Ping An Sets A-Share Price Range Between RMB31.8-33.8 Per Share.

Ranked 2nd in Number of Institutional Investors for China A-Share Offerings

Slightly Behind ICBC 

SHENZHEN, China -- Ping An Insurance (Group) Company of China Ltd. (Ping An; HKSE: 2318; SSE:601318) announced that it has set the price range for it's A-share offering between RMB 31.8-33.8 per share. Due to the strong response from 137 institutional and QFII investors, Ping An became the second most successful A-share IPO in China in terms of institutional demand, just slightly behind ICBC.

Ping An's management believes that the pricing of the A-shares is reasonable, considering many factors and is confident that the offering will create value for both investors and the Company. The pricing range was determined based on the feedback received from the 137 institutions and taking into consideration sector and peers valuation as well as overall market conditions. The market believes that such pricing range is fairly reasonable and that it not only appropriately reflects the valuation of the Company but also allows for reasonable return to investors. Market experience shows that the final price can be expected to be close to the upper limit of RMB 33.8 per share.

Ping An's management strategically formed two teams to conduct roadshow meetings in major cities including Beijing, Shanghai, Shenzhen and Guangzhou. Feedback from the roadshow was very positive. Ping An's clear corporate strategy, fully-integrated financial platform, international management team, sophisticated management structure, and strong back office capabilities were fully recognized and highly valued by the financial community. Many institutional investors highly complimented Ping An's well diversified shareholder structure, sound corporate governance, innovation capacity and team of international managers.

According to the "Announcement on Preliminary Pricing Inquiry Results and Offer Price Range", Ping An will place shares to strategic investors, institutional investors and on-line subscribers. Ping An will issue no more than 345 million shares or 30% of the shares on offer to strategic investors. If on-line subscriptions do not exceed the planned allocation, 25% or 287.5 million shares will be placed with institutional investors and the remaining 45% or 517.5 million shares will be allotted to on-line subscribers. Institutional subscriptions start today until 12 February, 2007 whereas on-line subscriptions will start on 12 February, 2007.

Ping An will become China's first integrated financial institution to list A shares on the Shanghai Stock Exchange, following its successful listing three years ago on the Hong Kong Stock Exchange. Ping An is a fully integrated financial corporation with life insurance as its core business. As China's leading financial group, Ping An provides one-stop shopping by offering a diversified range of products and services including life insurance, property and casualty insurance, trust, securities, banking and asset management. Such a unique business model can generate substantial benefits from cross selling, leading to maximized profitability and competitiveness for the Company.

About Ping An Insurance (Group) Company of China, Ltd.

Ping An is a diversified financial holding group founded in 1988. It is headquartered in Shenzhen, Guangdong Province, China. It offers integrated securities, trust and banking services with insurance as its core business. Ping An is a listed company on the main board of the Hong Kong Stock Exchange under the name "Ping An of China" and the stock code "2318".

Over the last 18 years, Ping An has become one of China's best-known financial industry brands both domestically and internationally. The Group has an extensive domestic customer base and is one of the few Chinese financial institutions providing integrated services.