Shanghai - China Pacific Insurance (Group) Co., Ltd. (CPIC Group) and the global private equity firm The Carlyle Group today appointed Patrick Poon as Chairman of the Operation Committee, which oversees the day-to-day operations and management of China Pacific Life Insurance Co., Ltd (CPIC Life). David Wolf was named Executive Deputy General Manager of CPIC Life, with a focus on operational efficiency and risk management.

Commenting on the new appointment, Wang Guoliang, Chairman of CPIC Group， said: "We are excited to have two accomplished individuals on board. As we continue to expand into new products and services, Patrick will be a great asset to accelerate CPIC Life’s growth and strengthen its profitability. His proven experience in leading one of the most formidable life insurance forces in Asia gives him exceptional insights in market trends and customer needs. David’s diversified background in business acquisitions and integration, risk management, as well as day-to-day insurance operations enables him to drive excellence at CPIC Life. We are pleased to welcome Patrick and David to CPIC Life."

Poon said, "I am delighted to join CPIC Life, the best platform in the fastest-growing insurance market in the world. I am very excited about the opportunity and challenge that CPIC Life presents to me. The management team and I have a shared vision in building CPIC Life into a world-class insurer in China. Although I have been with CPIC Life for a just few months, I am confident the company will excel in the new era and contribute to the development of China’s insurance industry."

Speaking of the future directions of CPIC Life, Managing Director and Co-head of the Carlyle Asia Buyout Group, X.D. Yang said: "We are pleased Patrick has agreed to take on this important role. Strengthening the management team is one of the most important tasks we identified. We will continue to attract top-notch management talent to support and improve various functions including investment and financial management, actuarial, and sales and marketing. Together they will develop a leadership culture to focus on returns, performance, innovation and customer satisfaction. I am pleased we have made an important step to assemble the best, international management team in China’s insurance industry. Carlyle remains committed to supporting CPIC Life’s transformation into a model for excellence in the Chinese insurance industry."

"Since forming the partnership with Carlyle, with Pramerica Financial, Inc.* as strategic investor last year, we have already seen the positive benefits reflected in our business, corporate culture and mindset. We strongly believe the combination of international management expertise and deep local knowledge will further strengthen CPIC Life and accelerate the development of China’s insurance industry on the whole," Jin Wenhong, President of CPIC Life, added.

These key appointments have already received the approval of the Chinese Insurance Regulatory Commission.

Poon, a well-recognized leader in the Asian insurance industry, joins CPIC Life with 35 years of experience in the life insurance industry. He was formerly the CEO and President of the ING Group, responsible for its Greater China operations, and a member of the firm’s global management committee and the executive committee of ING Asia Pacific. He built ING’s life insurance business in Taiwan from scratch to a leading, multi-billion dollar franchise and helped drive the development of Taiwan’s insurance industry. Under his leadership and innovation, ING was named twice the best life insurer in Asia. In 1975, he was the first Hong Kong-born actuary to acquire such professional qualifications. He spent the first 15 years of his career in American International Assurance Company, Limited (AIA) and served as General Manager for Hong Kong and Malaysia before joining ING.

David Wolf brings with him 20 years of experience in the life insurance and financial services industry, with a strong background in risk and financial management, strategic planning and operational efficiency. Before joining CPIC Life, he was a Senior Vice President and a member of the Executive and Management Committees of Gibraltar Life Insurance Company in Japan, a wholly-owned subsidiary of Pramerica Financial Inc., focusing on various operations and strategic planning. Wolf played an important role in the acquisition of Kyoei Life Insurance Co., Ltd., a then bankrupt nationwide life insurer in Japan, which was renamed Gibraltar Life. He later played a significant role in the company’s day-to-day management, successful turnaround and post-acquisition integration.

About China Pacific Life Insurance Co.
China Pacific Life Insurance Co., Ltd (CPIC Life) is a national life insurance company. Founded in November 2001, it established its headquarters in Shanghai.

CPIC Life shares the business philosophy of its parent company, CPIC Group. The company’s core values are integrity and prudent management and it is committed to continuous product and service innovation to meet client needs. It has 150 product offerings, covering life, annuity, medical and accident.

CPIC Life has a nationwide sales network covering marketing, direct sales and sales through banking agencies. As of the end of 2004, the company had 20,600 employees and 212,000 sales agents in 521 branches, sub-branches and more than 3,000 sales offices. In addition, CPIC Life has very strong business relations with many dedicated agents and shared agencies. In 2005, CPIC Life achieved a premium income of RMB36.2 billion and grew the company assets to RMB128.3 billion. www.cpic.com.cn/

About China Pacific Insurance (Group) Co.
China Pacific Insurance (Group) Co. (CPIC Group) is an insurance and investment holding company founded in April 1991 and headquartered in Shanghai.

CPIC Group owns controlling stakes in China Pacific Property Insurance, which specializes in non-life insurance business and China Pacific Life Insurance. The company operates in the U.S. through its wholly owned subsidiary of China Pacific Service Corporation (U.S.) and in Hong Kong through its China Pacific Insurance HK Ltd. In addition, CPIC Group has offices in London and New York. The company has a joint venture with the ING group under the name of Pacific-ING.

CPIC’s core values are built on the motto of integrity and prudent management. CPIC seeks to maximize profits by prudent management and risk coverage with the objective of promoting social stability and economic development. www.cpic.com.cn/