13:46     CHINA INSURANCE<00966> - Results Announcement (3)                   

                                                                              
    (b) By geographical area:                                                 
                                                                              
                                            2004                              
                                                                              
                    PRC                                                       
                    (other than                                               
    Hong Kong       Hong Kong           Rest                Rest of           
    and Macau       and Macau)   Japan  of Asia   Europe    the world  Total  
    $'000           $'000        $'000  $'000     $'000     $'000      $'000  
                                                                              
    Revenue from external customers                                           
    364,175         6,393,888   72,338  289,211   156,595   68,974  7,345,181 
    ==========================================================================
                                                                              
                                            2003                              
                 PRC                                                          
                 (other than                                                  
    Hong Kong    Hong Kong            Rest               Rest of              
    and Macau    and Macau)    Japan  of Asia  Europe    the world       Total
    $'000        $'000         $'000  $'000    $'000     $'000           $'000
    Revenue from external customers                                           
    478,133     3,214,998     83,153  288,999  191,954   72,718      4,329,955
    ==========================================================================
                                                                              
    4.      Other revenue                                                     
    (a)     Investment income and net gain                                    
                                                    2004            2003      
                                                                    (Restated)
                                                    $'000           $'000     
    Investment income                                                         
    Dividend income from listed securities           44,687          10,790   
    Dividend income from unlisted securities          1,137           1,369   
    Interest income from listed securities          263,160         151,602   
    Interest income from unlisted securities         46,490          21,636   
    Other interest income                            59,246          54,780   
    Rentals receivable from operating leases          4,428           4,099   
                                                    ------------------------  
                                                    419,148         244,276   
                                                    ------------------------  
                                                                              
    Net gain                                                                  
    Net realised and unrealised (losses)/gains on listed securities           
                                                    (39,854)        164,627   
    Net realised and unrealised gains/(losses) on unlisted securities         
                                                                              
                                                     22,019          (2,072)  
    Net exchange gains                               32,917          27,789   
    Amortisation of discounts/(premiums) of dated debt securities             
                                                                              
                                                    22,312          (1,756)   
    Surplus/(deficit) on revaluation of investment properties                 
                                                                              
                                                    14,060          (5,523)   
    Provision for diminution in value of listed securities                    
                                                     (4,437)        (10,526)  
    Write back of provision for diminution in value of:                       
    - listed securities                              26,400               -   
    - unlisted securities                                 -           2,321   
                                                    ------------------------- 
                                                     73,417         174,860   
                                                    ========================= 
    Total                                           492,565         419,136   
                                                    ========================= 
                                                                              
    (b)     Other net income                                                  
                                                    2004            2003      
                                                                    (Restated)
                                                    $'000           $'000     
                                                                              
    Net loss on sale of fixed assets                 (35)           (21)      
    Amortisation of discounts of interest-bearing notes                       
                                                    (1,020)          (170)    
    Others                                           2,539          5,360     
                                                    -----------------------   
                                                     1,484           5,169    
                                                    =======================   
                                                                              
    5.      Policyholders' benefits                                           
                                                    2004            2003      
                                                    $'000           $'000     
                                                                              
    Claims                                          537,451         517,669   
    Surrenders                                      272,388          68,461   
    Annuity and maturity payments                     7,289           1,921   
    Policy dividends                                  2,575             474   
    Change in provision for outstanding claims      187,226         224,930   
                                                  --------------------------  
                                                  1,006,929         813,455   
                                                  ==========================