# EDGAR Filing Document

**Accession Number:** 0001268896
**File Stem:** 0001193125-23-083339
**Filing Date:** 2023-3
**Character Count:** 105710
**Document Hash:** 574f39e09edd10bcbf277334bd505cdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-083339.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001193125-23-083339

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230329

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHINA LIFE INSURANCE CO LTD
- **CENTRAL INDEX KEY:** 0001268896
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** F4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31914
- **FILM NUMBER:** 23773702

**BUSINESS ADDRESS:**
- **STREET 1:** 16 FINANCIAL STREET
- **STREET 2:** XICHENG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100033
- **BUSINESS PHONE:** 861063633333

**MAIL ADDRESS:**
- **STREET 1:** 16 FINANCIAL STREET
- **STREET 2:** XICHENG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100033

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHINE LIFE INSURANCE CO LTD
- **DATE OF NAME CHANGE:** 20031103

Commission File Number 001-31914

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 6-K** 

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**Report of Foreign Private Issuer** 

**Pursuant to Rule 13a-16 or 15d-16 of the** 

**Securities Exchange Act of 1934** 

**March 29, 2023** 

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## China Life Insurance Company Limited
**(Translation of registrant's name into English)** 

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**16 Financial Street** 

**Xicheng District** 

**Beijing 100033, China** 

**Tel: (86-10) 6363-3333** 

**(Address of principal executive offices)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

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Commission File Number 001-31914

China Life Insurance Company Limited issued an announcement on March 29, 2023, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission, or SEC, on April 29, 2022 and in the Company's other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this announcement is as of the date of this announcement, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this announcement is based on public information released by the China Banking and Insurance Regulatory Commission.

**<u>EXHIBIT LIST</u>**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Announcement,dated March 29, 2023](d484076dex991.htm) |

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Commission File Number 001-31914

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | **China Life Insurance Company Limited** |
|  | By: | (Registrant)<br>/s/ Zhao Peng |
|  |  | (Signature) |
| March 29, 2023 | Name: | Zhao Peng |
|  | Title: | President and Executive Director |

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## Exhibit 99.1

Commission File Number 001-31914

**Exhibit 99.1** 

*Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.*

![LOGO](g484076g06t98.jpg)

**中國人壽保險股份有限公司** 

**CHINA LIFE INSURANCE COMPANY LIMITED** 

*(A joint stock limited company incorporated in the People's Republic of China with limited liability)* 

**(Stock Code: 2628)** 

**SUMMARY OF SOLVENCY QUARTERLY REPORT OF** 

**INSURANCE COMPANY***<sup>NOTE</sup>* 

**(FOURTH QUARTER OF 2022)** 

**COMPANY PROFILE AND CONTACT INFORMATION** 

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| | |
|:---|:---|
| Name of the Company in Chinese: | 中國人壽保險股份有限公司 |
| Name of the Company in English: | China Life Insurance Company Limited |
| Legal Representative: | Bai Tao |
| Registered Address: | 16 Financial Street, Xicheng District, Beijing, P.R. China |
| Registered Capital (Working Capital): | RMB28.265 billion |

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*Note:* 

This summary of solvency quarterly report is prepared in accordance with the relevant requirements under the "Solvency Regulatory Rules II for Insurance Companies" issued by the China Banking and Insurance Regulatory Commission (the "**CBIRC**") and the "Notice for Defining the Policy of Transitional Period for the Implementation by Life Insurance Companies of the 'Solvency Regulatory Rules for Insurance Companies No 15: Public Disclosure of Solvency Information' issued by the Solvency Supervision Department of the CBIRC".

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Commission File Number 001-31914

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| | |
|:---|:---|
|  Corporate License Number of Insurance Institution (Insurance Business License): | No. 000005 |
| Business Commencement Date: | June 30, 2003 |
| Business Scope: | Life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sale of securities investment funds; other businesses approved by the national insurance regulatory departments. |
| Business Area: | the People's Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the "**PRC**") |
| Contact Name: | He Zheng |
| Contact Office Telephone Number: | 010-63631371 |
| Contact Mobile Phone Number: | 13671210021 |
|  Contact Email Address: | c-rossinfo@e-chinalife.com |

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Commission File Number 001-31914

**1.** **STATEMENT BY THE BOARD OF DIRECTORS AND THE MANAGEMENT** 

This report has been approved by the Board of Directors of the Company. The Board of Directors and the management of the Company warrant that the information contained in this report is true, accurate, complete and legally compliant and there are no false representations, misleading statements contained in or material omissions from this report, and severally and jointly accept legal responsibility for the above.

The statement is hereby given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Voting by all Directors on the quarterly report** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Directors** | **For** | **Against** | **Abstain** |
| &nbsp;&nbsp;&nbsp;Bai Tao | ✓ | | |
| &nbsp;&nbsp;&nbsp;Zhao Peng | ✓ | | |
| &nbsp;&nbsp;&nbsp;Li Mingguang | ✓ | | |
| &nbsp;&nbsp;&nbsp;Wang Junhui | ✓ | | |
| &nbsp;&nbsp;&nbsp;Lam Chi Kuen | ✓ | | |
| &nbsp;&nbsp;&nbsp;Zhai Haitao | ✓ | | |
| &nbsp;&nbsp;&nbsp;Huang Yiping | ✓ | | |
| &nbsp;&nbsp;&nbsp;Chen Jie | ✓ | | |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Is there any Director who is unable to warrant the truthfulness, accuracy, completeness and compliance of the information contained in the quarterly report or has a dissenting opinion on this? (Yes** ☐ **No** ⬛ **)** 

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Commission File Number 001-31914

**2.** **BASIC INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Shareholding Structure, Shareholders and Their Changes During the Reporting Period** 

*1)* *Shareholding structure and its changes* 

*Unit: Ten thousand shares* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Category** | **At the beginning of the period** | **At the beginning of the period** | **Changes in the number of shares or**<br> **shareholding percentage during the period** | **Changes in the number of shares or**<br> **shareholding percentage during the period** | **Changes in the number of shares or**<br> **shareholding percentage during the period** | **Changes in the number of shares or**<br> **shareholding percentage during the period** | **At the end of the period** | **At the end of the period** |
| &nbsp;&nbsp;&nbsp; **Category** | **Shares or<br>capital<br>contribution** | **Percentage**<br> **(%)** | **Capital<br>injection by<br>shareholders** | **Capital reserve<br>transfer and<br>distribution of<br>dividend** | **Equity<br>transfer** | **Sub-total** | **Shares or<br>capital<br>contribution** | **Percentage**<br> **(%)** |
| &nbsp;&nbsp;RMB ordinary shares | 2082353 | 73.67 |  |  |  |  | 2082353 | 73.67 |
| &nbsp;&nbsp;Overseas listed foreign shares | 744118 | 26.33 |  |  |  |  | 744118 | 26.33 |
| &nbsp;&nbsp; **Total** | **2826471** | **100.00** |  |  |  |  | **2826471** | **100.00** |

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| | |
|:---|:---|
| *Note:* | Currently, there is no feature in the shareholders' information enquiry platform that can track down the type of shareholders according to the classification of "state-owned shares, corporate legal shares, foreign invested shares and natural person shares". As such, the above information is presented by the Company based on the shareholding structure as disclosed in its annual report.  |

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*2)* *Effective controller* 

The effective controller of the Company is the Ministry of Finance of the PRC. As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:

![LOGO](g484076g57z75.jpg)

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Commission File Number 001-31914

*3)* *Top ten shareholders (in the descending order of their shareholding percentage in the Company as at the end of the period)* 

*Unit: Ten thousand shares* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of shareholder** | **Nature of**<br> **shareholder** | **Changes in**<br> **the number of<br>shares held by**<br> **the shareholder<br>or the amount<br>of capital<br>contribution**<br> **during the<br>period** | **Number of**<br> **shares held by**<br> **the shareholder<br>or the amount<br>of capital<br>contribution as**<br> **at the end of<br>the period** | **Shareholding<br>percentage**<br> **as at the end of**<br> **the period** | **Number of**<br> **shares<br>pledged** | **Number of**<br> **shares<br>frozen** |
| &nbsp;&nbsp;&nbsp; China Life Insurance (Group) Company | State-owned legal person | – | 1932353 | 68.37% |  |  |
| &nbsp;&nbsp;&nbsp; HKSCC Nominees Limited | Overseas legal person | -53 | 732569 | 25.92% |  |  |
| &nbsp;&nbsp;&nbsp; China Securities Finance Corporation Limited | State-owned legal person | – | 70824 | 2.51% |  |  |
| &nbsp;&nbsp;&nbsp; Central Huijin Asset Management Limited | State-owned legal person | – | 11717 | 0.41% |  |  |
| &nbsp;&nbsp;&nbsp; Hong Kong Securities Clearing Company Limited | Overseas legal person | 601 | 4166 | 0.15% |  |  |
| &nbsp;&nbsp;&nbsp; Guosen Securities Co., Ltd. – Founder Fubon CSI Insurance Theme Index Security Investment Fund | Other | -431 | 2087 | 0.07% |  |  |
| &nbsp;&nbsp;&nbsp; China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan | Other | – | 1502 | 0.05% |  |  |
| &nbsp;&nbsp;&nbsp; Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund | Other | -90 | 1386 | 0.05% |  |  |
| &nbsp;&nbsp;&nbsp; China International Television Corporation | State-owned legal person | – | 1000 | 0.04% |  |  |
| &nbsp;&nbsp;&nbsp; Industrial Bank Co., Ltd. – ICBC Credit Suisse Financial and Real Estate Industry Hybrid Securities Investment Fund | Other | 40 | 900 | 0.03% |  |  |
| &nbsp;&nbsp;&nbsp; Details of shareholders | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.<br>2. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. |

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Commission File Number 001-31914

*4)* *Shareholdings of the Directors, Supervisors and senior management* 

No relevant circumstance occurred during the reporting period.

*5)* *Equity transfer during the reporting period* 

No relevant circumstance required for reporting by the regulatory rules during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Directors, Supervisors and Senior Management of the Head Office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Basic information of the Directors, Supervisors and senior management of the head office* 

*1)* *Basic information of the Directors* 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Bai Tao | March 1963 | Doctoral degree in Economics | May 2022 | Chairman of the Board of Directors, Executive Director | Yin Bao Jian Fu (2022) No. 361 | Chairman of the Board of Directors and the Secretary to the Party Committee of China Life Insurance (Group) Company<br>Chairman of the Board of Directors of China Guangfa Bank Co., Ltd.<br>Vice Chairman of China Society for Finance and Banking<br>Vice chairman of China Enterprise Confederation<br>Vice chairman of China Enterprise Directors Association | Mr. Bai became the Chairman of the Board of Directors of the Company in May 2022. He is the Chairman of the Board of Directors and the Secretary to the Party Committee of<br> China Life Insurance (Group) Company. From September 2016 to July 2018, he served as the Deputy General Manager of China Investment Corporation. From July<br> 2018 to January 2020, Mr. Bai served as the President, an Executive Director and the Vice Chairman of The People's Insurance Company (Group) of China Limited.<br> He was the Chairman<br> of State Development & Investment Corp., Ltd. from January 2020<br> to January 2022. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Zhao Peng | April 1972 | Master's degree in Economics and Master's degree in Business Administration | As Executive Director and President since October 2022 | Executive Director, President | Yin Bao Jian Fu (2022) No.<br> 762<br> Yin Bao Jian Xu Ke (2022)<br> No. 736 | Vice President of China Life Insurance (Group) Company | Mr. Zhao became an Executive Director and the President of the Company in October 2022. He has been the Vice President of<br> China Life Insurance (Group) Company since September 2022. He served as the temporary Person in Charge of the Company from August to October 2022. From<br> 2020 to 2022, he served as the Vice President of the Agricultural Development Bank of China. From 2017 to 2020, he successively served as an Assistant to the President and a Vice President of the Company,<br> the Chief Financial Officer of China Life Insurance (Group) Company and an Executive Director of the Company.<br> From 2019 to 2021, he also served as a Director of each of Sino-Ocean<br> Group Holding Limited and China Life Franklin Asset Management<br> Company Limited. |
| &nbsp;&nbsp;&nbsp;Li Mingguang | July 1969 | Master's degree in Economics,<br> EMBA for the senior management | As Executive Director since August 2019, as Vice President since November 2014, as Chief Actuary since March 2012 and as Board Secretary since June 2017 | Executive Director,<br> Vice President, Chief Actuary, Board Secretary | Jing Yin Bao Jian Fu (2019)<br> No. 635<br> Bao Jian Xu Ke (2014) No. 918<br>Bao Jian Shou Xian (2012)<br> No. 187<br>Bao Jian Xu Ke (2017) No. 664 | Director of China Life Asset Management Company Limited | Mr. Li became an Executive Director of the Company in August 2019. He has been the Vice President of the Company since November 2014 and the Chief Actuary of the Company since March 2012. From May 2012 to May 2022, he served as the Chief Actuary of China Life Pension Company Limited. He has been the Board Secretary of the Company since June 2017. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Wang Junhui | July 1971 | Doctoral degree in Finance | August 2019 | Non-executive Director | Jing Yin Bao Jian Fu (2019)<br> No. 635 | Chief Investment Officer of China Life Insurance (Group) Company<br>President and Director of China Life Asset Management Company Limited<br>Non-executive Director of China Life Property and Casualty Insurance Company Limited<br>Director of China Life Insurance (Overseas) Company Limited<br>Chairman of China Life AMP Asset Management Company Limited<br>Director of China United Network Communications Limited<br>Director of China Shimao Investment Company Limited<br>Director of China World Trade Center Limited<br>Chairman of the Insurance Asset Management Association of China<br>Executive Director of the Insurance Association of China | Mr. Wang became a Non- executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016.<br> He has been a Director of China Life Insurance (Overseas) Company Limited since June 2020,<br> the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited since December 2016. |
| &nbsp;&nbsp;&nbsp;Lam Chi Kuen | April 1953 | Higher Diploma in Accounting | June 2021 | Independent Director | Yin Bao Jian Fu (2021) No.<br> 503 | Independent Non-executive Director of China Cinda Asset Management Co., Ltd.<br>Independent Non-executive Director of Luks Group (Vietnam Holdings) Company Limited | Mr. Lam became an Independent Director of the Company in June 2021. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Zhai Haitao | January 1969 | Master's degrees in International Affairs and Business Administration | October 2021 | Independent Director | Yin Bao Jian Fu (2021) No.<br> 778 | President and Founding Partner of Primavera Capital Group<br>Independent Director of China Everbright<br> Environment Group Limited<br>Independent Director of China Everbright Water Limited<br>Independent Director of Lianyin Venture Capital Co., Ltd. (a wholly-owned subsidiary of China UnionPay Group) | Mr. Zhai became an Independent Director of the Company in October 2021. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Huang Yiping | March 1964 | Doctoral degree in Economics | July 2022 | Independent Director | Yin Bao Jian Fu (2022) No.<br> 450 | Jinguang Chair Professor of Finance and Economics and the Associate Dean<br> of the National School of Development of Peking University<br>Director of the Institute of Digital Finance of Peking University<br>Deputy Secretary-General of China Society for Finance and Banking<br>Chairman of the Professional Committee of FinTech Development and Research of the National Internet Finance Association of China<br>Chairman of the Academic Committee of China Finance 40 Forum<br>Member of Chinese Economists 50 Forum<br>Member of the Decision- making Advisory Committee of Guangdong Provincial People's Government<br>Director of Shanghai Pu Shan New Finance Development Foundation | Mr. Huang became an Independent Director of the Company in July 2022. |

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Commission File Number 001-31914

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
|  |  |  |  |  |  | Invited Expert (Advisor) of the 2nd Fintech Cooperation Committee of Asian Financial Cooperation Association<br>Vice Chairman of the Professional Committee on the Study of Regional Finance of the Society of Public Finance of China<br>Executive Director and Vice Chairman of the Ninth Session of the Board of Directors and member of the Academic Committee of China Institute of Rural Finance<br>Editor in Chief of China Economic Journal<br>Deputy Editor in Chief of Asian Economic Policy Review<br>Independent Director of Ant Group Co., Ltd. |  |

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Commission File Number 001-31914

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Chen Jie | April 1970 | Doctoral degree in Civil and Commercial Law | July 2022 | Independent Director | Yin Bao Jian Fu (2022) No.<br> 450 | Director and researcher of the Commercial Law Research Unit of the Institute of Law of Chinese Academy of Social Sciences<br>Member of Chinese Legal System Committee of China Democratic League<br>Vice Chairman of China Business Law Society<br>Executive Director of the Institute of Commercial Law of China Law Society<br>Executive Director of the Institute of Securities Law of China Law Society<br>Director of the Institute of Insurance Law of China Law Society<br>Member of the Securities and Futures Expert Group of the China Securities Regulatory Commission<br>Member of the Appeal Review Committee of the Shenzhen Stock Exchange | Ms. Chen became an Independent Director of the Company in July 2022. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification**<br> **(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document**<br> **No. for job<br>qualification**  | **Positions and part-time** <br> **jobs held in affiliates<br>and other entities** | **Key working experience<br>in the recent five years** |
|  | | | | | | Expert Member on "Holding Shares and Exercising Shareholders' Rights" of China Securities Investor Services Center<br>Member of the Expert Advisory Committee of Beijing Financial Court<br>Arbitrator of Beijing Arbitration Commission/Beijing International Arbitration Center<br>Arbitrator of Shenzhen Court of International Arbitration<br>Arbitrator of China International Economic and Trade Arbitration Commission<br>Arbitrator of Shanghai International Economic and Trade Arbitration<br> Commission | |

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Commission File Number 001-31914

*2)* *Basic information of the Supervisors*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic<br>qualification (degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Cao Weiqing | September 1965 | Master's degree in Economics | October 2022 | Chairman of the Board of Supervisors | Yin Bao Jian Fu (2022) No.<br> 762 |  | Mr. Cao became the Chairman of the Board of Supervisors of the Company in November 2022. He<br> is a member of the Party Committee of the Company. He successively served as the Secretary to the Discipline Inspection Committee, the Chairman of the Board of Supervisors and a Vice President of China Life<br> Asset Management Company<br> Limited from 2016 to 2022. |
| &nbsp;&nbsp;&nbsp;Niu Kailong | September 1974 | Doctoral degree in Economics | October 2021 | Non-Employee Representative Supervisor | Yin Bao Jian Fu (2021) No.<br> 778 | General Manager of the Strategic Planning Department of China Life Insurance (Group) Company<br>President of China Life Institute of Finance | Mr. Niu became a Supervisor of the Company in October 2021. |
| &nbsp;&nbsp;&nbsp;Wang Xiaoqing | October 1965 | Bachelor's degree in Engineering | December 2019 | Employee Representative Supervisor | Jing Yin Bao Jian Fu (2019)<br> No. 1110 |  | Ms. Wang became a Supervisor of the Company in December 2019. She has successively served as the Deputy General Manager and the General Manager of the Risk Management Department of the Company since April 2018. She<br> served as the Secretary to the Discipline Inspection Committee of Tibet Autonomous Region Branch of the Company from May<br> 2016 to April 2018. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic<br>qualification (degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Lai Jun | May 1964 | Bachelor's degree | October 2021 | Employee Representative Supervisor | Yin Bao Jian Fu (2021) No.<br> 778 |  | Mr. Lai became a Supervisor of the Company in October 2021. He has been the General Manager of the Human Resources Department of the Company since May 2021. From 2015 to 2021, he successively served as the Person in Charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Hainan Branch, as well as the General Manager of Xinjiang Branch of the Company. |
| &nbsp;&nbsp;&nbsp;Hu Zhijun | July 1971 | Master degree in Management | July 2022 | Employee Representative Supervisor | Yin Bao Jian Fu (2022) No.<br> 450 |  | Ms. Hu became a Supervisor of the Company in July 2022. She has been the<br> General Manager of the Audit Department of the Company since October 2022. She served as the General Manager of the Asset Management Department of the Company from December<br> 2014 to October 2022. |

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Commission File Number 001-31914

*3)* *Basic information of the senior management of the head office*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification<br>(degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Ruan Qi | July 1966 | EMBA for the senior management | April 2018 | Vice President, Chief Risk Officer | Yin Bao Jian Xu Ke (2018)<br> No. 63 |  | Mr. Ruan became the Vice President of the Company in April 2018. He has been the Chief Risk Officer of the Company since December 2022. He served as the Chief Information Technology Officer of the Company from January 2018 to April 2018. He served as the Chief Information Technology Officer and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from October 2016 to January 2018. |
| &nbsp;&nbsp;&nbsp;Zhan Zhong | July 1968 | Bachelor's degree in Engineering | July 2019 | Vice President | Jing Yin Bao Jian Fu (2019)<br> No. 493 | Director of Sino-Ocean Group Holding Limited | Mr. Zhan became the Vice President of the Company in July 2019. He served as the Marketing Director of the Company from August 2017 to July 2019, and the General Manager of the Individual Insurance Sales Department of the Company from July 2014 to August 2019. He served as an Employee Representative Supervisor of the Company from July 2015 to August 2017. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification<br>(degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Yang Hong | February 1967 | EMBA for the senior management | July 2019 | Vice President | Jing Yin Bao Jian Fu (2019)<br> No. 493 |  | Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019, and the General Manager of the Operation and Service Center of the Company from January 2018 to August 2019. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches) of the Business Management Department, and the General Manager (at the general manager level of the provincial branches) of the Process and Operation Management Department of the Company from 2011 to 2018. |
| &nbsp;&nbsp;&nbsp;Zhao Guodong | November 1967 | Bachelor's degree | October 2019 | Assistant to the President | Jing Yin Bao Jian Fu (2019)<br> No. 851 |  | Mr. Zhao became an Assistant to the President of the Company in October 2019. He served as the General Manager of Jiangsu Branch of the Company from July 2018 to October 2022. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing Branch, and the General Manager of Hunan Branch of the Company. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic<br>qualification (degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Zhang Di | January 1968 | Bachelor's degree in Engineering | As an Assistant to the President since December 2021 and as the Chief Investment Officer since January 2022 | Assistant to the President, Chief Investment Officer | Yin Bao Jian Fu (2021) No.<br> 1034 | Director of China Guangfa Bank Co., Ltd.<br> Director of COFCO Futures Company Limited | Ms. Zhang became an Assistant to the President of the Company in December 2021. She has been the Chief Investment Officer of the Company since January 2022. She successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of the Investment Management Department, and the General Manager of the Investment Management Center of the Company from July 2016. |
| &nbsp;&nbsp;&nbsp;Bai Kai | June 1974 | Postgraduate | April 2022 | Assistant to the President | Yin Bao Jian Fu (2022) No.<br> 283 |  | Mr. Bai became an Assistant to the President of the Company in April 2022. He served as the General Manager of Hubei Branch of the Company from March 2020 to November 2022. During the period from 2017 to 2020, he successively served as the Deputy General Manager and the Deputy General Manager (responsible for daily operations) of Hubei Branch of the Company. |
| &nbsp;&nbsp;&nbsp;Xu Chongmiao | October 1969 | Doctoral degree in Law | July 2018 | Compliance Officer | Yin Bao Jian Xu Ke (2018)<br> No. 593 |  | Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General Manager of the Legal and Compliance Department and the Legal Officer of the Company since September 2014. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification<br>(degree)** | **Month and<br>year of<br>commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in<br>affiliates and other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Liu Fengji | October 1969 | EMBA for the senior management | December 2021 | Person in Charge of Audit | Yin Bao Jian Fu (2021) No. 1032 |  | Mr. Liu became the Person in Charge of Audit of the Company in December 2021. During the period from October 2021 to December 2021, he served as a temporary Person in Charge of Audit of the Company. From February 2021 to September 2022, he served as the General Manager of the Audit Department of<br> the Company. During the period from February 2018 to February 2021, he served as the General Manager<br> of Tianjin Branch of the Company. From 2016 to 2018, he successively served as the Person in Charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Qinghai Branch<br> of the Company. |

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Commission File Number 001-31914

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Month and<br>year of birth** | **Academic qualification<br>(degree)** | **Month and year<br>of commencement** | **Position** | **Approval<br>document<br>No. for job<br>qualification** | **Positions and**<br> **part-time jobs held<br>in affiliates and<br>other entities** | **Key working experience<br>in the recent five years** |
| &nbsp;&nbsp;&nbsp;Hu Jin | November 1971 | Master's degree in Economics | October 2022 | Temporary Person in Charge of Finance |  |  | Ms. Hu became a temporary Person in Charge of Finance in October 2022. She has been the General Manager of the Finance Department of the Company since June 2020. From June 2020 to March 2021, she served<br> as the General Manager of the Shared Service Center (Financial Segment) of the Company. From August 2019 to June 2020, she served as the Deputy General Manager (responsible for daily operations) of the Finance Department and concurrently acted as the Deputy General Manager of the Shared Service Center (Financial Segment) of the Company. From 2013 to 2019, she successively served as the Deputy General Manager of the Finance Department, the Deputy General Manager of the Accounting Department and the Deputy General Manager (responsible for daily operations) of the Accounting Department of the Company. |

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All information set forth in the table 1) – 3) is as at the end of the reporting period, and this table only provides the basic information of the senior management officers of the Head Office who are not Directors or Supervisors. For details of other senior management officers of the Head Office, please refer to the tables under the basic information of the Directors and Supervisors.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report:* 

1) As elected by the Second Extraordinary General Meeting 2022 of the Company and upon approval by the CBIRC, Mr. Zhao Peng served as an Executive Director of the Board of Directors of the Company from October 28, 2022.

2) In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company and upon approval by the CBIRC, Mr. Zhao Peng served as the President of the Company from October 2022.

3) In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company, Ms. Hu Jin was appointed as a temporary Person in Charge of Finance of the Company and Ms. Huang Xiumei ceased to be the Person in Charge of Finance from October 2022 .

4) Due to the adjustment of work arrangements, Ms. Huang Xiumei tendered her resignation to the Board of Directors of the Company on November 1, 2022 and had resigned from her position as an Executive Director of the Company. The resignation took effect on the same day.

5) As elected by the ninth extraordinary meeting of the third session of the employee representative meeting of the Company and upon approval by the CBIRC, Mr. Cao Weiqing served as an Employee Representative Supervisor of the seventh session of the Board of Supervisors of the Company from October 28, 2022. As elected by the tenth meeting of the seventh session of the Board of Supervisors of the Company, Mr. Cao Weiqing served as the Chairman of the Board of Supervisors of the Company from November 4, 2022. 

6) Due to the reason of age, Mr. Jia Yuzeng tendered his resignation to the Board of Supervisors of the Company on November 4, 2022 and had resigned from his positions as a Supervisor and the Chairman of the Board of Supervisors of the Company. The resignation took effect on the same day.

7) In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company, Mr. Ruan Qi was appointed as the Chief Risk Officer of the Company and Mr. Jia Yuzeng ceased to be the Chief Risk Officer from December 2022.

8) Due to the adjustment of work arrangements, Ms. Zhang Di ceased to be an Assistant to the President and the Chief Investment Officer from January 2023.

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Commission File Number 001-31914

9) In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company and upon approval by the CBIRC, Ms. Hu Jin served as the Person in Charge of Finance of the Company from February 24, 2023.

10) In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company and upon approval by the CBIRC, Mr. Zhao Guodong served as the Board Secretary of the Company from February 24, 2023.

11) Due to the adjustment of work arrangements, Mr. Li Mingguang, being an Executive Director, the Vice President, the Chief Actuary and the Board Secretary of the Company, tendered his letter of resignation to the Board of Directors of the Company on February 24, 2023, with his decision of not concurrently serving as the Board Secretary of the Company. The resignation took effect from the date when the letter was served to the Board of Directors. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Remunateration of Directors, Supervisors and senior management of the Head Office:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Number of Directors, Supervisors and senior management of the Head Office at each of the remuneration ranges below:* 

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| | | | |
|:---|:---|:---|:---|
| **Remuneration range** | **Number of<br>Directors** | **Number of<br>Supervisors** | **Number**<br> **of senior<br>management<br>of Head<br>Office** |
|  Above RMB10 million | 0 | 0 | 0 |
|  RMB5 million – RMB10 million | 0 | 0 | 0 |
|  RMB1 million – RMB5 million | 2 | 3 | 8 |
|  RMB500,000 – RMB1 million | 0 | 1 | 3 |
|  Below RMB500,000 | 6 | 2 | 1 |
|  **Total** | **8** | **6** | **12** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The maximum annual remuneration during the reporting period:* 

RMB1.6855 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Payment of remuneration by way of share option:* 

Currently, the Company does not pay any remuneration by way of share option.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Payment under any profit-linked incentive schemes:* 

Currently, the Company has no payment under any incentive schemes directly linked to profit, and the payment of an annual performance incentive by the Company to its senior management is, however, determined on the basis of the results of their performance appraisal. The benchmarks for the performance appraisal include net profits and other business performance indicators of the Company. Such performance incentive has not been made to date, as the results of the performance appraisal remained undetermined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Subsidiaries, Joint Ventures and Associated Corporations** 

*Unit: RMB million* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**No.** | | **Type of<br>company** | **Number of shares held or cost** | **Number of shares held or cost** | **Number of shares held or cost** | **Shareholding percentage** | **Shareholding percentage** | **Shareholding percentage** |
| &nbsp;&nbsp;&nbsp;**No.** | <br>**Company name** | **Type of<br>company** | **At the<br>beginning of<br>the period** | **At the<br>end of the**<br> **period** | **Change in<br>amount** | **At the<br>beginning of<br>the period** | **At the**<br> **end of the**<br> **period** | **Change in<br>amount** |
| &nbsp;&nbsp;&nbsp; 1 | China Life Asset Management Company Limited | Subsidiary | 1680 | 1680 | – | 60.00% | 60.00% |  |
| &nbsp;&nbsp;&nbsp; 2 | China Life Pension Company Limited | Subsidiary | 2626 | 2626 | – | 70.74% | 70.74% |  |
| &nbsp;&nbsp;&nbsp; 3 | China Life Sales Company Limited | Subsidiary | – | – | – | 90.81% | 90.81% |  |
| &nbsp;&nbsp;&nbsp; 4 | New Aldgate Limited | Subsidiary | 1168 | 1168 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 5 | Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) | Subsidiary | 513 | 502 | -11 | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 6 | Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) | Subsidiary | 513 | 502 | -11 | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 7 | Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) | Subsidiary | 571 | 540 | -31 | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 8 | Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) | Subsidiary | 571 | 540 | -31 | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 9 | Shanghai Wansheng Industry Partnership (Limited Partnership) | Subsidiary | 4036 | 4036 | – | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 10 | Shanghai Rui Chong Investment Co., Limited | Subsidiary | 6100 | 6100 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 11 | Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership) | Subsidiary | 2835 | 2835 | – | 90.00% | 90.00% |  |
| &nbsp;&nbsp;&nbsp; 12 | Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership) | Subsidiary | 1680 | 1680 | – | 99.98% | 99.98% |  |
| &nbsp;&nbsp;&nbsp; 13 | Golden Phoenix Tree Limited | Subsidiary | – | – | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 14 | Glorious Fortune Forever Limited | Subsidiary | – | – | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 15 | China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | Subsidiary | 6621 | 6916 | 295 | 99.99% | 99.99% |  |
| &nbsp;&nbsp;&nbsp; 16 | China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | Subsidiary | 710 | 1316 | 606 | 99.95% | 99.95% |  |
| &nbsp;&nbsp;&nbsp; 17 | China Life (Suzhou) Pension and Retirement Investment Company Limited | Subsidiary | 2181 | 2181 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 18 | China Life (Beijing) Health Management Company Limited | Subsidiary | 1530 | 1530 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 19 | Beijing China Life Pension Industry Investment Fund (Limited Partnership) | Subsidiary | 504 | 2392 | 1888 | 99.90% | 99.90% |  |
| &nbsp;&nbsp;&nbsp; 20 | Sunny Bamboo Limited | Subsidiary | 1876 | 2359 | 483 | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 21 | Golden Bamboo Limited | Subsidiary | 1993 | 3101 | 1108 | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 22 | Fortune Bamboo Limited | Subsidiary | 2435 | 2435 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 23 | CL Hotel Investor, L.P. | Subsidiary | 285 | 285 | – | 100.00% | 100.00% |  |
| &nbsp;&nbsp;&nbsp; 24 | CBRE Global Investors U.S. Investment I, LLC | Subsidiary | 4111 | 4111 | – | 99.99% | 99.99% |  |

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Commission File Number 001-31914

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Type of<br>company** | **Number of shares held or cost** | **Number of shares held or cost** | **Number of shares held or cost** | **Shareholding percentage** | **Shareholding percentage** | **Shareholding percentage** |
|  | <br>**Company name** | **Type of<br>company** | **At the<br>beginning of<br>the period** | **At the<br>end of the**<br> **period** | **Change in<br>amount** | **At the<br>beginning of<br>the period** | **At the**<br> **end of the**<br> **period** | **Change in<br>amount** |
| &nbsp;&nbsp;&nbsp; 25 | COFCO Futures Company Limited | Associated corporation | 1339 | 1339 | – | 35.00% | 35.00% | – |
| &nbsp;&nbsp;&nbsp; 26 | CCB Trust Sharing No. 9 Urbanization Investment Private Equity Fund | Associated corporation | 1223 | 1223 | – | 30.57% | 30.57% | – |
| &nbsp;&nbsp;&nbsp; 27 | AVIC Investment Holding Limited | Associated corporation | 6000 | 6000 | – | 16.70% | 16.70% | – |
| &nbsp;&nbsp;&nbsp; 28 | China Life Property and Casualty Insurance Company Limited | Associated corporation | 6000 | 9600 | 3600 | 40.00% | 40.00% | – |
| &nbsp;&nbsp;&nbsp; 29 | China United Network Communications Limited | Associated corporation | 21801 | 21801 | – | 10.30% | 10.03% | -0.27% |
| &nbsp;&nbsp;&nbsp; 30 | Wonders Information Co., Ltd. | Associated corporation | 3298 | 3298 | – | 18.21% | 18.21% | – |
| &nbsp;&nbsp;&nbsp; 31 | Shanghai Jinshida Winning Software Technology Co., Limited | Associated corporation | 192 | 192 | – | 18.31% | 18.31% | – |
| &nbsp;&nbsp;&nbsp; 32 | GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership) | Associated corporation | 7301 | 7301 | – | 81.63% | 81.63% | – |
| &nbsp;&nbsp;&nbsp; 33 | Sinopec Sichuan to East China Gas Pipeline Co., Ltd. | Associated corporation | 20000 | 20000 | – | 43.86% | 43.86% | – |
| &nbsp;&nbsp;&nbsp; 34 | China Power Investment Nuclear Power Co., Ltd. | Associated corporation | 8000 | 8000 | – | 26.76% | 26.76% | – |
| &nbsp;&nbsp;&nbsp; 35 | China Guangfa Bank Co., Ltd. | Associated corporation | 53199 | 53199 | – | 43.69% | 43.69% | – |
| &nbsp;&nbsp;&nbsp; 36 | Annoroad Gene Technology (Beijing) Co., Ltd. | Associated corporation | 250 | 250 | – | 13.09% | 13.09% | – |
| &nbsp;&nbsp;&nbsp; 37 | Sino-Ocean Group Holding Limited | Associated corporation | 11246 | 11246 | – | 29.59% | 29.59% | – |
| &nbsp;&nbsp;&nbsp; 38 | Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership) | Joint venture | 3780 | 3780 | – | 60.00% | 60.00% | – |
| &nbsp;&nbsp;&nbsp; 39 | Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership) | Joint venture | 2009 | 2129 | 120 | 60.00% | 60.00% | – |
| &nbsp;&nbsp;&nbsp; 40 | China Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) | Joint venture | 195 | 195 | – | 59.82% | 59.82% | – |
| &nbsp;&nbsp;&nbsp; 41 | China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) | Joint venture | 195 | 195 | – | 59.82% | 59.82% | – |
| &nbsp;&nbsp;&nbsp; 42 | China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership) | Joint venture | 8817 | 8451 | -366 | 84.99% | 84.99% | – |
| &nbsp;&nbsp;&nbsp; 43 | China Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited Partnership) | Joint venture | 3 | 3 | – | 39.50% | 39.50% | – |
| &nbsp;&nbsp;&nbsp; 44 | China Life Haikong (Hainan) Healthy Investment Co., Ltd. | Joint venture | 230 | 230 | – | 51.00% | 51.00% | – |
| &nbsp;&nbsp;&nbsp; 45 | China Life (Sanya) Health Investments Co., Ltd. | Joint venture | 306 | 306 | – | 51.00% | 51.00% | – |
| &nbsp;&nbsp;&nbsp; 46 | Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) | Joint venture | 14956 | 15331 | 375 | 50.00% | 50.00% | – |
| &nbsp;&nbsp;&nbsp; 47 | RXR 1285 Holdings JV LLC | Joint venture | 1290 | 1215 | -75 | 51.55% | 51.55% | – |

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*Note*: The figures shown in the "Number of shares held or cost" column in this table refer to the amount of investment cost.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Violation of Laws and Regulations** 

1) Administrative punishments imposed on the Company by financial regulators and other governmental departments during the reporting period:

During the reporting period, 28 administrative punishments were imposed on the divisions of the Company at all levels, with an amount of penalty totaling RMB4.171 million. Such punishments included, among others, warning and penalty. For specific information, please logon to the official website of the Company (www.e-chinalife.com, route query: Home Page – Public Information Disclosure – Information of Significant Events) for inspection. <br>

2) Administrative punishments imposed on the Directors, Supervisors and senior management of the Head Office of the Company by financial regulators and other governmental departments during the reporting period:

No relevant circumstance occurred during the reporting period.

3) Violation of laws by the Directors, Supervisors, management officers at the departmental level of the Head Office or above and senior management officers of the provincial branches of the Company during the reporting period that resulted in them being transferred to judicial authorities:

No relevant circumstance occurred during the reporting period.

4) Regulatory measures adopted by the CBIRC against the Company during the reporting period:

During the reporting period, no regulatory measure was adopted by the CBIRC and its local offices against the Head Office of the Company and there were 36 regulatory measures against its branches at the provincial level and below.

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Commission File Number 001-31914

**3.** **KEY INDICATORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Solvency Ratio Indicators** 

*Unit: RMB million*

---

| | | | |
|:---|:---|:---|:---|
| **Items**<br>| **Figures of<br>the Current<br>Quarter** | **Figures of<br>the Preceding<br>Quarter** | **Predicted<br>figures of the<br>Following<br>Quarter<br>under the<br>Basic<br>Scenario** |
|  Admitted assets | 5173709 | 5043019 | 5456013 |
|  Admitted liabilities | 4166108 | 3989705 | 4438884 |
|  Actual capital | 1007601 | 1053314 | 1017129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Tier 1 capital | 651956 | 687078 | 658284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Tier 2 capital | 47733 | 53680 | 35304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary Tier 1 capital | 305977 | 310437 | 321505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary Tier 2 capital | 1935 | 2119 | 2036 |
|  Minimum capital for quantitative risk | 494962 | 464645 | 518097 |
|  Minimum capital for control risk | -7672 | -7202 | -8031 |
|  Additional minimum capital |  |  |  |
|  Minimum capital | 487290 | 457443 | 510066 |
|  Core solvency surplus | 212399 | 283315 | 183522 |
|  Comprehensive solvency surplus | 520311 | 595871 | 507063 |
|  Core solvency ratio | 143.59% | 161.93% | 135.98% |
|  Comprehensive solvency ratio | 206.78% | 230.26% | 199.41% |

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Regulatory and Monitoring Indicators of Liquidity Risk** 

*Unit: RMB million*

---

| | | |
|:---|:---|:---|
| **Name of Indicators**<br>| **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  Liquidity coverage ratio |  |  |
|  Overall liquidity coverage ratio of the Company under the basic scenario<sup>1</sup> (LCR1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; within 3 months | 132% | 140% |
| &nbsp;&nbsp;&nbsp;&nbsp; within 12 months | 114% | 110% |
|  Overall liquidity coverage ratio of the Company under the required testing stressed scenario<sup>2</sup> (LCR2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; within 3 months | 593% | 363% |
| &nbsp;&nbsp;&nbsp;&nbsp; within 12 months | 199% | 152% |
|  Liquidity coverage ratio without considering asset realization under the required testing stressed scenario<sup>3</sup> (LCR3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; within 3 months | 141% | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp; within 12 months | 90% | 91% |
|  Overall liquidity coverage ratio of the Company under the self-testing stressed scenario<sup>2</sup> (LCR2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; within 3 months | 2147% | 1373% |
| &nbsp;&nbsp;&nbsp;&nbsp; within 12 months | 793% | 577% |
|  Liquidity coverage ratio without considering asset realization under the self-testing stressed scenario<sup>3</sup> (LCR3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; within 3 months | 555% | 377% |
| &nbsp;&nbsp;&nbsp;&nbsp; within 12 months | 392% | 370% |
|  Backtracking adverse deviation rate of net cash flow from operating activities<sup>4</sup> | 113% | 53% |
|  Cumulative net cash flow of the current year | 65443 | 40749 |
|  Net cash flow of the preceding fiscal year | 2901 | 2901 |
|  Net cash flow of the fiscal year prior to the preceding fiscal year | 1890 | 1890 |
|  Net cash flow from operating activities<sup>5</sup> | 395035 | 316542 |
|  Net cash flow from operating activities of participating account<sup>6</sup> | 30237 | 25280 |
|  Net cash flow from operating activities of universal account<sup>7</sup> | 48039 | 40382 |
|  Proportion of cash and liquidity management tools<sup>8</sup> | 3.18% | 2.25% |
|  Quarterly average of financing leverage ratio<sup>9</sup> | 2.21% | 2.00% |
|  Proportion of domestic fixed-income assets under (including) class AA<sup>1</sup><sup>0</sup> | 0.04% | 0.08% |
|  Proportion of listed stock investment with a shareholding of over 5%<sup>11</sup> | 0.77% | 0.86% |
|  Proportion of receivables<sup>12</sup> | 0.41% | 0.84% |
|  Proportion of holding related-party assets<sup>13</sup> | 2.48% | 2.24% |

---

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Commission File Number 001-31914

 *Notes:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Overall liquidity coverage ratio of the Company under the basic scenario = (Cash inflows of the Company
under the basic scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the basic scenario × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Overall liquidity coverage ratio of the Company under the stressed scenario = (Cash inflows of the Company
under the stressed scenario + Book value of cash and cash equivalents at the valuation date + the amount of realizable liquid asset reserves) ÷ Cash outflows of the Company under the stressed scenario × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Liquidity coverage ratio without considering asset realization under the stressed scenario = (Cash inflows
of the Company under the stressed scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the stressed scenario × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Backtracking adverse deviation rate of net cash flow from operating activities = (Actual value of net cash
flow from operating activities – Predicted value of net cash flow from operating activities) ÷ Absolute value of the predicted value of net cash flow from operating activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Net cash flow from operating activities = Cumulative cash inflows from operating activities of the current
year – Cumulative cash outflows from operating activities of the current year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Net cash flow from operating activities of participating account = Cumulative cash inflows from operating
activities of participating account of the current year – Cumulative cash outflows from operating activities of participating account of the current year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Net cash flow from operating activities of universal account = Cumulative cash inflows from operating
activities of universal account of the current year – Cumulative cash outflows from operating activities of universal account of the current year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Proportion of cash and liquidity management tools = Book value of cash and liquidity management tools at the
end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Quarterly average of financing leverage ratio = Arithmetic average of total balance of inter-bank lending
and bonds sold under agreements to repurchase at the end of each month within a quarter ÷ Ending balance of total assets × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Proportion of domestic fixed-income assets under (including) class AA = Book value of domestic fixed-income
assets under (including) class AA at the end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Proportion of listed stock investment with a shareholding of over 5% = Total book value of listed stock
investment with a shareholding of over 5% ÷ Ending balance of total assets × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Proportion of receivables = (Book value of premiums receivable at the end of the period + Book value of
reinsurance accounts receivable at the end of the period) ÷ Ending balance of total assets × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Proportion of holding related-party assets = Total investment assets of counterparties (who are related
parties) held ÷ Ending balance of total assets × 100%

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Key Operating Indicators** 

*Unit: RMB million*

---

| | | |
|:---|:---|:---|
| **Name of Indicators** | **Figures of**<br> **the Current**<br> **Quarter** | **Cumulative<br>Figures of the<br>Current Year** |
|  Gross written premiums | 61085 | 615190 |
|  Net income | 4705 | 39315 |
|  Total assets | 5145794 | 5145794 |
|  Net assets | 441818 | 441818 |
|  Insurance contracts liabilities | 3880160 | 3880160 |
|  Basic earnings per share (RMB) | 0.04 | 1.14 |
|  Net assets yield<sup>1</sup> | 1.05% | 8.56% |
|  Total assets yield<sup>2</sup> | 0.09% | 0.79% |
|  Net Investment yield<sup>3</sup> | 0.97% | 4.10% |
|  Comprehensive investment yield<sup>4</sup> | 0.42% | 2.02% |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Net assets yield = Net profit ÷ [(Net assets at the beginning of the period + Net assets at the end
of the period) ÷ 2] × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Total assets yield = Net profit ÷ [(Total assets at the beginning of the period + Total assets at the
end of the period) ÷ 2] × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net investment yield = (Investment income + Profit and loss from fair value changes + Profit and loss from
exchange – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during the reporting period × 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Comprehensive investment yield = (Investment income + Profit and loss from fair value changes + Profit and
loss from exchange + Net change in fair value of financial assets available for sale – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during
the reporting period × 100%

The key operating indicators are the results of data calculated according to the "Solvency Regulatory Rules for Insurance Companies No.18: Solvency Report".

**4.** **RISK MANAGEMENT CAPABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Type of the Company** 

1) In accordance with the requirements under Article 5 and Article 6 of the "Solvency Regulatory Rules for Insurance Companies No. 12: Solvency Aligned Risk Management Requirements and Assessment" with respect to the criteria for classification of companies, the Company is a Type I insurance company.

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Commission File Number 001-31914

2) The Company is a life insurance company established in Beijing, China on June 30, 2003 according to the Company Law and the Insurance Law of the People's Republic of China, and was listed overseas in December 2003 and returned to the domestic A-share market for listing in January 2007.

3) In 2022, the Company had written premium of RMB690,730 million (unaudited), total assets of RMB5,145,794 million and 36 provincial branches. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Assessment Results of the Recent Solvency Aligned Risk Management Requirements and Assessment** 

The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirements and Assessment (SARMRA) on the Company in 2018. According to the "Notice Concerning the 2018 SARMRA Assessment Results" (Yin Bao Jian Cai [2018] No. 125), the Company got a score of 84.94 in the 2018 assessment and the respective scores in nine areas are as follows: 17.76 in the foundation and environment of risk management, 8.41 in the objectives and tools of risk management, 8.60 in insurance risk management, 8.65 in market risk management, 8.61 in credit risk management, 8.59 in operational risk management, 8.77 in strategic risk management, 7.34 in reputational risk management, and 8.22 in liquidity risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Measures for the Improvement of Risk Management Adopted During the Reporting Period and Their Progress** 

Firstly, the Company further optimized the construction of its risk management system. In accordance with the latest management requirements under the "Solvency Regulatory Rules II for Insurance Companies" with respect to operational risks, the Company revised and improved the "Measures for the Administration of Data Loss for Operational Risks", the "Measures for the Administration of Self-assessment of Operational Risks" and the "Measures for the Administration of Key Risk Indicators of Operational Risks of China Life Insurance Company Limited". Such rules and regulations clarified the audit requirements concerning the loss data room for operational risk and the key risk indicator database, refined the management requirements and standards of three management tools for operational risk, standardized the process for the use of the management tools, comprehensively optimized such management tools, and further defined the management duties of the divisions at all levels and various departments of the Company and related standards.

Secondly, the Company continued to optimize the top-level design for risk management and convened meetings of the Risk Management and Consumer Rights Protection Committee under the Board of Directors to strengthen the coordinating and leading roles of the Board of Directors and its specialized committees in risk management. In this design, the function of the Risk Management Committee on overall risk management and control was highlighted. The Committee organized and held the fourth meeting of the Risk Management Committee for 2022, further strengthened its efforts to keep track of outstanding risk issues and enhanced its capability in risk prevention and defusion in a practical manner.

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Commission File Number 001-31914

Thirdly, the Company consistently promoted the construction of information-oriented and intelligent risk management. It facilitated the optimization of module functions of various systems, such as the monitoring of suspicious transactions through an anti-money laundering system, data management of law enforcement inspections for anti-money laundering activities and fuzzy matching function based on lists, to improve system functions in relation to anti-money laundering. The Company accelerated the development of an information system for comprehensive risk management, completed the construction of an operational risk self-assessment system at a faster speed, and continued to push forward the system for information management in connection with investigation of sale violations and credit rating, and built a sales risk management and control platform covering three channels based on the centralized management and control model, so as to further enhance the independence of sales risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Self-assessment on Risk Management** 

The Company continued to proceed with rectification and upgrading measures by reference to the feedbacks from the CBIRC's inspection in 2018 and the 2022 self-assessment results and after taking into account the actual situation of its risk management. The Company also revised and optimized the "Liquidity Risk Management Measures" this quarter to further enhance its ability to manage liquidity risk.

**5.** **INTEGRATED RISK RATING (IRR) (CLASSIFICATION REGULATION)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Information of the Company's IRR** 

To date, according to the C-ROSS Supervision Information System of the CBIRC, the results of the IRR of the Company in the third and fourth quarters of 2022 were AAA and AA Category, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Self-assessment on Risks** 

The Company conducts an assessment on the insurance risk, market risk, credit risk, strategic risk, operational risk, reputational risk, liquidity risk and other risks faced by it on a quarterly basis, and a comprehensive risk management quarterly report will be prepared and submitted to the President's Office of the Company for review.

For strategic risk, the Company insisted on making proper analysis of macro environment and policies to accurately evaluate and identify risks, and prepared a report of the management team of the Company on business operation and management every quarter and an evaluation report on the implementation of medium- to long-term planning every year through the regular monitoring and evaluation of strategic plan implementation, so as to strengthen the management of strategic risk. In general, the business structure and quality of the Company stayed healthy.

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Commission File Number 001-31914

For operational risk, the Company consistently strengthened the development of three management tools, namely loss data room for operational risk, self-assessment on risk control, and key risk indicators monitoring, improved qualitative analysis systems and mechanisms, enhanced risk warnings, and built an operational risk management system featuring full chain, so as to increase the overall effectiveness of operational risk management control. The Company also conducted an analysis on the loss data for operational risk as well as key risk indicators monitoring on a quarterly basis. The self-assessment on operational risk for 2022 covered all divisions of the Company at the levels of head office, province, city and county, and any testing in relation to the self-assessment has been completed. The operational risk was generally preventable and controllable.

For reputational risk, the Company strictly and closely monitored public opinions through the real-time monitoring of media around the clock for seven days a week, and strengthened its efforts to analyze public opinions by grasping their main characteristics and development trends, in order to seize the initiative to address the public opinions. The public opinions on the Company remained stable in general and there was no major incident of reputational risk for the Company in this quarter.

For liquidity risk, the Company monitored the regulatory indicators and monitoring indicators for liquidity risk on a quarterly basis and carried out stress tests on cash flows in accordance with the requirements under the "Solvency Regulatory Rules for Insurance Companies No. 13: Liquidity Risk". The Company constantly stepped up its effort in liquidity risk management pursuant to the regulatory requirements and its own regulations, and the liquidity risk of the Company remained at a lower level.

**6.** **SIGNIFICANT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Branches** 

Provincial branches newly approved for operation during the reporting period:

No event involving major branches occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Material Reinsurance Contracts** 

1) Material reinsurance inward contracts entered into during the reporting period:

No event involving material reinsurance inward contracts occurred.

2) Material reinsurance outward contracts entered into during the reporting period:

No event involving material reinsurance outward contracts occurred.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Top Three Products During the Reporting Period in Terms of Surrender Payment and Comprehensive Surrender Rate** 

*1)* *Top three products during the reporting period in terms of surrender payment* 

*Unit: RMB million* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of products** | **Type of<br>products** | **Sales<br>channel** | **Current quarter** | **Current quarter** | **Cumulative figures for<br>the year** | **Cumulative figures for<br>the year** |
| &nbsp;&nbsp;&nbsp;**Name of products** | **Type of<br>products** | **Sales<br>channel** | **Surrender<br>payment** | **Surrender**<br> **rate** | **Surrender<br>payment** | **Surrender**<br> **rate** |
| &nbsp;&nbsp;&nbsp; China Life Happy Life Annuity Insurance (Participating Insurance) (國壽美滿一生年金保險 (分紅型)) | Participating | Exclusive individual agent, etc. | 525 | 0.33% | 2245 | 1.40% |
| &nbsp;&nbsp;&nbsp; Kang Ning Whole Life Insurance (康寧終身保險) | Traditional | Exclusive individual agent, etc. | 500 | 0.13% | 2080 | 0.55% |
| &nbsp;&nbsp;&nbsp; China Life Fu Lu Shuang Xi Endowment Insurance (Participating Insurance) (國壽福祿雙喜兩全保險 (分紅型)) | Participating | Exclusive individual agent, etc. | 351 | 0.19% | 1324 | 0.72% |

---

*2)* *Top three products during the reporting period in terms of comprehensive surrender rate* 

*Unit: RMB million* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of products** | **Type of<br>products** | **Sales<br>channel** | **Current quarter** | **Current quarter** | **Cumulative figures for<br>the year** | **Cumulative figures for<br>the year** |
| &nbsp;&nbsp;&nbsp;**Name of products** | **Type of<br>products** | **Sales<br>channel** | **Surrender<br>payment** | **Surrender**<br> **rate** | **Surrender<br>payment** | **Surrender**<br> **rate** |
| &nbsp;&nbsp;&nbsp; China Life You Xiang Jin Sheng Annuity Insurance (國壽優享金生年金保險) | Traditional | Exclusive individual agent, etc. | 0.0028 | 4.69% | 0.0069 | 10.58% |
| &nbsp;&nbsp;&nbsp; China Life Xin Fu E Sheng Annuity Insurance (國壽鑫福E生年金保險) | Traditional | Exclusive individual agent, etc. | 0.1435 | 3.61% | 0.2920 | 6.90% |
| &nbsp;&nbsp;&nbsp; China Life Supplemental Care Critical Illness Insurance with Advance Payment (2015 Edition) (國壽附加安欣無憂提前給付重大疾病保險(2015版)) | Traditional | Exclusive individual agent, etc. | 0.0030 | 3.53% | 0.0071 | 0.72% |

---

The surrender rate is the result of data calculated according to the formula of comprehensive surrender rate set out in the "Solvency Regulatory Rules for Insurance Companies No. 18: Solvency Report".

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Major Investments** 

Major investments made during the reporting period:

*Unit: RMB million* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**No.** | **Type** | **Investment target** | **Time of<br>investment** | **Investment amount** | **Investment amount** | **Investment amount** | **Book value<br>at the end of<br>the period** |
| &nbsp;&nbsp;&nbsp;**No.** | **Type** | **Investment target** | **Time of<br>investment** | **At the<br>beginning of<br>the period** | **At the end of<br>the period** | **Change** | **Book value<br>at the end of<br>the period** |
| &nbsp;&nbsp;&nbsp; 1 | Subsidiary | China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | October 2022 | 6621 | 6916 | 295 | 6916 |
| &nbsp;&nbsp;&nbsp; 2 | Subsidiary | China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | December 2022 | 710 | 1316 | 606 | 1316 |
| &nbsp;&nbsp;&nbsp; 3 | Subsidiary | Beijing China Life Pension Industry Investment Fund (Limited Partnership) | October 2022 | 504 | 2392 | 1888 | 2392 |
| &nbsp;&nbsp;&nbsp; 4 | Subsidiary | Sunny Bamboo Limited | December 2022 | 1876 | 2359 | 483 | 2359 |
| &nbsp;&nbsp;&nbsp; 5 | Subsidiary | Golden Bamboo Limited | December 2022 | 1993 | 3101 | 1108 | 3101 |
| &nbsp;&nbsp;&nbsp; 6 | Associated<br>corporation | China Life Property and Casualty Insurance Company Limited | October 2022 | 6000 | 9600 | 3600 | 13500 |
| &nbsp;&nbsp;&nbsp; 7 | Joint<br>venture | Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership) | November 2022 | 2009 | 2129 | 120 | 2195 |
| &nbsp;&nbsp;&nbsp; 8 | Joint<br>venture | Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) | November 2022 | 14956 | 15331 | 375 | 15999 |

---

It was determined after an assessment that the above major investments had no material impact on the solvency ratios of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Significant Investment Losses** 

Significant investment losses incurred during the reporting period: No event involving significant investment losses occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Major Financing Activities** 

Major financing activities carried out during the reporting period:

No event involving major financing activities occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Major Connected Transactions** 

Major connected transactions occurred during the reporting period:

Major connected transactions have been disclosed on the official website of the Company. For specific information, please logon (www.e-chinalife.com, route query: Home Page – Public Information Disclosure – Information of Significant Events) for inspection.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Material Guarantees** 

1) Executed material guarantee contracts existed during the reporting period:

No event involving material guarantee contracts occurred.

2) Outstanding material guarantee contracts existed as of the date of the solvency report:

No event involving outstanding material guarantee contracts occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Other Significant Events** 

No other significant event occurred that had a material effect on the solvency of the Company.

**7.** **MANAGEMENT ANALYSIS AND DISCUSSION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Change of Solvency Ratios and the Reasons therefor** 

As at December 31, 2022, the core solvency ratio and comprehensive solvency ratio of the Company were 143.59% and 206.78%, respectively, representing the decrease of 18.34 percentage points and 23.48 percentage points as compared to those as at the end of the previous quarter. The main reason for the change is divided into two aspects: firstly, the actual capital decreased by RMB45,712 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio decreased by 9.99 percentage points. In particular, admitted assets rose by RMB130,690 million from the end of the previous quarter, which was primarily due to an increase of RMB110,552 million in investment assets; and admitted liabilities rose by RMB176,402 million from the end of the previous quarter, which was mainly attributable to an increase of RMB77,471 million in financial liabilities and an increase of RMB59,510 million in reserve liabilities, respectively. Secondly, the minimum capital rose by RMB29,847 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio decreased by 13.49 percentage points. In particular, the minimum capital for insurance risk grew by RMB15,008 million, the minimum capital for market risk grew by RMB23,989 million, and the minimum capital for credit risk decreased by RMB1,454 million. In general, the core solvency ratio and comprehensive solvency ratio of the Company are well above the regulatory requirements, and the Company has sufficient solvency.

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Change of Regulatory Indicators for Liquidity Risk and the Reasons therefor** 

As at the end of the fourth quarter of 2022, the regulatory indicators for liquidity risk of the Company were conformed to the regulatory standards. There was no significant change in the liquidity coverage ratio under the basic scenario as compared to that in the third quarter. Backtracking of net cash flow from operating activities has shown positive deviation for four consecutive quarters, and the cumulative net cash flow of the current year increased by RMB24,694 million from the third quarter. Pursuant to the provisions of the "Solvency Regulatory Rules for Insurance Companies No. 13: Liquidity Risk" and the relevant requirements, the Company has established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Analysis of the Change in the IRR Results** 

According to the C-ROSS Supervision Information System of the CBIRC, the result of the IRR of the Company in the fourth quarter of 2022 was AA Category, which remained stable with A Category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Analysis of the Key Risks Faced by the Company** 

In light of the financial environment and capital market, and after taking into account the measures adopted and initiatives taken by it in respect of risks, the Company has carried out a comprehensive analysis of the key risks affecting its solvency, the specific details of which are as follows:

*1)* *Market risk* 

In 2022, in consideration of the market situation, the Company combined strategic allocation with tactical operation, gave full play to the strengths of external and internal managers, diversified fixed-income assets, took the initiatives to manage equity exposures, and continuously optimized position structure, ensuring the market risk to remain stable generally. Under the current environment filled with investment risks, the Company will closely monitor policy direction and changes in market conditions to strictly prevent any external risks from spreading internally. Meanwhile, the Company will further optimize asset allocation structure, strengthen analysis and research on complicated risk factors, and make flexible adjustments to its investment strategy. It will enhance the management of assets and liabilities and scrutinize credit profiles of targets and risk exposure in a prudent manner, so as to increase its ability to guard against and mitigate market risk, interest rate risk and other risks in key areas. The Company will reasonably adjust the portfolio composition and duration on an ongoing basis, take active actions in matching assets with liabilities in terms of duration, and diversify market risk by making appropriate and diverse investments. <br>

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Commission File Number 001-31914

*2)* *Credit risk* 

Overall, the credit situation of fixed-income assets of the Company was satisfactory. No material credit default event occurred for the Company in the fourth quarter of 2022, and the credit risks of the Company were generally well controlled. In relation to credit risk management, the Company proceeded with it from various aspects such as investment credit risk, reinsurance credit risk, renewal credit risk and other credit risks of receivables. The Company selected counterparties with excellent credit qualification for transactions, requested for credit enhancement as the case required, and conducted dynamic monitoring and control of credit concentration and credit facilities. The Company carried out stringent administration with respect to the conditions for review of reinsurance recipients and conducted its internal ratings thereon, determined the business scope of reinsurance for cooperation according to the rating results, updated the forms of creditability of reinsurers as scheduled, and monitored any emergencies such as any issues arisen with respect to the credibility of reinsurance recipients or an abrupt deterioration of their solvency. The Company continued to strengthen its control over business quality at the source, took advantage of continuous assessments as the guidance for its development, and implemented the control in vulnerable areas. The Company also regularly organized branches and directly- controlled institutions to conduct thorough investigation into other payables and receivables and further strengthened the management of other payables and receivables, so as to guard against operational risks under its control.

*3)* *Insurance risk* 

The Company made a judgment on the adequacy of reserves according to actuarial principles. In the fourth quarter of 2022, the reserves of the Company satisfied the adequacy requirement, and its insurance risk was stable and well controlled. The Company devised a system for risk limit indicators and carried out normal monitoring analysis, so as to contain risks within a controllable range. It implemented an effective product development and management system to strictly control product pricing risks, and strengthened empirical analysis to offer support to pricing assumptions and assessment assumptions, in order to prevent and control insurance risks from the front end of products. The Company effectively guarded against adverse selection risks and insurance frauds through the establishment and implementation of a well-developed system for verification of insurance policies and claims, as well as the practical operation regulations. In addition, it transferred and mitigated insurance risk through a scientific and reasonable reinsurance arrangement.

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Commission File Number 001-31914

**8.** **OPINIONS FROM EXTERNAL INSTITUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Reports Received from External Institutions During the Reporting Period** 

*1)* *Audit reports received from auditors during the reporting period:* 

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2023) No. 0423), and expressed its opinion, "we are of the view that the special financial statements for solvency as attached hereto were prepared, in all material respects, in accordance with the basis of preparation set forth in Note 2 in the notes to the special financial statements for solvency."

*2)* *Review reports received during the reporting period:* 

No relevant circumstance occurred during the reporting period.

*3)* *Credit rating reports received from rating agencies during the reporting period:* 

The Company received the 2022 credit rating reports from three rating agencies, namely Moody's Corporation, Standard & Poor's and Fitch Ratings, as well as announcements on the quarterly credit rating information from two rating agencies, namely China Chengxin and China Credit Rating. Moddy's Corporation maintained the corporate credit rating of the Company as A1, with stable outlook; Standard & Poor's maintained the corporate credit rating of the Company as A+, with stable outlook; Fitch Ratings maintained the corporate credit rating of the Company as A+, with stable outlook; China Chengxin maintained the corporate credit rating of the Company as AAA, with stable outlook; and China Credit Rating maintained the corporate credit rating of the Company as AAA+, with stable outlook. In comparison with the results of the previous period, the results of credit rating were unchanged. The Company will continue to keep a close eye on its own credit rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Change of External Institutions During the Reporting Period** 

No relevant circumstance occurred during the reporting period.

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Commission File Number 001-31914

**9.** **ACTUAL CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Admitted Assets** 

*Unit: RMB million*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Figures of the Current Quarter** | **Figures of the Current Quarter** | **Figures of the Current Quarter** | **Figures of the Preceding Quarter** | **Figures of the Preceding Quarter** | **Figures of the Preceding Quarter** |
| **Items** | **Book**<br> **Value** | **Unadmitted**<br> **Value** | **Admitted**<br> **Value** | **Book**<br> **Value** | **Unadmitted**<br> **Value** | **Admitted**<br> **Value** |
|  **Cash and liquidity management tools** | **159020** | **–** | **159020** | **110892** | **–** | **110892** |
|  **Investment assets** | **4375374** | **1352** | **4374022** | **4264821** | **1352** | **4263469** |
|  **Equities in subsidiaries, joint ventures and associates** | **183553** | **-9814** | **193367** | **190379** | **-470** | **190849** |
|  **Reinsurance assets** | **7840** | **-27549** | **35389** | **8600** | **-39717** | **48317** |
|  **Receivables and prepayments** | **334764** | **–** | **334764** | **359033** | **–** | **359033** |
|  **Fixed assets** | **49381** | **–** | **49381** | **49165** | **–** | **49165** |
|  **Land use rights** | **7304** | **–** | **7304** | **7320** | **–** | **7320** |
|  **Assets held in separate accounts** | **7** | **–** | **7** | **7** | **–** | **7** |
|  **Other admitted assets** | **28551** | **8096** | **20455** | **17568** | **3601** | **13967** |
|  **Total** | **5145794** | **-27915** | **5173709** | **5007785** | **-35234** | **5043019** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Admitted Liabilities** 

*Unit: RMB million* 

---

| | | |
|:---|:---|:---|
| **Items** | **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  **Reserve liabilities** | **3281601** | **3222091** |
|  **Financial liabilities** | **515361** | **437889** |
|  **Payables and advance receipts** | **273452** | **234353** |
|  **Estimated liabilities** | **–** | **–** |
|  **Liabilities of separate accounts** | **7** | **7** |
|  **Capital liabilities** | **13717** | **12415** |
|  **Other admitted liabilities** | **81970** | **82950** |
|  **Total** | **4166108** | **3989705** |

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Commission File Number 001-31914

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Actual Capital** 

*Unit: RMB million* 

---

| | | |
|:---|:---|:---|
| **Items** | **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  **Core Tier 1 capital** | **651956** | **687078** |
| &nbsp;&nbsp;&nbsp; Net assets | 441818 | 454686 |
| &nbsp;&nbsp;&nbsp; Adjustments to net assets | 210138 | 232392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of unadmitted assets | -9448 | -4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference between admitted value and book value of long-term equity investments | 9814 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value increment (deducting the effects of impairment, depreciation and income tax) of investment property (including investment property held by insurance companies through property rights or subsidiaries, etc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax assets (excluding deferred income tax assets caused by operating losses) | -14935 | -8426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe risk reserves for agricultural insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy future surplus included in Core Tier 1 capital | 197158 | 205585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of capital instrument attributable to liabilities that meets the Core Tier 1 capital standards and could be included in Core Tier 1 capital as required |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments stipulated by the CBIRC | 27549 | 39716 |
|  **Core Tier 2 capital** | **47733** | **53680** |
| &nbsp;&nbsp;&nbsp; Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp; Policy future surplus included in Core Tier 2 capital | 61450 | 66095 |
| &nbsp;&nbsp;&nbsp; Other Core Tier 2 capital |  |  |
| &nbsp;&nbsp;&nbsp; Less: the amount that should be deducted for exceeding the limit | 13717 | 12415 |

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Commission File Number 001-31914

*Unit: RMB million* 

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| | | |
|:---|:---|:---|
| **Items** | **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  **Supplementary Tier 1 capital** | **305977** | **310437** |
| &nbsp;&nbsp;&nbsp; Subordinated term debt |  |  |
| &nbsp;&nbsp;&nbsp; Capital supplementary bonds | 34997 | 34996 |
| &nbsp;&nbsp;&nbsp; Convertible subordinated debt |  |  |
| &nbsp;&nbsp;&nbsp; Deferred income tax assets (excluding deferred income tax assets caused by operating losses) | 14935 | 8426 |
| &nbsp;&nbsp;&nbsp; Amount of fair value increment (deducting the effects of impairment, depreciation and income tax) of investment property (including investment property held by insurance companies through property rights or subsidiaries, etc.) that could be included in the Supplementary Tier 1 capital |  |  |
| &nbsp;&nbsp;&nbsp; Policy future surplus included in the Supplementary Tier 1 capital | 256045 | 267015 |
| &nbsp;&nbsp;&nbsp; Other Supplementary Tier 1 capital |  |  |
| &nbsp;&nbsp;&nbsp; Less: the amount that should be deducted for exceeding the limit |  |  |
|  **Supplementary Tier 2 capital** | **1935** | **2119** |
| &nbsp;&nbsp;&nbsp; Contingent capital and other Supplementary Tier 2 capital |  |  |
| &nbsp;&nbsp;&nbsp; Policy future surplus included in the Supplementary Tier 2 capital | 1935 | 2119 |
| &nbsp;&nbsp;&nbsp; Less: the amount that should be deducted for exceeding the limit |  |  |
|  **Total of actual capital** | **1007601** | **1053314** |

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Commission File Number 001-31914

**10.** **MINIMUM CAPITAL** 

*Unit: RMB million* 

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| | | |
|:---|:---|:---|
| **Items** | **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  **Minimum capital for quantitative risk** | **494962** | **464645** |
| &nbsp;&nbsp;&nbsp; **Total of minimum capital for life insurance risk** | **112576** | **97122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance risk – minimum capital for loss risk | 86344 | 65050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance risk – minimum capital for surrender risk | 56419 | 58390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance risk – minimum capital for expense risk | 14532 | 14359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance risk – risk diversification effect | 44719 | 40677 |
| &nbsp;&nbsp;&nbsp; **Total of minimum capital for non-life insurance risk** | **11773** | **12219** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-life insurance risk – minimum capital for premium and reserve risk | 11773 | 12219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-life insurance risk – minimum capital for catastrophe risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-life insurance risk – risk diversification effect |  |  |
| &nbsp;&nbsp;&nbsp; **Market risk – total of minimum capital** | **465382** | **441393** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for interest rate risk | 208029 | 186197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for equity price risk | 426851 | 408028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for property price risk | 15812 | 14827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for overseas fixed income asset price risk | 191 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for overseas equity asset price risk | 34044 | 32984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – minimum capital for exchange rate risk | 5628 | 5788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk – risk diversification effect | 225173 | 206650 |
| &nbsp;&nbsp;&nbsp; **Credit risk – total of minimum capital** | **77485** | **78939** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk – minimum capital for interest spread risk | 40774 | 40099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk – minimum capital for counterparty default risk | 56480 | 58706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk – risk diversification effect | 19769 | 19866 |

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Commission File Number 001-31914

*Unit: RMB million* 

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| | | |
|:---|:---|:---|
| **Items** | **Figures of<br>the Current**<br> **Quarter** | **Figures of<br>the Preceding**<br> **Quarter** |
|  **Quantitative risk diversification effect** | **122699** | **115087** |
|  **Loss absorption effect of special types of insurance contracts** | **49555** | **49941** |
| &nbsp;&nbsp;&nbsp; Loss absorption adjustment – not considering upper bound | 49555 | 49941 |
| &nbsp;&nbsp;&nbsp; Upper bound for loss absorption effect adjustment | 206611 | 209521 |
|  **Minimum capital for control risk** | **-7672** | **-7202** |
|  **Additional minimum capital** | **–** | **–** |
| &nbsp;&nbsp;&nbsp; Counter-cyclical additional minimum capital |  |  |
| &nbsp;&nbsp;&nbsp; Additional minimum capital for D-SII |  |  |
| &nbsp;&nbsp;&nbsp; Additional minimum capital for G-SII |  |  |
| &nbsp;&nbsp;&nbsp; Other additional minimum capital |  |  |
|  **Total of minimum capital** | **487290** | **457443** |

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***This announcement is published in both Chinese and English. Should there be inconsistency between the Chinese and English versions, the Chinese version shall prevail.***

By Order of the Board <br> **China Life Insurance Company Limited** <br> **Heng Victor Ja Wei** <br> *Company Secretary* <br>

Hong Kong, March 29, 2023

As at the date of this announcement, the board of directors of the Company comprises:

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| | |
|:---|:---|
| *Executive Directors:* | Bai Tao, Zhao Peng, Li Mingguang |
| *Non-executive Director:* | Wang Junhui |
| *Independent Non-executive Directors:* | Lam Chi Kuen, Zhai Haitao, Huang Yiping, Chen Jie |

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