Document:

EX-4.8

Table of Contents

 Exhibit 4.8 

English Translation 

Property Leasing Agreement 

between 
 China Life
Investment Holding Company Limited 
 and 

China Life Insurance Company Limited 

Table of Contents

 Table of Contents 

 

							
			
	 1.
	 	Conditions Precedent	  	 	2	 
			
	 2.
	 	Scope of the Lease	  	 	2	 
			
	 3.
	 	Term	  	 	2	 
			
	 4.
	 	Rent	  	 	3	 
			
	 5.
	 	Rights and Obligations of Both Parties	  	 	4	 
			
	 6.
	 	Amendment and Termination	  	 	6	 
			
	 7.
	 	Liability for Breach of Contract and Damages	  	 	6	 
			
	 8.
	 	Representations and Warranties	  	 	7	 
			
	 9.
	 	Force Majeure	  	 	9	 
			
	 10.
	 	Miscellaneous	  	 	9	 
			
	 11.
	 	Communications	  	 	10	 
			
	 12.
	 	Governing Law and Dispute Resolution	  	 	12	 
			
	 13.
	 	Supplementary Provisions	  	 	12	 

 Appendix I: Schedule of Properties Leased to Party B by Party A 

Table of Contents

 This property leasing agreement (the “Agreement”) was entered into on December 29, 2017 by and
between the following two parties in Beijing, the People’s Republic of China (“PRC” or “China”). 
  

	
	Party A: China Life Investment Holding Company Limited
	 Address: China Life Center, 17 Financial Street, Xicheng District, Beijing

	
	 Legal representative: Wang Sidong

	
	Party B: China Life Insurance Company Limited
	 Address: Tower A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing

	
	 Legal Representative: Yang Mingsheng

  

	Whereas:	

  

	i.	Party A is a duly organized and validly existing solely state-owned company; 

  

	ii.	Party B is a duly organized and validly existing joint stock limited insurance company; 

  

	iii.	Party A and Party B have signed a property leasing agreement (the “Original Agreement”) in 2014, which will expire on December 31, 2017. Based on the Original Agreement, Party A and Party B wish to make
proper adjustments and fair, reasonable arrangements with respect to Party A’s leasing of its self-owned property to Party B, in accordance with the actual leasing status and market conditions. This Agreement is the master agreement setting
forth terms and conditions in relation to the property leasing between Party A and Party B. Party A and Party B’s branches will otherwise enter into specific agreements with respect to matters such as payment and invoicing. 

This Agreement is made based on mutual benefits of and through friendly consultations by Party A and Party B in accordance with the Law on Urban Real Estate
of the PRC and Contract Law of the PRC. 

  
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	1.	Conditions Precedent 

  

	1.1	Party A owns all of the properties listed in Appendix I hereto (hereinafter referred to as “Party A’s Properties” or the “Properties”). 

 

	1.2	Party A agrees to lease Party A’s Properties to Party B and Party B agrees to rent Party A’s Properties according to the terms and conditions of this Agreement for Party B’s use as offices.

  

	2.	Scope of the Lease 

  

	2.1	Party A’s Properties include 1,893 properties, with a total constructions area of 645,111.13 square meters. Please refer to Appendix I, an integral part of this Agreement, for details. 

 

	2.2	The Properties shall be deemed to have been handed over to Party B on January 1, 2018. The property covered in the Original Agreement shall be under good state meeting Party B’s requirements and Party A
undertakes the newly added property in this Agreement is under good state satisfied Party B’s requirements at the hand-over time. 

  

	2.3	Party A and Party B hereby agree that both Parties may request to narrow the scope of rent for the next year according to their respective business requirements with a written notice to the other party before
November 30 of each year. The two parties shall, according to request of the other party for narrowing of the scope of rent, reduce sites of the property hereunder and adjust the rent hereunder accordingly. 

 

	2.4	The two parties hereby agree that both parties may raise request to expand the scope of rent for the next year with a written notice to the other party before November 30 of each year. Provided that the two parties
reach an agreement for expansion of the scope of rent before December 31 of the current year, they shall add sites of the property hereunder and adjust the rent hereunder accordingly. 

 

	2.5	The two parties hereby agree that Party B may raise request to narrow the scope of rent for that year with a written notice to Party A with one month in advance. Rent for the returned property till the month when Party
B removes out shall be paid. 

  

	3.	Term 

  

	3.1	Unless otherwise regulated by listing rules of the jurisdiction where Party B is listed (“Listing Rules”), the term of this Agreement shall be from January 1, 2018 to December 31, 2020.

  
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	3.2	Unless otherwise stipulated in this Agreement or with prior written consent of the other party, neither party may terminate this Agreement or rent any of the Properties at an earlier time than stipulated herein.

  

	4.	Rent 

  

	4.1	The rent for the Properties shall be determined through the intermediary selected by both Parties by reference to the market price. For properties the price of which is difficult to be compared with market price, the
rent shall be determined by adding a reasonable profit of 5% to the cost of Party A (including amortization of the original coat or depreciation, maintenance expenses, taxes and surcharges, etc.). Party A shall bear all the taxes arising from
leasing out of the properties owned by Party A. 

  

	4.2	According to estimation of Clause 4.1 of this Agreement, Party B shall pay total rent of RMB 88,584,487.92 to Party A each year. The final rent amount shall be determined according to Clauses 2.3, 2.4 and 2.5 of this
Agreement. The rent agreed herein is VAT inclusive. Unless agreed by both parties in writing, Party A will not otherwise collect any VAT or surcharges applicable to the business in addition to the contract price. The two parties hereto shall perform
their respective tax payment and withholding obligations resulting from this Agreement according to applicable tax laws. 

  

	4.3	Party A and Party B may, in writing, adjust the rent amount for next year in the last month of every year during the term of this Agreement based on the scope and method for rent calculation as set forth in Clause 4.1,
and the increase or decrease in the number of leased properties. 

  

	4.4	During the term of this Agreement, the rent amount stipulated in this Agreement shall be paid by Party B to Party A bi-annually prior to March 31 and September 30
(“Payment Date”) of each year. The rent amount payable each time shall be half of the total rent amount for the whole year. In the event the Payment Date is not a business day, the rent amount shall be paid on the last business day prior
to the Payment Date. Payment of the rent amount will be carried out by Party A and Party B’s branches, with details subject to specific agreements between Party A and Party B’s branches. 

 

	4.5	Calculation method for the rent amount Party B shall pay each time: 

  

	 	1)	the rent payable by Party B to Party A each time = sum of the rent for all sites of property rented from Party A for the payable term 

 

	 	2)	the rent for each site of property = the total rent for such site for that year multiplied by 1/2 

  
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 with details subject to specific agreements between Party A and Party B’s branches. 

 

	4.6	Party A shall provide Party B’s branches with legal and valid VAT special invoices that are recognized by Party B’s branches. For losses of Party B in VAT offset caused by Party A’s failure to provide
legal and valid VAT special invoices that are recognized by Party B’s branches, Party A agrees it will make corresponding deductions from the rent payment. For losses of Party B in enterprise income tax caused by Party A’s failure to
provide legal and valid certificates that are recognized by Party B, Party A agrees it will indemnify against such losses (or make corresponding deductions from the rent payment). Party A shall provide Party B with valid and legal invoices no later
than 15 working days before the Payment Date, with details subject to specific agreements between Party A and Party B’s branches. 

  

	4.7	The payable rent shall be paid by Party B’s branches to an account designated by Party A, with details subject to specific agreements between Party A and Party B’s branches. 

 

	5.	Rights and Obligations of Both Parties 

  

	5.1	Party A, as the lessor of the Properties, shall be entitled to: 

  

	 	1)	receive rent according to this Agreement; 

  

	 	2)	other rights regulated in this Agreement. 

  

	5.2	Party A, as the lessor of the Properties, shall assume the following obligations: 

  

	 	1)	Unless otherwise stipulated in this Agreement, Party A guarantees that it has the power to rent out the Properties according to this Agreement. 

 

	 	2)	Party A undertakes to take all necessary actions to ensure the compliance of the Properties and the lease of the Properties with related regulations. Party A guarantees and undertakes to pay compensation in full amount
within 30 days after receiving Party B’s written request for compensations for any losses caused by Party A’s failure to fulfill the above undertakings. 

 

	 	3)	Party A shall bear all the property tax, VAT and surcharges, stamp tax, land-using tax and all the other taxes payable according to laws arising from leasing property to Party B. 

 

	 	4)	During the term of this Agreement, in the event that Party A intends to transfer its ownership of the Properties to a third party, it shall notify Party B of such intention in writing. Party B has the preemptive right
to purchase the Properties under the same conditions. Party B’s failure to confirm in writing within 30 days upon receipt of Party A’s notification to exercise the preemptive right shall be deemed a waiver of such right. In the event that
Party B waives such preemptive right, Party A may transfer ownership of the Properties to a third party under the same conditions. However, the transfer shall take effect provided that the third party, as lessor of the Properties, shall be bound by
this Agreement. 

  
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	 	5)	Unless otherwise agreed by both Parties, during the term of this Agreement, Party A shall not, partly or in whole, take back the Properties early, or terminate this Agreement early. 

 

	 	6)	Party A shall provide necessary assistance for reasonable requests of Party B related to using of the properties Party B rents according to this Agreement. 

 

	5.3	Party B, as the lessee hereunder, shall be entitled to: 

  

	 	1)	occupy and use the Properties according to this Agreement; 

  

	 	2)	carry out non-structural decoration and reconstruction of the Properties at its own cost according to its business requirement without violating related laws, regulations and
commitments in this Agreement. Such decoration and reconstructions shall not bring adverse effect on the value of Party A’s Properties and/or Party A’s rights; 

 

	 	3)	sublet the Properties, partly or in whole, with prior written consent of Party A; 

  

	 	4)	require decrease of the number of sites of the Properties according to its business situations with a written notice to Party A with one month in advance; 

 

	 	5)	notwithstanding the above, if any of the Properties is damaged not due to the fault of Party B, Party B may demand termination of the rental of the damaged property by giving written notice to Party A. Party A shall
confirm the damage within 30 days after receiving such notice. If Party A fails to confirm within the limited time, Party A will be deemed to have accepted Party B’s demand. Thereafter, the relation between the two parties concerning rental of
the damaged property is terminated. Party B does not need to pay the rent for the damaged property from the date of such damage. After Party A completes repair of the damaged property, the two parties may, with consent of Party B, resume the rental
relationship in respect of the repaired property according to the terms of this Agreement from the date agreed by both parties; 

  
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	 	6)	the preemptive right under the same conditions if Party A intends to sell the Properties. 

  

	5.4	Party B, as the lessee hereunder, shall assume the following obligations: 

  

	 	1)	to pay rent according to this Agreement; 

  

	 	2)	to be liable for maintenances (excluding structural repairs) of the Properties during the rental term, except when a third party or owner of the building shall bear such liabilities according to agreement between Party
A and such third party; 

  

	 	3)	to bear fees for water, electricity, heating, repair and other expenses for using the Properties during the rent term; 

  

	 	4)	to pay compensations for losses to a third party due to decoration and reconstruction during the rent term; 

  

	 	5)	to manage and use the Properties in proper manners and pay compensations for losses such as damage or destruction of the Properties caused by its improper management or usage; 

 

	 	6)	to return the Properties to Party A immediately upon the expiry of the rental term or termination of this Agreement. 

  

	6.	Amendment and Termination 

 This Agreement shall terminate under the following conditions: 

 

	 	1)	The term of this Agreement expires; 

  

	 	2)	The two parties reach an agreement to terminate this Agreement during the term; 

  

	 	3)	As required by verdict, judgment or decision of laws, regulations, judicial court or arbitral organization to terminate this Agreement; 

 

	 	4)	As required by any other stipulations in this Agreement. 

  

	7.	Liability for Breach of Contract and Damages 

  

	7.1	In case of breach of any clause of this Agreement, the breaching party shall compensate the other party for direct and indirect economic losses caused by its breaching behaviors. 

  
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	7.2	For the property for which Party A has not obtained legal license temporarily, but which Party A permits Party B to use and undertakes to exert its greatest efforts to complete related transactions, with respect to
losses arising from claims for compensation of any third party for Party B’s using of such property, Party A undertakes to make confirmation within 10 days after Party B’s written requirement and compensate Party B in full amount within 30
days after the confirmation. If there is controversy about the compensation amount between Party A and Party B, a third party shall be hired to evaluate and confirm such compensation amount. And the final amount shall be determined by confirmation
of such third party. 

  

	8.	Representations and Warranties 

  

	8.1	Representations and warranties of Party A 

  

	 	1)	Party A is a legally established and validly existing enterprise solely owned by the state. It possesses independent juridical person qualifications and holds valid legal business license as a corporation. Party A has
the legal right to own, rent and operate its property and to sign and fulfill this Agreement. 

  

	 	2)	Party A always undertakes business activities in a legal manner and has never taken any activities beyond the business scope as legally regulated. 

 

	 	3)	Party A has obtained all governmental approvals (if required) and completed all internal authorization procedures for signing this Agreement. The person who signs this Agreement is the effective authorized
representative of Party A and this Agreement, once signed, constitutes obligations Party A is obligatory to bear. 

  

	 	4)	Party A does not breach any laws or regulations or any other agreements Party A signs or Articles of Association of Party A by signing this Agreement or fulfilling its obligations hereunder. 

 

	 	5)	Party A is obligatory to take further necessary actions, including signing other related agreements, contracts or documents, to ensure realization of the purpose and stipulations of this Agreement. 

 

	8.2	Representations and warranties of Party B 

  

	 	1)	Party B is a legally established and validly existing stock limited company. It possesses independent juridical person qualifications and holds valid legal business license as a corporation. Party B has the legal right
to own, rent and operate its property and to sign and fulfill this Agreement. 

  
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	 	2)	Party B always undertakes business activities in a legal manner and has never taken any activities beyond the business scope as legally regulated. 

 

	 	3)	Party B has completed all internal authorization procedures for signing this Agreement. The person who signs this Agreement is the effective authorized representative of Party B and this Agreement, once signed,
constitutes obligations Party B is obligatory to bear. 

  

	 	4)	Party B does not breach any laws or regulations or any other agreements Party B signs or Articles of Association of Party B by signing this Agreement or fulfilling its obligations hereunder. 

  
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	9.	Force Majeure 

  

	9.1	Should either party be prevented from performing its obligations hereunder, partly or wholly, by any force majeure event (Force majeure means any event that happens after this Agreement is executed but that is beyond
control of or is not predictable by the affected party, or is unavoidable or unconquerable for the affected party even it has been predicted, and that causes implementation of this Agreement, partly or wholly, to become impossible or unpractical
objectively, including but not limited to flood, fire, drought, typhoon, earthquake and other natural disasters, traffic accident, strike, turmoil, riot and war (whether with declaration or not) and other actions or inactions of governmental
departments.) , performance of the affected obligations shall be suspended during the term of such force majeure event. 

  

	9.2	The party claiming to have been effected by any force majeure event shall notify the other party of the force majeure event with a written form as soon as possible and shall provide proper evidence of such force majeure
event and of its lasting time to the other party within 15 days after occurrence of such force majeure event through personal express delivery or registered air mail. The party claiming performance of obligations hereunder becomes impossible or
unpractical objectively due to force majeure event has the liabilities to exert its greatest efforts to eliminate or reduce effect of such force majeure event. 

  

	9.3	In case of force majeure event, the two parties shall immediately decide how to perform this Agreement through friendly consultations. After termination of such force majeure event or elimination of its effect, both
parties shall immediately continue to perform their respective obligations hereunder. 

  

	10.	Miscellaneous 

  

	10.1	Unless otherwise stipulated in this Agreement, neither party may transfer its rights or obligations hereunder, partly or wholly, without written consent of the other party. 

 

	10.2	This Agreement and its appendices constitute the entire agreement between the parties on all issues to which this Agreement relates. The contents of this Agreement and its appendices supersede all previous written or
oral agreements, commitments, understandings and communications. 

  

	10.3	Any provision of this Agreement that becomes illegal, invalid or unenforceable shall not be prejudicial against the validity and enforceability of the other provisions of this Agreement. 

  
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	10.4	Any modifications of this Agreement, which constitute any material or significant changes of this Agreement, shall be reviewed and undergo appropriate approval procedures again according to relevant provisions of
applicable laws and regulations, and shall become valid only after notification to or with consent or approval of CIRC, Hong Kong Stock Exchange (“HKSE”), Shanghai Stock Exchange (“SSE”) and/or consent or approval of the board of
director and the shareholders’ meeting of Party B (if applicable) (according to the applicable requirements of CIRC, HKSE and SSE). 

  

	10.5	Unless otherwise stipulated, failure or delay to fulfill any rights, power or privilege hereunder by either party shall not be deemed waiver of such rights, power or privilege. And performance of such rights, power or
privilege separately or partly shall not repulse performance of any other rights, power or privilege. 

  

	10.6	The appendices of this Agreement constitute inevitable part of this Agreement, have the same effect with this Agreement and are deemed as terms in this Agreement. 

 

	11.	Communications 

 All notices or communications by either party according to this Agreement shall be in
written form in Chinese and sent to the address of the other party stipulated as follows or fax to the number designated by the other party. The date for the notice to be effectively delivered shall be determined according to the following
conditions: 
  

	 	1)	on the date of delivery in case of personal express delivery; 

  

	 	2)	in case of registered mail, the 7th day after the postage is paid (the date on the postmark). (If this day is Sunday or a legal holiday, it shall be delayed to the
next working day.) 

  

	 	3)	in case of fax, at the time the fax is sent provided that the sending party shall furnish the printed report of the fax machine indicating that the fax has been successfully sent. 

The addresses and fax numbers of the two parties are as follows: 

Party A: China Life Investment Holding Company Limited 

Address: China Life Center, 17 Financial Street, Xicheng District 

Tel: 010-6658 1000 

Fax: 010-6319 6244 

Party B: China Life Insurance Company Limited 

Address: Tower A, China Life Plaza, 16 Financial Street, Xicheng District, 

Beijing 
 Tel: 010-6363 3333 
 Fax: 010-6657 5722 

  
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 In case of any change in the above-listed addresses or fax numbers by either party, such changes shall be
notified to the other party as soon as possible according to stipulations in this clause. 

  
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	12.	Governing Law and Dispute Resolution 

  

	12.1	This Agreement shall be construed in accordance with and be governed by the laws of the People’s Republic of China. 

  

	12.2	Any dispute arising out of or in connection with this Agreement shall be settled by consultations between the two parties. Either Party can file a suit to the court at where Party B is located if a dispute cannot be
settled by consultations. 

  

	13.	Supplementary Provisions 

  

	13.1	This Agreement is written in Chinese. 

  

	13.2	This Agreement shall take effect only after signing by authorized representatives by both parties with the company seals of the two parties. 

 

	13.3	Since Party B is a listed company on the HKSE and Shanghai Stock Exchange (“SSE”), the transaction stipulated in this Agreement constitutes a related transaction under applicable regulatory provisions in the
insurance industry and the Listing Rules, therefore, obtaining approvals from CIRC, HKSE and SSE and/or observing applicable regulatory provisions and the Listing Rules on related transactions are preconditions for performing related stipulations in
this Agreement to such deal. The two parties undertake to abide by such applicable regulatory provisions and the Listing Rules. 

  

	13.4	If exemption is conditional under the Listing Rules, this Agreement shall proceed according to the attached conditions and the two parties undertake to strictly abide by such conditions. 

 

	13.5	If exemption of the concerned transaction from HKSE or SSE is withdrawn, revoked or becomes invalid, and the concerned deal fails to conform to related regulations on interrelated deals under the Listing Rules, the
performance of the terms and conditions in this Agreement related to this deal shall be terminated. 

  

	13.6	If performance of the terms and conditions in this Agreement related to all deals is terminated according to the above Clause 13.5, this Agreement shall be terminated. 

 

	13.7	This Agreement is made in 3 copies that possess the same legal effect, each party holding one copy and the other one copy shall be submitted to file with real estate administrative authority. 

  
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	 Party A:
	  	Party B:
		
	China Life Investment Holding Company Limited	  	China Life Insurance Company Limited
		
	<Chop>	  	<Chop>
		
	 Legal Representative or Authorized

Representative (signature):
	  	 Legal Representative or Authorized

Representative (signature):

  
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 Appendix I 

Schedule of Properties Leased to Party B by Party A 
  

							
	 Branch Office
	  	 Total Properties
	  	
Area (Square meter)
	  	
Total Rent (Yuan/Year)

	Anhui	  	25	  	12472.76	  	1896770.87
	Beijing	  	1	  	3004.31	  	950100.00
	Dalian	  	1	  	1200.00	  	316300.00
	Fujian	  	100	  	20942.36	  	3568408.50
	Gansu	  	109	  	39074.98	  	5818604.18
	Guangdong	  	476	  	95170.60	  	12967772.11
	Guangxi	  	22	  	13652.70	  	1710699.17
	Guizhou	  	25	  	8267.29	  	2216259.44
	Hainan	  	24	  	14806.73	  	2519733.46
	Hebei	  	20	  	8520.16	  	1135899.57
	Henan	  	70	  	33748.16	  	5294547.54
	Heilongjiang	  	22	  	11623.18	  	2673761.78
	Hubei	  	134	  	26759.69	  	1003517.11
	Hunan	  	20	  	5406.94	  	146874.35
	Jilin	  	18	  	15251.16	  	2356450.35
	Jiangsu	  	187	  	54358.77	  	6615363.78
	Jiangxi	  	56	  	17111.17	  	1261780.99
	Liaoning	  	22	  	26085.97	  	3794135.63
	Inner Mongolia	  	16	  	9102.19	  	483968.40
	Ningbo	  	10	  	2383.43	  	311182.38
	Ningxia	  	2	  	222.30	  	7921.06
	Qingdao	  	5	  	5249.36	  	1590146.19
	Qinghai	  	1	  	595.10	  	90300.00
	Xiamen	  	16	  	1159.88	  	202371.02

  
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	Shandong	  	9	  	22112.81	  	5743393.57
	Shanxi	  	18	  	19849.12	  	1113518.98
	Shaanxi	  	116	  	29278.80	  	1592687.75
	Shenzhen	  	4	  	4421.69	  	2502704.01
	Shanghai	  	3	  	2830.45	  	1564000.00
	Sichuan	  	78	  	25139.82	  	1515915.81
	Tianjin	  	5	  	12012.64	  	6660049.32
	Xinjiang	  	23	  	5540.48	  	391898.54
	Yunnan	  	122	  	44999.46	  	3929625.53
	Zhejiang	  	79	  	38800.60	  	3922221.75
	Chongqing	  	54	  	13956.07	  	715604.77
		  	  
	  	  
	  	  

		  	1893	  	645111.13	  	88584487.92
		  	  
	  	  
	  	  

  
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 Statistical Table of Rents for Properties Leased to China Life Insurance Company Limited by China
Life Investment Holding Company Limited in 2018-2020 
  

																							
	#	 	Branch office	 	Overall	 	Properties of More Than 500m2	 	Properties of Less Than 500m2
	 	 	Sites	 	 	Area (m2)	 	Total Rent
(Yuan/Year)	 	Sites	 	Area (m2)	 	Assessed Rent
(Yuan/Year)	 	Sites	 	Area (m2)	 	Formula-based Rent
(Yuan/Year)
	1	 	Anhui	 	 	25	 	 	12472.76	 	1896770.87	 	7	 	9043.08	 	1793200.00	 	18	 	3429.68	 	103570.87
	2	 	Beijing	 	 	1	 	 	3004.31	 	950100.00	 	1	 	3004.31	 	950100.00	 	0	 	0.00	 	0.00
	3	 	Dalian	 	 	1	 	 	1200.00	 	316300.00	 	1	 	1200.00	 	316300.00	 	0	 	0.00	 	0.00
	4	 	Fujian	 	 	100	 	 	20942.36	 	3568408.50	 	16	 	9146.94	 	3110396.04	 	84	 	11795.42	 	458012.46
	5	 	Gansu	 	 	109	 	 	39074.98	 	5818604.18	 	15	 	22700.28	 	5356874.15	 	94	 	16374.70	 	461730.02
	6	 	Guangdong	 	 	476	 	 	95170.60	 	12967772.11	 	43	 	36119.98	 	9949856.68	 	433	 	59050.62	 	3017915.43
	7	 	Guangxi	 	 	22	 	 	13652.70	 	1710699.17	 	10	 	10760.89	 	1476371.23	 	12	 	2891.81	 	234327.95
	8	 	Guizhou	 	 	25	 	 	8267.29	 	2216259.44	 	3	 	3342.61	 	2097800.00	 	22	 	4924.68	 	118459.44
	9	 	Hainan	 	 	24	 	 	14806.73	 	2519733.46	 	3	 	12149.43	 	2436500.00	 	21	 	2657.30	 	83233.46
	10	 	Hebei	 	 	20	 	 	8520.16	 	1135899.57	 	8	 	6072.01	 	1039100.00	 	12	 	2448.15	 	96799.57
	11	 	Henan	 	 	70	 	 	33748.16	 	5294547.54	 	19	 	24444.55	 	5023089.38	 	51	 	9303.61	 	271458.16
	12	 	Heilongjiang	 	 	22	 	 	11623.18	 	2673761.78	 	7	 	9155.66	 	2509700.00	 	15	 	2467.52	 	164061.78
	13	 	Hubei	 	 	134	 	 	26759.69	 	1003517.11	 	32	 	8061.91	 	517562.96	 	102	 	18697.78	 	485954.15
	14	 	Hunan	 	 	20	 	 	5406.94	 	146874.35	 	1	 	600.00	 	60000.00	 	19	 	4806.94	 	86874.35
	15	 	Jilin	 	 	18	 	 	15251.16	 	2356450.35	 	6	 	11641.53	 	2086400.00	 	12	 	3609.63	 	270050.35
	16	 	Jiangsu	 	 	187	 	 	54358.77	 	6615363.78	 	47	 	31889.91	 	5545972.85	 	140	 	22468.86	 	1069390.93
	17	 	Jiangxi	 	 	56	 	 	17111.17	 	1261780.99	 	13	 	8666.39	 	1057089.21	 	43	 	8444.78	 	204691.79
	18	 	Liaoning	 	 	22	 	 	26085.97	 	3794135.63	 	8	 	23850.43	 	3636397.23	 	14	 	2235.54	 	157739.40
	19	 	Inner Mongolia	 	 	16	 	 	9102.19	 	483968.40	 	2	 	6367.96	 	379940.81	 	14	 	2734.23	 	104027.59
	20	 	Ningbo	 	 	10	 	 	2383.43	 	311182.38	 	1	 	800.00	 	83100.00	 	9	 	1583.43	 	228082.38
	21	 	Ningxia	 	 	2	 	 	222.30	 	7921.06	 	0	 	0.00	 	0.00	 	2	 	222.30	 	7921.06
	22	 	Qingdao	 	 	5	 	 	5249.36	 	1590146.19	 	3	 	4359.84	 	1484754.60	 	2	 	853.52	 	105391.59
	23	 	Qinghai	 	 	1	 	 	595.10	 	90300.00	 	1	 	595.10	 	90300.00	 	0	 	0.00	 	0.00
	24	 	Xiamen	 	 	16	 	 	1159.88	 	202371.02	 	0	 	0.00	 	0.00	 	16	 	1159.88	 	202371.02
	25	 	Shandong	 	 	9	 	 	22112.81	 	5743393.57	 	9	 	22112.81	 	5743393.57	 		 		 	
	26	 	Shanxi	 	 	18	 	 	19849.12	 	1113518.98	 	12	 	19433.12	 	1100347.26	 	6	 	416.00	 	13171.72
	27	 	Shaanxi	 	 	116	 	 	29278.80	 	1592687.75	 	11	 	13017.69	 	1023100.00	 	105	 	16261.11	 	569587.75
	28	 	Shenzhen	 	 	4	 	 	4421.69	 	2502704.01	 	3	 	4084.29	 	2438834.08	 	1	 	337.40	 	63869.93
	29	 	Shanghai	 	 	3	 	 	2830.45	 	1564000.00	 	3	 	2830.45	 	1564000.00	 	0	 	0.00	 	0.00
	30	 	Sichuan	 	 	78	 	 	25139.82	 	1515915.81	 	14	 	11545.67	 	1143100.00	 	64	 	13594.15	 	372815.81
	31	 	Tianjin	 	 	5	 	 	12012.64	 	6660049.32	 	2	 	11198.10	 	6619400.00	 	3	 	814.54	 	40649.32

  
 16 

Table of Contents

																																									
	32	 	 	Xinjiang	 	 	 	23	 	 	 	5540.48	 	 	 	391898.54	 	 	 	3	 	 	 	1838.35	 	 	 	186300.00	 	 	 	20	 	 	 	3702.13	 	 	 	205598.54	 
	33	 	 	Yunnan	 	 	 	122	 	 	 	44999.46	 	 	 	3929625.53	 	 	 	26	 	 	 	26909.79	 	 	 	2849545.23	 	 	 	96	 	 	 	18089.67	 	 	 	1080080.29	 
	34	 	 	Zhejiang	 	 	 	79	 	 	 	38800.60	 	 	 	3922221.75	 	 	 	38	 	 	 	28530.57	 	 	 	3605156.40	 	 	 	41	 	 	 	10270.03	 	 	 	317065.35	 
	35	 	 	Chongqing	 	 	 	54	 	 	 	13956.07	 	 	 	715604.77	 	 	 	5	 	 	 	4527.26	 	 	 	384000.00	 	 	 	49	 	 	 	9428.81	 	 	 	331604.77	 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 				 	 	1893	 	 	 	645111.1254	 	 	 	88584487.92	 	 	 	373	 	 	 	390036.9052	 	 	 	77657981.69	 	 	 	1520	 	 	 	255074.2202	 	 	 	10926506.23	 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 17EX-4.10

 Exhibit 4.10 

English Translation 

Insurance Sales Framework Agreement 

between 
 China Life
Property and Casualty Insurance 
 Company Limited 

And 
 China Life
Insurance Company Limited 
 (Agency Services to be Provided by China Life Insurance Company Limited) 

 Table of Contents 

 

							
	 1.
	 	 AUTHORIZATION
	  	 	2	 
			
	 2.
	 	 BASIC PRINCIPLES
	  	 	2	 
			
	 3.
	 	 SCOPE OF AGENCY
	  	 	3	 
			
	 4.
	 	 TRAINING
	  	 	4	 
			
	 5.
	 	 SALES MANAGEMENT AND DATA FURNISHING
	  	 	4	 
			
	 6.
	 	 MANAGEMENT OF DOCUMENTATION
	  	 	5	 
			
	 7.
	 	 COORDINATION MECHANISM
	  	 	5	 
			
	 8.
	 	 PREMIUM COLLECTION AND SETTLEMENT
	  	 	5	 
			
	 9.
	 	 INSURANCE AGENCY SERVICE FEES
	  	 	6	 
			
	 10.
	 	 TAXATION
	  	 	8	 
			
	 11.
	 	 ANTI-MONEY LAUNDERING
	  	 	8	 
			
	 12.
	 	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	  	 	9	 
			
	 13.
	 	 TERM
	  	 	9	 
			
	 14.
	 	 INDEMNIFICATION
	  	 	10	 
			
	 15.
	 	 DEFAULT LIABILITIES
	  	 	10	 
			
	 16.
	 	 TERMINATION
	  	 	10	 
			
	 17.
	 	 FORCE MAJEURE
	  	 	11	 
			
	 18.
	 	 CONFIDENTIALITY
	  	 	12	 
			
	 19.
	 	 ASSIGNMENT
	  	 	12	 
			
	 20.
	 	 NON-WAIVER
	  	 	12	 
			
	 21.
	 	 NOTICES
	  	 	13	 
			
	 22.
	 	 PERFORMANCE OF THIS AGREEMENT
	  	 	13	 
			
	 23.
	 	 FURTHER ACTIONS
	  	 	14	 
			
	 24.
	 	 GOVERNING LAW AND DISPUTES RESOLUTION
	  	 	14	 
			
	 25.
	 	 EFFECTIVENESS, COUNTERPARTS AND AMENDMENTS
	  	 	14	 

  
 i 

 This Insurance Sales Framework Agreement (regarding China Life Insurance Company Limited acting as an agent of
China Life Property and Casualty Insurance Company Limited) (this “Agreement”), is entered into on             , 2018 in Beijing, People’s Republic of China
(“PRC”), by and between the following two parties: 
  

	(1)	China Life Property and Casualty Insurance Company Limited (“Party A”) 

 Address:
15/F, China Life Center, No. 17 Financial Street, Xicheng District, Beijing 
 Legal representative: Yang Mingsheng 

 

	(2)	China Life Insurance Company Limited (“Party B”) 

 Address: China Life Plaza,
No. 16 Financial Street, Xicheng District, Beijing 
 Legal representative: Yang Mingsheng 

Whereas: 
  

	(1)	Party A is a joint stock company duly organized and existing under the laws of the PRC, and primarily engaging in property and casualty insurance business. 

 

	(2)	Party B is a joint stock company duly organized and existing under the laws of the PRC, and primarily engaging in life insurance business. 

 

	(3)	In order to carry out and implement the overall operational and development strategies of China Life Insurance (Group) Company (“CLIC”), proactively expand insurance service scope, practically meet
customers’ comprehensive insurance needs, continuously stabilize the team of life insurance agents and effectively improve the brand value of China Life, Party A and Party B agree to establish a cooperative relationship regarding the exclusive
mutual sales agency services of property and casualty insurance business and life insurance business. 

  

	(4)	Party A and Party B will first make fair and reasonable arrangements for the sales agency of property and casualty insurance business. Sales of Party B’s insurance products by Party A as an agent may be otherwise
specified in accordance with principles under this Agreement. 

 Therefore, after friendly negotiation and on the basis of equality and mutual
benefits, Party A and Party B agree as follows: 
 Terms and Definitions used in this Agreement shall have the following meaning: 

 

	(1)	“Mutual agency services” means the sales agency services of insurance products or other financial products / instruments among members of China Life Insurance (Group) Company, such as sales agency service of
property and casualty insurance products by the members engaging in life insurance business, sales agency service of life insurance products by the members engaging in property and casualty insurance business, sales agency services of life insurance
products by the members engaging in pension business, sales agency services of annuity products by the members engaging in life insurance business and sales agency services of annuity products by the members engaging in property and casualty
insurance business, etc. 

  
 1 

	(2)	“Business” means Party B’s acting as Party A’s agent to sell Party A’s insurance products and providing relevant services on Party A’s behalf by taking advantage of Party B’s strengths
in sales personnel, network and system. 

  

	(3)	“Agency Service Fee” means the fee incurred by the Business and payable by Party A to Party B, which includes, with respect to its purposes, sales management fee and sales service fee. 

“Sales Management Fee” means fees paid by Party A to Party B’s sales units for the management of the above sales agency
business, including, without limitation, compensation for occupation of relevant resources of Party B’s sales units, such as compensation for occupation of workplace, sales team allowance, business promotion, meetings, trainings, and Party
A’s pro rata share of remuneration for Party B’s sales management officers. 
 “Sales Service Fee” means fees paid by
Party A to Party B for the service provided with respect to the above sales agency business, which shall be compensation for the fees paid by Party B to its sales personnel in relation to the sales of property and casualty insurance products. 

 

	(4)	“Dedicated Sales Person for Property and Casualty Insurance” means the personnel recruited by Party A, but stationed at Party B’s workplace, primarily providing sales support to Party B’s sales
personnel who engage in the sales of property and casualty insurance products. Party B has the right to regulate and supervise conducts of the Dedicated Sales Person for Property and Casualty Insurance within its workplace. 

 

	1.	Authorization 

 In accordance with the terms and conditions of this Agreement, Party A
authorizes Party B as its agent to sell the property and casualty insurance products specified hereunder and shall in return pay Party B relevant fees pursuant to provisions provided herein. Party B agrees to and accepts such authorization. 

 

	2.	Basic Principles 

  

	 	2.1.	Party B shall perform the duties as an insurance agent in accordance with this Agreement, and any legal liabilities arising out of such performance shall be undertaken by Party A, provided that Party B’s
acts shall be subject to the scope of the above authorization. 

  
 2 

	 	2.2.	Party B shall have a fiduciary duty to Party A, which requires Party B to diligently perform its duties as agent on the promise that Party B complies with applicable laws, regulations and provisions and requirements by
China Insurance Regulatory Commission (the “CIRC”). 

  

	 	2.3.	Party B shall, subject to applicable laws, regulations, regulatory rules of the CIRC, comprehensive operation and development strategy requirements, this Agreement and detailed agreements entered into by branches of
both Party A and Party B, and in accordance with management rules, regulations, business standard and procedures regarding the above insurance sales agency business established by Party A or Party B in writing (as amended from time to time), and
accepted by both Party A and Party B, carry out the property and casualty insurance business as an agent. 

  

	 	2.4.	Party A shall be responsible for preparation of paper-based and electronic insurance documentation necessary to the sales agency services specified herein, and affix official stamp to such documentations for the purpose
of the sales agency services. 

  

	 	2.5.	Subject to Party A’s approval, Party B may authorize insurance sales personnel who have contractual relationship with Party B to, in whole or part, engage in the sales agency services specified herein. Any legal
liabilities arising out of the conducts by such insurance sales personnel, to the extent permitted by Party B’s authorization, shall be assumed by Party A. 

  

	3.	Scope of Agency 

 Party A authorizes Party B, to the extent within the authorized territories,
act as an agent to sell insurance products designated by Party A (including, with no limitation, products of statutory and mandatory insurance, automobile insurance, enterprise property insurance, family property insurance, engineering insurance,
liability insurance, cargo transportation insurance, special risk insurance, credit guarantee insurance, agricultural insurance and comprehensive insurance, etc.) and collect premiums on Party A’s behalf. 

  
 3 

	4.	Training 

 Party A and Party B shall cooperate with each other closely regarding relevant
business trainings, establish training systems of insurance sales agency together and formulate training plans. Party A shall, with Party B’s reasonable support and cooperation, be responsible for the development of training materials and
electronic courseware, initiatively provide teaching resources and training information to Party B, and provide efficient and practical training guidance to Party B with respect to the sales agency services specified herein. As required by business
development, Party B shall arrange trainings in different forms and for different levels of staff. 
  

	5.	Sales management and data furnishing 

  

	 	5.1.	Subject to the Interim Measures on the Administration of Non-dedicated Insurance Agency, Measures for the Supervision and Administration of Insurance Salespersons, the Circular on
Regulating Insurance Companies on Intra-Agency Business, the Circular on Administrative Licensing for Banking Sideline Insurance Agents and other applicable administrative rules amended and issued from time to time by the CIRC, and in accordance
with relevant management system of insurance sales agency business established by Party A or Party B in writing and accepted by both Party A and Party B, Party A and Party B shall strictly regulate and manage acts of their respective branch units,
sales teams and staff. 

  

	 	5.2.	Dedicated Sales Person for Property and Casualty Insurance seconded by Party A to station at Party B’s workplace shall provide sales support and relevant services to Party B’s sales personnel regarding the
insurance sales agency business specified herein. Party B shall provide necessary working conditions for the Dedicated Sales Person for Property and Casualty Insurance. Dedicated Sales Person for Property and Casualty Insurance shall not take
advantage of their capacity to engage in business activities that are in competition with Party B’s business. Party B has the right to manage the acts of the Dedicated Sales Person for Property and Casualty Insurance within Party B’s
workplace to ensure a regulated business operation according to relevant rules. 

  

	 	5.3.	Party B’s sales of Party A’s insurance products as an agent shall be taken into account to an appropriate extent for the purpose of the performance appraisal of Party B’s sales units and sales personnel.

  

	 	5.4.	In compliance with applicable laws, regulations, regulatory rules and requirements by the CIRC, or as required by the statutory information disclosure obligation of Party B as a listed company, Party A shall furnish
relevant business and financial data to Party B on a timely basis. 

  

	 	5.5.	 Party A and Party B shall together establish an information sharing system and obtain data necessary to the
operation of insurance sales agency business through IT data exchange. Party A and Party B shall, at the request of the other party, periodically provide accurate and complete information in relation to the sales agency services specified herein.

  
 4 

	6.	Management of documentation 

  

	 	6.1.	Party A shall be entitled to the ownership of paper-based and electronic insurance documentation (including, with no limitation, business documentation and financial documentation, other than copies for customers)
relating to the sales agency business specified herein. 

  

	 	6.2.	Party A shall prepare and manage insurance documentation necessary to the sales agency business specified herein. Party B shall use such documentation in a manner in compliance with the rules governing insurance sales
agency documentation management set forth by Party A in writing and accepted by both Party A and Party B. 

  

	 	6.3.	Upon the termination of this Agreement, Party B shall return all of such documentation held by Party B to Party A. 

  

	7.	Coordination mechanism 

  

	 	7.1.	In furtherance of a sound and orderly development of the insurance sales agency business specified herein, Party A and Party B shall together establish a coordination mechanism for the sales agency business.

  

	 	7.2.	Party A and Party B shall work with each other under the mechanism of a comprehensive financial marketing committee on the levels of headquarters, provincial branches and municipal branches, organizing mutual agency
joint conferences, preparing and reviewing significant policies, systems and implementation plans in relation to the sales agency business, and coordinating on relevant important issues. 

 

	8.	Premium collection and settlement 

  

	 	8.1.	The fee collector sent by Party A to station at Party B’s workplace shall be responsible for collecting premiums relating to the insurance sales agency business specified herein (the “Premiums”).

  

	 	8.2.	The Premiums shall be directly deposited into Party A’s account of premium income, with detailed settlement issues specified under agreement otherwise entered into by Party A and Party B’s respective branch
offices. Party A and Party B’s respective branch offices at different levels shall, on a timely basis and in accordance with management rules regarding the insurance sales agency business and covenants under relevant agreements, review and
confirm the paid-in Premiums during the accounting period. 

  
 5 

	 	8.3.	Party B shall cause its sales personnel to settle the Premiums with Party A. 

  

	 	8.4.	The Premiums shall be invoiced in a manner determined through negotiation between Party A and Party B’s respective branch offices and subject to the approval by local competent tax authority. The details shall be
specified under agreements entered into by such branch offices, together with management requirements of documentation. 

  

	9.	Insurance agency service fees 

  

	 	9.1.	Based on the principles of equality and fairness, in compliance with applicable regulations of the CIRC and the Ministry of Finance, and subject to the Listing Rules of the jurisdictions where Party B is listed, the
standard for Sales Management Fee shall be determined by Party A and Party B by reference to the cost incurred by Party B (inclusive of tax) plus a marginal profit. 

 

	 	9.2.	Party A shall pay the Sales Service Fee to Party B in accordance with the service fee rates for specific insurance products determined through negotiation between Party A and Party B’s branch offices by reference
to market prices. 

  

	 	9.3.	Agency Service Fee, which is VAT inclusive, shall be calculated and paid in proportion to the paid-in Premiums (exclusive of VAT). Standards for payment, payment recipient and
payment procedures shall, to the extent within the standard scope issued by regulatory authorities, be determined by branch offices of Party A and Party B through negotiation and be specified in relevant agreements. 

 

	 	9.4.	Party A shall pay Service Management Fee based on the paid-in Premiums (exclusive of VAT, except for premiums earned from compulsory traffic accident liability insurances) to
Party B. 

  

	 	9.5.	Party A and Party B shall, complete checking of the financial data for the connected transactions, including the Agency Service Fee, 30 days in advance before the filing date of Party B’s semi-annual and annual
financial reports. 

  

	 	9.6.	Agency Service Fee shall, subject to the satisfaction of the above Section 9.5, be settled at least once a month by branches of Party A and Party B. 

  
 6 

	 	9.7.	Party B shall provide Party A with legal and valid VAT special invoices that are recognized by Party A once a month. For losses of Party A in VAT offset caused by Party B’s failure to provide legal and valid VAT
special invoices that are recognized by Party A, Party B agrees it will make corresponding deductions from the settlement amount. For losses of Party A in enterprise income tax caused by Party B’s failure to provide legal and valid certificates
that are recognized by Party A, Party B agrees it will indemnify against such losses (or make corresponding deductions from the settlement amount). 

  

	 	9.8.	Total reasonably estimated amounts for the Agency Service Fee in 2018, 2019 and 2020: 

 2018:
RMB 4.26 billion estimated 
 2019: RMB 5.54 billion estimated 

2020: RMB 7.05 billion estimated 

The above amounts are reasonably estimated total amounts for the Agency Service Fee only, and the concrete calculations shall be subject to
actual amounts incurred. 
  

	 	9.9.	With respect to the resources of one Party occupied and used by the other Party for the purpose of the insurance sales agency business (except for the resources relating to sales) under this Agreement, relevant fees
shall be paid to the Party providing such resources based on the principle of internal marketization by the Party which occupies and uses such resources. Matters relating to the use of resources shall be determined through negotiation between branch
offices of Party A and Party B and be specified in relevant agreements. 

  
 7 

	 	9.10.	(1) With respect to the circumstances such as development of significant projects and joint expansion that require Party A and Party B’s joint participation and contribution, proportionate share of each
Party’s cost and return shall be determined, case by case, in accordance with their respective input and contribution to relevant projects. 

(2) Upon the termination of this Agreement, Party A and Party B shall settle the Agency Service Fee. 

 

	10.	Taxation 

  

	 	10.1.	Party A shall be responsible for all tax obligations required to be borne by Party A as tax obligor or withholding obligor pursuant to applicable tax laws and regulations. 

 

	 	10.2.	Party B shall be responsible for all tax obligations required to be borne by Party B as tax obligor or withholding obligor pursuant to applicable tax laws and regulations. 

 

	11.	Anti-money laundering 

 As required by anti-money laundering regulatory authorities, Party A and
Party B shall, in accordance with applicable laws and regulations including the Anti-Money Laundering Law of the PRC, Provisions on Anti-Money Laundering through Financial Institutions, Administrative Measures on the Identification of Customers and
Records Maintenance of Customers’ Identity Information and Transaction Data by Financial Institutions, Administrative Measures on Anti-Money Laundering within the Insurance Industry, Measures for the Administration of Financial
Institutions’ Reporting of High-Value Transactions and Suspicious Transactions and the Circular of the People’s Bank of China on Implementing the Measures for the Administration of Financial Institutions’ Reporting of High-Value
Transactions and Suspicious Transactions, provide necessary assistance to each other, jointly perform the obligations in relation to identification of customers, maintenance of transaction records and reporting of high-value transactions and
suspicious transaction, and work together to improve the cooperation in respect of anti-money laundering, which shall include: 
 (1) Party
B shall identify customers who purchase Party A’s products sold by it in accordance with Party A’s obligations under anti-money laundering laws and regulations through effective identification measures; 

(2) Party B shall collect customers’ valid identity certificates or other copies or photocopies evidencing such customers’
identities during sales agency services to enable Party A to obtain customers’ identification information on a timely basis; 

  
 8 

 (3) When Party B receives high-value premiums in cash from customers, it shall promptly notify
Party A of the purchase in cash, so that Party A will be able to submit a high-value transaction report to the China Anti-Money Laundering Monitoring & Analysis Center in a timely manner; 

(4) Party B shall promptly notify Party A of any identified suspicious transactions together with relevant customer information and business
information, so that Party A will be able to make analyses and judgments in relation to information on suspicious transactions and submit a suspicious transaction report to the China Anti-Money Laundering Monitoring & Analysis Center. In
case Party A thinks a customer in a business transacted by Party B is suspicious, Party B shall work with Party A to carry out a due diligence investigation and provide Party A with the investigation results in a timely manner; and 

(5) Party A shall provide necessary assistance such as trainings to Party B for the purpose of identifying customers by Party B on behalf of
Party A. 
  

	12.	Representations, warranties and undertakings 

 Each Party to this Agreement makes the following
representations, warranties and undertakings to the other Party: 
 (1) It has obtained adequate power and authority (including but not
limited to obtaining approvals, consents and permits from relevant regulatory authorities) to sign this Agreement; 
 (2) After this
Agreement comes into effect in the manner set forth herein, it shall be binding on such Party, and will be enforceable against such Party in accordance with its terms; and 

(3) All terms of this Agreement are in compliance with Articles of Association of such Party, and with applicable laws and regulations of the
PRC. 
  

	13.	Term 

  

	 	13.1.	This Agreement shall remain in effect for three years, that is, from March 8, 2018 to March 7, 2021. Party A and Party B agree to assume rights and obligations arising from the observance of terms of the
previous agreement prior to the effectiveness of this Agreement. 

  
 9 

	14.	Indemnification 

  

	 	14.1.	Any claim, suit, loss, judgment, damages, fines or expenses (hereinafter collectively referred to as “Loss”) sustained by Party B, its directors, officers, employees, agents or representatives (hereinafter
collectively referred to as “Indemnified Party”) during the performance of their duties under this Agreement, shall be fully indemnified by Party A. Party A shall hold the Indemnified Party harmless against any such Loss and/or liability,
unless it is finally determined through legal or administrative procedures or consultations between Party A and Party B that such Loss and/or liability is caused due to the Indemnified Party’s willful misconducts or gross negligence.

  

	 	14.2.	This indemnity clause shall survive the termination of this Agreement, regardless of the manner in which this Agreement is terminated. 

 

	15.	Default liabilities 

  

	 	15.1.	In the event that Party A fails to or is unable to pay to Party B the Agency Service Fee in accordance with the terms of this Agreement, it shall bear default liabilities. 

 

	 	15.2.	With respect to any direct economic loss sustained by Party A due to Party B’s breach of the term of this Agreement during its operation of the sales agency business, Party B shall, to the extent of the Agency
Services Fee collected during the applicable billing period, compensate Party A for such losses, except for the losses caused by Party B’s willful misconduct and gross negligence as finally determined through legal or administrative procedures
or consultations between Party A and Party B. Party B shall not bear any default liabilities arising out of the sub-authorization under Section 2.5. 

 

	16.	Termination 

  

	 	16.1.	This Agreement may be terminated by Party A and Party B through consultation. 

  

	 	16.2.	During the term of this Agreement, Party A may terminate this Agreement upon the occurrence of any of the following circumstances: 

(1) Party B severely revises without approval or forges insurance documentation; 

(2) Party B is not qualified to act as an agent for Party A or loses such qualification; 

(3) Party B’s breach of other provisions of this Agreement or violation of applicable laws and regulations results in Party A’s
significant losses. 

  
 10 

	 	16.3.	During the term of this Agreement, Party B may terminate this Agreement upon the occurrence of any of the following circumstances: 

(1) Party A adjusts the types of insurance products to be sold by Party B without notifying Party B promptly and entering into a supplementary
agreement; 
 (2) Party A fails to pay the Agency Service Fee ninety days after such fees become due and payable; 

(3) Party A is in breach of provisions under this Agreement and causes significant losses to Party B. 

 

	 	16.4.	In the event that one Party wishes to terminate this Agreement in accordance with Section 16.2 or Section 16.3 of this Agreement, the other Party shall be notified in writing thirty days in advance. Unless
approved by the other Party, this Agreement shall be deemed to have been terminated the 30th day following the delivery to the other Party such written notice. 

 

	 	16.5.	In the event that this Agreement is not renewed upon the expiration of its term or its renewal term, this Agreement shall be deemed to have been terminated. 

 

	17.	Force Majeure 

  

	 	17.1.	If one Party fails to perform in whole or in part its duties under this Agreement due to an event of force majeure, its obligation under such duties shall be suspended during the affected period of such event.

  

	 	17.2.	The Party claiming that it is being affected by an event of force majeure shall notify the other Party of such event in writing as soon as practicable, and shall provide the other Party with appropriate proof evidencing
the existence and duration of such event within 15 days after the occurrence thereof. The Party claiming that the performance of its obligations under this Agreement objectively becomes impossible and impracticable due to such event of force majeure
shall take all reasonable measures to eliminate or alleviate the consequences resulting from such event. 

  

	 	17.3.	Upon the occurrence of any event of force majeure, Party A and Party B shall immediately consult with each other in a friendly manner in respect of the performance of their obligations under this Agreement, and shall
immediately resume the performance of their respective obligations hereunder upon the termination or elimination of such event of force majeure or its effect. 

  

	 	17.4.	Force majeure means the objective circumstances that cannot be reasonably foreseen, avoided or overcome, and will substantially affect the performance of obligations under this Agreement by one Party or both Parties,
including but not limited to natural disasters such as flood, earthquake, typhoon, and plague, war, military action, conflict, terrorist attack, strike, governmental administrative action, changes in national laws, regulations, rules and policies.

  
 11 

	18.	Confidentiality 

  

	 	18.1.	Party A and Party B shall cause their respective offices and staff to assume confidentiality obligations with respect to the trade secrets known by such offices and staff, including: 

(1) Party A and Party B shall strengthen confidentiality rules and measures on the maintenance of confidential materials, and also strengthen
the management of customer information. Standards applicable to the maintenance of duplicates of any confidential materials shall be the same as those applicable to the original copies; 

(2) Relevant trade secrets shall not be used for a purpose other than the purpose of this Agreement. 

 

	 	18.2.	Party B shall keep strictly confidential the business information, assets data and personal privacy regarding Party A, the insurer, the insured or the beneficiaries that Party B becomes aware of during business
operation. 

  

	 	18.3.	The above provisions under this Section 18 shall not be applicable to the disclosure that is made as required otherwise by laws or competent regulatory bodies, or in compliance with the statutory disclosing
requirement governing Party B as a listed company, provided that Party A’s written approval shall be obtained. 

  

	19.	Assignment 

 Neither Party may assign any right or obligation under this Agreement without the
prior written approval of the other Party. 
  

	20.	Non-Waiver 

 Unless otherwise provided for by law, no delay or failure on the part of either
Party hereto to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any partial exercise of any right, power or privilege preclude the further exercise of such right, power or privilege in the
future. 

  
 12 

	21.	Notices 

 Any notice related to this Agreement shall be sent in writing, and shall be delivered
in person or by fax or mail. If delivered in person, such notice shall be deemed duly delivered once delivered. If sent by fax, such notice shall be deemed duly delivered when the fax machine of the sending party indicates that the fax has been
transmitted. If delivered by mail, such notice shall be deemed duly delivered the third business day (or correspondingly postponed in case of a public holiday) following the day such notice was mailed. Notices shall become effective upon delivery.

 Addresses of the Parties are as follows: 
  

			
	 China Life Property and Casualty Insurance Company Limited
	  	China Life Insurance Company Limited
		
	 Address: 15/F, China Life Center, No. 17 Financial Street, Xicheng District, Beijing
	  	Address: China Life Plaza, No. 16 Financial Street, Xicheng District, Beijing
		
	 Telephone: 010-66190000
	  	Telephone: 010-63633333
		
	 Fax: 010-66190166
	  	Fax: 010-66575722

  

	22.	Performance of this Agreement 

  

	 	22.1.	The transaction under this Agreement shall constitute a connected transaction of Party B. According to applicable laws and regulations, regulatory provisions and the Listing Rules, such transaction may be conducted only
after obtaining the waiver from relevant stock exchanges or the approval of independent shareholders and/or in compliance with any other requirements governing connected transactions. Therefore, the performance of the obligations set forth in this
Agreement shall, to the extent that they relate to such connected transaction, be subject to the approval of relevant stock exchanges and/or conditional on conforming to any other requirements concerning connected transactions under applicable laws
and regulations, regulatory provisions and the Listing Rules in effect from time to time. Both Party A and Party B undertake to observe the relevant requirements of applicable laws and regulations, regulatory provisions and the Listing Rules, and
Party A agrees to assist Party B in fulfilling relevant compliance obligations. 

  

	 	22.2.	If exemption from relevant stock exchanges is conditional, this Agreement shall be performed in accordance with such conditions. Both Party A and Party B undertake to strictly observe such conditions. 

  
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	23.	Further Actions 

 Both Parties shall take further actions and measures in order to fully and
effectively perform this Agreement, including consultations with each other to set forth the execution plan or detailed rules of this Agreement in accordance with the principles set forth in this Agreement, and provided that such plan or rules shall
not violate the terms hereof. 
  

	24.	Governing Law and Disputes Resolution 

  

	 	24.1.	This Agreement shall be governed by, construed and enforced in accordance with PRC laws. 

  

	 	24.2.	Any disputes arising from or related to this Agreement shall first be settled by Party A and Party B through friendly consultations. If the consultation fails, such dispute may be submitted to China Life Insurance
(Group) Company; if no resolution is achieved, either Party may submit such dispute to the court of competent jurisdiction where Party A is located. 

  

	25.	Effectiveness, Counterparts and Amendments 

  

	 	25.1.	This Agreement shall come into effect once signed and sealed by Party A and Party B’s respective legal representatives or authorized representatives. 

 

	 	25.2.	This Agreement is executed in six originals, with three originals to be kept by each Party. Each original shall have the same legal effect. 

 

	 	25.3.	Any amendment or revision to this Agreement shall be made in writing and signed and sealed by the legal representative or authorized representative of each Party, and shall be approved by each Party after taking
appropriate corporate actions. Such amendment shall become effective upon the notification of and procurement of approval from relevant stock exchanges and/or a shareholders’ meeting of Party B (if applicable) (subject to relevant provisions of
applicable laws and regulations, regulatory provisions and the Listing Rules that become effective from time to time and requirements of relevant stock exchanges then in effect). 

 

	 	25.4.	If changes in PRC laws, regulations or departmental rules would affect the performance of this Agreement, Party A and Party B shall, based on the objectives of this Agreement and in the principles of equity and
reasonableness, through friendly negotiations, amend the affected provisions in a timely manner in order to eliminate and alleviate, to the extent possible, the impact caused by such changes. 

  
 14 

			
	 Party A:
  

China Life Property and Casualty Insurance Company Limited
	  	 Party B:
  

China Life Insurance Company Limited

		
	Legal Representative/
Authorized Representative (Signature)	  	Legal Representative/
Authorized Representative (Signature)

  
 15

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