Document:

EX-4.8

 Exhibit 4.8 

English Translation 

Property Leasing Agreement 

between 
 China Life
Investment Holding Company Limited 
 and 

China Life Insurance Company Limited 

 Table of Contents 

 

							
	 1.
	 	 Conditions Precedent
	  	 	1	 
	 2.
	 	 Scope of the Lease
	  	 	2	 
	 3.
	 	 Term
	  	 	2	 
	 4.
	 	 Rent
	  	 	3	 
	 5.
	 	 Rights and Obligations of Both Parties
	  	 	4	 
	 6.
	 	 Amendment and Termination
	  	 	7	 
	 7.
	 	 Liability for Breach of Contract and Damages
	  	 	7	 
	 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
	  			

 This property leasing agreement (the “Agreement”) was entered into on December 31, 2020 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: Zhang Fengming

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

 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; 

Party A and Party B have signed a property leasing agreement (the “Original Agreement”) in 2017, which will expire on
December 31, 2020. 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 of rents and invoicing. Party A shall issue invoices to Party B’s branches based on actual payments of rents. In case of special circumstances, Party A and Party B shall negotiate and
enter into an agreement in writing. 
 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, the Contract Law of the PRC and other applicable laws and regulations. 
  

	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. 

  
 1 

	2.	 Scope of the Lease 

 

	2.1	 Party A’s Properties include 1,134 properties, with a total constructions area of 422,125.05 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 by January 1, 2021. 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, 2021 to December 31, 2021. 

  

	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. 

  
 2 

	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 61,204,599.60 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. Among the total rent, RMB 58,290,094.86 is the tax exclusive rent, and RMB 2,914,504.74 is
the VAT amount. During the performance of the Agreement, in case of adjustment of the VAT policy by the government’s finance and taxation department, the VAT amount shall be determined according to the adjusted tax rate, with the tax exclusive
rent remaining unchanged and the VAT-inclusive rent to be re-determined by the two parties based on the tax exclusive rent and the adjusted VAT amount. 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 July 31, 2021 and January 31, 2022 (“Payment Date”). 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. 

 

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

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

  
 3 

	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 or Party B’s branches in VAT offset or enterprise income tax caused by Party A’s failure to provide recognized legal and valid VAT special invoices, 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. 

 

	4.7	 The payable rent shall be paid by Party B’s branches to an account designated by Party A.

  

	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 tax laws and regulations 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. 

  
 4 

	 	5)	 In case Party A transfers the Properties rented by Party B under this Agreement and the Original Agreement
signed in 2017 to a third party after January 1, 2020, if Party B has invested decoration and improvement expenses during the lease period (including the lease period of previous years) and such decoration and improvement expenses have not been
fully amortized when the Properties are transferred, Party A shall compensate Party B for the book loss of such decoration and improvement expenses. The book loss of decoration and improvement expenses for the Properties transferred from 2020 to
2022 shall be settled by Party A to Party B by the end of March of the next year of the transfer. 

 In 2020, the total
amount of unamortized decoration and improvement expenses when Party A’s Properties are transferred is estimated to be RMB 9,618,827.67; in 2021, the total amount of unamortized decoration and improvement expenses when Party A’s Properties
are transferred is estimated to be RMB 43,744,020.45. The above amounts are for reference only, and the specific amounts shall be determined based on actual disposal and relevant renovation data. 

 

	 	6)	 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. 

  

	 	7)	 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; Party B shall not sublet
Party A’s Properties hereunder to a third party. With the prior written consent of Party A, Party B may return the whole or part of the area of Party A’s Properties hereunder and deduct the corresponding rent, and Party B may, as entrusted
by Party A, lease the returned area to a third party on behalf of Party A and pay any rent received therewith to Party A. 

  
 5 

	 	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;

  

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

  

	 	7)	 During the term of this Agreement, if Party A transfers the ownership of Party A’s Properties under this
Agreement to a third party, Party B shall have the right to require Party A to make compensation for the remaining book value of improvement expenses by the end of March of the next year after the ownership transfer if there is any improvement
expenses for such properties that have not yet been fully depreciated. 

  

	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;

  
 6 

	 	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. 

  

	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. 

  
 7 

	 	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. 

 

	 	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. 

  
 8 

	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. 

  

	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).

  
 9 

	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 

  
 10 

 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 

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. 

  
 11 

	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 the place 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	 During the term of this Agreement, if the retained assets hereunder are stripped or disposed of as a whole,
this Agreement will be automatically terminated after written confirmation by Party A and Party B. 

  

	13.8	 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. 

  
 12 

			
	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):

  
 13 

 Appendix I 

Schedule of Properties Leased to Party B by Party A 
  

											
	 Branch Office
	  	 Total Properties
	  	
Area (Square meter)
	 	  	 Total
Rent(Yuan/
Year)
	 
				
	 Anhui
	  	5	  	 	7054. 64	 	  	 	1081549.19	 
				
	 Beijing
	  	1	  	 	3004. 31	 	  	 	1074642.00	 
				
	 Dalian
	  	0	  	 	0. 00	 	  	 	0. 00	 
				
	 Fujian
	  	70	  	 	13902. 79	 	  	 	1447436. 96	 
				
	 Gansu
	  	106	  	 	33079. 84	 	  	 	5013318. 47	 
				
	 Guangdong
	  	346	  	 	86195. 47	 	  	 	10427679. 80	 
				
	 Guangxi
	  	19	  	 	12326. 72	 	  	 	1766523. 34	 
				
	 Guizhou
	  	4	  	 	2082. 16	 	  	 	449331. 08	 
				
	 Hainan
	  	2	  	 	10810. 00	 	  	 	3041207.70	 
				
	 Hebei
	  	3	  	 	2459. 77	 	  	 	493015. 11	 
				
	 Henan
	  	58	  	 	29282. 46	 	  	 	5348374. 84	 
				
	 Heilongjiang
	  	24	  	 	7576. 55	 	  	 	1361369.81	 
				
	 Hubei
	  	76	  	 	19196. 86	 	  	 	762300. 38	 
				
	 Hunan
	  	15	  	 	4146. 12	 	  	 	92663. 62	 
				
	 Jilin
	  	9	  	 	12375. 50	 	  	 	1908259. 32	 
				
	 Jiangsu
	  	37	  	 	20959. 46	 	  	 	2741631.58	 
				
	 Jiangxi
	  	29	  	 	10067. 54	 	  	 	1032438. 35	 
				
	 Liaoning
	  	12	  	 	6976. 90	 	  	 	2567703. 33	 
				
	 Inner Mongolia
	  	0	  	 	0. 00	 	  	 	0. 00	 
				
	 Ningbo
	  	7	  	 	1950. 91	 	  	 	259689. 30	 
				
	 Ningxia
	  	2	  	 	222. 30	 	  	 	7921. 06	 
				
	 Qingdao
	  	0	  	 	0. 00	 	  	 	0. 00	 
				
	 Qinghai
	  	1	  	 	595. 10	 	  	 	92171. 00	 
				
	 Xiamen
	  	0	  	 	0. 00	 	  	 	0. 00	 

  
 14 

											
				
	 Shandong
	  	6	  	 	17987.16	 	  	 	4767163. 86	 
				
	 Shanxi
	  	15	  	 	16109. 96	 	  	 	701110. 98	 
				
	 Shaanxi
	  	84	  	 	18755. 26	 	  	 	1012287. 61	 
				
	 Shenzhen
	  	0	  	 	0. 00	 	  	 	0. 00	 
				
	 Shanghai
	  	0	  	 	0. 00	 	  	 	0. 00	 
				
	 Sichuan
	  	54	  	 	19377. 41	 	  	 	1362339. 89	 
				
	 Tianjin
	  	4	  	 	9106. 43	 	  	 	5457849. 32	 
				
	 Xinjiang
	  	9	  	 	1969. 14	 	  	 	123459. 49	 
				
	 Yunnan
	  	98	  	 	32819. 25	 	  	 	3814925. 82	 
				
	 Zhejiang
	  	25	  	 	16703. 67	 	  	 	2510524. 69	 
				
	 Chongqing
	  	13	  	 	5031. 37	 	  	 	485711. 70	 
				
		  	1134	  	 	422125. 05	 	  	 	61204599. 60	 

  
 15 

 Statistical Table of Rents for Properties Leased to China Life Insurance Company Limited by
China Life Investment Holding Company Limited in 2021 
  

																																	
	 #
	  	 Branch office
	  	Overall	 	  	Properties of More Than 500 m2	 	  	Properties of Less Than 500 m2	 
	  	Sites	  	Area (m2)	 	  	Total Rent
(Yuan/Year)	 	  	Sites	  	Area (m2)	 	  	Assessed Rent
(Yuan/Year)	 	  	Sites	  	Area (m2)	 	  	Formula-
based Rent
(Yuan/Year)	 
											
	 1
	  	Anhui	  	5	  	 	7054. 64	 	  	 	1081549. 19	 	  	4	  	 	6934.64	 	  	 	1070100. 00	 	  	1	  	 	120. 00	 	  	 	11449. 19	 
											
	 2
	  	Beijing	  	1	  	 	3004.31	 	  	 	1074642. 00	 	  	1	  	 	3004.31	 	  	 	1074642. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 3
	  	Dalian	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0.00	 	  	 	0. 00	 
											
	 4
	  	Fujian	  	70	  	 	13902. 79	 	  	 	1447436.96	 	  	10	  	 	5591.40	 	  	 	1166121.00	 	  	60	  	 	8311.39	 	  	 	281315. 96	 
											
	 5
	  	Gansu	  	106	  	 	33079. 84	 	  	 	5013318.47	 	  	10	  	 	17309. 85	 	  	 	4676106. 00	 	  	96	  	 	15769. 99	 	  	 	337212. 47	 
											
	 6
	  	Guangdong	  	346	  	 	86195.47	 	  	 	10427679. 80	 	  	31	  	 	28964. 09	 	  	 	8152360. 00	 	  	315	  	 	57231.38	 	  	 	2275319.80	 
											
	 7
	  	Guangxi	  	19	  	 	12326. 72	 	  	 	1766523. 34	 	  	9	  	 	9661.95	 	  	 	1541482. 00	 	  	10	  	 	2664. 77	 	  	 	225041. 34	 
											
	 8
	  	Guizhou	  	4	  	 	2082. 16	 	  	 	449331.08	 	  	1	  	 	1142.20	 	  	 	421072. 00	 	  	3	  	 	939. 96	 	  	 	28259. 08	 
											
	 9
	  	Hainan	  	2	  	 	10810. 00	 	  	 	3041207.70	 	  	1	  	 	10690. 00	 	  	 	3039500. 00	 	  	1	  	 	120. 00	 	  	 	1707.70	 
											
	 10
	  	Hebei	  	3	  	 	2459. 77	 	  	 	493015. 11	 	  	2	  	 	2159.77	 	  	 	492336.00	 	  	1	  	 	300. 00	 	  	 	679. 11	 
											
	 11
	  	Henan	  	58	  	 	29282. 46	 	  	 	5348374. 84	 	  	15	  	 	21482. 02	 	  	 	5099006. 00	 	  	43	  	 	7800. 44	 	  	 	249368. 84	 
											
	 12
	  	Heilongjiang	  	24	  	 	7576. 55	 	  	 	1361369.81	 	  	3	  	 	4394.48	 	  	 	1136167.00	 	  	21	  	 	3182.07	 	  	 	225202. 81	 
											
	 13
	  	Hubei	  	76	  	 	19196. 86	 	  	 	762300. 38	 	  	23	  	 	6647. 20	 	  	 	540615. 08	 	  	53	  	 	12549. 65	 	  	 	221685. 30	 
											
	 14
	  	Hunan	  	15	  	 	4146. 12	 	  	 	92663. 62	 	  	2	  	 	838. 00	 	  	 	22023. 00	 	  	13	  	 	3308. 12	 	  	 	70640. 62	 
											
	 15
	  	Jilin	  	9	  	 	12375. 50	 	  	 	1908259.32	 	  	6	  	 	11642. 30	 	  	 	1890289. 00	 	  	3	  	 	733. 20	 	  	 	17970. 32	 
											
	 16
	  	Jiangsu	  	37	  	 	20959. 46	 	  	 	2741631.58	 	  	10	  	 	14888. 98	 	  	 	2589000. 00	 	  	27	  	 	6070. 48	 	  	 	152631. 58	 
											
	 17
	  	Jiangxi	  	29	  	 	10067. 54	 	  	 	1032438. 35	 	  	8	  	 	5742.51	 	  	 	946400. 00	 	  	21	  	 	4325. 03	 	  	 	86038. 35	 
											
	 18
	  	Liaoning	  	12	  	 	6976. 90	 	  	 	2567703. 33	 	  	4	  	 	5828. 54	 	  	 	2463800. 00	 	  	8	  	 	1148.36	 	  	 	103903. 33	 
											
	 19
	  	Inner Mongolia	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 20
	  	Ningbo	  	7	  	 	1950.91	 	  	 	259689. 30	 	  	1	  	 	800. 00	 	  	 	93900.00	 	  	6	  	 	1150.91	 	  	 	165789. 30	 
											
	 21
	  	Ningxia	  	2	  	 	222. 30	 	  	 	7921.06	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	2	  	 	222. 30	 	  	 	7921.06	 
											
	 22
	  	Qingdao	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 23
	  	Qinghai	  	1	  	 	595. 10	 	  	 	92171.00	 	  	1	  	 	595.10	 	  	 	92171.00	 	  	0	  	 	0. 00	 	  	 	0.00	 
											
	 24
	  	Xiamen	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 25
	  	Shandong	  	6	  	 	17987.16	 	  	 	4767163. 86	 	  	5	  	 	17487. 30	 	  	 	4699881. 24	 	  	1	  	 	499. 91	 	  	 	67282. 62	 
											
	 26
	  	Shanxi	  	15	  	 	16109.96	 	  	 	701110. 98	 	  	4	  	 	4846.72	 	  	 	616592. 00	 	  	11	  	 	11263. 24	 	  	 	84518. 98	 
											
	 27
	  	Shaanxi	  	84	  	 	18755. 26	 	  	 	1012287.61	 	  	6	  	 	6135.11	 	  	 	598179. 00	 	  	78	  	 	12620. 15	 	  	 	414108.61	 
											
	 28
	  	Shenzhen	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 29
	  	Shanghai	  	0	  	 	0. 00	 	  	 	0. 00	 	  	0	  	 	0. 00	 	  	 	0.00	 	  	0	  	 	0. 00	 	  	 	0. 00	 
											
	 30
	  	Sichuan	  	54	  	 	19377.41	 	  	 	1362339. 89	 	  	10	  	 	9330.18	 	  	 	1102338.00	 	  	44	  	 	10047. 23	 	  	 	260001.89	 
											
	 31
	  	Tianjin	  	4	  	 	9106. 43	 	  	 	5457849.32	 	  	1	  	 	8291.40	 	  	 	5417200. 00	 	  	3	  	 	815. 03	 	  	 	40649. 32	 

  
 16 

																																			
											
	 32
	  	Xinjiang	  	 	9	 	  	 	1969. 14	 	  	 	123459. 49	 	  	1	  	 	700. 00	 	  	 	79205.00	 	  	8	  	 	1269.14	 	  	 	44254. 49	 
											
	 33
	  	Yunnan	  	 	98	 	  	 	32819. 25	 	  	 	3814925. 82	 	  	25	  	 	16376.71	 	  	 	3100290. 00	 	  	73	  	 	16442. 54	 	  	 	714635. 82	 
											
	 34
	  	Zhejiang	  	 	25	 	  	 	16703.67	 	  	 	2510524.69	 	  	16	  	 	14291.25	 	  	 	2414600. 00	 	  	9	  	 	2412. 42	 	  	 	95924. 69	 
											
	 35
	  	Chongqing	  	 	13	 	  	 	5031.37	 	  	 	485711.70	 	  	2	  	 	2849. 35	 	  	 	276083. 00	 	  	11	  	 	2182. 02	 	  	 	209628. 70	 
											
		  		  	 	1134	 	  	 	422125.05	 	  	 	61204599. 6	 	  	212	  	 	238625. 36	 	  	 	54811458. 32	 	  	922	  	 	183499. 73	 	  	 	6393141.28	 

  
 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 

 Table of Contents 

 

							
	1.	 	 PRINCIPLES OF COOPERATION
	  	 	2	 
			
	2.	 	 AUTHORIZATION AND AGENCY
	  	 	2	 
			
	3.	 	 PARTY A’S RIGHTS AND OBLIGATIONS
	  	 	4	 
			
	4.	 	 PARTY B’S RIGHTS AND OBLIGATIONS
	  	 	5	 
			
	5.	 	 PREMIUM COLLECTION AND SETTLEMENT OF SERVICE FEES
	  	 	7	 
			
	6.	 	 CUSTOMER INFORMATION
	  	 	9	 
			
	7.	 	 ANTI-MONEY LAUNDERING
	  	 	10	 
			
	8.	 	 CONFIDENTIALITY
	  	 	11	 
			
	9.	 	 COORDINATION MECHANISM AND DISPUTES RESOLUTION
	  	 	11	 
			
	10.	 	 INDEMNIFICATION, DEFAULT LIABILITIES AND FORCE MAJEURE
	  	 	12	 
			
	11.	 	 TERMINATION
	  	 	13	 
			
	12.	 	 ASSIGNMENT AND NON-WAIVER
	  	 	14	 
			
	13.	 	 TERM
	  	 	14	 
			
	14.	 	 EFFECTIVENESS AND AMENDMENTS
	  	 	15	 
			
	15.	 	 MISCELLANEOUS
	  	 	15	 

  
 i 

 This Insurance Sales Framework Agreement (this “Agreement”) is entered into on
                     , 2021 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: China Life Center,
No. 17 Financial Street, Xicheng District, Beijing 

 Legal representative: Liu Anlin 

 

	(2)	 China Life Insurance Company Limited (“Party B”) Address: China Life Plaza, No. 16 Financial
Street, Xicheng District, Beijing 

 Legal representative: Wang Bin 

In order to proactively expand insurance service scope, practically meet customers’ comprehensive insurance needs, realize resource
sharing and advantage complementation, promote common development, and effectively enhance the brand value of China Life, Party B accepts Party A’s entrustment to handle the sales and service agency matters as the sales and service agent for
Party A’s relevant insurance products. And in order to clarify the rights and obligations of Party A and Party B and protect the legitimate rights and interests of both parties, the two parties hereby enter into this agreement. 

Terms and Definitions used in this Agreement shall have the following meanings: 
  

	(1)	 “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. 

  

	(2)	 “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, management fee and sales service fee. 

 “Management Fee” means the
compensation made by Party A to Party B for the provision of its own resources to carry out the Business, including expenses incurred by Party B in managing its management personnel and sales force, expenses for providing its brand publicity
resources, daily operation expenses and taxes, etc. The Management Fee consists of vehicle insurance management fee and non-vehicle insurance management fee. 

“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. 

  
 1 

	(3)	 “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. 

 

	1.	 Principles of Cooperation 

 

	 	(1)	 Equality. Party A and Party B enter into this Agreement on the basis of voluntariness and equality, and the
contents hereof have been fully negotiated by both parties. 

  

	 	(2)	 Long-term and stable cooperation. The cooperation between Party A and
Party B is based on mutual trust, focusing on long-term interests, and both parties are committed to long-term and stable cooperation. 

  

	 	(3)	 Common development. The purpose of this Agreement is to promote the common development of both parties and is
in line with the fundamental interests of both parties. 

  

	 	(4)	 Integrity and market-oriented. Party A and Party B shall abide by the commitments made hereunder to ensure the
common interests of both parties. The specific cooperation matters shall be operated in a market-oriented way, and the corresponding expenses incurred in the process of cooperation shall be calculated and determined by a market-oriented pricing
method, so as to ensure that the expenses borne by Party B are fair and reasonable, in line with the principle of independent transaction, and match with Party B’s rights and interests, and ensure that the transactions comply with the
regulatory provisions of each listing place concerning connected transactions. 

  

	 	(5)	 Compliance. The cooperation between Party A and Party B shall comply with laws, regulations and relevant
provisions and requirements of China Banking and Insurance Regulatory Commission (“CBIRC”). Party B shall perform the insurance agency duties in accordance with this Agreement, and Party A shall bear the legal liabilities arising from the
agency acts within the scope of authorization. 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. 

 

	2.	 Authorization and Agency 

 

	 	(1)	 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 

	 	(2)	 Party A authorizes Party B, to the extent within the authorized territories, act as an agent to sell insurance
products (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)	 The insurance products of Party A for which Party B acts as an agent shall be complementary to the main
businesses of Party B and meet the needs of customers in a comprehensive way. 

  

	 	(4)	 Party A and Party B shall strictly abide by the regulatory provisions amended and promulgated by the CBIRC from
time to time, formulate the insurance agency business management system approved by both parties, and strictly regulate and manage the behaviors of all levels of institutions, management personnel, sales teams and relevant staff of both parties.

  

	 	(5)	 If Party B’s agency products are put on the mobile front end of Party B for sales and provision of
customer service, which constitute an online business, it shall be implemented in accordance with relevant online management regulations of the CBIRC. Both parties shall maintain the conditions for the online insurance business to be carried out
continuously during the term of this Agreement. Party A and Party B shall cooperate with each other to set up and control the information system and disclose relevant online sales information in a timely manner. Both parties shall work together to
fulfill the retroactive management of online insurance business. 

  

	 	(6)	 Provincial branches of Party A and Party B shall enter into secondary agency agreements on the basis of this
Agreement; in some regions, if necessary, their prefecture-level branches may enter into tertiary agency agreements. 

  

	 	(7)	 The pricing and settlement of insurance agency business carried out by Party A and Party B under this Agreement
shall be determined through negotiation in accordance with the principles of compliance, justness and fairness in accordance with relevant national policies, regulations and industry practices, business nature, transaction amount and term, market
conditions and other factors. The transaction pricing shall not deviate from prices or price standards of an independent third party in the market. It is not allowed to formulate trading conditions that are obviously unfavorable to one party, and it
is prohibited to transfer interests through connected transactions. 

  
 3 

	3.	 Party A’s Rights and Obligations 

 

	 	(1)	 Party A’s Rights 

 

	 	1.	 Send Dedicated Sales Person for Property and Casualty Insurance to Party B’s field office, who will
provide sales support and relevant services to Party B’s sales personnel regarding the insurance sales agency business specified herein. 

  

	 	2.	 Have the right of final confirmation and sign-off of insurance policies
for the businesses carried out by Party B within the scope of authorization. 

  

	 	3.	 Discover, stop and correct any illegal underwriting behaviors of Party B and its related personnel in the
agency business activities such as false statements, misleading consumers and violation of regulatory provisions. 

  

	 	4.	 Give advices on the problems existing in Party B’s agency sales and after-sales services.

  

	 	5.	 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.	 Other rights as provided for by applicable laws, regulations, regulatory provisions and contracts.

  

	 	(2)	 Party A’s Obligations 

 

	 	1.	 Assume insurance liabilities for the insurance businesses represented by Party B within the scope of
authorization according to the insurance terms. 

  

	 	2.	 Pay Party B the Agency Service Fee in full and on time according to the Agreement. 

 

	 	3.	 Include the Businesses identified hereunder in the performance appraisal of Party A’s sales units and
Dedicated Sales Person for Property and Casualty Insurance. 

  

	 	4.	 Provide Party B with information of insurance product registration information, terms, training materials and
publicity materials necessary for the agency sales, and in case of changes in such information, promptly notify Party B to make updates. 

  

	 	5.	 Provide necessary back-end supports for Party B’s agency sales,
including providing necessary supports for construction of a system using Party B’s own mobile front-end to sell Party A’s products, and communicating information and checking data with Party B in a
timely manner. 

  
 4 

	 	6.	 Provide training and guidance on, among others, business knowledge, laws and regulations and professional
ethics necessary for Party B’s agency sales, but it shall not launch any courseware in Party B’s office field that has not been approved. 

  

	 	7.	 Standardized management and training of Dedicated Sales Person for Property and Casualty Insurance. Dedicated
Sales Person for Property and Casualty Insurance shall not take advantage of his own convenience to engage in business activities that are competitive with Party B. 

 

	 	8.	 Carry out customer demand analysis and market research, cooperate with Party B to carry out various targeted
activities, and continuously optimize products and services. 

  

	 	9.	 Promote the signing of customer information sharing terms for the Business. 

 

	 	10.	 Other obligations as provided for by applicable laws, regulations, regulatory provisions and contracts.

  

	4.	 Party B’s Rights and Obligations 

 

	 	(1)	 Party B’s Rights 

 

	 	1.	 Receive the Agency Service Fee from Party A according to this Agreement, and negotiate with Party A to
determine the Agency Service Fee based on reasonable costs as estimated according to business development. 

  

	 	2.	 Manage Party A’s products, have the right to launch all of Party A’s products on its own mobile front
end for sale and provide customer service, and put forward demands for new products according to the market situation. 

  

	 	3.	 Conduct compliance reviews on the marketing, training, publicity, service and other relevant materials provided
by Party A. 

  

	 	4.	 Based on the actual situation of business development, put forward opinions and suggestions on the information,
rules and regulations, business guidance, sales support and customer service provided by Party A. 

  
 5 

	 	5.	 Manage the behaviors of the Dedicated Sales Persons for Property and Casualty Insurance stationed in Party
B’s office field, including assessment and appraisal, to ensure their compliant work. 

  

	 	6.	 Within the scope of Party A’s entrustment and on the premise of complying with laws and regulations, Party
A has the right to independently conduct customer demand analysis and market research, and carry out development, maintenance and daily operations. 

  

	 	7.	 Establish relevant business management measures and risk management system. 

 

	 	8.	 Other rights as provided for by applicable laws, regulations, regulatory provisions and contracts.

  

	 	(2)	 Party B’s Obligations 

 

	 	1.	 Possess the qualification of non-dedicated insurance agency approved by
the regulatory authority. 

  

	 	2.	 Appropriately include the insurance businesses of Party A for which it acts as an agent in the performance
appraisal of Party B’s sales units and sales persons. 

  

	 	3.	 Provide Party A with supports in a timely manner necessary for carrying out the agency business to ensure
normal development of the business. 

  

	 	4.	 Provide office conditions and relevant supports necessary for the Dedicated Sales Persons for Property and
Casualty Insurance to carry out work in its office field. 

  

	 	5.	 Abide by the insurance business management systems and business underwriting policies formulated by Party A,
and shall not change or modify Party B’s documents without authorization, forge or change insurance certificates without authorization, or provide false proof materials for the parties to an insurance contract; upon the termination of this
Agreement, Party B shall return all of paper documents in relation to the agency business held by it to Party A. 

  

	 	6.	 It shall not entrust Party A’s products to an external third-party organization/platform/company or engage
them to sell Party A’s products. 

  

	 	7.	 Other obligations as provided for by applicable laws, regulations, regulatory provisions and contracts.

  
 6 

	5.	 Premium Collection and Settlement of Service Fees 

 

	 	(1)	 Premium Collection 

  

	 	1.	 The Premiums shall be directly deposited into Party A’s account of premium income, with detailed premium
settlement issues specified under agreement otherwise entered into by Party A and Party B’s respective branch offices. Party A and Party B 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. 

 

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

 

	 	3.	 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.

  

	 	(2)	 Settlement of the Agency Service Fee 

 

	 	1.	 Based on the principles of equality and fairness, in compliance with applicable regulations of the CBIRC and
the Ministry of Finance, and subject to the Listing Rules of the jurisdictions where Party B is listed, and taking into account resources invested for business management, the standard for the 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. The Management Fee includes vehicle insurance management fee and non- vehicle insurance management fee.

  

	 	2.	 Branches of Party A and Party B shall negotiate and determine the Sales Service Fee rates for specific
insurance products by reference to market prices. 

  

	 	3.	 The Agency Service Fee shall be settled at least once a month, and paid by Party A to Party B through bank
transfer; the specific data checking time, settlement time and settlement account shall be agreed between the branches of Party A and Party B, and each settlement shall not be later than the 20th day of the next month. 

 

	 	4.	 The Sales Service Fee shall be calculated and paid according to a certain proportion of the paid-in premiums from the insurance agency business. The Management Fee shall be calculated and paid according to a certain proportion of the paid-in premiums from the
insurance agency business (except for premiums earned from compulsory traffic accident liability insurances). Among them, the premium calculation base for vehicle insurance agency fee is a VAT-exclusive
amount, and the premium calculation base for non-vehicle insurance agency fee is an VAT-inclusive amount. 

  
 7 

 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. 
  

	 	5.	 Party B shall issue an invoice to Party A on a monthly basis for any settled Agency Service Fee. Within 10
working days after the end of each month, Party B shall issue a legal and valid VAT special invoice in accordance with the tax law for all Agency Service Fees paid by Party A in the last month. If the regulatory authorities have other requirements
for the invoice management, Party A and Party B shall adjust the relevant workflow according to such requirements. 

  

	 	6.	 Party A shall provide Party B with all necessary invoicing information and relevant documents, and undertake
that the invoicing information and data provided are true and accurate. If Party B issues a VAT special invoice wrongly due to Party A’s failure to timely inform or provision of wrong information, all relevant losses and responsibilities shall
be borne by Party A. 

  

	 	7.	 The branches of Party A and Party B shall complete the verification of the Agency Service Fees and other
connected transaction data between the two parties 30 days in advance before the disclosure date of Party B’s semiannual and annual financial reports. 

  

	 	8.	 Total reasonably estimated amounts for the Agency Service Fee in 2021, 2022 and 2023: 

2021: RMB 3.50 billion estimated 

2022: RMB 3.83 billion estimated 

2023: RMB 4.24 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. 

  
 8 

	 	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. 

 

	 	10.	 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.

  

	 	(3)	 Taxation 

Party A and Party B shall be responsible for all tax obligations required to be borne by them respectively as tax obligors or
withholding obligors pursuant to applicable tax laws and regulations. 
  

	6.	 Customer Information 

Party A and Party B shall fulfill their obligations and responsibilities in the management and use of customer information. 

 

	 	(1)	 Party B shall collect and record customer information in accordance with the principles of legality,
legitimacy, necessity, accuracy, safety and confidentiality and with the consent of the customer, and provide the customer information related to insurance purchase, underwriting and other insurance services to Party A truly through the business
system. 

  

	 	(2)	 Party A shall make appropriate settings on the system, mark the customer information in relation to Party
B’s agency business, and set up customer information sharing terms on the system. 

  

	 	(3)	 Party A’s use of customer information is limited to the scope of cooperated businesses such as
underwriting, customer return visit and claim service, and no customer information shall be used beyond the agreed scope. If Party A uses the customer information in violation of this Agreement, Party B shall have the right to terminate this
Agreement immediately, and Party A shall bear the liability for breach of contract no less than ten times of its income (if the amount of income is less than RMB 500,000, it shall be deemed as RMB 500,000). At the same time, Party B may pursue
against Party A for all losses arising therefrom. 

  
 9 

	 	(4)	 Both Party A and Party B have the obligation of confidentiality and legal responsibility for customer
information. They shall manage and use customer information in accordance with the principles of legality, rationality, security and confidentiality, properly keep the insurance business documents that contain customer information, and take
effective measures to ensure the security of customer information and prevent the leakage of customer information. 

  

	 	(5)	 In case Party A finds that the customer information provided by Party B is untrue or signed by other persons on
behalf of the customer, if the insurance application has not been accepted, such application shall not be accepted; if the insurance application has been accepted, Party B shall provide additional information or make corrections within the time
limit specified by Party A. 

  

	7.	 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; 
 (3)
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 

  
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 (4) 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. 
  

	8.	 Confidentiality 

  

	 	(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.

  

	 	(2)	 Both Party A and Party B shall keep strictly confidential the business information, assets data and personal
privacy regarding the insurance applicant, the insured or the beneficiaries that Party A and Party B become aware of during business operation. 

  

	 	(3)	 The confidentiality provisions above are not applicable to information disclosed as required by laws and
regulations or competent regulatory bodies. 

  

	9.	 Coordination Mechanism and Disputes Resolution 

 

	 	(1)	 Coordination Mechanism 

 

	 	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. 

  

	 	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. 

  
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	 	(2)	 Disputes Resolution 

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. 

 

	10.	 Indemnification, Default Liabilities and Force Majeure 

 

	 	(1)	 Indemnification 

  

	 	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. 

  

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

  

	 	(2)	 Default Liabilities 

  

	 	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. If Party A or any of its branches fail to pay Party B or its branches the Agency Service Fee as agreed hereunder, it shall pay Party B liquidated damages at 0.3% of unpaid service fee per
day from the due date of payment as agreed in this Agreement, provided that Party A shall not be held liable if the failure of payment is not attributable to Party A. 

 

	 	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. 

  
 12 

	 	(3)	 Force Majeure 

  

	 	1.	 Force majeure referred to herein 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. 

  

	 	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. 

 

	 	3.	 If one Party fails to perform in whole or in part its duties under this Agreement due to an event of force
majeure, its liabilities may be exempted as a whole or in part depending on the impacts of force majeure. 

  

	11.	 Termination 

  

	 	(1)	 This Agreement may be terminated by Party A and Party B through consultation. 

 

	 	(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. 

  
 13 

	 	(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.

  

	 	(4)	 In the event that one Party wishes to terminate this Agreement in accordance with the foregoing provisions, 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. 

  

	 	(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. 

  

	12.	 Assignment and Non-Waiver 

 

	 	(1)	 Assignment 

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

 

	 	(2)	 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. 

 

	13.	 Term 

This Agreement shall remain in effect for two years, that is, from March 8, 2021 to March 7, 2023. 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. 

Unless one Party gives the other Party a written notice of no renewal within 30 days before the expiration of this Agreement, this Agreement
will be automatically renewed for one year to March 7, 2024. 

  
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	14.	 Effectiveness and Amendments 

 

	 	(1)	 This Agreement shall come into effect once signed and sealed by Party A and Party B’s respective legal
representatives or authorized representatives. This Agreement is executed in six originals, with three originals to be kept by each Party. Each original shall have the same legal effect. 

 

	 	(2)	 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 by taking appropriate corporate actions. If such amendments do not involve significant connected transactions, they shall be reviewed and approved by the
CPC committee/president office meeting of both parties, and any revisions hereto involving significant connected transactions shall be submitted to the board of directors for deliberation. 

 

	15.	 Miscellaneous 

  

	 	(1)	 Matters not covered in this Agreement shall be settled by Party A and Party B through negotiation in accordance
with relevant laws and regulations; any agreed contents shall be in the form of supplementary agreement or annex, which shall have the same legal effect as this Agreement after being signed and sealed. 

 

	 	(2)	 Upon termination of this Agreement, relevant agreements and supplementary agreements signed by the authorized
branches of both parties will be automatically terminated; for specific businesses that have been carried out but not yet completed by local branches of both parties at the time of termination of this Agreement, both parties shall continue to
cooperate with each other in good faith until such businesses are finally completed. 

  
 15 

					
	Party A:	 		 	Party B:
			
	China Life Property and Casualty
Insurance Company Limited	 		 	China Life Insurance Company Limited
			
	Legal Representative/	 		 	Legal Representative/
	Authorized Representative (Signature)	 		 	Authorized Representative (Signature)

  
 16

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