Ping An Insurance of China : OVERSEAS REGULATORY ANNOUNCEMENT

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.

This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.

"The Announcement of Ping An Insurance (Group) Company of China, Ltd. Regarding the Changes in Accounting Estimates", which is published by Ping An Insurance (Group) Company of China, Ltd. on the website of Shanghai Stock Exchange, is reproduced herein for your reference.

By order of the Board

Company Secretary

Shenzhen, PRC, October 27, 2016

As at the date of this announcement, the Executive Directors of the Company are Ma Mingzhe, Sun Jianyi, Ren Huichuan, Yao Jason Bo, Lee Yuansiong and Cai Fangfang; the Non-executive Directors are Lin Lijun, Soopakij Chearavanont, Yang Xiaoping, Xiong Peijin and Liu Chong; the Independent Non-executive Directors are Woo Ka Biu Jackson, Stephen Thomas Meldrum, Yip Dicky Peter, Wong Oscar Sai Hung, Sun Dongdong and Ge Ming.

Stock Code: 601318 Stock Short Name: Ping An Of China Serial No.: Lin 2016-045

The board of directors (the "Board") and all directors of Ping An Insurance (Group) Company of China, Ltd. (the "Company") confirm that there are no false representations and misleading statements contained in, or material omissions from this announcement, and severally and jointly accept the responsibility for the truthfulness, accuracy and completeness of the contents of this announcement.

• Important Notice:

As a result of changes in accounting estimates on insurance contract liabilities (the "Changes in Accounting Estimates") involved in the 2016 Third Quarterly Report of Ping An Insurance (Group) Company of China, Ltd. due to the application of relevant requirements in "No. 2 Interpretation of Accounting Standards for Business Enterprises" issued by the Ministry of Finance of the People's Republic of China, the profit before tax of the Company for the nine months ended September 30, 2016 was decreased by RMB17,235 million.

1. Introduction

   On October 27, 2016, the 9th meeting of the 10th session of the Board considered and approved the relevant matters of the Changes in Accounting Estimates. As a result of the Changes in Accounting Estimates, long term life insurance policyholders' reserves of the Company were increased by RMB17,235 million as at September 30, 2016 and the profit before tax of the Company for the nine months ended September 30, 2016 was decreased by RMB17,235 million.

2. The details of the Changes in Accounting Estimates and the effect on the Company

   Material judgment is required in determining insurance contract liabilities and in choosing discount rates/investment return, mortality, morbidity, lapse rates, policy dividend, and expenses assumptions relating to long term life insurance contracts of the Company. Such assumptions should be determined based on current information available at the end of the reporting period. The Company has changed the above assumptions based on current information available as at September 30, 2016 (mainly decreased the benchmarking yield curve for the measurement of insurance contract liabilities), and updated the estimate of future cash flows, with the corresponding impact on insurance contract liabilities taken into the current period's statement of income. As a result of such changes in assumptions, long term life insurance policyholders' reserves of the Company were increased by RMB17,235 million as at September 30, 2016 and the profit before tax of the Company for the nine months ended September 30, 2016 was decreased by RMB17,235 million.

   The Company adopted the prospective application method to deal with the Changes in Accounting Estimates, and the retroactive adjustment was not required.

3. Opinions of independent directors and supervisory committee on the Changes in Accounting Estimates

   The independent directors and the supervisory committee of the Company, considered the relevant matters of Changes in Accounting Estimates, with the opinion that the Changes in Accounting Estimates are the reasonable adjustments of the Company in accordance with "No. 2 Interpretation of Accounting Standards for Business Enterprises" and based on information available at the end of the reporting period, and approved the accounting treatment on Changes in Accounting Estimates made by the Company.

4. . Opinion of accounting firm on the Changes in Accounting Estimates

   PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor, had a full understanding on the reasons of the Changes in Accounting Estimates and the effect on the operating results of the Company, and issued the Special Report on the Changes in Accounting Estimates for the period from January 1, 2016 to September 30, 2016 of Ping An Insurance (Group) Company of China, Ltd..

5. Appendices of the announcement published on the website

1. Independent Opinion from Independent Directors of the Company;

2. Special Statement of the Board of the Company on the Changes in Accounting Estimates;

3. Special Statement of the Supervisory Committee of the Company on the Changes in Accounting Estimates;

4. Special Report issued by PricewaterhouseCoopers Zhong Tian LLP on the Changes in Accounting Estimates for the period from January 1, 2016 to September 30, 2016 of Ping An Insurance (Group) Company of China, Ltd.; and

5. 2016 Third Quarterly Financial Statements of the Company.

The Board of Directors

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

October 27, 2016