1 0.05

CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2003

1 0.05

2

3 3 2,358,314 1,188,289 32,398 55,620 (24,011) (13,111) 8,387 42,509 22,616 8,574 5,655 4 113,598 62,934 5 36,252 5,984 189,427 117,082 --------------- --------------- (96,289) (41,251) 9,240 5,054 (87,049) (36,197) --------------- ---------------

4 102,378 80,885 (16,685) (10,958) 6(a) (2,040) (1) 6 83,653 69,926 7 (11,200) 31,488 72,453 101,414 17,040 15,867 89,493 117,281 8 15,935 19,876 15,935 19,876 9 6.75 9.21 6.68 9.11 10 32

5 930,607 908,219 (188,396) (176,522) 742,211 731,697 (179,327) (235,706) 562,884 495,991 (371,253) (278,184) (152,740) (156,779) 963 754 (7,456) (6,162) 32,398 55,620 10 32

6 1,395,044 272,895 (7,818) (5,854) 1,387,226 267,041 1,407,706 70 (38,876) (1,307) (73,261) (11,783) (53,503) (24,013) (2,653,303) (243,119) (24,011) (13,111) 10 32

7 10 110,358 110,358 187,903 169,211 298,261 279,569 519,836 533,719 171,530 188,253 3,603 3,458 11 3,728,675 2,583,385 120,993 448,797 18,489 6,368 12 799,276 555,434 66,044 65,558 3 13 724,853 666,872 14 1,293,040 1,111,620 7,744,600 6,443,033 --------------- --------------- 510 505 525,301 345,974 2,653,303 1,407,706 134,817 173,896 1,322,631 1,169,810 94,680 380,782 15 179,758 191,875 20,094 12,560 499 242 4,931,593 3,683,350 162,117 179,157 5,093,710 --------------- 3,862,507 --------------- 2,650,890 2,580,526 17 66,300 66,267 18 2,584,590 2,514,259 2,650,890 2,580,526 10 32

8 2,556,114 2,298,301 2 & 18 21,459 (43,824) 2,953 3,269 2,580,526 2,257,746 --------------- --------------- 1,218 1,218 --------------- --------------- 2 & 18 80,689 36,870 (278) 89,493 117,281 --------------- --------------- 8 (19,889) (44,566) --------------- --------------- 17 33 50 18 727 1,021 760 --------------- 1,071 --------------- 2,650,890 2,332,750 10 32

9 1,237,190 242,977 (1,034,601) (578,158) (21,169) 1,071 181,420 (334,110) 1 1 1,111,620 1,314,913 6 30 1,293,040 980,803 10 32

10 1 700 33 25 2 (i)

11 2 (i) 238.5 3,687.0 4,382.4 2,145.9 (ii) 12 () 14.0 27.8 326.9 295.3 3

12 3 (a) 930,607 1,395,044 22,617 10,046 2,358,314 732 1,584 (2,316) 930,607 1,395,044 23,349 11,630 (2,316) 2,358,314 30,161 (24,011) 23,348 10,158 39,656 2,237 (732) (1,584) (79) 32,398 (24,011) 22,616 8,574 39,577 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 4,783 9 219 934 5,945 38,112 30,548 6,896 7,086 82,642 7,118 15,649 360 497 4,477 28,101 50,013 46,197 7,265 716 12,497 116,688 (150) (2,940) (3,090) 49,863 46,197 7,265 716 9,557 113,598 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 15,720 5,901 (108) 164 2,678 24,355 8,162 2,598 (4,838) 5,367 11,289 608 608 24,490 8,499 (4,946) 164 8,045 36,252 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------

13 3 (a) (6,708) (69,477) (12,667) (454) (8,319) (97,625) 9,061 31 (11) 69 90 9,240 2,353 (69,446) (12,678) (385) (8,229) (88,385) 454 150 732 1,336 2,807 (69,446) (12,678) (235) (7,497) (87,049) ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 109,558 ------------------ (38,761) ------------------ 12,257 ------------------ 9,219 ------------------ 10,105 ------------------ 102,378 ------------------ ------------------ ------------------ ------------------ 105 ------------------ (16,790) ------------------ (16,685) ------------------ (2,040) (2,040) ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 109,558 (38,761) 10,217 9,324 (6,685) 83,653 (6,114) (3,465) (1,621) (11,200) 103,444 (38,761) 6,752 7,703 (6,685) 72,453 17,040 17,040 103,444 (21,721) 6,752 7,703 (6,685) 89,493 1,561 (8,877) (10,409) (73) (3,555) (21,353) 18,106 3,760 (699) 42 9,511 30,720

14 3 (a) 249,045 100,447 3,103 6,379 10,510 369,484 1,153,018 1,916,490 86,698 202,985 3,359,191 1,694,073 1,307,351 483,151 34,590 325,230 3,844,395 6,550 164,980 171,530 3,096,136 3,324,288 572,952 47,519 703,705 7,744,600 (1,953,456) (2,830,795) (144,522) (2,498) (322) (4,931,593) 847 24,355 29 238 27 25,496

15 3 (a) 908,219 272,895 7,175 1,188,289 1,075 (1,075) 908,219 272,895 8,250 (1,075) 1,188,289 53,892 (13,111) 6,730 47,511 1,728 (1,075) 653 55,620 (13,111) 5,655 48,164 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 2,832 91 129 3,052 38,087 86 4,337 42,510 7,022 5,990 365 5,251 18,628 47,941 6,076 456 9,717 64,190 (150) (1,106) (1,256) 47,791 6,076 456 8,611 62,934 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ (4,950) 97 1,170 (3,683) 5,095 2,939 8,034 1,675 (17) (25) 1,633 1,820 (17) 97 4,084 5,984 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------

16 3 (a) (4,971) (29,371) (400) (7,113) (41,855) 4,779 11 36 228 5,054 (192) (29,360) (364) (6,885) (36,801) 454 150 604 262 (29,360) (214) (6,885) (36,197) ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 105,493 ------------------ (36,412) ------------------ ------------------ 5,994 ------------------ 5,810 ------------------ 80,885 ------------------ ------------------ ------------------ ------------------ 226 ------------------ (11,184) ------------------ (10,958) ------------------ (1) (1) ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 105,493 (36,412) 6,220 (5,375) 69,926 (1,100) (905) 33,493 31,488 104,393 (36,412) 5,315 28,118 101,414 15,867 15,867 104,393 (20,545) 5,315 28,118 117,281 4,337 (6,272) (57) (3,180) (5,172) (5,853) 11 43 2,121 (3,678)

17 3 (a) 205,361 50,788 1,143 8,503 34,440 300,235 1,093,827 831,032 161,174 197,117 2,283,150 1,337,563 1,553,116 442,544 20,689 317,483 3,671,395 6,483 181,770 188,253 2,636,751 2,434,936 604,861 35,675 730,810 6,443,033 (1,593,583) (1,902,764) (183,886) (1,105) (2,012) (3,683,350) 585 99,197 1,607 43 209 101,641 (b) 386,879 1,502,353 63,540 223,189 150,823 31,530 2,358,314 379,219 342,280 63,015 204,073 156,125 43,577 1,188,289

18 4 5,460 2,855 485 197 69,767 33,576 12,875 8,934 22,366 15,801 2,198 1,534 447 37 113,598 62,934 5 (12) (42) 42,761 317 80 (807) 1,166 4,841 (8,363) 620 1,675 36,252 5,984

19 6 (a) 2,040 1 (b) 2,741 937 62,049 30,126 64,790 31,063 (c) 446 408 6,771 3,493 14,545 8,180 13,884 4,647 1,865 1,873

20 7 11,249 (31,847) 53 (140) 278 38 81 11,200 (31,488) 17.5%16% 8.75%8% 362.6380.9 4,832.5 3,706.8 5

21 8 (a) 1.2 1.5 15,935 19,876 (b) 1.5 3.5 19,889 44,566 9 (a) 8,949.3 1.17281 1,325,579,092 1,272,963,316 (b) 8,949.3 1.17281 1,339,761,1981,286,937,307

22 9 (c) 1,325,579,092 1,272,963,316 14,182,106 13,973,991 1,339,761,198 1,286,937,307 10 70,750,000 73,140,000 1 4,139 3,242 15 2,433 1,307 6,572 4,549

23 11 3,879 35,920 39,799 371,033 132,566 1,601,616 636,427 8,881 2,750,523 371,033 136,445 1,637,536 636,427 8,881 2,790,322 66,136 7,555 45,555 101,765 221,011 437,169 144,000 1,683,091 738,192 8,881 3,011,333 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 44,417 23,932 141,950 114,225 324,524 35,288 107,086 6,510 148,884 4,221 86,701 90,922 118,455 118,455 23,334 23,334 11,223 11,223 44,417 23,932 204,793 437,690 6,510 717,342 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 481,586 167,932 1,887,884 1,175,882 15,391 3,728,675 504,747 188,908 1,877,198 1,101,813 15,712 3,688,378

24 11 3,878 35,837 39,715 777,477 172,736 363,686 385,550 7,132 1,706,581 777,477 176,614 399,523 385,550 7,132 1,746,296 65,636 77,247 45,464 78,142 266,489 843,113 253,861 444,987 463,692 7,132 2,012,785 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 5,922 22,732 113,259 105,509 247,422 248 39,386 130,160 6,336 176,130 6,601 37,528 44,129 68,758 68,758 22,942 22,942 11,219 11,219 5,922 22,980 182,188 353,174 6,336 570,600 ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ 849,035 276,841 627,175 816,866 13,468 2,583,385 792,297 214,344 578,522 742,156 13,728 2,341,047 120,400,000 94,458,000 94,200,000 380,333,000

25 12 412,871 218,176 146,754 75,156 3 12 4,496 26,931 12 11,399 3,081 575,520 323,344 197,704 207,234 26,052 24,856 799,276 555,434 13 100,162,000 100,162,000 14 3 950,929 845,321 72,800 5,451 269,311 260,848 1,293,040 1,111,620

26 15 12,769 34,261 3 12 49,676 11,428 12 5,918 5,261 68,363 50,950 111,395 140,925 179,758 191,875 16 1 5 3 3 1 5 3 18,265 666,900 39,688 724,853 3 1,023,729 1,023,729 14,743 10,000 24,743 38,958 27,086 66,044 120,993 120,993 7,970 112,430 301,202 2,564,988 2,986,590 12,209 323,774 11,875 347,858 1,152,692 169,653 1,022,140 2,938,450 11,875 5,294,810

27 16 1 5 3 3 1 5 3 666,872 666,872 3 4,503 846,269 850,772 14,714 10,000 24,714 65,558 65,558 448,797 448,797 23,492 70,966 441,860 1,428,413 23,340 1,988,071 22,142 133,274 114,948 270,364 4,503 1,384,116 70,966 1,145,588 1,571,687 138,288 4,315,148 17 0.05 2,000,000 100,000 2,000,000 100,000 1,325,332 66,267 1,272,373 63,619 51,620 2,581 670 33 1,339 67 1,326,002 66,300 1,325,332 66,267

28 17 670,000760,000 33,000 727,000 1.110 15,040,000 * 0.950 1,774,000 * 3.225 8,670,000 * 3.975 156,000 * (i) (ii) (iii)

29 18 567,459 1,429,912 (2,101) 239,412 2,234,682 (43,824) (43,824) 3,269 3,269 567,459 1,429,912 (2,101) 198,857 2,194,127 8 b (44,566) (44,566) 200,073 200,073 4,111 4,111 180,390 180,390 8 a (19,876) (19,876) 567,459 1,629,985 2,010 314,805 2,514,259 567,459 1,629,985 2,010 290,393 2,489,847 21,459 21,459 2,953 2,953 567,459 1,629,985 2,010 314,805 2,514,259 727 727 89,493 89,493 8 b (19,889) (19,889) 567,459 1,630,712 2,010 384,409 2,584,590

30 19 1 29,371 23,940 15 32,653 24,763 62,024 48,703 20 (i) 136,096 183,553 33,955 49,884 (ii) 119 90 46 28 (iii) 22,617 (iv) 197 178 (v) 381 556 (vi) 329 326 (vii) 1,097 829 (viii) 110 24 (ix) 343 259 (x) 2,040 (xi) 905 308

31 20 (i) (ii) (iii) (iv) (v) 15% 1% (vi) 0.25% (vii) (viii) (ix) (x) 0.6 (xi)

32 21 51050.05% 250,250,000 250,250,000

33 3 32 25 700

34 23.5831 11.8829 8,949 1.1728 98.5%23.7%6.75 9.21 6.689.11 1.2 1.5 9.2863 2,900 9.3061 2.5% 9.0822

35 38.5% 11.2%6.8%23.9%80.4% 99.8% 3,240 5,562 7,435 4,9611.0956 1.0549 1,005 718 40.0% 922 599

36 13.9504 2.7290411.2% 2.0% 4.9% 80.5%63.0% 3,876 3,6412,172 2,055 10 14 0.9% 6,489 2.1479 231.0% 3

37 4,967 3,415 1,679 1,118 2,262 675 690 42.7605 62.4154 80.6% 3,359.19 53.8 2,283.15 43.9 2,083.94 33.4 1,844.05 35.5 239.81 3.8 220.26 4.2 118.45 1.9 68.76 1.3 120.99 1.9 448.80 8.7 110.36 1.8 110.36 2.1 171.53 2.8 188.25 3.6 11.22 0.2 11.22 0.2 26.05 0.4 24.86 0.5 6,241.54 100.0 5,199.71 100.0

38 1,153.02 1,916.48 86.70 202.99 3,359.19 *857.76 820.21 111.53 30.75 263.69 2,083.94 219.81 3.10 6.38 10.52 239.81 18.01 100.44 118.45 120.99 120.99 110.36 110.36 6.55 164.98 171.53 11.22 11.22 24.71 1.34 26.05 2,394.89 2,959.46 201.33 43.68 642.18 6,241.54 1.4985 6,892 117.4% * 6,604 6,556 209 20.8394 18.4405

39 670,000 760,400 1,070,650 1,300659 641 6,479 3,106108.6% 300 14314 51050.05% 2.5025 2.5025

40

41 183 19 1901-5 17 670,000 352 (i) 466,000 350,000

42 (ii) A. XV B. 352 3.75 1

43 2,670,000 2,670,000 2000 9 26 2000 9 26 1.00 1.11 1.37 2010 9 25 1,300,000 1,300,000 2002 9 12 2002 9 12 1.00 3.225 3.235 2012 9 11 2,200,000 2,200,000 2000 9 28 2000 9 28 1.00 1.11 1.41 2010 9 27 1,100,000 1,100,000 2002 9 12 2002 9 12 1.00 3.225 3.235 2012 9 11 1,740,000 1,740,000 2000 9 26 2000 9 26 1.00 1.11 1.37 2010 9 25 900,000 900,000 2002 9 12 2002 9 12 1.00 3.225 3.235 2012 9 11 1,300,000 1,300,000 2000 9 28 2000 9 28 * 1.00 1.11 1.41 2010 9 27 500,000 500,000 2001 2 12 2001 2 12 * 1.00 0.95 1.33 2011 2 11 400,000 400,000 2002 9 12 2002 9 12 * 1.00 3.225 3.235 2012 9 11 1,500,000 1,500,000 2000 9 27 2000 9 27 * 1.00 1.11 1.40 2010 9 26 400,000 400,000 2001 2 12 2001 2 12 * 1.00 0.95 1.33 2011 2 11 400,000 400,000 2002 9 12 2002 9 12 * 1.00 3.225 3.235 2012 9 11 1,100,000 1,100,000 2000 9 27 2000 9 27 * 1.00 1.11 1.40 2010 9 26 400,000 400,000 2001 2 12 2001 2 12 * 1.00 0.95 1.33 2011 2 11 300,000 300,000 2002 9 12 2002 9 12 * 1.00 3.225 3.235 2012 9 11 1,000,000 1,000,000 2000 9 28 2000 9 28 1.00 1.11 1.41 2010 9 27 500,000 500,000 2002 9 12 2002 9 12 1.00 3.225 3.235 2012 9 11

44 1,500,000 1,500,000 2002 9 12 2002 9 12 * 1.00 3.225 3.235 2012 9 11 156,000 2003 1 7 2003 1 7 1.00 3.975 4.085 2013 1 6 4,020,000 3,530,000 2000 9 26 2000 9 26 * 1.00 490,000 1.11 1.40 3.85 2010 9 27 634,000 474,000 2001 2 12 2001 2 12 * 1.00 160,000 0.95 1.33 4.06 2011 2 11 2,290,000 2,270,000 2002 9 12 2002 9 12 * 1.00 20,000 3.225 3.235 4.25 2012 9 22 * (i) (ii) (iii) Black-Scholes 0.450.29 0.751.02 2003 2002 2001 2000 0.5% 1.0% 2.0% 5.0% 10 10 10 10 20.0% 20.0% 20.0% 20.0% 0.02 0.03 0.05 0.04

45 Black-Scholes Black-Scholes 5% 726,389,705 54.8% 1 726,389,705 54.8% 2 125,964,887 9.5% 3 125,964,887 9.5% 67,495,000 5.1% 4 1. 2. 82,794,000 170,000 3. 4. 43,048,000 22,447,000 336

46 i ii

47 iii iv BORNHUETTER-FERGUSON v

48 vi 14