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NEW CHINA LIFE INSURANCE COMPANYLTD.NCI

86-10-8521323386-10-85213219ir@newchinalife.com

852-28220158852-35898359

kenneth.lee@tmf-group.com

102100

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http://www.newchinalife.com86-10-85210000ir@newchinalife.com

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2019

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2019

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2019

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4,012

(3)(4)

(2)

2019

2019

100%12.062

1,218

(1)(1)

100%29.9010

2,982

94.77%2.863

(31)

100%101,000

100%404,000

(3)

(2)

2019

2019

2019123120181231

7,1981.00007,1985,3141.00005,3142486.97621,7312486.86321,6994010.89583591,1250.8762986

9,2887,999

2,4801.00002,4809461.0000946

2,480

9,6781.00009,6786,2601.00006,2602486.97621,7312486.86321,6994010.89583591,1250.8762986

11,7688,945

(1)

(2) 20191231

920181231192018123119

(3) 201912311,751201812312,349

2019

2019

2019123120181231

9,4022,274

¨C¨C

9,9353,089

6,144¨C3,8025,1702,8531,681

¨C

13,1006,851

1,374¨C

1,374¨C

24,4099,940

2019

2019

20181231

20191231

1,4973,328(3,429)1,3965,70024,911(24,289)6,3228021,613(1,462)

7,99929,852(29,180)8,671

¨C¨C¨C¨C

7,99929,852(29,180)8,671

20171231

20181231

7852,797(2,085)1,4975,73223,856(23,888)5,7006471,440(1,285)802

7,16428,093(27,258)7,999

¨C¨C¨C¨C

7,16428,093(27,258)7,999

(1) 2019123120181231

(2) 20191231

20181231

(3) 2019123175(5)(b)5%5%

20181231

(4) 2019123120181231

2019

2019

20191231

20181231

1,2131,395

2,2332,307

¨C¨C

2,2332,307

(1) 20191231320181231

(2) 20191231

20181231

(3) 201912315%5%2018

1231

(4) 2019123120181231

2019

2019

20191231

20181231

¨C¨C

(1) 20191231120181231

(2) 20191231

20181231

(3) 201912315%5%

20181231

(4) 20191231

13672%5%4423%

63%11%11%

188100%

(5) 20191231201812

2019

2019

20191231620181231

2019123120181231

15(10)3,386¨C3,3862,828¨C2,828

15(4)874(874)¨C874(874)¨C193¨C193662¨C66255¨C5578¨C7815(12)37(37)¨C37(37)¨C15(14)16(16)¨C16(16)¨C15(9)¨C¨C¨C66¨C66

15(15)12(12)¨C12(12)¨C11¨C1117¨C17

15(13)11(11)¨C14(14)¨C

15(11)1¨C13¨C3248(4)244247(4)243

4,844(954)3,8904,854(957)3,897

2019

2019

(1)

20191231

20181231

3,7573,730

4,8444,854

(954)(957)

3,8903,897

(2)

2019

(957)(4)¨C¨C7(954)2018(998)(3)41¨C3(957)

2019

2019

(3)

2019123120181231

87418%(874)100%87418%(874)100%3,63575%¨C¨C3,66975%¨C¨C2555%¨C¨C2285%¨C¨C802%(80)100%832%(83)100%

4,844100%(954)20%4,854100%(957)20%

(4) 20191231

874(874)100%6(6)

20181231

874(874)100%6(6)

2019

2019

(5) 20191231

37(37)100%15(12)11(11)100%15(13)16(16)100%15(14)12(12)100%15(15)

4(4)100%

80(80)

20181231

37(37)100%15(12)14(14)100%15(13)16(16)100%15(14)12(12)100%15(15)

4(4)100%

83(83)

2019

2019

(6)

20191231

3,38670%1¨C87418%5(874)1934%1-2¨C551%1-5¨C371%5(37)

4,54594%(911)

20181231

2,82858%1¨C87418%5(874)66214%1-2¨C

782%1-5¨C661%1¨C

4,50893%(874)

(7) 201912315%5%2018

1231

(8) 2019123120181231(9)

2019

2019

(10)

(11)

(12)

200537200537

(13)

2009

27718

2011

2012202012

201280

10020121231

201392015320193

2019

2019

(14)

2005

200920123732012

(15)

2004

1042004100162007

20191231

20181231

4,1007,000

15,0004,100

15,50015,000

23,59013,500

4,35023,590

1,5001,500

64,04064,690

2019

2019

20191231

20181231

50,7707,18720,46621,02213,41115,33416,74112,65077,26666,28161,23264,299

¨C

239,931186,773

5,0005,000

5,0005,000

42,57637,12748,29029,46616,18113,5684,5551,066

¨C¨C

2,235

114,04181,468

7,0544,4434,7004,70016,57018,565

28,32427,708

387,296300,949

201912311,086201812311,740

2019

2019

(1)

20191231

20181231

239,931186,773236,719184,8083,2121,965¨C¨C114,04181,468109,59694,3956,615(10,885)(2,170)(2,042)353,972268,241346,315279,2039,827(8,920)(2,170)(2,042)

2019

2019

(1)

2019

5,000¨C¨C5,000¨C¨C¨C2524,4433,049(438)7,054¨C¨C¨C4654,700¨C¨C4,700¨C¨C¨C28018,5655(2,000)16,570¨C¨C¨C801

32,7083,054(2,438)33,324¨C¨C¨C1,798

2018

5,000¨C¨C5,000¨C¨C¨C2524,128905(590)4,443¨C¨C¨C284,700¨C¨C4,700¨C¨C¨C28014,5853,980¨C18,565¨C¨C¨C1,098

28,4134,885(590)32,708¨C¨C¨C1,658

2019

2019

(2)

20192018

¨C(2,042)(2,042)¨C(1,036)(1,036)¨C(2,032)(2,032)¨C(1,835)(1,835)¨C(2,032)(2,032)¨C(1,835)(1,835)¨C1,9041,904¨C829829¨C¨C¨C¨C¨C¨C

¨C(2,170)(2,170)¨C(2,042)(2,042)

2019123120181231

132,516139,22886,09090,98132,24435,07428,55830,48040,29143,17941,11043,67041,16143,10958,77361,456

246,212260,590214,531226,587

201912312018123120192019

2019

2019

20191231

20181231

(1)10,00010,000(2)38,93439,109

1,400

49,43450,509

(1)

(2)

2019

2019

20191231

20181231

3,2153,078

4,9174,792

2019

6.07

201912312019123120181231

2019

2019

2019

2,9173,078¨C469(63)(209)(60)¨C¨C¨C3,215¨C

600754¨C44¨C¨C¨C¨C(48)¨C750¨C192179¨C(26)¨C¨C¨C¨C¨C¨C153¨C795¨C40¨C¨C¨C3¨C¨C138¨C1011¨C¨C¨C¨C¨C¨C¨C¨C11¨C507675¨C(25)¨C¨C¨C¨C¨C¨C650¨C

4,2334,792¨C502(63)(209)(60)3(48)¨C4,917¨C

2018

2,9173,179¨C370(148)(268)(55)¨C¨C3,078¨C

600764¨C14¨C(24)¨C¨C¨C754¨C192192¨C(13)¨C¨C¨C¨C¨C179¨C778¨C30¨C(11)¨C(2)¨C95¨C108¨C3¨C¨C¨C¨C¨C11¨C507675¨C¨C¨C¨C¨C¨C¨C675¨C

4,2334,896¨C404(148)(303)(55)(2)¨C4,792¨C

2019

2019

/

/

9.04%0%9.04%

124%0%24%2,500

220.14%0%20.14%38.98

0%39.86%39.86%30%0%30%445%0%45%1,1271 2011823201124%2 20195102019

201911

5.720.14%2019114

19.6%

2019

2019

201912312019201812312018

20191231

20181231

174,831147,210152,246124,212327,077271,422

165,821121,87675,46171,282

241,282193,158

39,30935,765

3,5533,293(338)(215)

3,2153,078

20192018

43,35638,7338,6297,3755,6223,770

2019

2019

20192018

1,0521,039

¨C¨C

201912312019

2019123120181231

1,046

1,1291,188

¨C¨C

1,019

2019

2019

20192018

(55)¨C(55)¨C

20191231

1,715

20181231

1,715

2019

2019

2019

7,6357,635

2,1862,1862020

(2)(2)

(1)(1)

(5)(5)

9,8359,835

(591)(591)

(194)(194)

(784)(784)

9,0519,051

7,0447,044

2019

2019

2018

5,2145,214

27272,8072,807

(413)(413)

7,6357,635

(473)(473)

(157)(157)

3939

(591)(591)

7,0447,044

4,7414,741

(1) 201911

2018374413

(2) 20191231393

39320181231

(3) 20191231

11,525201812318,417

2019

2019

2,30164,000-72,000

85,000-105,000450,000-500,000

220-250270-3701,600-1,8001,76225,000-28,000

45,000-46,000450,000-500,0001,76055,000-79,000

280-4501,50085518,000-21,000

90-120

2019

2019

68715,000-20,000

70,000-75,000220,000-250,000

100-130400-500950-12,00067325,000-27,500

135-15065218,000-18,500

100-12044613,500-15,700

90-11040312,000-17,000

70-10039817,000-18,000

90-10034819,000-21,00045,000-49,000160,000-220,000

110-135

210-323

400-500

2019

2019

2019

7,8959791689,042184164313792,70534¨C2,739

1¨C¨C1

(20)¨C¨C(20)

(3)(86)(44)(133)

10,7621,09115512,008

(880)(612)(95)(1,587)

(216)(110)(12)(338)

¨C493382

(1,096)(673)(74)(1,843)

9,6664188110,165

7,015367737,455

2019

2019

2018

6,1839021727,257

14610912561,1271¨C1,128

413¨C¨C413264131¨C(37)(6)(43)

7,8959791689,042

(671)(545)(87)(1,303)

(168)(102)(13)(283)

(39)¨C¨C(39)

(2)¨C¨C(2)

¨C35540

(880)(612)(95)(1,587)

7,015367737,455

5,512357855,954

2019123198620181231732

201812

2019

2019

2019123120181231

1,014¨C1,014580¨C580611¨C611387¨C387214¨C214¨C¨C¨C202¨C202¨C¨C¨C138¨C138¨C¨C¨C126¨C126303¨C30397¨C97¨C¨C¨C94¨C9493¨C9391¨C91¨C¨C¨CPMO88¨C88¨C¨C¨C86¨C8686¨C866¨C6230¨C2302¨C2465¨C465¨C¨C¨C94¨C94¨C¨C¨C89¨C891,401¨C1,4012,012¨C2,012

4,170¨C4,1704,339¨C4,339

201912311%20181231

2019

2019

2019

1,050¨C1,050

6372639

(63)¨C(63)

1,62421,626

¨C¨C¨C

(477)¨C(477)3¨C3

(474)¨C(474)

1,15021,152

1,050¨C1,050

2019

2019

2019

3,3431,2224,565

5352105¨C201201

3,3961,4754,871

(214)(686)(900)

(85)(160)(245)

(299)(846)(1,145)

3,0976293,726

3,1295363,665

2018

1,5859502,5351,758511,809¨C171171¨C5050

3,3431,2224,565

(163)(541)(704)

(51)(145)(196)

(214)(686)(900)

3,1295363,665

1,4224091,831

20191231201812311,758

2019

2019

2019123120181231

1,146¨C(1)

1,938

(1)

2018123120191231

18949(95)

20641(33)

39590(128)

2017123120181231

19491(96)18915384(31)206

347175(127)395

2019

2019

20181231

20191231

9574¨C(7)¨C

2,0422,032¨C¨C(1,904)2,170

2,9992,036¨C(7)(1,904)3,124

20171231

20181231

9983(41)(3)¨C9571,0361,835¨C¨C(829)2,042

2,0341,838(41)(3)(829)2,999

2019

2019

2019123120181231

(1)12,6502,201(2)55,54010,75868,19012,959

2019123120181231

68,19012,959

2019123120181231

68,19012,959

(1) 20191231

13,277201812312,279(2)

2019123199,16620181231

78,197

2019

2019

2019123120181231

(i)

(ii)

(1) 201912315%5%

20181231

(2) 20191231(i)(ii)

20181231

(3) 2019123120181231

2019

(1)2,3767,693(7,487)2,582(2)107994(1,061)40¨C11(11)¨C1461,209(72)1,283

2,6299,907(8,631)3,905

2018

(1)2,3177,641(7,582)2,376

(2)401,075(1,008)107

¨C7(7)¨C165109(128)146

2,5228,832(8,725)2,629

2019123120181231

2019

2019

(1)

2018123120191231

1,9546,297(6,100)2,151409206(200)

1411(408)

(2)367(363)

111(11)

233(34)

10574(574)

2205(205)

2,3767,693(7,487)2,582

2017123120181231

1,9426,338(6,326)1,954

358227(176)4093390(392)1¨C348(350)(2)112(12)1230(30)214503(507)10

¨C183(181)2

2,3177,641(7,582)2,376

2019

2019

(2)

2018123120191231

6796(797)

1531(31)

86167(233)

107994(1,061)

2017123120181231

6844(844)61530(30)1519201(134)86

401,075(1,008)107

2019123120181231

1,252

1,460

2019

2019

2019123120181231

5,6345,271

5,7045,318

(1) 201912315%5%2018

1231

(2) 2019123120181231

(3) 201912311,487201812311,423

2019123120181231

15(12)

1,136

2,5332,084

(1) 201912315%5%2018

1231

(2) 2019123120181231

(3) 2019123136820181231332

2019

2019

20192018

40,35933,71110,30011,059(6,024)(5,726)(40)(55)1,7081,616

(246)

46,36640,359

2019123120181231

4,9273,430

8,2957,224

4,1133,743

29,03125,962

46,36640,359

2019

2019

(1)

20181231

20191231

1,8056,803¨C¨C(6,506)2,1021,0643,592(3,045)¨C¨C1,611527,494112,417(52,639)(12,155)(7,132)567,98564,25733,033(4,964)(835)(4,998)86,493

594,620155,845(60,648)(12,990)(18,636)658,191

20171231

20181231

1,2805,560¨C¨C(5,035)1,805

8272,571(2,334)¨C¨C1,064523,01686,796(45,542)(32,471)(4,305)527,494

50,15423,129(3,259)(568)(5,199)64,257

575,277118,056(51,135)(33,039)(14,539)594,620

2019

2019

(1)

20181231

2019

1231

(189)(739)¨C¨C743(185)

(16)(184)156¨C¨C(44)(1,348)(175)70911(1,433)

(892)(1,696)81935556(1,178)

(2,445)(2,794)1,045441,310(2,840)

20171231

2018

1231

(71)(542)¨C¨C424(189)

(22)(88)94¨C¨C(16)(1,292)(209)1321011(1,348)

(612)(931)52816107(892)

(1,997)(1,770)75426542(2,445)

2019

2019

(2)

2019123120181231

2,102¨C2,1021,805¨C1,8051,611¨C1,6111,064¨C1,06433,157534,828567,98540,076487,418527,4941786,47686,493864,24964,257

36,887621,304658,19142,953551,667594,620

2019123120181231

(185)¨C(185)

(189)¨C(189)

(44)¨C(44)

(16)¨C(16)

(91)(1,342)(1,433)

(91)(1,257)(1,348)

(493)(685)(1,178)

(321)(571)(892)

(813)(2,027)(2,840)

(617)(1,828)(2,445)

2019

2019

(3)

2019123120181231

1,239

1,6111,064

2014114,00010

5.6%5201911

2018123120191231

4,000¨C(4,000)¨C

2017123120181231

4,000¨C¨C4,000

20191231

2019

2019

20192018

¨C¨C¨C¨C

2018123120191231

¨C527(10)

20172

(1)

2019123120181231

3,5533,798(3,689)(2,080)

1,777

(298)(59)

2019

2019

(1)

2019123120181231

(5)(19)

29119

(6)(24)

9193,679

¨C¨C2831,13454216122487¨C¨C5482,190¨C¨C236945¨C¨C

(340)(1,362)

119474

(20)(82)

1626471,7777,110

2019

2019

(1)

2019123120181231

(140)(560)

(1,355)(5,418)¨C(2)

2731,093¨C¨C5882,353¨C¨C3241,298¨C¨C

(372)(1,489)

¨C¨C3771,510¨C1

(60)(238)

(298)(1,190)

(59)(237)

2019

2019

(2)

2019123120181231

¨C¨C1024095422,1705102,0424311,7261224885882,3535482,1903241,298236945

2,2128,850

2691,076¨C¨C1,1094,438¨C¨C2881,14668271

3,55314,2133,79815,195

2,62110,4853,19412,778

9323,7286042,417

3,55314,2133,79815,195

2019

2019

(3)

2019123120181231

(414)(1,655)

¨C¨C

(2,472)(9,887)¨C¨C

¨C¨C

(72)(288)

¨C¨C(1,293)(5,173)

(269)(1,077)

(227)(908)

(372)(1,489)

(340)(1,362)

(162)(648)

(148)(591)

(3,689)(14,756)(2,080)(8,322)

(2,958)(11,832)(1,414)(5,655)

(731)(2,924)

(666)(2,667)

(3,689)(14,756)(2,080)(8,322)

2019

2019

(4)

2019123120181231

20191231

20192018

2019¨C

2020

2021

2022

2023

2024

¨C

2019123120181231

¨C

2019

2019

20181231

20191231

2,086¨C¨C¨C¨C2,0861,034¨C¨C¨C¨C1,034

3,120¨C¨C¨C¨C3,120

20171231

20181231

2,086¨C¨C¨C¨C2,0861,034¨C¨C¨C¨C1,034

3,120¨C¨C¨C¨C3,120

2018123120191231

(50)¨C(44)(94)23,964¨C¨C23,964

23,914¨C(44)23,870

2019

2019

20192018

16,357(4,090)12,267(16,635)4,159(12,476)

2,370(592)1,7782,740(685)2,055

(9,608)2,402(7,206)8,173(2,043)6,130

(60)14(46)

(144)36(108)6¨C611¨C11

(48)¨C(48)¨C¨C¨C

9,017(2,266)6,751(5,855)1,467(4,388)

2019

2019

2018123120191231

(6,629)18,727(4,682)7,4163,880(9,608)2,402(3,326)

(102)(60)14(148)126¨C

48(48)¨C¨C

(2,791)9,017(2,266)3,960

2017123120181231

3,792(13,895)3,474(6,629)(2,250)8,173(2,043)3,880

6(144)36(102)111¨C1248¨C¨C48

1,597(5,855)1,467(2,791)

2019

2019

2018123120191231

4,7071,346¨C6,053519785¨C1,3044,7071,360¨C6,067

9,9333,491¨C13,424

2017123120181231

3,922785¨C4,707

¨C519¨C5193,922785¨C4,707

7,8442,089¨C9,933

10%50%201910%1,346201810%

2019627201810%785

2007320201910%1,360201810%785

2019

2019

20181127,200

7,922

(785)10%

(785)10%

(519)(1,622)

2018123131,411

20191131,41114,559

(1,346)10%

(1,360)10%

(785)47(1)(2,402)

2019123140,077

(1) 20196270.772018

2,402

(2) 201912311382018

12311092019292018

2019

2019

2019123120181231

20192018

82,53377,10953,43943,2282,1591,949

138,131122,286

20192018

1,3921,093

2,4271,932

2019

2019

20192018

20192018

16,49215,68710,2969,7142,9933,7603,3282,7971,5561,368

(1)¨C

35,72933,803

29,85228,093

(1) 20192018

(2) 20195%2018

2019

2019

20192018

1,053(402)

1,310(386)

1,374¨C

(37)

2,647(379)

20192018

(1)¨C

20192018

(1)

(2)

(3)

(1) 21

(2) 20

(3) 11

2019

2019

20192018

20192018

12,15532,471

12,99033,039

(1)

20192018

60,64851,135

(2)

20192018

41,34433,8859,5009,8656,7255,0513,0792,334

60,64851,135

2019

2019

(1)

20192018

31,26912,17321,91814,342

53,73426,752

(2)

20192018

20192018

(28)

(85)(56)(286)(280)

(399)(330)

2019

2019

20192018

20192018

9,8528,7881,161

13,78312,561

2019

2019

20192018

1,7361,544

3,1742,945

20192018

2,0321,835¨C(41)

2,0361,797

20192018

¨C

20172201950

20192018

2019

2019

20192018

20192018

20192018

(938)2,843(401)(256)

(1,339)2,587

20192018

13,22110,51025%3,3052,628(2,838)(2,059)

2,009

¨C(4)(1,932)(12)(2)(3)

(1,339)2,587

2019

2019

(1)

20192018

14,5597,9223,1203,120

4.67

2.54

4.67

2.54

(2)

20192018

2019

2019

(1)

2000630[2000]26201541[2015]32201653[2015]32i

(2)

4(36)

2019

2019

(3)

2019123120181231

¨C

¨C

(1)¨C

2019123120181231

(4)

2019123120181231

8.8720

6.8553

2019123120181231

1.1095

1.0774

2019

2019

(5)

0.1%16

0.2%1.5%

i

0.4%

(1)

20192018

1,315

(2)

20192018

1,145

3,1263,812

2019

2019

(1)

20192018

14,5607,9232,0361,797

¨C

53,73426,752(399)(330)(2,647)

(35,729)(33,803)(40)(95)1,0081,103

¨C(401)(256)(1,137)

9,3839,077

42,10213,768

(2)

20192018

¨C¨C9,0058,812

9,0058,812

¨C¨C11,7659,005

11,7659,005

2,760

2019

2019

(3)

2019123120181231

9,3048,0582,461

11,7659,005

2019123120181231

2486.97621,7312486.86321,6994010.89583591,1250.8762986

16.976210

16.86329

906.9762625

906.8632615

376.9762260

56.863234

36.976220

¨C¨C¨C

2019

2019

(1)(a)

(b)

(c)

(2)

(3)

(4)(5)

2019

2019

2019

171,1272,8461,470(877)174,566132,9712,432¨C¨C135,403135,5472,584¨C¨C138,131(2,395)(32)¨C¨C(2,427)

(181)(120)¨C¨C(301)35,016372374(33)35,72928¨C5(33)¨C2,6262140(40)2,647¨C¨C40(40)¨C401(1)¨C40

(1)¨C¨C¨C(1)33132¨C66442191,025(804)682261777(804)¨C

(157,095)(3,653)(1,337)805(161,280)(12,983)(7)¨C¨C(12,990)(58,920)(1,728)¨C¨C(60,648)1,01134¨C¨C1,045(53,339)(395)¨C¨C(53,734)401(2)¨C¨C399

(42)¨C¨C¨C(42)

(20)¨C(172)¨C(192)(16,358)(513)¨C¨C(16,871)(12,587)(984)(989)777(13,783)

(703)(54)(20)777¨C

71927¨C¨C746(2,960)(67)(175)28(3,174)¨C¨C(28)28¨C(2,017)(18)(1)¨C(2,036)

14,032(807)133(72)13,286¨C¨C71¨C71¨C¨C(136)¨C(136)14,032(807)68(72)13,221

826,5458,41844,280(273)878,970

780,9766,6867,120(273)794,509

¨C¨C5,042¨C5,042(1,198)(94)(98)¨C(1,390)

437560¨C502

2019

2019

2018

151,3192,506847(505)154,167117,7932,154¨C¨C119,947119,9742,312¨C¨C122,286

(1,789)(143)¨C¨C(1,932)

(392)(15)¨C¨C(407)33,3103261254233,803

(38)(4)¨C42¨C

(344)(1)(41)7(379)

(7)¨C¨C7¨C932¨C¨C9545122¨C68

42224741(554)633

141539(554)¨C

(139,902)(3,337)(866)553(143,552)(33,033)(6)¨C¨C(33,039)(49,684)(1,451)¨C¨C(51,135)

68767¨C¨C754(26,599)(153)¨C¨C(26,752)

352(22)¨C¨C330

(126)¨C¨C¨C(126)

(22)¨C(144)¨C(166)(16,324)(384)¨C¨C(16,708)(11,321)(1,156)(616)532(12,561)

(466)(47)(19)532¨C

51281¨C¨C593(2,567)(293)(106)21(2,945)

¨C¨C(21)21¨C(1,777)(20)¨C¨C(1,797)

11,417(831)(19)4810,615

¨C¨C36¨C36

¨C¨C(141)¨C(141)11,417(831)(124)4810,510

688,7556,85038,387(63)733,929

653,7055,7468,945(63)668,333

¨C¨C7,806¨C7,806

(660)(67)(36)¨C(763)

4004¨C¨C404

2019

2019

(1)

2019123120181231

6,6711.00006,6714,7801.00004,7802376.97621,6522446.86321,6773470.89583111,0460.8762916

8,6347,373

2,3381.00002,3388861.0000886

2,338

9,0091.00009,0095,6661.00005,6662376.97621,6522446.86321,6773470.89583111,0460.8762916

10,9728,259

2019

2019

(2)

2019123120181231

15(10)3,158¨C3,1582,828¨C2,82815(4)874(874)¨C874(874)¨C121¨C121662¨C66255¨C5578¨C7815(12)37(37)¨C37(37)¨C

15(14)16(16)¨C16(16)¨C15(15)12(12)¨C12(12)¨C11¨C1117¨C17

15(13)11(11)¨C14(14)¨C

15(11)1¨C13¨C3

15(9)¨C¨C¨C65¨C65¨C¨C¨C17¨C17169(4)165185(4)181

4,465(954)3,5114,808(957)3,851

2019

2019

(3)

2019123120181231

74(3)(a))36,43526,26174(3)(b))4,1294,02274(3)(c))

40,99830,742

(a)

2018

1231

2019

1231

95563¨C¨C56399.40%99.40%¨C¨C¨C 1515¨C¨C1540%99.64%40%

59.64%

¨C¨C¨C1867708¨C1,575100%100%¨C¨C¨C

15964¨C¨C964100%100%¨C¨C¨C1515¨C¨C15100%100%¨C¨C¨C100200¨C¨C200100%100%¨C¨C¨C

1010¨C¨C10100%100%¨C¨C¨C8920480¨C1,400100%100%¨C¨C¨C4954,990¨C¨C4,99099.80%100%99.8%

0.1988%

¨C¨C¨C5351,173112¨C1,285100%100%¨C¨C¨C

50530¨C¨C530100%100%¨C¨C¨C170170¨C¨C170100%100%¨C¨C¨C140140¨C¨C14082.27%94.09%82.27%

11.82%

¨C¨C¨C

2019

2019

2018

1231

2019

1231

4925722¨C27999.58%100%99.58%

0.42%

¨C¨C23680¨C680¨C68099.86%100%99.86%

0.14%

¨C¨C64545¨C¨C4590.00%90.00%¨C¨C¨C9090¨C¨C9090.00%90.00%¨C¨C¨C500¨C500¨C50095.24%95.24%¨C¨C¨C

9090¨C¨C9090.00%90.00%¨C¨C¨C9090¨C¨C9090.00%90.00%¨C¨C¨C4545¨C¨C4589.87%89.87%¨C¨C¨C9090¨C¨C9090.00%90.00%¨C¨C¨C13,478¨C3,478¨C3,47891.07%91.31%91.07%

0.24%

¨C¨C¨C31,205¨C1,205¨C1,20599.92%100%99.92%

0.08%

¨C¨C¨C52,989¨C2,989¨C2,98999.97%100%99.97%

0.03%

¨C¨C¨C10,00010,000¨C¨C10,000100%100%¨C¨C661999999¨C¨C99999.90%100%99.90%

0.0994%

¨C¨C50 3,9993,999¨C¨C3,99999.98%100%99.98%

0.01988%

¨C¨C201

25,99826,26110,174¨C36,435¨C¨C941

20191231

(3)(a)

2019

2019

(3)

(a)

2017

1231

2018

1231

95563¨C¨C56399.40%99.40%¨C¨C¨C 1515¨C¨C1540%99.64%40%

59.64%

¨C¨C¨C1632235¨C867100%100%¨C¨C¨C

15664300¨C964100%100%¨C¨C¨C1515¨C¨C15100%100%¨C¨C¨C100200¨C¨C200100%100%¨C¨C¨C

1010¨C¨C10100%100%¨C¨C¨C

8656264¨C920100%100%¨C¨C¨C4959904,000¨C4,99099.80%100%99.8%

0.1988%

¨C¨C¨C5351,173¨C¨C1,173100%100%¨C¨C¨C50530¨C¨C530100%100%¨C¨C¨C170¨C170¨C170100%100%¨C¨C¨C140140¨C¨C14082.27%94.09%82.27%

11.82%

¨C¨C¨C49257¨C¨C25799.58%100%99.58%

0.42%

¨C¨C¨C135¨C135(135)¨C¨C¨C45¨C45¨C4590.00%90.00%¨C¨C¨C90¨C90¨C9090.00%90.00%¨C¨C¨C90¨C90¨C9090.00%90.00%¨C¨C¨C90¨C90¨C9090.00%90.00%¨C¨C¨C45¨C45¨C4589.87%89.87%¨C¨C¨C90¨C90(90)¨C¨C¨C90¨C90¨C9090.00%90.00%¨C¨C¨C10,00010,000¨C¨C10,000100%100%¨C¨C66110,00010,000¨C(10,000)¨C¨C641999999¨C¨C99999.90%100%99.90%

0.0994%

¨C¨C50 3,9993,999¨C¨C3,99999.98%100%99.98%

0.01988%

¨C¨C201

27,37130,8435,644(10,225)26,261¨C¨C1,553

20181231

2019

2019

(3)

(b)

(c)

(4)

(5)

20192018

16,11815,38510,2919,7113,2572,7072,2862,4371,5561,368

1,553

¨C(40)

35,05533,636

28,67126,374

(a) 20192018(b) 20195%5%2018

2019

2019

(6)

20192018

13,4607,8432,0361,797

¨C

53,73426,752(399)(330)(2,042)

(35,055)(33,636)(41)(95)1,0051,103

¨C(250)(270)(967)(118)9,01810,022

42,07214,478

2019

2019

(6)

20192018

¨C¨C8,3388,263

8,3388,263

¨C¨C10,9888,338

10,9888,338

2,650

2019123120181231

8,6507,4512,338

10,9888,338

2019

2019

(1)

2019(a)(b)(c)(d)(e)

(2)

(3)

(4)

5%5%

5%5%

5%5%

5%5%

5%5%

2019

2019

(5)(a)

20192018

75(5)(a)(i))

75(5)(a)(viii))(5)

75(5)(a)(ix))

75(5)(a)(x))

75(5)(a)(vii))

¨C20192018

¨C

75(5)(a)(vi))

75(5)(a)(v))

75(5)(a)(iii))

¨C

20192018

75(5)(a)(ii))

75(5)(a)(ii))

75(5)(a)(iii))

75(5)(a)(iii))

75(5)(a)(iii))

8(1)

¨C4,000

2019

2019

(5)

(a)

20192018

¨C

8(1)

¨C8(1)

75(5)(a)(iv))

75(5)(a)(v))

¨C

¨C

75(5)(a)(xi))

¨C(i)

200920191231

31.34%

2010201520173005004002018200

201912311,000201812311,0002019392018

(ii)

20191

2019

2019

(5)

(a)

(ii)

20191

(iii)

201914201814

20195201832018121

201950201845

A5442AB3011726042193023032019920189

(iv)

201915201819

2019

2019

(5)

(a)(v)

201913201812

201938201821(vi)

20192092018268(vii)

20198282019182018

(viii)

2019

201952018526(ix)

2019

201916201846

2019

2019

(5)

(a)

(x)

2019

20193201813(xi)

2019201982018

(b)

2019123120181231

2019123120181231

20191231201812

2019

2019

(5)

(b)

2019123120181231

¨C

2019123120181231

20191231201812

(c)

20192018

2019

2019

2019

20191231

(1)

2019123120181231

1,4413,440

1,5043,617

(2)

2019123120181231

2019

2019

(3)

2019

¨C

(4)

2019123120181231

1,8191,647

1,8191,647

(5)

20181231

2019

2019

(1)

20203252019201910%

1,3464,399

1.41

(2)

20201

(3)

2017428201720191219

101002020115

2019

2019

(1)(a)

2019

2019

(1)(b)

2019123120181231

iC

50,8037.76%76,36612.91%iiA

40,8926.25%35,7476.04%iii

40,5786.20%37,8086.39%ivA

36,6575.60%32,3835.47%v

28,4814.35%21,5653.64%457,06769.84%387,88265.55%

654,478100.00%591,751100.00%

2019

2019

(1)

(b)

2019123120181231

i

C

80.01%

240.02%

ii

A

3,8212.91%3,8653.31%iii2,0161.54%2,2171.90%iv

A

2,7722.11%2,9032.49%v7,9126.02%10,1838.72%114,79987.41%97,53483.56%

131,328100.00%116,726100.00%

2019123120181231

i

C

28,06939.76%18,26622.32%ii

A

5930.84%4660.57%iii1,6182.29%1,9342.36%iv

A

3850.55%3130.38%v2,3983.40%1,9602.40%37,53053.16%58,90171.97%

70,593100.00%81,840100.00%

2019

2019

(1)

(b)

(i) C

C

=

=2

(ii) A

A

10%

2019

2019

(1)

(b)

(iii)

1%

9%60

9%105%1860

(iv) A

A

10%

2019

2019

(1)

(b)

(v)

20%

1861

(c)

(i)

50201928,64632,859201824,01827,867

10%20197,4538,23820186,7977,215

10%20193,2253,49620183,8873,844

10%20193,5313,76520183,1162,898

2019

2019

(1)

(c)

(ii)

100201917201815

20152016201720182019

1,2521,3931,9122,5533,51610,62611,2421,4011,9202,603¨C7,16621,2361,4011,922¨C¨C4,55931,2361,401¨C¨C¨C2,63741,236¨C¨C¨C¨C1,236

1,2361,4011,9222,6033,51610,678

(1,236)(1,401)(1,922)(2,512)(2,071)(9,142)¨C¨C¨C911,4451,536¨C¨C¨C4

¨C¨C¨C951,5161,611

2019

2019

(1)

(c)

(ii)

20152016201720182019

1,1371,2921,8102,4703,34110,05011,1301,3011,8182,512¨C6,76121,1231,2971,817¨C¨C4,23731,1231,297¨C¨C¨C2,42041,123¨C¨C¨C¨C1,123

1,1231,2971,8172,5123,34110,090

(1,123)(1,297)(1,817)(2,422)(1,939)(8,598)¨C¨C¨C901,4021,492¨C¨C¨C4

¨C¨C¨C941,4731,567

2019

2019

(2)

(a)

(i)

20191231

312018123115322018123115

1,835201812317581,95520181231794

2019

2019

(2)

(a)(ii)

20191231

10%

993201812315186,186201812314,192

(iii)

2019123120181231

20191231

751¨C¨C¨C7511,731359¨C¨C2,09010¨C¨C¨C10625¨C¨C¨C6253,0108,8873,519¨C15,416

6,1279,2463,519¨C18,892

2019

2019

(2)

(a)

(iii)

20181231

1,45899¨C¨C1,5571,699986¨C¨C2,685

9¨C¨C¨C9615¨C¨C¨C6152,2405,9172,56095511,672

6,0217,0022,56095516,538

20191231

10%

295201812314431,34920181231990

2019

2019

(2)

(b)

2019(1)

(2)(3)

20191231100%AA/A-220181231100%100%AA/A-220181231100%

100%AA/A-2

20181231100%

99.99%

2018123196.91%2019123120191231

2019

2019

(2)(c)

20191231

1-3

3-5

550,539¨C101,155180,50681,829430,291793,781156,957156,957¨C¨C¨C¨C156,95764,040¨C5,73335,42929,8271,50272,491

1,715¨C156907988¨C2,05111,765¨C11,765¨C¨C¨C11,7655,685¨C5,696¨C¨C¨C5,69635,148¨C35,148¨C¨C¨C35,148188¨C188¨C¨C¨C1882,840¨C809780602,2013,8502,233¨C2,233¨C¨C¨C2,2338,671¨C8,64922¨C¨C8,67110¨C10¨C¨C¨C10

839,791156,957171,542217,644112,704433,9941,092,841

(501)(501)¨C¨C¨C¨C(501)(46,366)¨C(8,205)(9,272)(5,341)(143,408)(166,226)

(5,704)¨C(5,704)¨C¨C¨C(5,704)

(220)¨C(220)¨C¨C¨C(220)(68,190)¨C(68,531)¨C¨C¨C(68,531)(2,102)¨C(1,055)¨C¨C¨C(1,055)(1,611)¨C(1,611)¨C¨C¨C(1,611)(567,985)¨C1,3256,155(20,108)(1,211,933)(1,224,561)(86,493)¨C28,72453,52744,908(502,715)(375,556)

(152)¨C(17)(32)(29)(212)(290)

(779,324)(501)(55,294)50,37819,430(1,858,268)(1,844,255)

2019

2019

(2)

(c)

20181231

1-3

3-5

459,902¨C68,083170,010104,569290,305632,967116,058116,058¨C¨C¨C¨C116,05864,690¨C8,78124,44840,1601,62675,0151,715¨C729344988¨C2,0619,005¨C9,005¨C¨C¨C9,0054,318¨C4,321¨C¨C¨C4,32131,327¨C31,327¨C¨C¨C31,327

246¨C246¨C¨C¨C2462,445¨C162(273)1,0132,0812,9832,307¨C2,307¨C¨C¨C2,3077,999¨C7,9927¨C¨C7,99920¨C20¨C¨C¨C20

700,032116,058132,973194,536146,730294,012884,309

(92)(92)¨C¨C¨C¨C(92)(4,000)¨C(4,224)¨C¨C¨C(4,224)(40,359)¨C(3,557)(10,917)(4,256)(101,839)(120,569)(5,318)¨C(5,318)¨C¨C¨C(5,318)

(462)¨C(462)¨C¨C¨C(462)(12,959)¨C(12,963)¨C¨C¨C(12,963)(1,805)¨C(848)¨C¨C¨C(848)(1,064)¨C(1,064)¨C¨C¨C(1,064)(527,494)¨C(4,174)1,874(13,170)(1,185,576)(1,201,046)(64,257)¨C25,41647,92941,744(420,074)(304,985)

(133)¨C(15)(28)(25)(189)(257)

(657,943)(92)(7,209)38,85824,293(1,707,678)(1,651,828)

2019

2019

(2)

(c)

2019123146,5172018123140,490(d)

6(3)

2019

2019

(2)

(d)

i)

20191231

4976363146,32646,326177,26677,26617,35811,11711,117

127,81727,817

14,2005,8665,866

1108,154108,154

2019

2019

(2)

(d)

i)

20181231

1,862106106142,19242,192166,28166,281

15,7208,6708,670130,43930,43921,7211,2021,20221104,489104,489

ii)

201912315,425201812314,773

201926201847

2019

2019

(2)

(e)

(f)

2019123120181231

261,164221,299261,164225,29992,07782,072

283.64%

269.64%

283.64%

274.51%

2019

2019

(2)

(f)

i) Aii) Biii) Civ) D20193A

2019

2019

(1)

2019

90,68417,5055,852114,041

639100,749138,543239,931

6,7716,447¨C13,2182,2407,722¨C9,962

¨C¨C1,3741,374

100,334132,423145,769378,526

¨C501¨C501¨C152¨C152

¨C653¨C653

2019

2019

(1)

2018

65,36215,49061681,46887955,314130,580186,773

6,882¨C¨C6,8821,6011,488¨C3,089

74,72472,292131,196278,212

¨C92¨C92¨C133¨C133

¨C225¨C225

2019

2019

(1)

(a) 20191231

2019

920¨C

¨C(920)224688

(688)(224)

41214

(214)(41)

2018

186,178(6,178)(18)

683¨C¨C(683)

20182019

2019

2019

(1)

(b)

201911616130,580131,196¨C5,35939,84045,199¨C¨C¨C¨C1,374

(123)(31,877)(32,000)¨C

201912315,852138,543144,3951,374

201811500134,486134,986¨C

1524,4724,624¨C

(36)(8,378)(8,414)¨C

20181231616130,580131,196¨C

2019

2019

(1)

(b)

20191231

3,7274.8%~5.5%

77,2664.81%~10%61,2322.8%~5.4%

2019

2019

(2)

20191231

20,577240,013¨C260,590

¨C¨C49,43449,434¨C¨C11,52511,525

20,577240,01360,959321,549

20181231

18,342208,245¨C226,587¨C¨C50,50950,509¨C¨C8,4178,417

18,342208,24558,926285,513

¨C(4,061)¨C(4,061)

¨C(4,061)¨C(4,061)

2019

2019

(1)

201733122[2017]7

23[2017]824[2017]920175237[2017]14

2017622[2017]20202111

20151231

90%90%80%

2015123190%20151231

2018119

2019

2019

(1)

(a) 1

20191231 2019

(A)23,1801,508(B)1,3741,374ABSPPI(C)2455,9304,596SPPI(D)246,30216,771

726,78624,249

20181231 2018

(A)9,971(604)(B)¨C¨C

ABSPPI(C)2373,82117,443SPPI(D)207,216(17,117)

591,008(278)

SPPI2 SPPI

2019

2019

(1)(b)

CSPPI

SPPI

2019123120181231

AAA435,321352,935AA+3,8725,941AA2,1002,258

441,293361,134

CSPPI

SPPI

2019123120181231

Baa1

¨CBaa2

Baa3

¨C

2019

2019

(1)(b)

20191231

5,9725,989

20181231

8,1998,221

AAABaa3

2020325

2019

2019

(1)

[2008]43

20192018

(9)(3)¨C¨C¨C

(57)(102)(66)(64)

1,850¨C¨C¨C1,796(47)

(2)

9(2010

201920182019201820192018

19.41%

12.25%

4.67

2.54

4.67

2.54

17.01%

12.33%

4.67

2.55

4.67

2.55

(3)

201920191231

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