08:54     PING AN<02318> - Results Announcement (4)                           

                                                                              
    Deferred tax relating to the origination and reversal of temporary        
    differences:                                                              
                                                                              
    Provision for policyholders' reserves                                     
                            (246)                   (349)                     
    Provision for claim reserves                                              
                            (81)                    (43)                      
    Provision for unearned premium reserves                                   
                            41                      (5)                       
    Deferred policy acquisition costs                                         
                            339                     432                       
    Fair value adjustment on held-for-trading investments                     
                            7                       (25)                      
    Others                  (31)                    (5)                       
                            -----------------------------                     
    Total deferred tax      29                      5                         
                            -----------------------------                     
                            601                     640                       
    Less: Tax refund        -                       (146)                     
                            -----------------------------                     
    Income taxes            601                     494                       
                            =============================                     
                                                                              
    A numerical reconciliation between the tax expense and the product of     
    accounting profit multiplied by the main applicable tax rate of 15% is as 
    follows:                                                                  
                                                                              
                            2004                    2003                      
                            RMB Million             RMB Million               
                                                                              
    Accounting profit before income tax and minority interests                
                            3,747                   2,821                     
                            ================================                  
    Tax computed at the main applicable tax rate of 15%                       
                            562                     423                       
    Tax effect of income not taxable in determining taxable income            
                            (423)                   (215)                     
    Tax effects of expenses not deductible in determining taxable income      
                            393                     225                       
    Tax effect of higher tax rate for branches and entities (in the PRC) that 
    are located outside the Special Economic Zones                            
                            69                      207                       
                            --------------------------------                  
    Income taxes            601                     640                       
                            ==============================                    
                                                                              
    5.      Dividends                                                         
                                                                              
                            2004                    2003                      
                            RMB Million             RMB Million               
                                                                              
    Proposed dividends - RMB0.14 per ordinary share                           
    (2003: RMB0.12 per ordinary share)                                        
                            867                     592                       
                            ===========================                       
                                                                              
    Paid in the year        518                     493                       
                            =============================                     
                                                                              
                                                                              
    6.      Earnings per share                                                
                                                                              
    The basic earnings per share for the year is computed by dividing the net 
    profit for the year by the weighted average number of 5,588,324,591 shares
    in issue during 2004 (2003: 4,933,333,334 shares in issue as adjusted to  
    reflect the capitalization issue on December 19, 2003).                   
                                                                              
    The Company had no dilutive potential shares, hence no diluted earnings   
    per share amount is presented.