Ping An Announces Results for the First Quarter of 2009-Overall Profitability Significantly Improved

Hong Kong, Shanghai, April 29, 2010 - Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or "the Group", HKEX: 2318; SSE: 601318) today announced its unaudited results for the three months ended March 31, 2010.

In the first quarter of 2010, the Chinese economy kept moving towards a promising direction, with the economic foundation being further consolidated and the consistent improvement in market confidence. The Group proactively grasped opportunities and capitalized on the favourable conditions, thus good development momentum is shown in all of its three businesses: insurance, banking and investment. Benefiting from the recovery of the operating environment, the Group's overall profitability advanced remarkably. For the three months ended March 31, 2010, the Group realized a net profit of RMB 4,617 million, a significant increase of 89.6% as compared with the same period of 2009. Basic earnings per share jumped 94.0% year-on-year to RMB0.62.  Driven by steady growth in core businesses, total income grew 48.3% to RMB53,593 million from the previous year. The Group's total assets rose 6.4% to RMB995,482 million from the end of 2009. Total equity reached RMB96,545 million.

During the period under review, Ping An's insurance business achieved a brilliant start, with the growth of premiums surpassing the market level in the first quarter. Total written premiums of its life insurance business increased by 30.4% to RMB52,345 million. Written premiums of the relatively more profitable individual life business increased by 43.0% to RMB40,022 million as compared to the same period of last year. The Group's property and casualty insurance business realized a premium income of RMB15,307 million, an increase of 70.9% as compared to the same period of last year, with market share at 14.8%, increased by 1.9 percentage points compared to the year of 2009. Turning to the Group's annuity business, the total amount of assets entrusted and assets under investment management exceeded RMB50 billion, further strengthens Ping An's leading position in the industry.

Ping An Bank continued its steady business development. Total assets amounted to RMB236,022 million, an increase of 7.0% as compared with the beginning of the year. Deposit and loan balances increased by 12.7% and 6.3% respectively. Non-performing loan ratio was 0.43%, demonstrating the assets quality at the top-tier level within the industry. The number of accumulated credit cards in circulation reached 3.86 million, and the total transaction amount increased constantly. With the official opening of Dongguan branch, its overall banking network and presence in the Pearl River Delta Economic Zone has been further enhanced.

Turning to investment business, the investment banking division of Ping An Securities and fiduciary management business of Ping An Trust attained exceptional results. Ping An Securities, fully capitalizing its advantages in Small and Medium-sized Enterprises Market and in the Growth Enterprises Market, completed 11 initial public offerings and 2 re-financing projects as a lead underwriter in the first quarter, ranking No.1 in terms of the number of deals. While engaging in its business expansion, Ping An Trust also focused on the improvement of operational excellence. Driven by the development of new products and the expansion of sales channels, products with high management fees demonstrated a stable growth.

Looking into the three quarters ahead, Ping An said, "It is expected that the global economy will rebound, the international financial market will stabilize, and the economy and social development of China will continue to move towards a promising direction. However, the Chinese economy is still full of uncertainties and instabilities. Ping An will closely monitor the changes in external environment and respond actively. We will firmly grasp the opportunities arising from the development of China's financial industry. By leveraging on our strengthened fundamental platform and increasingly integrated financial synergies, we aim to maintain a healthy and rapid growth for all of our businesses."