amounted to RMB13,084 million, up by 38.3% over the

same period last year. The individual life insurance business, which has higher profitability, achieved rapid growth with written premiums reaching RMB119,045 million, representing an increase of 27.7% over the same period last year. Written premiums from the new business of individual life insurance business reached RMB42,711 million, up by 38.5% over the same period last year. The telemarketing channel recorded written premiums of RMB3,898 million, representing an increase of 32.4% over the same period last year, maintaining rapid growth and leading the telemarket by market share. In the first quarter of 2016, the life insurance business recorded a net profit of RMB12,444 million.

Ping An Annuity maintained healthy growth in all of its businesses. In the first quarter of 2016, the long-term and short-term insurance businesses of Ping An Annuity reached RMB2,358 million and RMB5,190 million in size, up by 18.3% and 26.0% over the same period last year, respectively, whose market share maintained leading positions in the industry. As at the end of the first quarter of 2016, corporate annuity entrusted assets and assets under investment management reached RMB130,812 million and RMB139,350 million, respectively, and other entrusted management assets reached RMB95,921 million, maintaining its leading position in the industry. Ping An Annuity continued to promote the "Social Health Insurance One Account" platform. The pilot model of "Smart Social Health Insurance" management and service system achieved initial success in cities such as Xiamen.

Ping An Property & Casualty has long adhered to the "customer-centric" business model and the "Thrive through Innovation" operational concept. In the first quarter of 2016, Ping An Property & Casualty recorded premium income of RMB43,552 million, up by 3.9% over the same period last year; of which RMB37,293 million was contributed by automobile insurance, up by 17.5% over the same period last year. Ping An Property & Casualty's premium income from cross-selling, telemarketing and internet marketing reached RMB21,652 million, up by 18.3% over the same period of last year. Premium income from car dealers reached RMB9,452 million, up by 16.6% over the same period of last year. In the first quarter of 2016, the property and casualty insurance business recorded a net profit of RMB3,277 million, and the combined ratio was 94.3%.

As at March 31, 2016, the investment portfolio of insurance funds was valued at approximately RMB1.76 trillion, up by 1.8% over the beginning of the year. Affected by equity market volatility, total investment income for the investment portfolio of insurance funds was RMB20,445 million in the first quarter of 2016, down by 36.4% over the same period last year.

Banking business maintained stable growth in business scale with continued improvement in its operating efficiency. The effects of financial innovation emerged, and asset quality stayed at a manageable level.

In the first quarter of 2016, Ping An Bank achieved a net profit of RMB6,086 million, up by 8.1% over the same period last year; total revenue increased by 33.2% to RMB27,532 million over the same period last year, of which net non-interest income reached RMB9,134 million, up by 65.3% over the same period last year. The percentage contribution of net non-interest income to revenue increased by 6.44 percentage points to 33.18% over the same period last year; with improved efficiency, the cost-to-income ratio reached 29.35%, decreasing by

4.03 percentage points over the same period last year. Following the synergetic development of the deposit and loan business, the balance of customer deposits of Ping An Bank was RMB1,854,365 million as at the end of the first quarter of 2016, up by 6.9% over the beginning of the year. Total loans and advances to customers stood at RMB1,262,786 million, up by 3.8% over the beginning of the year; total assets stood at RMB2,681,155 million, up by 6.9% over the beginning of the year.

4