Ping An completes RMB20 billion capital injection into life insurance unit

Hong Kong, December 15, 2008 -- Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”; HKEx: 2318, SSE 601318) announced today that the Group has obtained approval from the China Insurance Regulatory Commission (“CIRC”) to inject RMB20 billion of new capital into its subsidiary Ping An Life Insurance Company of China, Ltd. (“Ping An Life Insurance”).  This capital injection increases the registered capital of Ping An Life Insurance to RMB23.8 billion.

Ping An disclosed its plan to inject the additional funds of RMB20 billion into its Ping An Life Insurance unit on October 28, 2008.  At the Group’s recently held Extraordinary General Meeting, shareholders had already voted for the capital injection plan and the approval by the CIRC was the final step in the process.  Furthermore, the Group has made appropriate amendments with the industrial and commercial administration authorities to register the change in the registered capital of Ping An Life Insurance.

Ping An believes this capital injection will further strengthen the capital base and indemnity capabilities of Ping An Life Insurance, while laying an even stronger foundation for a healthy and sustainable development of the company’s business going forward.

Prior to the capital injection, Ping An had a committed capital of RMB3.762 billion in Ping An Life Insurance, representing a shareholding of 99.0010%.  As a result of the capital injection, the Group’s shareholding in the company has risen to 99.3301%.