Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中國太平洋保險(集團)股份有限公司

CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 02601)

ANNOUNCEMENT ON ESTIMATED INCREASE

IN THE 2019 ANNUAL EARNINGS

This announcement is made by the Company pursuant to the provisions regarding disclosure of inside information under Part XIVA of the SFO and Rule 13.09(2)(a) and Rule 13.10B of the Listing Rules.

Based on the preliminary estimates and calculations, it is estimated that the net profit attributable to equity holders of the Company for the year of 2019 will increase by approximately 50% to 60% as compared to the same period last year, and the net profit attributable to equity holders of the Company after deducting non- recurring items for the year of 2019 will increase by approximately 25% to 35% as compared to the same period last year. The above estimates are only preliminarily calculated figures. Detailed and accurate financial information will be officially disclosed in the 2019 annual report of the Company.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

This announcement is made by the Board of Directors (the "Board") of China Pacific Insurance (Group) Co., Ltd. (the "Company") pursuant to the provisions regarding disclosure of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") and Rule 13.09(2)(a) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

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  1. ESTIMATED RESULTS FOR THE CURRENT PERIOD
    1. Estimated Results Period: From 1 January 2019 to 31 December 2019.
    2. Estimated Results: Based on the preliminary estimates and calculations, it is estimated that the net profit attributable to equity holders of the Company for the year of 2019 will increase by approximately 50% to 60% as compared to the same period last year, and the net profit attributable to equity holders of the Company after deducting non-recurring items for the year of 2019 will increase by approximately 25% to 35% as compared to the same period last year.
    3. The estimated results have not been audited by certified public accountants.
  1. RESULTS OF THE SAME PERIOD OF THE PREVIOUS YEAR
    1. Net profit attributable to equity holders of the Company: RMB18.019 billion. Net profit attributable to equity holders of the Company after deducting non- recurring items: RMB18.084 billion.
    2. Basic earnings per share: RMB1.99. Basic earnings per share after deducting
      non-recurring items: RMB2.00.
  1. MAIN REASONS FOR THE ESTIMATED INCREASE IN EARNINGS FOR THE CURRENT PERIOD
    The estimated increase in the annual results for 2019 is primarily due to the impact of investment income (main business) and the change of tax policies on commission expenses (non-recurring items). Among which, non-recurring items

are due to the impact of the Announcement on the Pre-tax Deduction Policy

for the Commission and Brokerage Expenses of Insurance Enterprises( 關 於 保 險 企 業 手 續 費 及 佣 金 支 出 稅 前 扣 除 政 策 的 公 告》) issued by

the Ministry of Finance and the State Administration of Taxation in May 2019 (Notice of the Ministry of Finance and the State Administration of Taxation No. 72, 2019) regarding settlement and payment for the year 2018, with an amount of approximately RMB4.8 billion.

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IV. RISK WARNING

There are no material uncertain factors of the Company that might affect the accuracy of the estimated results.

  1. OTHER INFORMATION
    The above estimates are only preliminarily calculated figures and accurate financial information will be officially disclosed in the 2019 annual report of the Company. Investors are advised to pay attention to investment risks.
    Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board

China Pacific Insurance (Group) Co., Ltd.

KONG Qingwei

Chairman

Hong Kong, 3 February 2020

As at the date of this announcement, the Executive Director of the Company is Mr. KONG Qingwei; the Non-executive Directors of the Company are Mr. WANG Tayu, Mr. KONG Xiangqing, Ms. SUN Xiaoning, Mr. LI Qiqiang, Mr. WU Junhao, Mr. CHEN Xuanmin and Mr. HUANG Dinan; and the Independent Non-executive Directors of the Company are Mr. LEE Ka Sze, Carmelo, Mr. CHEN Jizhong, Ms. LAM Tyng Yih, Elizabeth, Mr. JIANG Xuping and Mr. GAO Shanwen.

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China Pacific Insurance (Group) Co. Ltd. published this content on 02 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2020 11:29:06 UTC