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中国人保:H股公告2020-03-28  

						      1339




-1-
           2019          2018
      6     555,251       498,608
      6     (35,342)      (29,623)

      6     519,909       468,985
      6     (18,401)      (13,638)

            501,508       455,347
              9,871         9,805
      7      36,629        29,527
              3,204         3,918

            551,212       498,597

             67,035       100,066
            291,471       242,449
             27,532       (11,008)
              1,730         2,148

            387,768       333,655
            (23,190)      (15,030)

            364,578       318,625

             66,448        81,728
              5,807         6,555
               (173)         (425)
             97,971        76,859

            534,631       483,342

             12,566        12,540
                  –         (737)

      8      29,147        27,058
      9       2,134        (8,343)

             31,281        18,715


             22,135        12,912
              9,146         5,803

             31,281        18,715


      10          0.50          0.30

-2-
      2019          2018

        31,281        18,715




        20,407        (6,977)
        (2,449)        1,628
         1,860         2,424
        (4,435)          377

        15,383        (2,548)

             200           412
              30            58


        15,613        (2,078)



             241            454
             (63)          (113)

             178           341

             (81)          (187)
               1             23

              98           177

        15,711        (1,901)

        46,992        16,814


        33,838        11,324
        13,154         5,490

        46,992        16,814

-3-
             2019        2018
           12 31       12 31


             76,984      61,601
            333,587     316,394
            150,744     116,697
      12     55,809      44,218
             29,509      27,025
             87,009      98,653
             12,994      13,794
            182,858     164,512
      13    117,083     107,492
             12,445      12,782
             26,340      25,778
              7,681           –
              2,729       2,329
                  –      3,414
              8,552       8,662
             28,905      28,284

           1,133,229   1,031,635



             58,263      54,889
             19,046      15,551
                220       3,185
             48,780      57,732
            618,959     559,217
             40,030      41,808
              3,909       3,970
              2,927       2,967
              3,051           –
              1,486       1,021
             89,258      84,994

            885,929     825,334

-4-
             2019        2018
           12 31       12 31


      14     44,224      44,224
            139,228     108,829

            183,452     153,053
             63,848      53,248

            247,300     206,301

           1,133,229   1,031,635




-5-
                                                                                                    *
               14
                            **        **        **          **       **           **     **       **         **        **        **

2018 12 31   44,224      23,973    (1,832)    9,874       1,705    2,892           (5)   (8)   12,041    (15,153)   (1,071)   76,413    153,053    53,248    206,301

       13         –          –        –        –          –       –         120     –        –         –        –   (1,483) (1,363)        (560) (1,923)
2019 1 1     44,224      23,973    (1,832)    9,874       1,705    2,892          115    (8)   12,041    (15,153)   (1,071)   74,930 151,690       52,688 204,378

                    –        –        –        –          –      –            –    –        –        –        –    22,135     22,135     9,146     31,281
                    –        –   11,482         –          –    123           157    22         –        –      (81)         –    11,703     4,008     15,711

                    –        –   11,482         –          –    123           157    22         –        –      (81)    22,135     33,838    13,154     46,992



                    –        –        –    2,010           –       –           –    –      510         –        –    (2,520)        –        –         –
                    –        –        –        –        216        –           –    –        –        –        –      (216)        –        –         –
                    –        –        –        –       (686)       –           –    –        –        –        –       686         –        –         –

     11             –        –        –        –          –       –           –    –        –        –        –    (2,021)    (2,021)        –    (2,021)
                    –        –        –        –          –       –           –    –        –        –        –         –         –   (1,925)    (1,925)
                    –        –        –        –          –       –         (55)    –        –        –        –         –       (55)      (69)      (124)

2019 12 31   44,224      23,973     9,650    11,884       1,235    3,015          217    14    12,551    (15,153)   (1,152)   92,994    183,452    63,848    247,300


*

**                                   2019            12    31                                                                                        139,228




                                                                            -6-
                                                                                                  *
               14
                            **        **       **          **      **           **     **        **        **        **        **

2018 1 1     42,424      19,925      159     8,473       1,705   2,625         (304)   (52)   11,759   (15,153)    (884)    66,856    137,533    49,348    186,881


                    –        –        –       –         –      –           –     –        –        –        –    12,912     12,912     5,803     18,715
                    –        –   (1,991)       –         –    267          279     44         –        –     (187)         –    (1,588)     (313)    (1,901)


                    –        –   (1,991)       –         –    267          279     44         –        –     (187)    12,912     11,324     5,490     16,814



                    –        –       –    1,401          –      –           –     –      282         –        –    (1,683)        –        –         –
                    –        –       –        –       192       –           –     –        –        –        –      (192)        –        –         –
                    –        –       –        –      (192)      –           –     –        –        –        –       192         –        –         –

     11           –          –       –        –         –      –           –     –        –        –        –    (1,672)    (1,672)        –    (1,672)
                  –          –       –        –         –      –           –     –        –        –        –         –         –   (1,590)    (1,590)
              1,800       4,048        –        –         –      –           –     –        –        –        –         –     5,848         –     5,848
                  –          –       –        –         –      –          20      –        –        –        –         –        20         –        20


2018 12 31   44,224      23,973    (1,832)   9,874       1,705   2,892           (5)    (8)   12,041   (15,153)   (1,071)   76,413    153,053    53,248    206,301


*

**                                  2018            12   31                                                                                        108,829




                                                                         -7-
          2019        2018


            29,147      27,058

      7    (36,629)    (29,527)
              (173)       (425)
           (12,566)    (12,540)
                 –        737
      8      2,369       2,193
      8      1,276           –
      8        446         281
                 –        172

               (73)       (151)
             4,257       4,861
               176        (416)
                91         279

           (11,679)     (7,478)

           (11,824)     (2,353)
            (1,778)     (4,072)
            57,258       3,387
              (570)     (1,340)
            10,155       3,239

            41,562      (8,617)
            (4,754)     (8,186)

            36,808     (16,803)




-8-
              2019        2018


                31,682      29,730
                 6,531       6,432
                  (971)       (857)

                (5,254)     (5,116)

                   356         363
                (1,590)       (338)
              (245,026)   (201,493)
               195,749     184,165
                   (91)       (279)
                   606         554
                11,709     (27,768)

                (6,299)    (14,607)


                     –      5,848
                 3,374      13,663
                     –     30,000
                     –        600
                (8,800)    (22,000)
                     –       (600)
                (4,485)     (4,185)
                (3,946)     (3,262)
                (1,205)          –
                  (119)          –

               (15,181)     20,064

                15,328     (11,346)
                61,601      72,819
                    55         128

                76,984      61,601


    3           23,946      38,548
3               53,038      23,053

                76,984      61,601


        -9-
1.

                              1996    8    22
                                                 88   1-13
     100031                    1949       10    20




                       2019




2.




3.




              - 10 -
4.




                              16
                                   23
                         19
                         28
                                                                   2015-2017




                              16

            2019         1 1                      16                           16
                         17




                                                                    17
                 4
     16                                 17                               4
                                         16


          2019       1    1                                                    16




     2019   1        1                           16    C8(b)(ii)

                                         16




                                        - 11 -
                                             16
    17


                         37


                              12











                                              16

         2019   1   1                       6,920             3,374
                        132                           3,414   2019 1
1


                                            3.82%   4.65%




                        16




                                   - 12 -
5.




     


     


     


     

     


     




     2019
             10%




            1%




                   - 13 -
2019   12   31




                 381,275     95,849        19,595           –       –   4,767        22    501,508
                  10,031        253           896           –       –     217    (1,526)     9,871
                  16,936     16,101         1,690         658    6,288      562    (5,606)    36,629
                   1,631        788           223       1,607       10      478    (1,533)     3,204



                 409,873    112,991        22,404       2,265    6,298    6,024    (8,643)   551,212

                 412,747    112,699        22,345       1,438      753    1,230         –   551,212
                  (2,874)       292            59         827    5,545    4,794    (8,643)         –

                 252,240     91,735        17,320           –       –   3,361       (78)   364,578

                  55,066     11,450           729           –       –       –     (797)    66,448
                   1,425      2,858           460           4    1,049       30       (19)     5,807
                     (71)       (49)            –          3      (44)     (12)        –      (173)
                  82,569      8,944         4,078       1,305      932    2,821    (2,678)    97,971

                 391,229    114,938        22,587       1,312    1,937    6,200    (3,572)   534,631

                   7,898      4,062              19       (18)     857      (48)    (204)     12,566

                  26,542      2,115             (164)     935    5,218    (224)    (5,275)    29,147
                     494      1,297              197     (206)     291     103        (42)     2,134



                  27,036      3,412              33       729    5,509    (121)    (5,317)    31,281




                                       - 14 -
2018   12   31




                 344,675     92,677        13,797         –       –   4,333      (135)   455,347
                  10,419        448           151         –       –     168    (1,381)     9,805
                  14,656     12,355         1,278       584    4,450      439    (4,235)    29,527
                   2,475        728           133     1,610        1      831    (1,860)     3,918



                 372,225    106,208        15,359     2,194    4,451    5,771    (7,611)   498,597

                 374,667    105,643        15,322     1,498      478      989         –   498,597
                  (2,442)       565            37       696    3,973    4,782    (7,611)         –

                 213,661     90,170        11,913         –       –   2,964       (83)   318,625

                  74,072      7,953           662         –       –       –     (959)    81,728
                   2,076      2,978           476         7    1,002       16         –     6,555
                    (211)      (161)           (5)        –     (42)      (6)        –      (425)
                  63,751      8,281         2,302     1,338      905    2,910    (2,628)    76,859

                 353,349    109,221        15,348     1,345    1,865    5,884    (3,670)   483,342

                   7,896      3,736             10        3      846      (45)      94      12,540
                    (737)         –             –       –       –       –       –       (737)

                  26,035        723             21      852    3,432    (158)    (3,847)    27,058
                  (7,950)         5              –    (214)    (192)    (10)        18     (8,343)



                  18,085        728             21      638    3,240    (168)    (3,829)    18,715




                                       - 15 -
  2019       12   31                            2018     12     31




2019 12 31
                            603,359   441,078       41,677       11,033     122,684     17,903   (104,505) 1,133,229

                            425,856   398,918       35,327        2,558      23,163      9,413     (9,306)   885,929



                              4,085       666            427          99        48         54       (125)      5,254
                              3,313       485            194         110       153         36       (200)      4,091
                             14,278    14,038          1,270         211       680        549         36      31,062

2018 12 31
                            559,314   391,661       35,086       10,887     118,646     14,882    (98,841) 1,031,635

                            408,433   360,767       29,528        2,323      22,744      7,257     (5,718)   825,334



                              4,012       332            198         311       160        103          –      5,116
                              2,053       244             59          33       155         17         85       2,646
                             14,063    13,828          1,090         189       299        425        126      30,020



         0.85%     5.91%   6.14% 2018      12      31          0.85%       5.91%      6.14%




                                                - 16 -
6.

                    2019        2018

     (a)
                     104,289      93,354
                      16,251      15,172
                     434,711     390,082

                     555,251     498,608

     (b)
                      (4,001)     (1,501)
                        (297)       (287)
                     (31,044)    (27,835)

                     (35,342)    (29,623)

                     519,909     468,985

     (c)
                     (19,177)    (14,789)
                         776       1,151

                     (18,401)    (13,638)




           - 17 -
7.

                                2019         2018

                 (a)              35,335       34,370
                 (b)               2,660       (1,883)
                 (c)                 527         (536)
           (d)                    (1,893)      (2,424)

                                  36,629       29,527

     (a)

                                2019         2018




                                   3,426        3,503

                                       241          293

                                   3,667        3,796



                                   5,056        5,203

                                   6,541        6,027
                                   8,401        8,258

                                     305          211
                                  10,759       10,321

                                  31,062       30,020

                                       606          554

                                  35,335       34,370




                       - 18 -
(b)

               2019           2018


                      558            530
                        3             34

                  1,880         (2,162)
                    219           (285)

                  2,660         (1,883)

(c)

               2019           2018


                       82            104

                       564           (797)
                      (119)           157

                      527            (536)

(d)

               2019           2018

                 (1,860)        (2,424)
                    (33)             –

                 (1,893)        (2,424)




      - 19 -
8.




                                  2019        2018

           (a)                      51,243      45,872
                                     2,369       2,193
                                     1,276           –
                                       446         281
                          12(a)        233        (347)
                                       (57)        (69)
                                         –      1,262
                                         –        172
                                        36          33

     (a)

                                  2019        2018


                                    46,410      41,499
                                     4,833       4,373

                                    51,243      45,872




                 - 20 -
9.

                                                             2019          2018

                                                                6,471         6,897
                                                               (4,682)           12
                                                               (3,923)        1,434

                                                               (2,134)        8,343



            25% 2018    25%


     2019    5
                          2019     72
                                 18%
                                                      2018
             2018                                4,705              2019


                 25%

                                                             2019          2018

                                                               29,147        27,058

                                                                7,287         6,765
                                                                   23            12
                                                               (3,141)       (2,951)
                                                               (1,660)       (1,637)
                 2018                                          (4,705)            –
                                                                  252         5,590
                                                                 (537)         (478)
                                                                  348         1,042
                                                                   (1)            –

                                                               (2,134)        8,343




                                        - 21 -
10.

       2019       2018


                                                             2019                  2018

                                                               22,135                12,912

                                                               44,224                42,574

                                                                    0.50                  0.30

              2018     11   16                           A          1,800            A
      2018                                                                   A


                  2019           2018


11.

                                                             2019                  2018


       2017                             3.94                        –                1,672
       2018                             4.57                    2,021                     –

       2020   3   27                           2019                        11.60




                                                - 22 -
12.

                                                      2019        2018
                                                    12 31       12  31

                                                      42,851         33,117
                                                      16,345         14,309

                                                      59,196         47,426



                                                      (3,217)        (3,009)
                                                        (170)          (199)

                                                      55,809         44,218

      (a)

                                                    2019        2018

                1    1                                 3,208          3,602
                                       8                 233           (347)
                                                         (54)           (47)

                12       31                            3,387          3,208

      (b)

                                                      2019        2018
                                                    12 31       12 31

                          3                           48,416         37,008
            3                     6                    3,265          3,004
            6                     12                   3,288          3,592
            1                 2                          674            511
            2                                            166            103

                                                      55,809         44,218




                                           - 23 -
13.

      (a)

                                                        2019                2018
                                                      12 31               12 31


                               1                           67,744           66,160
                                        2                  46,090           38,226

                                                       113,834             104,386



                                                            3,086               3,086
                                                              163                  20

                                                            3,249               3,106

                                                       117,083             107,492

            1   2018
                                                                    737
                       2018

            2
                2019   1   1                                                         9

                2018                                2019    1   1
                                            1,923

                                                                    2019    1    1

                                                                               167
                                                                            (2,090)

                                                                            (1,923)




                                   - 24 -
                                         4


              2019 12 31                                                                            101,888
                2018 12 31               94,141
            75,679      2018   12   31                     62,010                    2019   12    31


                           2019     12       31                               2018    12    31

      (b)



                                                                    2019 12 31                   2018 12 31



                                                                    0.85%        12.05%          0.85%       12.05%
                                                                         –      16.66%              –      16.66%




14.

                                                                                       2019                 2018
                                                                                     12 31                12 31

                                     1
       A                                                                               35,498               35,498
       H                                                                                8,726                8,726

                                                                                       44,224               44,224



       A                                                                               35,498               35,498
       H                                                                                8,726                8,726

                                                                                       44,224               44,224




                                                  - 25 -
15.

                 2019        2018
               12 31       12  31


                  3,003          2,294
                  3,046          6,174
                  8,528          6,935
                  4,068          3,963
                  6,487          1,281
                 84,495         84,217
                  5,922          5,633
                  2,656          2,615
                  2,900          3,099
                     62              –
                     21             23
                      –            64
                    454          1,042

                121,642     117,340



                     63              –
                 17,982         17,977
                  2,927          2,967
                  2,191          1,801

                 23,163         22,745



                 44,224         44,224
                 54,255         50,371

                 98,479         94,595

                121,642     117,340




      - 26 -
      68.98%   75.00%

                                        80.00%
                                                           95.45%


                                                           100.00%
                                     100.00%
                   100.00%
100.00%




                                            12 31
                                 2019               2018              %

                                 431,724         388,020              11.3
                                  98,115          93,714               4.7
                                  22,420          14,798              51.5
          %                         99.2            98.5        0.7
                                   6,188           5,735               7.9
                                     603             507              18.9
  %                                  5.4             4.8        0.6




                        - 27 -
                               2019 12 31          2018 12 31                   %
            1
                %
                                            33.2               33.0       0.2
                                             3.3                3.6       0.3
                                             0.8                0.6       0.2
                                          89,086             70,632             26.1
                                          11,432              8,689             31.6
                      %
                                            300                   309      9
                                            282                   275      7
                                            244                   244               –
                                            201                   282     81
                      %
                                            252                   244      8
                                            252                   229     23
                                            211                   201     10
                                            140                   182     42

1




2019
                                  3411

        2019                                              33.2%
                    3.3%                                           0.8%
         2019
    4,317.24        1,040.66     232.06            1.49




                                 - 28 -
                                      12 31
                           2019               2018         %
                           555,251         498,608         11.4
                           433,175         388,769         11.4
                            98,117          93,727          4.7
                            22,423          14,798         51.5
                            29,147          27,058          7.7
                            31,281          18,715         67.1
                            22,135          12,912         71.4
                              0.50            0.30         65.0
            %                 13.2             9.0   4.2



                2019 12 31           2018 12 31            %
                       1,133,229         1,031,635          9.8
                         885,929           825,334          7.3
                         247,300           206,301         19.9
                            4.15              3.46         19.9
    1
        %                   78.2              80.0   1.8

1




                  - 29 -
                                                     2019        2018
                           2019          2018      12 31       12 31
                            22,401       13,450     183,133     152,468


                                 (608)      (73)       403        1,010

                               150           17        (102)       (251)
                               192           26          18        (174)
                                 –        (508)          –
                            22,135       12,912     183,452     153,053




1.          [2013]129




2.   2014




                        - 30 -
3.     2018
                                            7.37   2018

              5.08
       2018                          5.08




2019
                     3411




                            - 31 -
1

    1




                                           12     31
                                2019              2018                 %
                                262,927           258,904             1.6
                                 57,633            40,444            42.5
                                 30,772            26,718            15.2
                                 27,223            21,706            25.4
                                 22,767            11,575            96.7
                                 15,167            13,413            13.1
                                  3,972             3,864             2.8
                                 12,714            12,145             4.7
                                433,175           388,769            11.4




        2019
                                    4,331.75                   11.4%

                             2018      2,589.04             1.6%   2019
         2,629.27




                    - 32 -
                            2018     404.44        42.5%
2019     576.33


                                                         +




                  2018     267.18         15.2%   2019
307.72




                    2018    217.06        25.4%   2019
272.23




                                      +       +




                  - 33 -
                      2018       115.75            96.7%        2019
    227.67




                      2018    134.13              13.1%    2019
  151.67




             2018        38.64            2.8%    2019      39.72




                  2018       121.45              4.7%    2019
127.14                         3411




             - 34 -
2




                                        12 31
                                         2019                 2018

                                            %         %                  %
                              297,891       69.0      7.4 277,240       71.5
                              139,254       32.3      6.9 130,214       33.6
                               50,037       11.5     (7.3) 53,958       13.9
                              108,600       25.2     16.7 93,068        24.0
                               98,579       22.8     23.1 80,080        20.6
                               35,254        8.2     14.8 30,700         7.9
                              431,724      100.0     11.3 388,020      100.0

    2019
      V
                                                                2018
    800.80       23.1% 2019             985.79
             2018    307.00               14.8%    2019   352.54




                     - 35 -
3




                                    12   31
                       2019               2018                %
                       50,181             37,993             32.1
                       40,156             36,859              8.9
                       31,201             30,300              3.0
                       24,349             22,351              8.9
                       23,849             21,762              9.6
                       20,313             17,678             14.9
                       18,646             16,024             16.4
                       16,845             15,179             11.0
                       16,748             14,655             14.3
                       16,583             15,608              6.2
                      172,853            159,611              8.3
                      431,724            388,020             11.3

4




                            2019 12 31


                                                              %
    262,927    76,983,526     150,122    189,127    8,200     96.7
     57,633   468,289,577      42,629     23,612     (982)   101.8
     30,772     2,335,850      19,811     12,708     (412)   101.7
     27,223   168,136,703      10,683     22,472       60     99.7
     22,767     1,345,483       7,074     22,660   (2,884)   121.7
     15,167    30,968,671       5,360     13,654     (502)   105.8
      3,972    12,492,422       1,445      2,479      348     87.5
     12,714    36,558,029       4,428     18,428     (651)   109.4
    433,175 797,110,261       241,552    305,140   3,177      99.2




        - 36 -
5




                                             12   31
                                  2019              2018               %
                                  380,683         344,124              10.6
                                   14,069          11,992              17.3
                                    1,629           2,477             (34.2)
                                  406,496         369,152              10.1
                                  251,796         213,303              18.1
                                   55,042          74,036             (25.7)
                                    1,424           2,074             (31.3)
                                   82,426          63,685              29.4

                                  390,611         352,884             10.7
                                   23,783           23,428              1.5
                                     (496)           7,942                –
                                   24,279           15,486            56.8




                                             2018      3,441.24
    10.6%    2019   3,806.83




                           2018     119.92             17.3%   2019
    140.69




                         - 37 -
                                2018       2,133.03              18.1%
2019    2,517.96                  2018       62.0%       4.2
2019    66.2%




                                    2018     19.1%           2019
12.7%                          2018     740.36            25.7% 2019
    550.42




                        2018       20.74              31.3%    2019
14.24




                        2018       79.42               2019      -4.96
                                    2018                  -42.30




                                            2018        154.86
56.8%   2019   242.79




                   - 38 -
2

                                           2019     12 31
                27.95                             5.75      2019
                        11.19                     116.7%                      0.18




1

    2019                                          3411


                                2019                                        198.48
                                            4.6                     62.4%
                                 68.80                   51.2%
       451.19                    10.9%                      61.88
    7.9%




                                  - 39 -
1




                                   12   31
                        2019                    2018
                                    %                          %
                 76,164            77.6      75,992           81.1
                 23,464            23.9      29,412           31.4
                 52,593            53.6      46,469           49.6
                    107             0.1         111            0.1
                 20,110            20.5      15,762           16.8
                  1,841             1.9       1,960            2.1
                 98,115           100.0      93,714       100.0

                2018           759.92         0.2%     2019
    761.64


                 2018          157.62        27.6%     2019
    201.10




                      2018      19.60         6.1%     2019
    18.41




             - 40 -
             2019
             234.64       539.12          47.29
    201.20                               18.41

2




                                   12   31
                          2019                       2018

                             %           %                    %
                39,444      40.2        (16.4)    47,203     50.3
                26,986      27.5        (21.8)    34,497     36.8
                20,168      20.6        (28.8)    28,345     30.2
                 6,819       6.9         10.8      6,152      6.6
                12,340      12.6         (2.0)    12,586     13.4
                   118       0.1         (1.7)       120      0.1
                51,248      52.2         31.0     39,122     41.8
                19,108      19.5         61.1     11,860     12.7
                 6,938       7.1        396.3      1,398      1.5
                12,170      12.4         16.3     10,462     11.2
                31,027      31.6         17.5     26,395     28.2
                 1,113       1.1         28.4        867      0.9
                  7,423      7.6          0.5      7,389      7.9
                  4,156      4.2        (17.1)     5,015      5.4
                  3,571      3.6        (25.5)     4,793      5.1
                    585      0.6        163.5        222      0.3
                    556      0.6         36.3        408      0.4
                  2,711      2.8         37.9      1,966      2.1
                98,115     100.0          4.7     93,714    100.0




                - 41 -
                                                  2018    472.03               16.4%
    2019     394.44


                                                  2018    391.22               31.0%
    2019     512.48
                                                                         59.2%




                                                 2018    73.89               0.5%    2019
         74.23

                         2019
                                   407.60       545.19                87.87
        2019 12   31                   391,099
        2,742                              1.18

3

                                                          13            25


                                                                 12   31
                                                               2019                 2018
    13                  (1)
                              %                                  91.8                 93.9
    25                  (2)
                              %                                  91.4                 91.8

    1              13
                                            13


    2              25
                                       25




                              - 42 -
4




                              12   31
                     2019           2018       %
                     11,326          5,265   115.1
                      7,300          7,044     3.6
                      5,102          5,046     1.1
                      5,043          5,157    (2.2)
                      4,852          4,092    18.6
                      4,796          5,027    (4.6)
                      4,761          4,964    (4.1)
                      4,041          4,108    (1.6)
                      4,030          4,148    (2.8)
                      3,670          4,306   (14.8)
                     43,194         44,557    (3.1)

                     98,115         93,714     4.7

5




                              2019 12 31


                                             19,906
    C
        B                                     8,772
                                              7,577

                                              6,701

                                              6,663




            - 43 -
6




                                    12   31
                         2019            2018                  %
                          95,849          92,677               3.4
                          16,101          12,355              30.3
                             788             728               8.2
                         112,991         106,208               6.4
                          91,735          90,170               1.7
                          11,450           7,953              44.0
                           2,858           2,978              (4.0)
                           8,944           8,281               8.0

                         114,938         109,221               5.2
                           2,115              723         192.5
                          (1,297)              (5)            –
                           3,412              728         368.7




                  2018      926.77              3.4%   2019
    958.49




               2018        123.55             30.3%    2019
    161.01




             - 44 -
                              2018         7.28              8.2%     2019
7.88




                                  2018       901.70             1.7%         2019
       917.35




                                  2018        79.53             44.0%        2019
       114.50




                      2018         29.78              4.0%    2019       28.58




                          2018       -0.05               2019         -12.97
                                                  2018                    -4.75
         2019             -6.12




                                                  2018         7.28
368.7%     2019   34.12




                     - 45 -
2

    2019                       3411
                                                  +             +


                   227.4%                               18.9%


    1




                                             12       31
                                      2019                      2018
                                                 %                         %
                                 1,154            5.1       1,180           8.0
                                17,024           76.0      10,833          73.2
                                 1,669            7.4       1,163           7.9
                                   595            2.7         667           4.5
                                 1,913            8.5         864           5.8
                                    64            0.3          91           0.6
                                22,420       100.0         14,798      100.0

                               2018      11.80             2.2%     2019
           11.54




                      - 46 -
                                    2018          108.33                57.1%      2019
      170.24


                                    2018      11.63                    43.5%    2019
    16.69


                                           2018          6.67              10.8%     2019
        5.95


                                             2018           8.64               121.4%
    2019       19.13


                                                  2018          0.91            29.7%
    2019       0.64

                       2019

    17.03         172.62        16.69              5.95            19.13           0.64


2




                           - 47 -
                   12   31
          2019                      2018

             %           %                   %
  1,292      5.8         94.3      665       4.5
    905      4.0        162.3      345       2.4
    632      2.8        345.1      142       1.0
    273      1.2         34.5      203       1.4
    369      1.7         23.0      300       2.0
     18      0.1        (10.0)      20       0.1
  9,672     43.1        157.0     3,764     25.4
  6,540     29.2        246.8     1,886     12.7
     31      0.1          3.3        30      0.2
  6,509     29.1        250.7     1,856     12.5
  2,676     11.9         97.3     1,356      9.2
    456      2.0        (12.6)      522      3.5
11,456      51.1         10.5    10,369     70.1
    39       0.2         39.3        28      0.2
    25       0.1        127.3        11      0.1
    14       0.1        (17.6)       17      0.1
    23       0.1         35.3        17      0.1
11,394      50.8         10.4    10,324     69.8
22,420     100.0         51.5    14,798    100.0




- 48 -
                                    2018    6.65             94.3%   2019
       12.92


                                     2018       37.64            157.0%
2019       96.72




                                     2018       103.69            10.5%
2019       114.56




                    2019
                            13.24      100.46           118.36
2019     12    31                            31,895
                2,235                       0.66




                           - 49 -
3

                                          13         25

                                                          12   31
                                                      2019          2018
    13        (1)
                    %                                      87.3       86.8
    25        (2)
                    %                                      82.6       80.1

    1    13
                                  13


    2    25
                             25



4




                                                12   31
                                   2019               2018             %
                                        8,996             3,037      196.2
                                        1,643             1,118       47.0
                                        1,555             1,783      (12.8)
                                        1,401             1,217       15.1
                                        1,036               826       25.4
                                          908               760       19.5
                                          822               799        2.9
                                          819               744       10.1
                                          680               658        3.3
                                          647               512       26.4
                                        3,913             3,344       17.0
                                       22,420         14,798          51.5




                    - 50 -
5




                        2019 12 31


                                     5,995
        2018
                                     4,482
    A
                                     3,980

                                     1,677

                                      800




               - 51 -
6




                                    12   31
                        2019             2018                 %
                        19,595           13,797              42.0
                         1,690            1,278              32.2
                           223              133              67.7
                        22,404           15,359              45.9
                        17,320            11,913             45.4
                           729               662             10.1
                           460               476             (3.4)
                         4,078             2,302             77.2

                        22,587           15,348              47.2
                          (164)                 21                –
                          (197)                  –               –
                               33               21           57.1




                 2018     137.97              42.0%   2019
    195.95




                2018      12.78               32.2%   2019
    16.90




             - 52 -
                       2018      1.33            67.7%    2019       2.23




                               2018     119.13             45.4%    2019
   173.20




                                 2018     6.62             10.1%    2019
   7.29




                      2018      4.76         3.4%        2019      4.60




                                             2018         0.21
57.1%   2019   0.33




                      - 53 -
2019
                                                    429.22
        4                  429.22                2019 12
31                   3,182.17
  1.7




                              12    31
                     2019           2018                 %
                        658                584          12.7
                      1,607              1,610          (0.2)
                      2,265              2,194           3.2
                          4                  7         (42.9)
                      1,305              1,338          (2.5)
                      1,312              1,345          (2.5)
                        935               852            9.7
                        206               214           (3.7)
                        729               638           14.3




            - 54 -
               2018            5.84           12.7%    2019     6.58




                      2018            16.10           0.2%    2019     16.07




                                              2018     6.38            14.3%
 2019   7.29




2019




                      - 55 -
1




                         2019   12   31           2018   12   31
                                           %                         %
                        978,212           100.0   895,462          100.0

                         76,984             7.9    61,601            6.9
                        620,956            63.5   594,890           66.4
                         87,009             8.9    98,653           11.0
                         45,328             4.6    29,191            3.3
                        108,354            11.1   102,779           11.5
                        163,772            16.7   157,766           17.6
                        100,282            10.3   104,813           11.7
                (1)
                        116,211            11.9   101,688           11.4

                        115,373            11.8    97,155           10.8
                         61,832             6.3    61,944            6.9
                         48,968             5.0    34,918            3.9
                          4,573             0.5       293              –
                        164,899            16.9   141,816           15.8

                        117,083            12.0   107,492           12.0
    (2)
                         47,816             4.9    34,324            3.8




                         27,032             2.8    20,551            2.3
                        140,398            14.4   128,177           14.3
                        316,901            32.4   284,363           31.8
                        117,083            12.0   107,492           12.0
          (3)
                        376,798            38.5   354,879           39.6




                      - 56 -
(1)


(2)


(3)




1)




      2019     12    31             32.4%
                                   AA/A-1   AAA
             97.9%




                          - 57 -
                                          AAA
     97.7%




2)




                                  0.5
                                        0.1

                            0.6
             1.1




                   - 58 -
2




                                     12    31
                                    2019        2018
                                       907         913
                                    30,786      29,603
                                    30,142      28,977
                                       562         564
                                        82          62
                                         –          –
                                     4,470      (2,000)
                                     3,667       3,626
                                     2,099      (2,447)
                                       564        (755)
                                    (1,860)     (2,424)
                                    13,037      12,814
                                    12,566      12,540
                                       471         274
                                    49,200      41,330
          (1
                                    47,872      46,910
               2
                   %                   5.4         4.8
               3
                   %                   5.3         5.5

    (1)


    (2)
                                +
                                                       2

    (3)
                                +
                                                       2




                       - 59 -
                 2018      413.30         19.0% 2019     492.00
              2018     469.10         2.1% 2019      478.72
            2018     4.8%      0.6           2019   5.4%
     2018     5.5%     0.2           2019     5.3%




1.




2.




                       - 60 -
                                        12 31
                             2019           2018                 %
                              36,808        (16,803)                –
                              (6,299)       (14,607)            (56.9)
                             (15,181)        20,064                 –

                              2018              168.03
2019       368.08




                              2018              146.07
2019       62.99

                              2018              200.64
2019       151.81                                        2018

2018   A




                    - 61 -
                         2019 12 31        2018 12 31                     %

                                 335,868            292,677              14.8
                                 282,063            230,672              22.3
                                 112,092             94,616              18.5
                 %                   300                309          9
                 %                   252                244          8

                                 181,721            162,860              11.6
                                 162,136            135,172              19.9
                                  64,414             59,136               8.9
                 %                   282                275       7
                 %                   252                229      23

                                  95,832             73,242              30.8
                                  83,125             60,577              37.2
                                  39,307             30,069              30.7
                 %                   244                244                 –
                 %                   211                201      10

                                  11,661             10,355              12.6
                                   8,131              6,680              21.7
                                   5,810              3,678              58.0
                 %                   201                282      81
                 %                   140                182      42

    2019   12   31                                300%        2018
9                             252%         2018                8




                     - 62 -
            2019     12     31                                            282%     2018
            7                                          252%            2018          23
                                                    244%
            211%      2018                 10
        201%     2018                 81                                         140%     2018
                  42




(   )

                     2020    3   23
                80                                                10
        3.59%
                                      4.59%




                             (                         )




                                                       2019
            2019
                                                2020
                                                           2020




                                           - 63 -
2020
                       GDP   1




2020
                3411




       - 64 -
        +   +




+   +




                - 65 -
1

              10%                        2019    12   31    2018    12
    31



                      2019        2018            2019        2018
                    12 31       12 31           12 31       12 31
                      55,324      44,257           5,898       4,968

                      42,853      33,394           6,810       4,231
                      (9,092)     (7,019)         (1,275)       (510)

                      33,761      26,375           5,534       3,722
                      89,086      70,632          11,432       8,689




              10%                        2019    12   31    2018    12
    31   12



                      2019        2018            2019        2018
                    12 31       12 31           12 31       12 31

                       8,378       7,554           1,371            706
                      (2,191)     (1,819)           (768)          (198)

                       6,188       5,735              603          507




                       - 66 -
                    2019           12   31      2018   12   31      12




                     2019                  2018          2019              2018
                   12 31                 12 31         12 31             12 31
                        179                    430            58              25
                      5,538                  4,916           619             404
                        470                    388           (74)             78
                          –                     0             –              –
                      6,188                  5,735           603             507




                   100%

2

    2019   12 31
           10%                          5.25%
    25%


3




                          - 67 -
2019   12   31

                                    10%




                           33,761         6,188
9%                         38,564         7,477
11%                        29,744         5,099
      50                   42,773         8,233
      50                   24,945         4,140
   10%                     32,707         5,808
   10%                     34,815         6,568
 10%                       33,327         6,027
 10%                       34,215         6,351
 10%                       33,364         6,073
 10%                       34,163         6,303
 10%                       32,701         5,777
 10%                       34,834         6,603
      10%                  33,651         5,983
      10%                  33,871         6,393
80/20                      32,575         6,130

                          10%




                 - 68 -
 2019   12   31

                                     10%




                             5,534         603
 9%                          6,067         879
 11%                         5,071         357
      50                     6,204         864
      50                     4,867         342
   10%                       5,264         337
   10%                       5,804         870
 10%                         5,666         674
 10%                         5,386         519
 10%                         5,514         596
 10%                         5,554         610
 5%                          4,984         219
 5%                          6,085         987
      5%                     4,904         305
      5%                     6,164         901
80/20                        5,502         590

                           10%




                  - 69 -
4

                          2018   12   31            2019    12   31             10%


                                                                                10.0%

    1       2018   12   31                                            70,632             8,689
    2                                                                  6,649               916
    3                                                                  5,574               965
    4                                                                 10,038               826
    5                                                                   (516)              177
    6                                                                 (2,023)               57
    7                                                                    113                14
    8                                                                 (1,382)             (212)
    9       2019   12   31                                            89,086            11,432




            2      8

    2.   2019                     2019

    3.   2018                                        2019

    4.   2019

    5.   2019

    6.   2019

    7.   2019


    8.   2018      2019




                                           - 70 -
            2019




2019

                                H

                         2019   12   31            10   1.16
               51.30
                                                   H

             2020    8   21




                                                               2019
12     31
            2019    12   31




                                          - 71 -
2019                                (www.picc.com)
       (www.hkexnews.hk)




                           - 72 -