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2019年09月16日 星期一

中国平安(601318)公告正文

中国平安2007年半年度报告

公告日期:2007-08-17

    中国平安保险(集团)股份有限公司2007年中期报告

    有关前瞻性陈述之提示声明
    除历史事实陈述外,本报告中包括了某些“前瞻性陈述”。所有本公司预计或期待未来可能或即将发生的(包括但不限于)预测、目标、估计及经营计划都属于前瞻性陈述。前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。某些陈述,例如包含“潜在”、“估计”、“预期”、“预计”、“目的”、“有意”、“计划”、“相信”、“将”、“可能”、“应该”等词语或惯用词的陈述,以及类似用语,均可视为前瞻性陈述。
    读者务请注意这些因素,其大部分不受本公司控制,影响着公司的表现、运作及实际业绩。受上述因素的影响,本公司未来的实际结果可能会与这些前瞻性陈述出现重大差异。这些因素包括但不限于:汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际经济和金融市场条件及其它非本公司可控制的风险和因素。任何人需审慎考虑上述及其它因素,并不可完全依赖本公司的“前瞻性陈述”。此外,本公司声明,本公司没有义务因新讯息、未来事件或其它原因而对本报告中的任何前瞻性陈述公开地进行更新或修改。本公司及其任何员工或联系人,并未就本公司的未来表现作出任何保证声明,及不为任何该等声明负上责任。
    第一节          重要提示及释义
    本公司董事会、监事会及董事、监事、高级管理人员保证本报告所载数据不存在虚假记载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。
    本公司第七届董事会第十四次会议于2007年8月16日审议通过了本公司《2007年中期报告》正文及摘要。会议应出席董事19人,实到董事15人,委托4人(董事胡爱民先生和陈洪博先生委托董事长马明哲先生出席会议并行使表决权,董事王冬胜先生委托董事伍成业先生出席会议并行使表决权,董事樊刚先生委托董事林丽君女士出席会议并行使表决权)。
    本公司中期财务报告已经安永华明会计师事务所审计,并出具了标准无保留意见的审计报告。
    中国平安保险(集团)股份有限公司          董事会
    本公司董事长兼首席执行官马明哲,总经理兼首席财务官张子欣,副首席财务执行官麦伟林保证本中期报告中财务报告的真实、完整。
    释义                                                                                                                        
    本报告中,除非文义另有所指,下列词语具有下述含义:                                                                             
    公司、本公司、集团、本集团              指      中国平安保险(集团)股份有限公司                                                
    平安寿险                                指      中国平安人寿保险股份有限公司,是本公司的子公司
    平安产险                                指      中国平安财产保险股份有限公司,是本公司的子公司                         
    平安健康险                              指      平安健康保险股份有限公司,是本公司的子公司                             
    平赡养老险                              指      平赡养老保险股份有限公司,是本公司的子公司
    平安信托                                指      平安信托投资有限责任公司,是本公司的子公司
    平安证券                                指      平安证券有限责任公司,是平安信托的子公司
    平安资产管理                            指      平安资产管理有限责任公司,是本公司的子公司
    深圳平安银行                            指      深圳平安银行股份有限公司,是本公司的子公司
    深圳商业银行                            指      深圳市商业银行股份有限公司,吸收合并平安银行后,更名为深
    平安银行                                指      平安银行有限责任公司
    平安海外控股                            指      中国平安保险海外(控股)有限公司,是本公司的子公司
    平安香港                                指      中国平安保险(香港)有限公司,是平安海外控股的子公司
    平安资产管理(香港)                    指      中国平安资产管理(香港)有限公司,是平安海外控股的子公司
    中国会计准则                            指      中华人民共和国财政部颁布的《企业会计准则》及其它相关规例
    国际财务报告准则                        指      国际会计准则理事会颁布的《国际财务报告准则》
    中国证监会                              指      中国证券监督管理委员会
    中国保监会                              指      中国保险监督管理委员会
    中国银监会                              指      中国银行业监督管理委员会
    中期报告                                指      半年度报告
    第二节          公司基本情况
    一、公司基本情况简介
    1、    法定中文名称:中国平安保险(集团)股份有限公司
    公司中文简称:中国平安
    法定英文名称:Ping An Insurance (Group) Company of China, Ltd.
    公司英文简称:Ping An of China
    2、    法定代表人:马明哲
    3、    董事会秘书:孙建一
    证券事务代表:周强
    电话:4008866338
    传真:0755-82431029
    E-mail:ir@pingan.com. cn;pr@pingan. com.cn
    联系地址:中国深圳市八卦三路平安大厦
    4、    注册地址:中国深圳市八卦三路平安大厦
    办公地址:中国深圳市八卦三路平安大厦
    邮政编码:518029
    国际互联网网址:http://www. pingan. com.cn
    电子信箱:ir@pingan. com.cn;pr@pingan.com.cn
    5、    选定的信息披露报纸:《中国证券报》、《上海证券报》、《证券时报》
    登载公司中期报告的中国证监会指定国际互联网网址:http://www. sse. com.cn
    中期报告备置地点:公司董事会办公室
    6、    A股上市交易所:上海证券交易所
    A股简称:中国平安
    A股代码:601318
    H股上市交易所:香港联合交易所
    H股简称:中国平安
    H股代码:2318
    7、    其它有关资料                                                                                                      
    首次注册登记日期:1988年3月21日                                                               
    注册登记地点:中国国家工商行政管理总局                                                         
    法人营业执照注册号:1000001001231                                                             
    税务登记号码:国税深字440301100012316号;深地税字440300100012316号                            
    公司聘请的境内会计师事务所名称:安永华明会计师事务所                                          
    公司聘请的境内会计师事务所办公地址:北京市东城区东长安街1号东方广场东方经贸城东             
    公司聘请的境外会计师事务所名称:安永会计师事务所                                              
    公司聘请的境外会计师事务所办公地址:香港中环金融街8号国际金融中心2期18楼
    8、    本报告分别以中英文编制,在对中英文文本理解上发生歧义时,以中文文本为准。
    二、主要财务数据和指针
    (一)主要会计数据和财务指针

                                         2007年6月30日                   2006年12月31日               本报告期末比上年
                                                                     调整后(2)              调整前      度期末增减(%)
              总资产(人民币百万元)             583,143              463,288              441,791                  25.9
              股东权益(1)
               (人民币百万元)                   93,396               45,260               36,668                 106.4
              每股净资产(1)(人民币元)            12.72                 7.31                  5.92                 74.0
              截至6月30日止                                                                             本报告期比上年
              6个月期间                           2007年                        2006年                    同期增减(%)
              营业利润(人民币百万元)             8,487                         4,427                              91.7
              利润总额(人民币百万元)             8,872                         4,426                             100.5
              净利润(1)(人民币百万元)            8,063                         3,945                             104.4
              扣除非经常性损益的
                净利润(1)(人民币百万元)          7,771                         3,946                              96.9
              基本每股收益(人民币元)              1.16                          0.64                              81.3
              稀释每股收益(人民币元)              1.16                          0.64                              81.3
              全面摊薄净资产收益率(3)(%)           8.6                          10.7                 下降2.1个百分点
              经营活动产生的现金流量净额
               (人民币百万元)                   20,002                        25,008                            (20.0)
              每股经营活动产生的现金流量
                净额(人民币元)                    2.87                          4.04                            (29.0)

    (1)   以归属于母公司股东的数据填列。
    (2)   根据中国证监会《公开发行证券的公司信息披露规范问答第7号-新旧会计准则过渡期间比较财务会计信息的编制和披露》
    (证监会计字〔2007〕10号)的规定进行披露。
    (3)   全面摊薄净资产收益率的下降,主要是因为本公司2007年上半年首次公开发行A股而使得净资产大幅增加所致。
    第二节          公司基本情况
    (二)非经常性损益项目和金额

                    非经常性损益项目(人民币百万元)                                     截至2007年6月30日止6个月期间
          非流动资产处置损益                                                                                     286
          除上述各项之外的其它营业外收支净额                                                                      99
          所得税影响数                                                                                           (58)
          少数股东应承担的部分                                                                                   (35)
          合计                                                                                                  292

    (三)中国会计准则财务报表与国际财务报告准则财务报表的差异说明

                                                                              归属于母公司                归属于母公司
                                                                             所有者的净利润             所有者的股东权益
                                                                         截至2007年截至2006年
                                                                          6月30日止     6月30日止           2007年        2006年
                     (人民币百万元)                         注释        6个月期间     6个月期间        6月30日      12月31日
                      按中国会计准则编制的财务报表                             8,063           3,945      93,396          45,260
                        未到期责任准备金                       (1)                (86)         (102)            -            86
                        寿险责任准备金                         (2)             (2,106)       (2,249)      (32,380)      (30,023)
                        递延保单获得成本                       (3)             4,136           2,611      36,069          31,866
                        递延所得税                             (4)               (301)         (136)         (966)          (687)
                        少数股东权益及其它                                        (16)            30          (86)          (127)
                      按国际财务报告准则编制的
                        财务报表                                              9,690           4,099      96,033          46,375

    注释:
    (1)   在中国会计准则报表中,寿险子公司提取的未到期责任准备金不应低于当期自留保费收入的50%。        
    在国际财务报告准则报表中,本集团按精算方法(1/365法)确定未到期责任准备金。                    
    (2)   在中国会计准则报表中,寿险责任准备金是根据中国保监会的有关精算规定计算。在国际财务报告       
    准则报表中,本集团按照《国际财务报告准则第4号—保险合同》的规定及参照美国会计准则的要求      
    计算各项寿险责任准备金。                                                                     
    (3)   在中国会计准则报表中,佣金、手续费等新业务的保单获得成本于发生时计入损益。在国际财务报       
    告准则报表中,本集团按照《国际财务报告准则第4号—保险合同》的规定及参照美国会计准则的要      
    求,将佣金、手续费等保单获得成本予以递延,根据其所属险种不同,分别在预计保单年限内以预       
    期保费收入的固定比例摊销,或在保单年限内以预计实现的毛利润现值的固定比例摊销。
    (4)   根据《国际会计准则第12号—所得税会计》,上述各项中国会计准则报表与国际财务报告准则报表的
    差异均为暂时性差异。因此,本集团按上述差异及估计未来转回时将适用的所得税税率确认递延所
    得税资产和负债。
    第三节               股本变动及主要股东持股情况
    一、股本变动情况
    (一)股份变动情况表

                                                        本次变动前                               本次变动增减(+,-)                               本次变动后
                                                                                                        公积金
                                                           数量      比例          发行新股       送股     转股     其它               小计               数量     比例

                                                                       (%)                                                                                            (%)
           一、  有限售条件股份
                 1、    国家持股                        588,859,239     9.51                 -        -       -        -                 -       588,859,239      8.02
                 2、    国有法人持股                    367,542,525     5.93                 -        -       -        -                 -       367,542,525      5.00
                 3、    其它内资持股                  2,680,007,872    43.26        345,000,000        -       -        -        345,000,000     3,025,007,872     41.19
                        其中:
                          境内法人持股                2,680,007,872    43.26        345,000,000        -       -        -        345,000,000     3,025,007,872     41.19
                          境内自然人持股                         -       -                 -        -       -        -                 -                -        -
                 4、    外资持股                                 -       -                 -        -       -        -                 -                -        -
                        其中:
                          境外法人持股                           -       -                 -        -       -        -                 -                -        -
                          境外自然人持股                         -       -                 -        -       -        -                 -                -        -
                 合计                                 3,636,409,636    58.70        345,000,000        -       -        -        345,000,000     3,981,409,636     54.21
           二、  无限售条件流通股份
                 1、    人民币普通股                             -       -        805,000,000        -       -        -        805,000,000       805,000,000     10.96
                 2、    境内上市的外资股                         -       -                 -        -       -        -                 -                -        -
                 3、    境外上市的外资股              2,558,643,698    41.30                 -        -       -        -                 -     2,558,643,698     34.83
                 4、    其它                                     -       -                 -        -       -        -                 -                -        -
                 合计                                 2,558,643,698    41.30        805,000,000        -       -        -        805,000,000     3,363,643,698     45.79

    三、  股份总数                             6,195,053,334   100.00      1,150,000,000        -       -        -      1,150,000,000     7,345,053,334    100.00(二)股票发行与上市情况                                                                                      
    1、公司公开发行股票情况                                                                           
    根据中国证券监督管理委员会证监发行字[2007] 29号文核准,本公司以33.8元/股的发行                价格在上海证券交易所向社会公开发行人民币普通股(A股)11.5亿股,其中向战略投资者                配售的3.45亿股股份自本公司A股上市之日起锁定12个月,网下向询价对象询价配售2.3亿股股份自本公司A股上市之日起锁定3个月,本次A股股票发行后,公司总股本达到7,345,053,334股。经上海证券交易所上证上字[2007] 39号文批准,本公司A股股票于2007                年3月1日在中国上海证券交易所挂牌上市。                                                         
    本报告期内,公司首次公开发行A股时网下向配售对象配售的2.3亿股股份,于2007年3月                  1日起锁定3个月后可以上市流通,该部分A股股票已经于2007年6月1日起开始上市流通。2004年6月24日公司首次公开发行H股并上市时,汇丰保险控股有限公司和日本第一生命保险相互会社均承诺,自公司H股上市后三年内不出售其所分别持有的493,333,334股及49,333,334股外资法人股转换而成的H股,本报告期内,该部分H股股票的承诺不出售期限已经于2007年6月24日截止。
    2、    有限售条件的股份可上市流通预计时间表

               序号   股东名称/股份类别                              所持有限售条件的           预计可上市
                                                                           股份数量(股)        流通时间
               1      深圳市新豪时投资发展有限公司                             389,592,366       2010年3月1日
               2      深圳市景傲实业发展有限公司                               331,117,778       2010年3月1日
               3      深圳市江南实业发展有限公司                               139,112,886       2010年3月1日
               4      公司首次公开发行A股前除深圳市
                      新豪时投资发展有限公司、
                      深圳市景傲实业发展有限公司和
                      深圳市江南实业发展有限公司之外
                      的其它50家内资股股东持股                               2,776,586,606       2008年3月1日
               5      公司首次公开发行A股时
                      向战略投资者配售的股份                                   345,000,000       2008年3月1日

    3、    公司股份总数及结构的变动情况
    报告期内没有因送股、配股等原因引起公司股份总数及结构的变动。
    4、    现存的内部职工股情况
    本报告期末公司无内部职工股。
    第三节          股本变动及主要股东持股情况
    二、股东情况
    (一)股东数量和持股情况
    单位:股
    报告期末股东总数                                                                    74,531(其中境内股东68,254户)
    前十名股东持股情况

                                                                                    年度内     持有有限售          质押或冻结
         股东名称                           股东性质       持股比例        持股总数      增减   条件股份数量          的股份数量
                                                                 (%)
         汇丰保险控股有限公司               境外法人           8.43     618,886,334        -              -                  -
         香港上海汇丰银行有限公司           境外法人           8.36     613,929,279        -              -                  -
         深圳市投资控股有限公司             国家                7.40     543,181,445       -    543,181,445                   -
         深圳市新豪时投资发展有限公司       境内非国有法人     5.30     389,592,366        -    389,592,366                   -
         源信行投资有限公司                 境内非国有法人     5.17     380,000,000        -    380,000,000                   -
         深圳市景傲实业发展有限公司         境内非国有法人     4.51     331,117,788        -    331,117,788                   -
         深圳市深业投资开发有限公司         国有法人           4.11     301,585,684        -    301,585,684     质押167,910,000
         广州市囱德贸易发展有限公司         境内非国有法人      2.72     200,000,000       -    200,000,000                   -
         深圳市武新裕福实业有限公司         境内非国有法人     2.66     195,455,920        -    195,455,920     质押65,151,976
         深圳市立业集团有限公司             境内非国有法人     2.40     176,000,000        -    176,000,000     质押167,000,000

    前十名无限售条件股东持股情况

         股东名称                                                                  持有无限售条件股份数量              股份种类
         汇丰保险控股有限公司                                                                     618,886,334                 H股
         香港上海汇丰银行有限公司                                                                   613,929,279               H股
         中国工商银行-诺安股票证券投资基金                                                          18,816,555               A股
         中国工商银行-博时第三产业成长股票证券投资基金                                            14,003,401                A股
         中国人寿保险股份有限公司-传统-普通保险产品
           -005L-CT001沪                                                                         13,077,800                 A股
         中国工商银行-博时精选股票证券投资基金                                                    11,642,545                A股
         中国工商银行-汇添富成长焦点股票型证券投资基金                                              11,199,909               A股
         中国人寿保险股份有限公司-分红-个人分红
           -005L-FH002沪                                                                          8,936,500                A股
         中国人寿保险股份有限公司-分红-团体分红
           -005L-FH001沪                                                                          8,936,500                A股
         中国人寿保险(集团)公司-传统-普通保险产品                                                 8,936,500               A股
         上述股东关联关系或一致行动关系的说明:

    深圳市新豪时投资发展有限公司、深圳市景傲实业发展有限公司之间因实际出资人存在重斩形成关联。
    除上述情况外,本公司未知上述其它股东之间是否存在关联关系。(二)控股股东及实际控制人简介                                                                       
    本公司股权结构较为分散,不存在控股股东,也不存在实际控制人。本公司第一及第二大股东           分别为汇丰控股有限公司的两家全资附属子公司—汇丰保险控股有限公司及香港上海汇丰银                     行有限公司,截至2007年6月30日,两家公司合计持有本公司H股股份1,232,815,613股。                        (三)其它持股在百分之十以上的法人股东                                                               
    截止本报告期末公司无其它持股在百分之十以上的法人股东。                                       
    第四节          董事、监事、高级管理人员
    一、报告期内董事、监事、高级管理人员持有公司股票、股票期权及被授予的限制性
    股票数量的变动情况
    (一)直接持股情况
    除董事张子欣先生、副总经理顾敏慎先生以外(张先生、顾先生持股情况在本报告期内无变动,如下),其它董监事及高级管理人员均无直接持股。


                 姓名          职务                      期初持股数            期末持股数       股份增减数       变动原因
                张子欣        执行董事、                   H股248,000股         H股248,000股       -            -
                               总经理、
                                  首席财务官
                       顾敏慎        副总经理               H股177,500股         H股177,500股       -            -

    (二)间接持股情况
    1.     监事林立先生通过其控股的深圳市立业集团有限公司(原名“深圳市立业投资发展有限公司”)间接持有本公司的股份为限售流通的A股176,000,000股,报告期内无变动。
    2.     本公司部分董事、监事及高级管理人员通过员工投资集合和江南实业间接持有本公司股份。报告期内其持有的本公司股份无变动。
    员工投资集合的集体参与人受益拥有本公司现有股本总额的9.81%,江南实业持有本公司                      股份139,112,886股。本公司董事、监事(除林立外)及高级管理人员间接持股情况如下:                    
    (1)  持有员工投资集合之权益份额(份)的情况                                                      

                                                     期初持有员工        期末持有员工       持有员工投资
                                                        投资集合之         投资集合之       集合之权益份                
姓名                   职务                          权益份额(份)      权益份额(份)          额增减数      变动原因 
马明哲                 董事长、首席执行官                 4,743,600           4,743,600                 -            -
张子欣                 执行董事、总经理、
                         首席财务官                         500,000             500,000                 -            -
孙建一                 执行董事、董事会秘书、
                         常务副总经理                     4,168,300           4,168,300                 -            -
樊刚                   董事                                 502,080             502,080                 -            -
林丽君                 董事                                 992,800             992,800                 -            -
何实                   辞任监事                             836,160             836,160                 -            -
胡杰                   监事                               2,358,240           2,358,240                 -            -
王文君                 监事                                  64,602              64,602                 -            -
梁家驹                 常务副总经理                         300,000             300,000                 -
Richard JACKSON        首席金融业务执行官                        -                  -                 -            -
顾敏慎                 副总经理                             300,000             300,000                 -            -
John PEARCE            副总经理                                  -                  -                 -
曹实凡                 副总经理                           1,307,680           1,307,680                 -            -
吴岳翰                 副总经理                             300,000             300,000                 -            -
王利平                 副总经理                           1,721,520           1,721,520                 -            -
陈克祥                 副总经理                           1,373,040           1,373,040                 -            -
罗世礼                 副总经理                             300,000             300,000                 -            -
总计                                                     19,768,022          19,768,022

    第四节          董事、监事、高级管理人员
    (2)    实际持有江南实业的比例(%)

     姓名                        职务                         期初持股比例         期末持股比例    股份增减数      变动原因
                                                                      (%)                (%)
     马明哲                      董事长、首席执行官                     5.86                 5.86            -    -
     张子欣                      执行董事、总经理、
                                   首席财务官                           2.93                 2.93            -    -
     孙建一                      执行董事、董事会秘书、
                                   常务副总经理                         3.83                 3.83            -    -
     樊刚                        董事                                   0.44                 0.44            -    -
     林丽君                      董事                                   0.12                 0.12            -    -
     何实                        辞任监事                               0.35                 0.35            -    -
     都江源                      新任监事                               0.29                 0.29            -    -
     梁家驹                      常务副总经理                             -                   -            -    -
     Richard JACKSON             首席金融业务执行官                     0.59                 0.59            -    -
     顾敏慎                      副总经理                               1.76                 1.76            -    -
     John PEARCE                 副总经理                                 -                   -
     曹实凡                      副总经理                               0.59                 0.59            -    -
     吴岳翰                      副总经理                               3.57                 3.57            -    -
     王利平                      副总经理                               1.17                 1.17            -    -
     陈克祥                      副总经理                               3.81                 3.81            -    -
     罗世礼                      副总经理                               0.70                 0.70            -    -
     合计                                                              26.01                26.01

    (三)股票期权及被授予的限制性股票数量变动情况
    本公司董事、监事及高级管理人员报告期内无股票期权持有情况,也没有被授予限制性股票。
    二、报告期内董事、监事、高级管理人员的新聘或解聘情况
    1.     为满足中国证监会关于A股上市公司的董事会成员应当至少包括三分之一的独立董事的规定,2007年6月7日本公司召开的2006年年度股东大会选举委任夏立平先生为独立非执行董事。
    2.     本公司原职工代表监事何实先生由于工作变动,辞去职工代表监事一职。2007年7月10日本公司召开的职工代表大会选举都江源先生为职工代表监事。
    3.     本公司原副总经理任汇川先生于2007年4月调往平安产险工作,不再担任副总经理职务;原平安产险董事长兼CEO曹实凡先生于2007年4月调任本公司副总经理,其不再担任平安产险的职务。
    第五节          董事会报告
    一、报告期内经营情况分析                                                                                            
    2007年上半年,中国经济状况良好,保持快速稳定的发展,金融运行总体良好,金融业改革进一步深                           化。在上半年,本公司实现净利润83.26亿元,较上年同期增长107.8%。总资产达到5,831.43亿元,                              股东权益增至949.11亿元。保险业务收入达到538.85亿元,其中原保险保费收入为538.38亿元,均较上年同期增长17.1%。本公司各项业务保持快速稳定的发展。
    (一)合并经营业绩                                                                                                  
    1. 本集团合并业绩                                                                                         
    以下为本集团合并经营业绩概要:                                                                          

       截至6月30日止6个月(人民币百万元)                                           2007年                 2006年
       营业收入合计                                                                  84,051                54,627
       营业支出合计                                                                (75,564)              (50,200)
       营业利润                                                                       8,487                 4,427
       净利润                                                                         8,326                 4,006
       下表载列本公司按业务分部细分的净利润:
       截至6月30日止6个月(人民币百万元)                                           2007年                 2006年
       人寿保险                                                                       4,813                 3,528
       财产保险                                                                         322                   163
       银行业务                                                                       1,086                     1
       证券业务                                                                         676                   174
       其它业务                                                                       1,429                   140
       净利润                                                                         8,326                 4,006

    第五节          董事会报告
    合并净利润由截至2006年6月30日止6个月的40.06亿元增加107.8%至2007年同期的83.26亿元。
    增加的主要原因是本公司各项业务均取得较好业绩及理想的投资回报。
    本公司人寿保险业务、财产保险业务、银行业务和证券业务净利润分别占本公司合并净利润的57.8%、3.9%、13.0%和8.1%。
    2.合并投资收益

                截至6月30日止6个月(人民币百万元,比例除外)                                 2007年                 2006年
                投资收益(1)                                                                   25,016                 7,787
                公允价值变动损益(1)                                                              607                 1,867
                总投资收益                                                                    25,623                 9,654
                总投资收益率(1)                                                                 9.9%                  5.8%

    (1)   投资收益、公允价值变动损益及总投资收益率均未考虑投资连结保险投资账户。
    本公司总投资收益由截至2006年6月30日止6个月的96.54亿元大幅增加至2007年同期的256.23亿元。总投资收益率由截至2006年6月30日止6个月的5.8%增加至2007年同期的9.9%。增加的主要原因是2007年上半年中国股票市场表现良好。为锁定收益,本公司在2007年实现了部份浮动盈利,投资收益从截至2006年6月30日止6个月的77.87亿元大幅增加至2007年同期的250.16亿元,公允价值变动损益则从截至2006年6月30日止6个月的18.67亿元下降至2007年同期的6.07亿元。
    本公司继续改善投资组合的资产分配以抓住资本市场的发展机遇。因此,定期存款占本公司投资资产的比例由2006年12月31日的19.1%下降至2007年6月30日的13.3%。权益投资占本公司总投资资产的比例由2006年12月31日的14.5%增加至2007年6月30日的18.9%。
    下表载列本公司于各主要投资类别的投资组合分配情况:

 2007年6月30日2006年12月31日
(人民币百万元)        账面值      占总额比例     账面值     占总额比例
 固定到期日投资
 定期存款(3)                   43,994          13.3%        59,107       19.1%
 债券投资(1)(3)               222,992          67.2%        204,282      65.9%
 其它固定到期日投资(3)          2,149           0.6%         1,600        0.5%
 权益投资(2)(3)                62,698          18.9%         44,791       14.5%
 投资资产合计(4)              331,833          100.0%       309,780       100.0%

    (1)债券投资包括主债券内含衍生产品的账面值。
    (2)权益投资包括证券投资基金、股票及长期股权投资。
    (3)不包括归属于现金及现金等价物的部份。
    (4)投资组合未包含投资连结保险投资账户。
    3.汇兑收益/(损失)
    2007年上半年,人民币对以美元为主的其它货币升值,导致本公司以外币计价的资产产生的汇
    兑损失达3.35亿元,去年同期则为1.30亿元。
    (二)分部经营业绩
    1.寿险业务
    以下为本公司寿险业务的经营数据概要:
    2007年2006年
    6月30日12月31日
    保费收入的市场占有率(1) 16.3% 17.0%
    客户数量:
    个人(千)32,853 31,761
    公司(千)321 307
    合计(千)33,174 32,068
    保单继续率:
    13个月89.0% 89.0%
    25个月80.7% 80.3%
    第五节 董事会报告
    (1)依据按照中国会计准则编制的本公司财务数据和中国国家统计局颁布的中国保险行业数据计算。
    2007年6月30日的市场占有率以六个月期间的累计保费收入计算。
    2006年12月31日的市场占有率以一年期间的累计保费收入计算。
    截至2007年6月30日止6个月,依据按照中国会计准则编制的本公司财务数据和中国保险行业数据计算,本公司寿险业务的保费收入约占中国寿险公司保费收入总额的16.3%。从保费收入来衡量,平安寿险是中国第二大寿险公司。
    本公司通过持续优化销售代理人培训机制,提升了销售代理人的产能和专业水平,同时,寿险业务员团队发展保持良好势头,个险销售代理人从年初的20.5万增加至24.4万,增长19.0%。本公司亦继续致力提升客户服务,于2007年6月30日,个人寿险客户13个月及25个月保单继续率分别保持在85%及80%以上的满意水平。
    经营业绩
    以下为本公司寿险业务的经营业绩概要:

截至6月30日止6个月(人民币百万元)                                           2007年                2006年          
保险业务收入                                                                   42,248              37,129
已赚保费                                                                       41,581              36,508 
                                                                                                          
投资收益                                                                       25,618               8,060
公允价值变动损益                                                                2,530               3,836
汇兑损失                                                                        (316)                 (114)
其它收入                                                                          578                 179
营业收入合计                                                                   69,991              48,469
退保金                                                                        (5,919)               (3,910)
赔付支出                                                                      (6,825)               (4,044)
减:摊回赔付支出                                                                  258                 279
保险责任准备金增加净额                                                      (43,854)              (29,721)
保单红利支出                                                                    (897)               (1,714)
营业税金及附加                                                                  (841)                 (263)
手续费及佣金支出                                                              (4,601)               (3,272)
业务及管理费                                                                  (2,900)               (2,217)
减:摊回分保费用                                                                  111                 167
其它支出                                                                         (87)                  (72)
营业支出合计                                                                (65,555)              (44,767)
营业利润                                                                        4,436               3,702
营业外收支净额                                                                      3                   (3)
利润总额                                                                        4,439               3,699
所得税                                                                            374                 (171)
净利润                                                                          4,813               3,528

    第五节          董事会报告

                    保险业务收入
                    截至6月30日止6个月(人民币百万元)                                           2007年                 2006年
                    个人寿险
                    新业务
                    首年期缴保费                                                                  8,361                5,269
                    首年趸缴保费                                                                     13                   18
                    短期意外及健康险保费                                                            935                1,553
                    新业务合计                                                                      9,309                6,840
                    续期业务                                                                       24,924               22,743
                    个人寿险合计                                                                   34,233               29,583
                     银行保险
                     新业务
                     首年期缴保费                                                                     45                   12
                      首年趸缴保费                                                                  3,712                3,450
                     短期意外及健康险保费                                                              1                    1
                     新业务合计                                                                      3,758                3,463
                     续期业务                                                                          126                  128
                     银行保险合计                                                                    3,884                3,591
                     团体保险
                     新业务
                      首年趸缴保费                                                                  2,278                2,452
                      短期意外及健康险保费                                                          1,641                1,261
                     新业务合计                                                                      3,919                3,713
                     续期业务                                                                          212                  242
                     团体保险合计                                                                    4,131                3,955
                     人寿保险合计                                                                   42,248               37,129

    个人寿险业务。个人寿险业务保险业务收入由截至2006年6月30日止6个月的295.83亿元增加      15.7%至2007年同期的342.33亿元。增加的主要原因是个人寿险业务首年保费由截至2006年6       月30日止6个月的68.40亿元增加36.1%至2007年同期的93.09亿元。此外,个人寿险业务续期保     费亦由截至2006年6月30日止6个月的227.43亿元增加9.6%至2007年同期的249.24亿元。增加       的主要原因是本公司持续增加代理人数量及提升其产能。
    银行保险业务。银行保险业务收入由截至2006年6月30日止6个月的35.91亿元增加8.2%至2007 年同期的38.84亿元。增加的主要原因是本公司通过银行网点销售的万能寿险产品保险业务收入 增长。                                                                              
    团体保险业务。团体保险业务收入由截至2006年6月30日止6个月的39.55亿元增加4.5%至2007年同期的41.31亿元。增长较慢的主要原因是本公司继续致力于控制本项业务的发展以提高利润率。由于本公司继续重点销售员工福利保障计划,短期意外及健康险的保险业务收入由截至2006年6月30日止6个月的12.61亿元增加30.1%至2007年同期的16.41亿元。
    第五节          董事会报告
    总投资收益
    寿险业务总投资收益由截至2006年6月30日止6个月的87.48亿元大幅增加至2007年同期的215.53亿元。寿险业务总投资收益率由截至2006年6月30日止6个月的5.9%增加至2006年同期的10.5%。

                      截至6月30日止6个月(人民币百万元,比例除外)                                 2007年                2006年
                    投资收益(1)                                                                   21,511                7,045

                    公允价值变动损益(1)                                                               42                1,703
                       总投资收益                                                                    21,553                8,748
                       总投资收益率(1)                                                                10.5%                 5.9%

    (1)   投资收益、公允价值变动损益及总投资收益率均未考虑投资连结保险投资账户。
    保险责任准备金增加净额
    保险责任准备金增加净额于截至2007年6月30日止6个月为438.54亿元,于2006年同期则为297.21亿元。保险责任准备金增加净额较大的主要原因是保险业务收入增长。退保金
    退保金由截至2006年6月30日止6个月的39.10亿元增加51.4%至2007年同期的59.19亿元。增加的主要原因是通过本公司团险和银行保险渠道销售的某些趸缴型分红保险产品的退保金支出增加。
    赔付支出                                                                                                     

 下表概述赔付支出的主要组成部分。                                                                             
 截至6月30日止6个月(人民币百万元)                                           2007年                2006年    
 赔款支出                                                                       1,045                1,123    
 年金给付                                                                       1,427                1,293    
 满期及生存给付                                                                 3,582                1,094    
 死伤医疗给付                                                                     771                  534
 合计                                                                           6,825                4,044

    赔付支出由截至2006年6月30日止6个月的40.44亿元增加68.8%至2007年同期的68.25亿元。增加的主要原因是由于本公司某些个人寿险产品的产品特性而带来的生存给付增加,使满期及生存给付支出由截至2006年6月30日止6个月的10.94亿元大幅增加至2007年同期的35.82亿元。保单红利支出
    单红利支出由截至2006年6月30日止6个月的17.14亿元下降47.7%至2007年同期的8.97亿元。在保单持有人分红保险账户内,已实现或未实现投资收益的一部分将作为分红特别储备,于未来年度分配给保单持有人。于2006年6月30日,本公司将分红特别储备计入应付保单红利项下,而2007年本公司将其重分类至寿险责任准备金项下,因此分红特别储备的变动额相应计入寿险责任准备金的增加额之中。上述即截至2007年6月30日止6个月期间的保单红利支出较2006年同期减少的主要原因。实际上,由于2007年上半年的投资回报良好,包含分红特别储备在内的保单红利支出在2007年上半年大幅增长。
    手续费及佣金支出

 截至6月30日止6个月                                                           2007年                2006年
 手续费及佣金支出占保险业务收入的比例                                           10.9%                 8.8%

    第五节          董事会报告
    手续费及佣金支出(主要是支付给本公司的销售代理人)由截至2006年6月30日止6个月的32.72                                                                                                                                                                                                                                                                                                                                                亿元增加40.6%至2007年同期的46.01亿元。手续费及佣金支出占保险业务收入的比例由截至                                                                                                                                                                                                                                                                                                                                                           2006年6月30日止6个月的8.8%上升至2007年同期的10.9%。增长的主要原因是佣金率水平相                                                                                                                                                                                                                                                                                                                                                            对较高的个人寿险产品首年保险业务收入增长。                                                                                                                                                                                                                                                                                                                                                                                                 
    业务及管理费                                                                                                                                                                                                                                                                                                                                                                                                                       

        截至6月30日止6个月                                                           2007年                2006年                                                                                                                                                                                                                                                                                                                          
        业务及管理费占保险业务收入的比例                                               6.9%                  6.0%                                                                                                                                                                                                                                                                                                                          

    业务及管理费由截至2006年6月30日止6个月的22.17亿元增加30.8%至2007年同期的29.00亿                                                                                                                                                                                                                                                                                                                                                    元。业务及管理费占保险业务收入的比例由截至2006年6月30日止6个月的6.0%增加至2007年                                                                                                                                                                                                                                                                                                                                                   同期的6.9%。增加的主要原因是首年保险业务收入的增长。                                                                                                                                                                                                                                                                                                                                                                               
    所得税                                                                                                                                                                                                                                                                                                                                                                                                                             

        截至6月30日止6个月                                                           2007年                2006年                                                                                                                                                                                                                                                                                                                          
        有效税率                                                                      -8.4%                  4.6%                                                                                                                                                                                                                                                                                                                          

    寿险业务截至2006年6月30日止6个月的所得税费用为1.71亿元,2007年同期的所得税费用则为                                                                                                                                                                                                                                                                                                                                                 -3.74亿元。有效税率由截至2006年6月30日止6个月期间的4.6%下降至2007年同期                                                                                                                                                                                                                                                                                                                                                                    -8.4%。下降的主要原因是享有税收豁免的证券投资基金股息收入增加及与计入利润表内的所                                                                                                                                                                                                                                                                                                                                                          得税相关的递延所得税负债减少。                                                                                                                                                                                                                                                                                                                                                                                                             
    净利润                                                                                                                                                                                                                                                                                                                                                                                                                             
    由于前述原因,本公司寿险业务净利润由截止2006年6月30日止6个月的35.28亿元增加36.4%                                                                                                                                                                                                                                                                                                                                                   至2007年同期的48.13亿元。                                                                                                                                                                                                                                                                                                                                                                                                                  
    2.产险业务                                                                                                                                                                                                                                                                                                                                                                                                                                
    以下为本公司产险业务的经营数据概要:                                                                                                                                                                                                                                                                                                                                                                                                      
    2007年2006年                                                                                                                                                                                                                                                                                                                                                                                                                              
    6月30日12月31日                                                                                                                                                                                                                                                                                                                                                                                                                          
    保费收入的市场占有率(1) 10.2% 10.7%                                                                                                                                                                                                                                                                                                                                                                                                       
    客户数量:                                                                                                                                                                                                                                                                                                                                                                                                                                
    个人(千)6,895 6,222                                                                                                                                                                                                                                                                                                                                                                                                                     公司(千)1,628 1,724                                                                                                                                                                                                                                                                                                                                                                                                                      合计(千)8,523 7,946                                                                                                                                                                                                                                                                                                                                                                                                                      截至2007年截至2006年                                                                                                                                                                                                                                                                                                                                                                                                                       6月30日12月31日                                                                                                                                                                                                                                                                                                                                                                                                                            止6个月止年度                                                                                                                                                                                                                                                                                                                                                                                                                              综合成本率:                                                                                                                                                                                                                                                                                                                                                                                                                               费用率39.8% 34.5%                                                                                                                                                                                                                                                                                                                                                                                                                          赔付率63.2% 64.5%                                                                                                                                                                                                                                                                                                                                                                                                                          综合成本率103.0% 99.0%                                                                                                                                                                                                                                                                                                                                                                                                                     
    (1)依据按照中国会计准则编制的本公司财务数据和中国国家统计局公布的中国保险行业数据计算。                                                                                                                                                                                                                                                                                                                                                   
    2007年6月30日的市场占有率以六个月期间的累计保费收入计算。                                                                                                                                                                                                                                                                                                                                                                                 
    2006年12月31日的市场占有率以一年期间的累计保费收入计算。                                                                                                                                                                                                                                                                                                                                                                                  
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    截至2007年6月30日止6个月,依据按照中国会计准则编制的本公司财务数据和中国保险行业数                                                                                                                                                                                                                                                                                                                                       据,本公司产险业务的保费收入约占中国产险公司保费收入总额的10.2%。按照保费收入计算,                                                                                                                                                                                                                                                                                                                                                        平安产险是国内第三大产险公司。                                                                                                                                                                                                                                                                                                                                                                                                             
    本公司产险业务综合成本率的上升主要是因为财产保险行业市场竞争加剧导致保险产品的获得                                                                                                                                                                                                                                                                                                                                       成本上升。                                                                                                                                                                                                                                                                                                                                                                                                                                 

                  经营业绩                                                                                                                                                                                                                                                                                                                                                                                                                 
                  以下为本公司产险业务的经营业绩概要:                                                                                                                                                                                                                                                                                                                                                                                     
                  截至6月30日止6个月(人民币百万元)                                           2007年                 2006年                                                                                                                                                                                                                                                                                                               
                  保险业务收入                                                                  11,637                 8,871                                                                                                                                                                                                                                                                                                               
                  已赚保费                                                                       7,599                 4,972                                                                                                                                                                                                                                                                                                               
                  投资收益                                                                         918                   282                                                                                                                                                                                                                                                                                                               
                  公允价值变动损益                                                                  10                    24                                                                                                                                                                                                                                                                                                               
                  汇兑损失                                                                         (11)                   (8)                                                                                                                                                                                                                                                                                                              
                  其它收入                                                                          38                    25                                                                                                                                                                                                                                                                                                               
                  营业收入合计                                                                   8,554                 5,295                                                                                                                                                                                                                                                                                                               
                  赔付支出                                                                       (4,966)              (3,770)                                                                                                                                                                                                                                                                                                              
                  减:摊回赔付支出                                                                 909                   853                                                                                                                                                                                                                                                                                                               
                  保险责任准备金增加净额                                                           (747)                (291)                                                                                                                                                                                                                                                                                                              
                  分保费用                                                                           (7)                  (1)                                                                                                                                                                                                                                                                                                              
                  营业税金及附加                                                                   (661)                (486)                                                                                                                                                                                                                                                                                                              
                  手续费支出                                                                     (1,117)                (674)                                                                                                                                                                                                                                                                                                              
                  业务及管理费                                                                   (1,805)              (1,308)                                                                                                                                                                                                                                                                                                              
                  减:摊回分保费用                                                                 564                   755                                                                                                                                                                                                                                                                                                               
                  其它支出                                                                         (78)                  (32)                                                                                                                                                                                                                                                                                                              
                  营业支出合计                                                                   (7,908)              (4,954)                                                                                                                                                                                                                                                                                                              
                  营业利润                                                                         646                   341                                                                                                                                                                                                                                                                                                               
                  营业外收支净额                                                                     (4)                  (2)                                                                                                                                                                                                                                                                                                              
                  利润总额                                                                         642                   339                                                                                                                                                                                                                                                                                                               
                  所得税                                                                           (320)                (176)                                                                                                                                                                                                                                                                                                              
                  净利润                                                                           322                   163                                                                                                                                                                                                                                                                                                               
 保险业务收入                                                                                                                                                                                                                                                                                                                                                                                                                              
 截至6月30日止6个月(人民币百万元)                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                                
 机动车辆保险                                                                   7,799                 5,797                                                                                                                                                                                                                                                                                                                                
 非机动车辆保险                                                                 3,256                 2,633                                                                                                                                                                                                                                                                                                                                
 意外与健康保险                                                                   582                   441                                                                                                                                                                                                                                                                                                                                
 保险业务收入合计                                                              11,637                 8,871                                                                                                                                                                                                                                                                                                                                

    保险业务收入由截至2006年6月30日止6个月的88.71亿元增加31.2%至2007年同期的116.37亿                                                                                                                                                                                                                                                                                                                                                          元。保险业务收入增加的主要原因在于产险三个业务系列的销售均显著增长。                                                                                                                                                                                                                                                                                                                                                                       
    机动车辆保险业务。机动车辆保险业务收入由截至2006年6月30日止6个月的57.97亿元增加                                                                                                                                                                                                                                                                                                                                                           34.5%至2007年同期的77.99亿元。增加的主要原因是中国居民对机动车的需求持续增加及机动                                                                                                                                                                                                                                                                                                                                                         车交通事故责任强制保险的推行。                                                                                                                                                                                                                                                                                                                                                                                                             
    非机动车辆保险业务。非机动车辆保险业务收入由截至2006年6月30日止6个月的26.33亿元增                                                                                                                                                                                                                                                                                                                                                         加23.7%至2007年同期的32.56亿元。增加的主要原因是企业财产保险、工程保险、特殊风险保                                                                                                                                                                                                                                                                                                                                                         险及船舶保险的销售增长。企业财产保险业务收入由截至2006年6月30日止6个月的12.76亿元                                                                                                                                                                                                                                                                                                                                                          增加23.0%至2007年同期的15.70亿元。                                                                                                                                                                                                                                                                                                                                                                                                         
    意外与健康保险业务。意外与健康保险业务收入由截至2006年6月30日止6个月的4.41亿元增加                                                                                                                                                                                                                                                                                                                                                        32.0%至2007年同期的5.82亿元。增加的主要原因是本公司在2007年上半年继续重点推广本项                                                                                                                                                                                                                                                                                                                                                          业务。                                                                                                                                                                                                                                                                                                                                                                                                                                     

 总投资收益                                                                                                                                                                                                                                                                                                                                                                                                                                
 截至6月30日止6个月(人民币百万元,比例除外)                                   2007年                 2006年                                                                                                                                                                                                                                                                                                                                
 投资收益                                                                         918                   282                                                                                                                                                                                                                                                                                                                                
公允价值变动损益                                                                  10                    24                                                                                                                                                                                                                                                                                                                                 
总投资收益                                                                       928                   306                                                                                                                                                                                                                                                                                                                                 
总投资收益率                                                                    9.6%                  5.2%                                                                                                                                                                                                                                                                                                                                 

    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    本公司产险业务总投资收益由截至2006年6月30日止6个月的3.06亿元大幅增加至2007年同期的                                                                                                                                                                                                                                                                                                                                       9.28亿元。产险业务总投资收益率由去年同期的5.2%上升至2007年上半年的9.6%。                                                                                                                                                                                                                                                                                                                                                 
    赔款支出                                                                                                                                                                                                                                                                                                                                                                                                                 

                  截至6月30日止6个月(人民币百万元)                                           2007年                 2006年                                                                                                                                                                                                                                                                                                               
                  机动车辆保险                                                                   3,935                 2,527                                                                                                                                                                                                                                                                                                               
                  非机动车辆保险                                                                   594                   528                                                                                                                                                                                                                                                                                                               
                  意外与健康保险                                                                   275                   153                                                                                                                                                                                                                                                                                                               
                  赔款支出(1)合计                                                                4,804                 3,208                                                                                                                                                                                                                                                                                                               

    (1)   产险业务赔款支出包括财务报表项目中的赔付支出、摊回赔付支出、提取保险责任准备金及摊回保险责任准备金。                                                                                                                                                                                                                                                                                                              赔款支出由2006年同期的32.08亿元增加49.8%至2007年上半年的48.04亿元。                                                                                                                                                                                                                                                                                                                                                                        
    本公司机动车辆保险业务赔款支出由2006年同期的25.27亿元增加55.7%至2007上半年的39.35                                                                                                                                                                                                                                                                                                                                        亿元。增加的主要原因是本公司机动车辆保险业务过去12个月的保险业务收入增长。                                                                                                                                                                                                                                                                                                                                                                 
    本公司非机动车辆保险业务赔款支出由2006年同期的5.28亿元增加12.5%至2007年上半年的5.94                                                                                                                                                                                                                                                                                                                                      亿元。增加的主要原因是本公司非机动车辆保险业务过去12个月的保险业务收入增长。                                                                                                                                                                                                                                                                                                                                                               
    本公司意外与健康保险业务赔款支出由2006年同期的1.53亿元增加79.7%至2007年上半年的2.75                                                                                                                                                                                                                                                                                                                                      亿元。增加的主要原因是本公司意外及健康保险业务过去12个月的保险业务收入增加较多。                                                                                                                                                                                                                                                                                                                                                           
    手续费支出                                                                                                                                                                                                                                                                                                                                                                                                                               

                  截至6月30日止6个月                                                            2007年               2006年                                                                                                                                                                                                                                                                                                                
                  手续费支出占保险业务收入的比例                                                  9.6%                 7.6%                                                                                                                                                                                                                                                                                                                

    手续费支出由截至2006年6月30日止6个月的6.74亿元增加65.7%至2007年同期的11.17亿元。                                                                                                                                                                                                                                                                                                                                                          
    手续费支出占保险业务收入的比例由截至2006年6月30日止6个月的7.6%增加至2007年同期的                                                                                                                                                                                                                                                                                                                                                          
    9.6%。增加的主要原因是保险业务收入增加及产险行业竞争加剧导致市场佣金率升高。                                                                                                                                                                                                                                                                                                                                                              
    业务及管理费                                                                                                                                                                                                                                                                                                                                                                                                                              

 截至6月30日止6个月                                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                                
 业务及管理费占保险业务收入的比例                                              15.5%                  14.7%                                                                                                                                                                                                                                                                                                                                

    业务及管理费由截至2006年6月30日止6个月的13.08亿元增加38.0%至2007年同期的18.05亿                                                                                                                                                                                                                                                                                                                                                           元。增加的主要原因是本公司产险保险业务收入的增长及产险行业竞争的加剧。                                                                                                                                                                                                                                                                                                                                                                     所得税                                                                                                                                                                                                                                                                                                                                                                                                                                     

 截至6月30日止6个月                                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                                
 有效税率                                                                      49.8%                  51.9%                                                                                                                                                                                                                                                                                                                                

    所得税由截至2006年6月30日止6个月的1.76亿元增加81.8%至2007年同期的3.20亿元。增加的                                                                                                                                                                                                                                                                                                                                                         主要原因是本公司应税利润增长。有效税率由截至2006年6月30日止6个月的51.9%下降至2007                                                                                                                                                                                                                                                                                                                                                          年同期的49.8%。有效税率下降的主要原因是享有税收豁免的证券投资基金股息收入增加。                                                                                                                                                                                                                                                                                                                                                            
    净利润                                                                                                                                                                                                                                                                                                                                                                                                                                    
    由于前述原因,本公司产险业务净利润由截至2006年6月30日止6个月的1.63亿元增加97.5%至                                                                                                                                                                                                                                                                                                                                                         
    2007年同期的3.22亿元。                                                                                                                                                                                                                                                                                                                                                                                                                    
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    3.银行业务                                                                                                                                                                                                                                                                                                                                                                                                                       
    本公司银行业务主要由两间子公司平安银行及深圳商业银行开展。平安银行在上海及福州经营,                                                                                                                                                                                                                                                                                                                                           并于2006年6月获中国银监会批准可提供人民币服务。深圳商业银行于1995年8月3日成立,并                                                                                                                                                                                                                                                                                                                                                          在深圳经营业务。就总贷款及存款规模而言,深圳商业银行是深圳市六大银行之一。于2006年                                                                                                                                                                                                                                                                                                                                                         底,深圳商业银行完成其重组,而其注册股本由人民币1,600,000,000元增加至人民币                                                                                                                                                                                                                                                                                                                                                                5,502,000,000元。本集团通过股本转让以及注资而购入深圳市商业银行89.36%权益,成为其                                                                                                                                                                                                                                                                                                                                                          最大股东。                                                                                                                                                                                                                                                                                                                                                                                                                                 
    于2007年6月16日,中国银监会批准深圳商业银行吸收合并平安银行。合并后,深圳商业银行                                                                                                                                                                                                                                                                                                                                              更名为深圳平安银行,而原有平安银行之上海总行及福州分行,分别重组为深圳平安银行上海                                                                                                                                                                                                                                                                                                                                                         分行及福州分行。于2007年6月27日,深圳商业银行更名为深圳平安银行的工商变更手续正式                                                                                                                                                                                                                                                                                                                                                          完成。合并后,深圳平安银行有49间分支机构及157个自动柜员机网络遍布深圳、上海及福州。                                                                                                                                                                                                                                                                                                                                                        深圳商业银行整合入本集团以及其转型进展顺利。组织架构已重新组合,各权责分工已重新定                                                                                                                                                                                                                                                                                                                                                         义,IT技术能力亦已强化。在业务开拓方面,财富管理业务已展开,已于深圳设立三个"安盈理                                                                                                                                                                                                                                                                                                                                                        财中心"。2007年5月21日,深圳商业银行成功发行银联标准的万里通联名信用卡。这是国内保                                                                                                                                                                                                                                                                                                                                                         障功能最完善的联名信用卡之一,显示了银行与保险平台整合的强大优势。                                                                                                                                                                                                                                                                                                                                                                         

            经营业绩                                                                                                                                                                                                                                                                                                                                                                                                                       
            下表载列本公司银行业务的若干关键财务资料:                                                                                                                                                                                                                                                                                                                                                                                     
            截至6月30日止6个月(人民币百万元)                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                     
            净利息收入                                                                     1,488                    11                                                                                                                                                                                                                                                                                                                     
            营业及管理费用(1)                                                               (900)                   (9)                                                                                                                                                                                                                                                                                                                    
            净利润                                                                         1,086                     1                                                                                                                                                                                                                                                                                                                     

    (1)   营业及管理费用包括财务报表中的业务及管理费、营业税金及附加、其它支出、营业外支出及除贷款外的其它资产减值损失。                                                                                                                                                                                                                                                                                                          
    本公司银行业务的净利润由截至2006年6月30日止6个月的人民币1百万元大幅增加至2007年同                                                                                                                                                                                                                                                                                                                                                          期的人民币10.86亿元。相比截至2006年6月30日止6个月平安银行之单独贡献,净利润增加主                                                                                                                                                                                                                                                                                                                                                          要因为收购深圳商业银行后所产生之利润贡献所致。                                                                                                                                                                                                                                                                                                                                                                                             
    此外,2007年上半年确认了非经常性之项目注人民币4.09亿元,其中主要包括出售不良资产的                                                                                                                                                                                                                                                                                                                                                        非经常性盈利以及拨回诉讼准备金。                                                                                                                                                                                                                                                                                                                                                                                                           
    注     非经常性项目是指符合中国证监会[2004]4号文关于非经常性损益披露规定之项目。                                                                                                                                                                                                                                                                                                                                                          
    核心业务盈利能力                                                                                                                                                                                                                                                                                                                                                                                                                          

 截至6月30日止6个月(人民币百万元)                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                                
利息收入                                                                                                                                                                                                                                                                                                                                                                                                                                   
  客户贷款                                                                     1,348                     7                                                                                                                                                                                                                                                                                                                                 
  存放央行款项                                                                    73                    -                                                                                                                                                                                                                                                                                                                                 
  应收同业及其它金融机构款项                                                     295                    15                                                                                                                                                                                                                                                                                                                                 
利息收入合计                                                                   1,716                    22                                                                                                                                                                                                                                                                                                                                 
利息支出                                                                                                                                                                                                                                                                                                                                                                                                                                   
  客户存款                                                                      (641)                   (2)                                                                                                                                                                                                                                                                                                                                
  应付同业及其它金融机构款项                                                    (157)                   (9)                                                                                                                                                                                                                                                                                                                                
利息支出合计                                                                    (798)                  (11)                                                                                                                                                                                                                                                                                                                                
存贷业务净利息收入                                                               918                    11                                                                                                                                                                                                                                                                                                                                 
债券利息收入                                                                     570                    -                                                                                                                                                                                                                                                                                                                                 
净利息收入                                                                     1,488                    11                                                                                                                                                                                                                                                                                                                                 
净息差(1)                                                                       2.4%                  0.6%                                                                                                                                                                                                                                                                                                                                 
平均生息资产余额(人民币百万元)                                             118,411                 1,170                                                                                                                                                                                                                                                                                                                                 
平均计息负债余额(人民币百万元)                                             110,507                   681                                                                                                                                                                                                                                                                                                                                 

    (1)   净息差是指年化后平均生息资产收益率与年化后平均计息负债成本率之差。                                                                                                                                                                                                                                                                                                                                                                  净利息收入由截至2006年6月30日止6个月的人民币0.11亿元增加至2007年同期的人民币14.88                                                                                                                                                                                                                                                                                                                                                          亿元。如上文所述,净利息收入的大幅增加乃由于收购深圳商业银行所致。                                                                                                                                                                                                                                                                                                                                                                         
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    净息差由截至2006年6月30日止6个月的0.6%上升至2007年同期的2.4%。2006年上半年,平安                                                                                                                                                                                                                                                                                                                                          银行主要从事外币业务,须从同业市场获取成本不低的资金来支持业务发展。而自收购深圳商                                                                                                                                                                                                                                                                                                                                                         业银行后,本公司银行业务拥有人民币及外币业务及超过三百万客户账户。因此,较低成本之                                                                                                                                                                                                                                                                                                                                                         客户存款成为了主要的资金来源,而净息差亦因此而升至2.4%。                                                                                                                                                                                                                                                                                                                                                                                   

                 营运效率                                                                                                                                                                                                                                                                                                                                                                                                                  
                 截至6月30日止6个月                                                           2007年                 2006年                                                                                                                                                                                                                                                                                                                
                 成本与收入比例(1)                                                             46.3%                  84.4%                                                                                                                                                                                                                                                                                                                

    (1)   成本与收入比例为业务及管理费用/净营业收入。                                                                                                                                                                                                                                                                                                                                                                       
    成本与收入比例由截至2006年6月30日止6个月的84.4%下降至2007年同期的46.3%。然而,截                                                                                                                                                                                                                                                                                                                                          至2006年6月30日止6个月的成本与收入比例完全来自平安银行。收购后,2007年同期的成本与                                                                                                                                                                                                                                                                                                                                                         收入比例反映深圳市商业银行与平安银行的合并业绩。                                                                                                                                                                                                                                                                                                                                                                                           
    深圳平安银行可比较数据的补充参考数据:                                                                                                                                                                                                                                                                                                                                                                                              
    下表列示了深圳平安银行2007年上半年之关键指标与2006年同期之指标的对比,以作参考(1):                                                                                                                                                                                                                                                                                                                                                 

       于6月30日或截至该日止6个月                                                   2007年                 2006年                                                                                                                                                                                                                                                                                                                          
       成本与收入比例(2)                                                             46.3%                  35.5%                                                                                                                                                                                                                                                                                                                          
       贷存比例(3)                                                                   52.6%                  72.6%                                                                                                                                                                                                                                                                                                                          
       不良贷款率(4)                                                                  1.1%                   8.2%                                                                                                                                                                                                                                                                                                                          
       贷款损失准备/不良贷款比例                                                    66.0%                  39.1%                                                                                                                                                                                                                                                                                                                          
       资本充足率                                                                    10.6%                   4.9%                                                                                                                                                                                                                                                                                                                          

    (1)   此表内2006年之比例均为模拟深圳商业银行与平安银行已于2006年上半年合并之未经审计的可比参考结果。                                                                                                                                                                                                                                                                                                                     
    (2)   成本与收入比例为营业及管理费用/净营业收入。由于深圳商业银行的重组及整合导致相关成本上升,以及就未来发展所                                                                                                                                                                                                                                                                                                         支出的费用,例如聘请关键管理人员、IT基础设施投资及重塑品牌等,故成本与收入比例会处于较高水平。                                                                                                                                                                                                                                                                                                                                             
    (3)   贷款包括一般贷款及票据贴现。                                                                                                                                                                                                                                                                                                                                                                                                 
    (4)   不良贷款是指被评为次级,可疑和损失类之贷款。不良贷款比例之下降主要是由于深圳商业银行2007年第2季度将超过28                                                                                                                                                                                                                                                                                                                    亿元之不良资产包转售给信达资产管理公司引致。                                                                                                                                                                                                                                                                                                                                                                                               
    于2007年6月30日,合并后之深圳平安银行的总资产为1,247.88亿元。资本充足率为10.6%,不                                                                                                                                                                                                                                                                                                                                                  良贷款率下降至1.1%。                                                                                                                                                                                                                                                                                                                                                                                                                       
    4.证券业务                                                                                                                                                                                                                                                                                                                                                                                                                                
    本公司证券业务主要由本公司拥有86.1%权益的子公司平安证券开展。平安证券在中国拥有22                                                                                                                                                                                                                                                                                                                                                   家营业部以及门户网站PA18。                                                                                                                                                                                                                                                                                                                                                                                                                 
    经营业绩                                                                                                                                                                                                                                                                                                                                                                                                                            
    本公司证券业务的净利润由截至2006年6月30日止6个月的1.74亿元大幅增加至2007年同期的                                                                                                                                                                                                                                                                                                                                                    6.76亿元。                                                                                                                                                                                                                                                                                                                                                                                                                                 
    下表载列本公司证券业务的若干关键财务资料:                                                                                                                                                                                                                                                                                                                                                                                          

       截至6月30日止6个月(人民币百万元)                                             2007年               2006年                                                                                                                                                                                                                                                                                                                          
       手续费及佣金净收入                                                                975                  218                                                                                                                                                                                                                                                                                                                          
       总投资收益(1)                                                                     491                  168                                                                                                                                                                                                                                                                                                                          
       净利润                                                                            676                  174                                                                                                                                                                                                                                                                                                                          
        (1)   总投资收益包括投资收益及公允价值变动损益。                                                                                                                                                                                                                                                                                                                                                                                   
       手续费及佣金净收入                                                                                                                                                                                                                                                                                                                                                                                                                  
       下表载列手续费及佣金净收入的主要组成部份:                                                                                                                                                                                                                                                                                                                                                                                          
       截至6月30日止6个月(人民币百万元)                                           2007年               2006年                                                                                                                                                                                                                                                                                                                            
       手续费及佣金收入                                                                                                                                                                                                                                                                                                                                                                                                                    
         经纪手续费收入                                                                  790                  150                                                                                                                                                                                                                                                                                                                          
         承销佣金收入                                                                    224                   35                                                                                                                                                                                                                                                                                                                          
         其它                                                                             32                   45                                                                                                                                                                                                                                                                                                                          
       手续费及佣金收入合计                                                            1,046                  230                                                                                                                                                                                                                                                                                                                          
       手续费及佣金支出                                                                                                                                                                                                                                                                                                                                                                                                                    
         支付经纪手续费                                                                 (71)                  (12)                                                                                                                                                                                                                                                                                                                         
       手续费及佣金支出合计                                                             (71)                  (12)                                                                                                                                                                                                                                                                                                                         
       手续费及佣金净收入                                                                975                  218                                                                                                                                                                                                                                                                                                                          

    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    本公司经纪业务的经纪手续费收入由截至2006年6月30日止6个月的1.50亿元增加至2007年同期                                                                                                                                                                                                                                                                                                                                       的7.90亿元。增加的主要原因是由于中国股票市场快速发展,成交量大幅增长。                                                                                                                                                                                                                                                                                                                                                                     
    本公司投资银行业务的承销佣金收入由截至2006年6月30日止6个月的0.35亿元大幅增加至2007                                                                                                                                                                                                                                                                                                                                       年同期的2.24亿元。增加的主要原因是由于证券市场快速发展及本公司致力于发展该项业务。                                                                                                                                                                                                                                                                                                                                                         
    手续费及佣金收入合计的增加与业务的增长保持一致。由于该原因,手续费及佣金净收入由截                                                                                                                                                                                                                                                                                                                                       至2006年6月30日止6个月的2.18亿元大幅增加至2007年同期的9.75亿元。                                                                                                                                                                                                                                                                                                                                                                           
    总投资收益                                                                                                                                                                                                                                                                                                                                                                                                               
    本公司证券业务的总投资收益由截至2006年6月30日止6个月的1.68亿元大幅增加至2007年同期                                                                                                                                                                                                                                                                                                                                       的4.91亿元。增加的主要原因是本公司自营证券业务的已实现投资收益大幅增加。                                                                                                                                                                                                                                                                                                                                                                   
    5.     信托业务                                                                                                                                                                                                                                                                                                                                                                                                                 

                  截至6月30日止6个月(人民币百万元)                                             2007年               2006年                                                                                                                                                                                                                                                                                                               
                  营业收入合计(1)                                                                   448                  140                                                                                                                                                                                                                                                                                                               
                  净利润(1)                                                                         275                   61                                                                                                                                                                                                                                                                                                               

    (1)   营业收入合计及净利润并未合并平安信托下属子公司数据。                                                                                                                                                                                                                                                                                                                                                              
    信托公司业务的总收入由截至2006年6月30日止6个月的1.40亿元大幅增加至2007年同期的4.48                                                                                                                                                                                                                                                                                                                                       
    亿元。本公司信托业务的净利润由截至2006年6月30日止6个月的0.61亿元增加至2007年同期的                                                                                                                                                                                                                                                                                                                                       
    2.75亿元。净利润增加的主要原因是平安信托管理的信托资产大幅增长及取得较好的投资回报。                                                                                                                                                                                                                                                                                                                                     
    6.     受托资产规模                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                              2007年                 2006年                                                                                                                                                                                                                                                                                                                
                 (人民币百万元)                                                             6月30日             12月31日                                                                                                                                                                                                                                                                                                                 
                  委托贷款                                                                        1,931                2,120                                                                                                                                                                                                                                                                                                               
                  企业年金受托资产                                                                1,198                  634                                                                                                                                                                                                                                                                                                               
                  信托受托净资产                                                                 28,676               16,677                                                                                                                                                                                                                                                                                                               

    7.     资产管理业务                                                                                                                                                                                                                                                                                                                                                                                                                 
    2007年上半年,平安资产管理公司管理的资产规模继续保持稳定增长的态势,总投资收益和总                                                                                                                                                                                                                                                                                                                                           投资收益率亦增长显著。同时,除管理集团内部资产外,平安资产管理开始积极拓展第三方资                                                                                                                                                                                                                                                                                                                                                         产管理业务。在内部管理方面,平安资产管理通过持续完善业务流程的标准化、规范化,不断                                                                                                                                                                                                                                                                                                                                                         加强内控管理、风险计量、资产配置和业绩评估机制,使投资管理能力得到不断提升。                                                                                                                                                                                                                                                                                                                                                               
    平安资产管理(香港)于2007年3月1日正式获得香港证监会颁发的资产管理牌照,成为负责本公                                                                                                                                                                                                                                                                                                                                         司海外投资管理业务的主体。                                                                                                                                                                                                                                                                                                                                                                                                                 
    二、报告期内重大事项讨论与分析                                                                                                                                                                                                                                                                                                                                                                                                            
    在报告期内,本集团有以下业务事项将对公司经营产生影响。                                                                                                                                                                                                                                                                                                                                                                              
    (一)保险业务                                                                                                                                                                                                                                                                                                                                                                                                                       
    上半年平安寿险业务发展快速,其中产品停售换代对业务发展有较大影响,个险上半年完成首                                                                                                                                                                                                                                                                                                                                           年保费收入93.09亿元,比2006年上半年增长36.1%。                                                                                                                                                                                                                                                                                                                                                                                             
    上半年市场竞争加剧,手续费率政策环境放宽,获取成本增加,对平安产险业务盈利造成压力,                                                                                                                                                                                                                                                                                                                                         平安产险总体综合成本率有所上升。                                                                                                                                                                                                                                                                                                                                                                                                           
    受惠于投资环境的显著改善,上半年保险资金投资收益成绩喜人。                                                                                                                                                                                                                                                                                                                                                                   
    中国保监会发布《保险机构债券投资信用评级指引(试行)》,要求保险机构建立内部信用评级系                                                                                                                                                                                                                                                                                                                                       统,评估债券投资信用风险。这是保险业全面落实《关于加强保险资金风险管理的意见》的重要                                                                                                                                                                                                                                                                                                                                                       
    举措,标志保险资金债券投资开始步入信用风险管理阶段。这对本公司建立内部信用评级制度,                                                                                                                                                                                                                                                                                                                                         维护保险资产安全具有较高的指导意义。                                                                                                                                                                                                                                                                                                                                                                                                       
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    (二)银行业务                                                                                                                                                                                                                                                                                                                                                                                                                   
    本报告期,银行业务非经常性净损益项目金额为4.09亿元,其中主要包括出售不良资产的非经                                                                                                                                                                                                                                                                                                                                       常性盈利以及拨回诉讼准备金。                                                                                                                                                                                                                                                                                                                                                                                                               
    (三)其它                                                                                                                                                                                                                                                                                                                                                                                                                       
    为促进信托公司健康发展,鼓励具备资质的信托公司进行审慎金融创新,中国银行业监督管理                                                                                                                                                                                                                                                                                                                                       委员会和国家外汇管理局制定了《信托公司受托境外理财业务管理暂行办法》;为进一步丰富代                                                                                                                                                                                                                                                                                                                                                       客境外理财产品投资品种,促进代客境外理财业务的稳健发展,中国银监会调整了商业银行代                                                                                                                                                                                                                                                                                                                                                         客境外理财业务境外投资范围;针对境内基金管理公司和证券公司等证券经营机构的《合格境内                                                                                                                                                                                                                                                                                                                                                       机构投资者境外证券投资管理试行办法》也已颁布。上述内容对本集团旗下各业务单位拓展理财                                                                                                                                                                                                                                                                                                                                                       
    业务有较大的促进作用。                                                                                                                                                                                                                                                                                                                                                                                                   
    三、本公司经营中的问题与困难                                                                                                                                                                                                                                                                                                                                                                                                           
    (一)寿险业务                                                                                                                                                                                                                                                                                                                                                                                                                   
    平安寿险制定二元化发展战略,将一方面立足于沿海城市已具备的优势地位,另一方面加紧在                                                                                                                                                                                                                                                                                                                                       内地、中小城市探索新模式。实现二元市场的快速成长,公司将面临人才、资源分配等方面的                                                                                                                                                                                                                                                                                                                                                         挑战。                                                                                                                                                                                                                                                                                                                                                                                                                                     
    央行持续调控政策对保险业的发展产生一定影响。一是对保险产品销售的负影响,加息后一年                                                                                                                                                                                                                                                                                                                                       期存款基准利率上调至3.33%,扣除利息税后实际收益率为3.16%,超过寿险产品预定利率上                                                                                                                                                                                                                                                                                                                                                          限2.5%,对传统储蓄型保险产品的销售带来不利影响;二是对保险资金运用收益率的正影响,                                                                                                                                                                                                                                                                                                                                                         由于保险公司的资产有相当一部分配置在银行存款和债券投资上,加息会增加保险公司再投资                                                                                                                                                                                                                                                                                                                                                         和新增投资于银行存款、债券投资的净收益;并有利于改善寿险公司资产负债不匹配的潜在风                                                                                                                                                                                                                                                                                                                                                         险,提高寿险公司的内含价值。                                                                                                                                                                                                                                                                                                                                                                                                               
    寿险产品费率自由化趋势明显,本公司寿险业务势必也会面临挑战,本公司将密切关注政策动                                                                                                                                                                                                                                                                                                                                                 态及监管办法,完善已有的分析,制定应对举措。                                                                                                                                                                                                                                                                                                                                                                                               (二)产险业务                                                                                                                                                                                                                                                                                                                                                                                                                             
    上半年产险市场竞争加剧,手续费率政策环境放宽,获取成本增加,对本公司产险业务盈利造                                                                                                                                                                                                                                                                                                                                                 成压力,总体综合成本率有上升趋势。这将对本公司产险业务的经营管理提出更高的挑战,平                                                                                                                                                                                                                                                                                                                                                         安产险须扩大在效益市场的业务规模,管控好业务质量及成本,同时,进行资源优化整合,细                                                                                                                                                                                                                                                                                                                                                         分市场,实施销售方式转型,建立专业销售团队。                                                                                                                                                                                                                                                                                                                                                                                               
    (三)银行业务                                                                                                                                                                                                                                                                                                                                                                                                                            
    目前,合并完成后的深圳平安银行处于从区域性银行向全国性银行的转型期,积极推出各类创                                                                                                                                                                                                                                                                                                                                                 新金融产品和服务,发行信用卡,招聘经营管理人才,调整组织架构,导致深圳平安银行的成                                                                                                                                                                                                                                                                                                                                                         本增幅较大,成本收入比处于较高水平。                                                                                                                                                                                                                                                                                                                                                                                                       
    (四)其它                                                                                                                                                                                                                                                                                                                                                                                                                                
    平赡养老险、平安健康险、平安资产管理(香港)尚处于创业期,短期内还不能对全集团的利润                                                                                                                                                                                                                                                                                                                                               作出较明显的贡献。                                                                                                                                                                                                                                                                                                                                                                                                                         
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                        
    四、内含价值                                                                                                                                                                                                                                                                                                                                                                                                                           
    为提供投资者额外的工具了解本集团的经济价值及业务成果,本集团已在本节披露有关内含价值的资                                                                                                                                                                                                                                                                                                                                        料。内含价值指调整后股东资产净值,加上本集团有效人寿保险业务的价值(经就维持此业务运作所                                                                                                                                                                                                                                                                                                                                                   要求持有的法定最低偿付能力额度的成本作出调整)。内含价值不包括日后销售的新业务的价值。                                                                                                                                                                                                                                                                                                                                                     
    经济价值的成份                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                     单位:人民币百万元                                                                                                                                                                                                                                                                                                                    
                                                                                               2007年                 2006年                                                                                                                                                                                                                                                                                                               
                                                                                              6月30日             12月31日                                                                                                                                                                                                                                                                                                                 
           调整后资产净值                                                                       95,567                46,282                                                                                                                                                                                                                                                                                                               
           1999年6月前承保的有效业务价值                                                      (16,446)              (20,932)                                                                                                                                                                                                                                                                                                               
           1999年6月后承保的有效业务价值                                                        51,251                48,011                                                                                                                                                                                                                                                                                                               
           持有偿付能力额度的成本                                                               (9,573)              (7,788)                                                                                                                                                                                                                                                                                                               
                内含价值                                                                            120,799                65,573                                                                                                                                                                                                                                                                                                          
                一年新业务价值                                                                        7,323                 6,007                                                                                                                                                                                                                                                                                                          

    持有偿付能力额度的成本                                                               (1,108)                (875)                                                                                                                                                                                                                                                                                                          
    扣除持有偿付能力额度的成本后的一年新业务价值                                          6,215                 5,132                                                                                                                                                                                                                                                                                                          
    经调整资产净值是根据本集团按中国法定基准计量的经审计股东净资产值计算。若干资产的价值已调                                                                                                                                                                                                                                                                                                                                   
    整至市场价值。应注意经调整资产净值适用于整个集团(包括平安寿险及其它业务单位),而所列示的                                                                                                                                                                                                                                                                                                                                 
    有效业务价值及一年新业务价值仅适用于平安寿险,不包括其它业务单位。                                                                                                                                                                                                                                                                                                                                                         
    主要假设                                                                                                                                                                                                                                                                                                                                                                                                                   
    2007年6月30日内含价值计算所用主要假设与2006年年末评估所用的主要假设相同。                                                                                                                                                                                                                                                                                                                                                  
    新业务量与业务组合                                                                                                                                                                                                                                                                                                                                                                                                                        
    用来计算截至2007年6月30日止前12个月新业务价值的首年保费为人民币272.72亿元。新业务的首年                                                                                                                                                                                                                                                                                                                                                   保费结构如下:                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                            比例                                                                                                                                                                                                                                                                                                                           
 个人寿险                                                                                                  51.3%                                                                                                                                                                                                                                                                                                                           
  长期业务                                                                                                  49.5%                                                                                                                                                                                                                                                                                                                          
  短期业务                                                                                                   1.8%                                                                                                                                                                                                                                                                                                                          
团体寿险                                                                                                  26.0%                                                                                                                                                                                                                                                                                                                            
  长期业务                                                                                                  16.7%                                                                                                                                                                                                                                                                                                                          
  短期业务                                                                                                   9.3%                                                                                                                                                                                                                                                                                                                          
银行保险                                                                                                  22.7%                                                                                                                                                                                                                                                                                                                            
  长期业务                                                                                                  22.7%                                                                                                                                                                                                                                                                                                                          
合计                                                                                                     100.0%                                                                                                                                                                                                                                                                                                                            

    注:因四舍五入,直接相加未必等于总数。                                                                                                                                                                                                                                                                                                                                                                                                    敏感性分析                                                                                                                                                                                                                                                                                                                                                                                                                                 
    本集团已测算若干未来经验假设的独立变动对有效业务价值及一年新业务价值的影响。特别是已考虑                                                                                                                                                                                                                                                                                                                                                  下列假设的变动:                                                                                                                                                                                                                                                                                                                                                                                                                           
    风险贴现率                                                                                                                                                                                                                                                                                                                                                                                                                             
    每年投资回报增加50个基点                                                                                                                                                                                                                                                                                                                                                                                                               
    每年投资回报增加100个基点                                                                                                                                                                                                                                                                                                                                                                                                              
    已承保人寿保险的死亡率及发病率下降10%                                                                                                                                                                                                                                                                                                                                                                                                  
    保单失效率下降10%                                                                                                                                                                                                                                                                                                                                                                                                                      
    维持费用下降10%                                                                                                                                                                                                                                                                                                                                                                                                                        
    分红比例增加5%                                                                                                                                                                                                                                                                                                                                                                                                                         
    第五节          董事会报告                                                                                                                                                                                                                                                                                                                                                                                                           

                                                                                                     单位:人民币百万元                                                                                                                                                                                                                                                                                                                    
                                                                                      风险贴现率                                                                                                                                                                                                                                                                                                                                           
                                                             收益率/          收益率/         收益率/                                                                                                                                                                                                                                                                                                                                   
                                                                11.0%            12.0%             13.0%             12.0%                                                                                                                                                                                                                                                                                                                 
           有效业务价值                                          27,309           25,232            23,330            25,902                                                                                                                                                                                                                                                                                                               
                                                                                                                      收益率/                                                                                                                                                                                                                                                                                                             
                                                                11.0%            12.0%             13.0%             12.0%                                                                                                                                                                                                                                                                                                                 
           一年新业务价值                                         6,814            6,215             5,694             7,060                                                                                                                                                                                                                                                                                                               
                                                                                                     单位:人民币百万元                                                                                                                                                                                                                                                                                                                    
           假设                                               &n