中国人寿保险股份有限公司2007年第一季度报告

        1  重要提示

        1.1  本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。

        1.2  本公司全体董事出席董事会会议。

        1.3  本公司2007年第一季度报告未经审计。

        1.4  本公司董事长杨超、负责财务工作的副总裁刘家德及财务机构负责人赵立军声明：保证季度报告中财务报告的真实、完整。

        2  公司基本情况

        2.1  公司基本信息

           股票简称      中国人寿

           股票代码      601628（A股）

        上市证券交易所   上海证券交易所

           股票代码      2628（H股）

        上市证券交易所   香港联合交易所有限公司

           股票简称      中国人寿

           股票代码      LFC（美国存托凭证）

        上市证券交易所   纽约证券交易所

                                 董事会秘书                证券事务代表

             姓名                  刘廷安                     曹青杨

           联系地址        北京市朝阳区朝外大街16号中国人寿大厦23层（100026）

             电话        010－85659999

             传真        010－85652210

           电子邮箱      ir@e-chinalife.com

            2.2   财务资料

            2.2.1   主要会计数据及财务指标

            2.2.1.1按照中国会计准则编制的主要会计数据及财务指标

                                       2007年3月31日        2006年12月31日        增减(%)

        总资产（百万元）                   760,291               727,085           4.57

        股东权益(不含少数股东权益)

        （百万元）                         127,101               115,557           9.98

        每股净资产（元）                     4.52                 4.11             10.04

        调整后的每股净资产（元）             4.52                 4.11             10.04

                                                                 2007年1－3月

        每股收益（元）                                                0.31

        全面摊薄每股收益（元）                                        0.31

        净资产收益率(%)                                               7.29

        扣除非经常性损益后的净资产收益率(%)                           7.30

        2007年1－3月

              非经常性损益项目              本集团（百万元）           本公司（百万元）

        营业外收入                                  5                          5

        营业外支出                                 (20)                        (20)

        非经常性损益项目所得税影响数                (1)                         (1)

                    合计                           (16)                        (16)

            注:为本季报之目的，“本集团”包括本公司及其子公司。下同。

            2.2.2      利润表（未经审计）

                                                                       单位：人民币百万元

                           项           目                 2007年1—3月             2007年1—3月

                                                                本集团                    本公司

                一、营业收入                                        93,832                   93,724

                   已赚保费                                         72,856                   72,856

                     保险业务收入                                   73,861                   73,861

                     减：分出保费                                   (210)                    (210)

                          提取未到期责任准备金                       (795)                    (795)

                   投资收益                                         16,760                   16,686

                   公允价值变动收益                                  3,906                    3,899

                   汇兑收益                                          (148)                    (148)

                   其他业务收入                                       458                      431

                二、营业支出                                      (83,922)                 (83,966)

                   退保金                                         (10,460)                 (10,460)

                   赔付支出                                       (38,553)                 (38,553)

                     减：摊回赔付支出                                  128                      128

                   提取保险责任准备金                            (19,800)                 (19,800)

                     减：摊回保险责任准备金                            (7)                      (7)

                   保单红利支出                                    (7,085)                  (7,085)

                   营业税金及附加                                    (608)                    (601)

                   手续费及佣金支出                                (4,520)                  (4,520)

                   业务及管理费                                   (2,951)                  (2,914)

                     减：摊回分保费用                                   71                       71

                   其他业务支出                                      (137)                    (225)

                三、营业利润                                         9,910                    9,758

                   加：营业外收入                                        5                        5

                   减：营业外支出                                    (20)                     (20)

                四、利润总额                                         9,895                    9,743

                   减：所得税费用                                    (956)                    (934)

                   少数股东损益                                       (52)                        0

                五、净利润                                           8,887                    8,809

            2.3   报告期末股东总数及前十名股东持股情况

            2.3.1截至本报告期末，本公司股东总数为198,918户，其中A股股东总数为159,350户，H股为39,568户。

            2.3.2报告期末A股前十名无限售条件流通股股东持股情况

                                                                 期末持有无限售条

         序号                  股东名称（全称）                                       种类

                                                                  件流通股的数量

           1    中国农业银行－大成精选增值混合型证券投资基金        16,746,450        A股

           2    景福证券投资基金                                    11,273,396        A股

                中国农业银行－景顺长城内需增长贰号股票型证券投

           3                                                        11,089,972        A股

                资基金

                中国平安人寿保险股份有限公司－传统－普通保险产

           4                                                        11,068,000        A股

                品

           5    中国银行－景顺长城优选股票证券投资基金               8,216,902        A股

                中国农业银行－景顺长城内需增长开放式证券投资基

           6                                                         8,026,000        A股

                金

           7    中国平安人寿保险股份有限公司－万能－个险万能         7,519,000        A股

           8    全国社保基金一零六组合                               7,447,344        A股

                国际金融－渣打－CITIGROUP GLOBAL MARKETS

           9                                                         7,190,459        A股

                LIMITED

          10    中国平安人寿保险股份有限公司－分红－个险分红         7,066,000        A股

            2.3.3报告期末H股十大股东持股情况

                                                                 期末持有无限售条

         序号                      股东名称                                          种类

                                                                  件流通股的数量

          1     HKSCC Nominees Limited                              6,871,081,492    H股

                                                                                     H

          2     Richbo Investment Limited                             428,358,620       股

                                                                                     H

          3     HSBC Nominees (Hong Kong) Limited                      16,825,000       股

                                                                                     H

          4     Sze Peter                                               8,600,000       股

                                                                                     H

          5     Yeung Shuk Hing Yvonne                                  3,250,000      股

                                                                                     H

          6     Yeung Shuk Wah                                          3,200,000      股

                                                                                     H

          7     Yeung Hoi Pang                                          3,000,000      股

                                                                                     H

          8     Patoka Limited                                          2,216,000      股

                                                                                     H

          9     Natsuko Incorporated                                    2,167,000      股

                                                                                     H

          10    Kam Ping Properties & Securities Ltd                      900,000       股

            3  管理层讨论与分析

            3.1  公司报告期内经营活动总体状况的简要分析

            截至2007年3月31日，本集团的主要经营情况如下：

            总资产为7602.91亿元，较2006年12月31日增加332.06亿元，增长4.57％。保险业务收入为738.61亿元，投资收益为167.60亿元，公允价值变动收益39.06亿元。

            股东权益（不含少数股东权益）为1271.01亿元，较2006年12月31日增加115.44亿元，增长9.98%。由于业务快速增长、投资收益增加，本集团2007年1－3月实现净利润达88.87亿元。

            本公司保险业务发展强劲、投资收益进一步提升的主要原因在于：本公司积极适应客户不断变化的需求，加快业务发展，持续优化业务结构；自2006年以来资本市场持续向好，以及投资结构不断优化，投资收益明显提高。与此同时，本公司进一步加强内部控制，强化风险管理，致力于推动业务又好又快地发展，巩固市场领先地位。本公司成功实现A股发行上市，也有力提升了公司的资本实力和社会影响力，有力促进了公司业务的发展。

            本公司自2007年1月1日起适用新会计准则，因此资本市场的波动对本公司的投资收益和经营结果会产生影响。

            3.1.1  占主营收入或主营业务利润总额10%以上的主营行业或产品情况

                                                           单位：人民币百万元

                              业务收入          业务成本        毛利率(%)

            个人业务           78,384            69,491             11.35

            团体业务           12,569            12,013              4.43

            短期业务            2,421             1,995             17.60

            业务收入＝保险业务收入＋分保费收入－分出保费－提取未到期责任准备金＋投资收益＋公允价值变动收益＋汇兑收益＋其他业务收入

            业务成本＝退保金＋赔付支出＋分保赔款＋提取保险责任准备金＋保单红利支出＋分保费用＋营业税金及附加＋手续费及佣金支出＋业务及管理费＋其他业务支出＋资产减值损失

            3.1.2  公司经营的季节性或周期性特征

            □适用  √不适用

            3.1.3   报告期利润构成情况（主营业务利润、其他业务利润、期间费用、投资收益、补贴收入与营业外收支净额在利润总额中所占比例与前一报告期相比的重大变动及原因的说明）

            √适用   □不适用

                                                                          单位：人民币百万元

             项  目            本集团           比例（%）          本公司        比例（%）

        主营业务利润[注]         9,589             96.91             9,552          98.04

        其他业务利润               321              3.24               206           2.11

        营业外收支净额            (15)             -0.15              (15)          -0.15

        利润总额                 9,895            100.00             9,743         100.00

            注：自2007年1月1日起，本公司适用新会计准则，主营业务利润已包含了投资收益。

            3.1.4   主营业务及其结构与前一报告期相比发生重大变化的情况及原因说明

            √适用   □不适用

                                                                          单位：人民币百万元

                 项目                本集团       比例（%）       本公司       比例（%）

        已赚保费                      72,856          77.65        72,856          77.73

        投资收益                      16,760          17.86        16,686          17.80

        公允价值变动收益（损失）       3,906           4.16         3,899           4.16

        汇兑收益（损失）               (148)          -0.16         (148)          -0.16

        其他收入                         458           0.49           431           0.47

        合计                          93,832         100.00        93,724         100.00

            3.1.5     主营业务盈利能力（毛利率）与前一报告期相比发生重大变化的情况及其原因说明

            □适用   √不适用

            3.2   重大事项及其影响和解决方案的分析说明

            □适用   √不适用

            3.3会计政策、会计估计、合并范围变化以及重大会计差错更正的情况及原因说明

            √适用   □不适用

            本公司因采用新的会计准则而进行的会计政策、会计估计的变更，已经本公司第二届董事会第六次会议审阅批准，并载于本公司2006年年度报告及年报摘要的《执行新企业会计准则后，公司可能发生的会计政策、会计估计变更及其对公司的财务状况和经营成果的影响情况》部分。请查询上交所和本公司网站，以及2007年4月18日发行的《中国证券报》和《上海证券报》所刊登的本公司2006年报摘要。

            本报告期内，本公司无重大会计差错更正。

            3.4  经审计且被出具“非标意见”情况下董事会和监事会出具的相关说明

            □适用  √不适用

            3.5  预测年初至下一报告期期末的累计净利润可能为亏损或者与上年同期相比发生大幅度变动的警示及原因说明

            □适用  √不适用

            3.6  公司对已披露的年度经营计划或预算的滚动调整情况

            □适用  √不适用

            中国人寿保险股份有限公司董事会

            2007年4月23日

            4     附录

            4.1资产负债表（未经审计）

                                                                                                    单位：人民币百万元

                                                   2007年3月31日         2006年12月31日         2007年3月31日       2006年12月31日

                      资        产                      本集团                本集团                本公司                本公司

         资产：

           货币资金                                            33,067                 50,213              32,982                 49,735

           交易性金融资产                                      38,920                 37,369              38,596                 37,289

           买入返售金融资产                                     6,355                      -               6,354                      -

           应收利息                                             9,347                  8,316               9,338                  8,309

           应收保费                                             8,500                  5,734               8,500                  5,734

           应收分保账款                                           162                    126                 162                    126

           应收分保未到期责任准备金                               458                    464                 458                    464

           应收分保未决赔款准备金                                 199                    209                 199                    209

           应收分保长期健康险责任准备金                           654                    652                 654                    652

           待摊费用                                                47                     61                  47                     59

           其他应收款                                           2,172                  1,731               2,137                  1,722

           贷款                                                 2,786                  2,371               2,786                  2,371

           定期存款                                           184,477                175,476             183,882                175,476

           可供出售金融资产                                   258,165                239,463             257,430                238,778

           持有至到期投资                                     186,597                176,559             186,597                176,559

           长期股权投资                                         6,073                  6,071               7,003                  6,671

           存出资本保证金                                       5,353                  5,353               5,353                  5,353

           固定资产                                            11,824                 11,556              11,802                 11,533

           在建工程                                             2,215                  2,113               1,903                  1,806

           无形资产                                             2,354                  2,323               2,348                  2,317

           长期待摊费用                                           133                    141                 133                    141

           其他资产                                               433                    784                 433                    662

         资产总计                                            760,291                727,085              759,097               725,966

        法定代表人:杨超             主管会计工作的负责人:        刘家德      会计机构负责人:赵立军            精算责任人:利明光

                    4.1资产负债表（未经审计）

                                                                                                   单位：人民币百万元

                                                  2007年3月31日         2006年12月31日        2007年3月31日        2006年12月31日

                      负        债                     本集团                本集团                本公司                本公司

          负债

            存入保证金                                          762                    746                   762                   746

            卖出回购金融资产款                                   89                  8,227                    20                 8,027

            预收保费                                          1,579                  1,641                 1,579                 1,641

            应付手续费及佣金                                  1,192                  1,025                 1,192                 1,025

            应付分保账款                                         33                      4                    33                     4

            应付职工薪酬                                      1,476                  1,951                 1,460                 1,892

            应交税费                                          1,425                  1,157                 1,312                 1,063

            其他应付款                                        1,594                  2,211                 1,668                 2,227

            应付赔付款                                        4,586                  2,594                 4,586                 2,594

            应付保单红利                                     35,968                 30,491                35,968                30,491

            保护储金及投资款                                  1,788                  1,796                 1,788                 1,796

            未到期责任准备金                                  6,518                  5,728                 6,518                 5,728

            未决赔款准备金                                    2,352                  2,498                 2,352                 2,498

            寿险责任准备金                                  560,443                540,623               560,443               540,623

            长期健康险责任准备金                              3,020                  2,873                 3,020                 2,873

            递延所得税负债                                    9,391                  7,148                 9,359                 7,117

            其他负债                                            230                    275                   226                   274

          负债合计                                          632,446                610,988               632,286               610,619

          股东权益：

          股本                                               28,265                 28,265                28,265                28,265

          资本公积                                           69,530                 66,872                69,494                66,838

          盈余公积                                            2,735                  2,736                 2,688                 2,688

          未分配利润                                         26,571                 17,684                26,364                17,556

          归属于母公司所有者权益合计                        127,101                115,557               126,811               115,347

          少数股东权益                                          744                    540                     -                     -

          股东权益合计                                      127,845                116,097               126,811               115,347

          负债和股东权益总计                                760,291               727,085               759,097               725,966

        法定代表人:杨超             主管会计工作的负责人:        刘家德      会计机构负责人:赵立军            精算责任人:利明光

                    4.2利润表（未经审计）

                                                                                                     单位：人民币百万元

                                    项          目                       2007年1—3月                 2007年1—3月

                                                                               本集团                      本公司

                     一、营业收入                                              93,832                        93,724

                        已赚保费                                               72,856                        72,856

                          保险业务收入                                         73,861                        73,861

                          减：分出保费                                          (210)                        (210)

                               提取未到期责任准备金                             (795)                         (795)

                        投资收益                                               16,760                        16,686

                        公允价值变动收益                                        3,906                         3,899

                        汇兑收益                                                (148)                         (148)

                        其他业务收入                                              458                          431

                     二、营业支出                                            (83,922)                      (83,966)

                        退保金                                               (10,460)                      (10,460)

                        赔付支出                                             (38,553)                      (38,553)

                          减：摊回赔付支出                                        128                           128

                        提取保险责任准备金                                   (19,800)                     (19,800)

                          减：摊回保险责任准备金                                  (7)                           (7)

                        保单红利支出                                          (7,085)                       (7,085)

                        营业税金及附加                                          (608)                         (601)

                        手续费及佣金支出                                      (4,520)                       (4,520)

                        业务及管理费                                          (2,951)                      (2,914)

                          减：摊回分保费用                                         71                            71

                        其他业务支出                                            (137)                         (225)

                     三、营业利润                                               9,910                         9,758

                        加：营业外收入                                              5                             5

                        减：营业外支出                                           (20)                         (20)

                     四、利润总额                                               9,895                         9,743

                        减：所得税费用                                          (956)                         (934)

                             少数股东损益                                        (52)                             0

                     五、净利润                                                 8,887                         8,809

        法定代表人:杨超             主管会计工作的负责人:        刘家德      会计机构负责人:赵立军            精算责任人:利明光