08:53 PING AN<02318> - Results Announcement (2) 2. Turnover Notes 2004 2003 RMB Million RMB Million Gross written premiums and policy fees 2(a) 60,049 63,134 Less: Premiums ceded to reinsurers (4,122) (3,800) ------------------------------- Net written premiums and policy fees 55,927 59,334 Increase in unearned premium reserves, net (1,191) (485) ------------------------------- Net earned premiums 54,736 58,849 Reinsurance commission income 1,376 1,247 Net investment income 2(b) 7,261 5,948 Realized and unrealized gains/(losses) 2(c) (773) 395 Other income 651 184 ------------------------------- Total revenue 63,251 66,623 ================================ 2(a) Gross written premiums and policy fees 2004 2003 RMB Million RMB Million Life Individual life 35,949 34,617 Bancassurance 5,836 10,562 Group insurance 8,114 9,864 Property and casualty Automobile insurance 6,232 4,589 Non-automobile insurance 3,545 3,351 Accident and health insurance 373 151 ------------------------------ Total 60,049 63,134 ============================== 2(b) Net investment income 2004 2003 RMB Million RMB Million Interest income on fixed maturity investments Bonds 3,074 2,142 Term deposits 3,592 3,520 Others 72 118 Dividend income on equity investments Equity investment funds 382 69 Equity securities 11 - Operating lease income from investment properties 130 99 ----------------------------- Total 7,261 5,948 ============================== 2(c) Realized and unrealized gains/(losses) 2004 2003 RMB Million RMB Million Fixed maturity investments 22 (8) Equity investments (789) 398 Derivative financial assets (6) - Other investments - 5 --------------------------- Total (773) 395 ==============================