花旗：不要低估中国保险费收入的增长

Citi Insurance Express #1

Do Not Underestimate Premium Growth in China

2 April 2007 | 6 pages

 Citi Insurance Express — This note represents the first in a series of industry
publications focusing on topical issues, market updates and stock ideas in the
Asian insurance sector. This first issue focuses on our China coverage.
 Premium growth remains strong — We believe the market will continue to
underestimate 2007E premium growth momentum for China Life and Ping An. We
expect March PRC GAAP premium numbers to yet again provide positive surprises
for the market.
 Insurers allowed to invest in property — According to a CIRC spokesperson, the
State Council has in principle approved Chinese insurers to invest directly in the
property market. CIRC is in the process of formulating detailed regulations to
facilitate insurers’ eventual move to invest directly in property. We believe this
represents a long-term yield enhancement opportunity.
 New non-life regulations — From 1 April, new motor insurance