09:02     PICC P&C<02328> - Results Announcement (1)                          

    PICC Property and Casualty Company Limited announced on 22/04/2005:       
    (stock code: 02328 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('Million  )       ('Million  )      
    Turnover                           : 62,003             54,968            
    Profit/(Loss) from Operations      : 625                2,323             
    Finance cost                       : (120)              (35)              
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 208                1,451             
    % Change over Last Period          : -85.7     %                          
    EPS/(LPS)-Basic (in dollars)       : 0.019              0.171             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 208                1,451             
    Final Dividend                     : Nil                N/A               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for Annual                                                      
      General Meeting                  : 17/05/2005         to 15/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      BASIS OF PRESENTATION                                             
                                                                              
    Pursuant to the reorganisation of the People's Insurance Company of China 
    (the "Reorganisation"), which took effect as of 30 September 2002, the    
    Company was incorporated on 7 July 2003 as a joint stock company with     
    limited liability in the People's Republic of China (the "PRC"). Further  
    details of the Reorganisation are set out in the Company's prospectus     
    dated 27 October 2003 issued in respect of the listing of the Company's   
    shares on the Main Board of The Stock Exchange of Hong Kong Limited (the  
    "HKSE").                                                                  
                                                                              
    The prior period comparative figures included in the financial statements 
    are prepared for the period from 7 July 2003 (date of incorporation) to 31
    December 2003. Consequently, the comparative amounts for the profit and   
    loss account, the statement of changes in equity, the cash flow statement 
    and related notes are not comparable with those of the current fiscal     
    twelve month period. The prior year pro forma comparative figures included
    in the financial statements are prepared as if the Company had been in    
    existence throughout the year ended 31 December 2003 and as if the        
    Reorganisation was effective prior to the earliest date presented therein.
                                                                              
    2.      TURNOVER AND REVENUE                                              
                                                                              
    Turnover represents direct premiums written and reinsurance premiums      
    assumed, net of government levies and surcharges.