Document:

Asset Purchase Agreement

 Exhibit 4.14 
 Asset Purchase Agreement 
 between 
 China Life Insurance (Group) Company 
 and 
 China Life Insurance Company Limited 
  

 This asset purchase agreement (the “Agreement”) was entered into by and between the following two parties in
Beijing, the People’s Republic of China (“PRC” or “China”). 
  

			
	Party A:	  	 China Life Insurance (Group) Company (“Seller”)
 Address: 5 West Guanyingyuan, Xicheng District, Beijing
 Legal representative: Yang Chao

		
	Party B:	  	 China Life Insurance Company Limited (“Buyer”)
 Address: 16 Chaowai Avenue, Chaoyang District, Beijing
 Legal Representative: Yang Chao

 Whereas: 
  

	1.	Party A is a duly organized and validly existing solely state-owned insurance company. 

  

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

  

	3.	Since Party A and Party B agree to make fair and reasonable arrangement on the sale by Party A of part of its assets including self-owned property, projects under construction, land
use right, vehicles and equipment (hereinafter referred to as “Assets to Purchase”, “Assets to Sell” or “Assets under this Agreement” and please refer to Appendix I to V for details of the assets), according to the PRC
Contract Law, Municipal Property Administrative Regulations of the PRC and related laws and regulations and listing rules of the place where Party B is listed, Party A and Party B entered into this Agreement based on principles of fairness and
mutual benefits. 

  

	1.	Conditions Precedent for This Agreement to Take Effect and Scope of the Assets to Purchase 

  

	1.1	Party A possesses ownership of the property listed in Appendix I of this Agreement and holds the related legal documents such as title deed and usufruct deed of the property, or
Party A possesses disposal rights of the property to sell. 

  

	1.2	Party A possesses legal rights of the projects under construction listed in Appendix II of this Agreement. 

  

	1.3	Party A possesses usufruct of the land listed in Appendix III of this Agreement and holds the related legal documents such as usufruct deed of the land, or Party A possesses
disposal rights of the land to be transferred. 

  

	1.4	Party A possesses usufruct of the vehicles and equipment listed in Appendix IV and V of this Agreement and holds related legal documents with such vehicles and equipment, or Party A
possesses disposal rights of the vehicle(s) and equipment to be transferred. 

  

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	1.5	Party A agrees to sell the assets under this Agreement to Party B under the terms and conditions stipulated in this Agreement and Party B agrees to purchase the assets under this
Agreement under the terms and conditions stipulated in this Agreement. 

  

	1.6	Party B in this Agreement includes subsidiary organs of Party B. 

  

	1.7	“Deal Date” in this Agreement means the date agreed by both Party A and Party B when Party A delivers the assets under this Agreement (or from when Party B gets possession
of or becomes able to control such assets) and meanwhile when Party B has paid the first payment of the price for the assets to purchase. 

  

	2.	Principle for Delivery of the Assets to Purchase 

  

	2.1	Provided that it is found the assets, partly or wholly, bears any other titles like mortgage or security during fulfillment of this Agreement, Party A shall go through all necessary
transactions to relieve such mortgage or security from related obligee with its greatest efforts and at its own costs. 

  

	2.2	During fulfillment of this Agreement, as for the project(s) under construction, both parties agree to pay off the project based on actual progressing situations determined through
evaluation or to complete all necessary transactions required for selling of such project(s) together against related obligee. 

  

	3.	Price and Payment Methods of the Assets to Sell 

  

	3.1	Determined according to the evaluated value of the assets under this Agreement recorded in the Assets Evaluation Report by China Enterprise Appraisals Co., Ltd. on December
             of 2006, which shall be approved by or filed with related authority of the state-owned assets, purchase price of the assets under this Agreement shall be RMB
488,239,133.75 Yuan (i.e. RMB four hundred and eighty-eight million two hundred and thirty-nine thousand one hundred and thirty-three point seventy-five). 

  

	3.2	Party B shall pay Party A 90% of the purchase price on Deal Date, i.e. RMB 439,415,220.38 (RMB four hundred and thirty-nine million four hundred and fifteen thousand two hundred and
twenty point thirty-eight). 

  

	3.3	Party B shall pay Party A the rest 10% of the purchase price within 15 working days after all the legal transactions are completed such as registration of change of owner of the
assets to purchase, i.e. RMB 48,823,913.37 (RMB forty-eight million eight hundred and twenty-three thousand nine hundred and thirteen point thirty-seven). 

  

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	3.4	The two parties shall bear its own taxes aroused from fulfillment of this Agreement. Party A shall bear the unpaid Land Transferring Fee, if any. 

  

	4.	Rights and Obligations of Both Parties 

  

	4.1	Party A, as seller of the assets under this Agreement, enjoys the following rights: 

  

	 	a.	to receive payment for the assets according to stipulations in this Agreement; 

  

	 	b.	other rights stipulated in this Agreement. 

  

	4.2	Party A, as seller of the assets under this Agreement, bears the following obligations: 

  

	 	a.	Party A shall deliver the assets to sell listed in appendices of this Agreement to Party B on Dead Date and guarantee the above-mentioned assets to sell (including water-supply,
electricity –supply, heat-supply and communications facilities of the house to sell) is under good conditions proper for use. Party B shall pay off all taxes and fees for water, electricity, heating, telephoning, real estate management that
occurred before Deal Date and shall be borne by Party A. 

  

	 	b.	Party A shall guarantee to take all necessary measures to ensure the assets transfer stipulated under this Agreement conforms to related laws and regulations.

  

	 	c.	Party A shall, according to requests of Party B, hand over all documentations and materials related with the assets to sell to Party B including invoices, purchase contract,
utilization instructions, maintenance guarantee manual, insurance policies and the whole set of files. 

  

	 	d.	Party A shall assist Party B to complete registration or transactions for change of ownership of the assets under this Agreement. 

  

	4.3	Party B, as purchaser of the assets under this Agreement, enjoys the following rights: 

  

	 	a.	to receive and possess the assets to purchase according to stipulations of this Agreement, and enjoy ownership (or usufruct of land) from completion of related registration or
transactions for change of ownership. 

  

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	 	b.	to sign and issue a Confirmation Letter for receiving the assets under this Agreement on Deal Date. 

  

	 	c.	to enjoy other rights stipulated in this Agreement. 

  

	4.4	Party B, as purchaser of the assets under this Agreement, bears the following obligations: 

  

	 	a.	to pay the price for the assets under this Agreement according to stipulations of this Agreement. 

  

	5.	Further Actions 

  

	5.1	All agreements Party A and Party B reached on rent of the assets to purchase before this Agreement, if any, shall be terminated on the date when this Agreement is executed. Party A
and Party B shall pay off the rent and other related expenses. 

  

	5.2	Provided the assets under this Agreement has been leased to a third party (if any), this issue shall be solved otherwise by the two parties through consultations.

  

	5.3	Both parties have the obligation to assist the other party to complete related transactions for change of ownership of the assets under this Agreement. The above-mentioned
transactions shall be completed within a reasonable period of time after this Agreement is signed. 

  

	5.4	Both parties shall take other necessary measures to ensure full and effective implementation of this Agreement. For example, the two parties may sign other related agreements,
contracts or documents on implementation plans or details determined through mutual consultations, without violating this Agreement and based on the principles set up in this Agreement, to ensure realization of the purposes and stipulations in this
Agreement. 

  

	6.	Amendment and Termination 

  

	6.1	Unless this Agreement or related laws and regulations stipulates otherwise, neither party may alter or dissolve this Agreement without agreement with the other party.

  

	6.2	Provided either party intends to alter this Agreement, this party shall notify the other party of such intention at least with 15 days’ notice. The alteration agreed by both
parties through consultations shall be implemented based on a written supplementary agreement signed by both parties, which has the same legal effect with this Agreement. 

  

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	7.	Confidentiality 

 Both parties shall keep the fact
of signing this Agreement and contents of this Agreement confidential and also keep documents, materials and information of the other party disclosed to it confidential excluding those that shall be disclosed according to related laws and
regulations. This clause will survive after termination or dissolve of this Agreement. 
  

	8.	Breaching Liabilities and Compensation 

  

	8.1	If Party B fails to pay the price according to stipulations of this Agreement, Party A has the right to require Party B to pay a penalty of one ten-thousandth of the delayed amount
for each day of delay to Party A. Nevertheless, the total amount of such penalty shall not exceed 1% of the total price. If Party B fails to pay the price 100 days after the term agreed by both parties, Party A has the right to dissolve this
Agreement. In such conditions, Party B shall hand back all the purchased assets to Party A and Party A shall pay back all paid amount to Party B. 

  

	8.2	Provided any of the following happens to the assets to purchase: 1) a third party raises objection or claim for compensation against the assets to purchase; 2) Party A sells the
assets to Party A without consent of related obligee of third-party titles from mortgage and lien; 3) the assets to purchase is involved in lawsuit, arbitration or other administrative or judicial restrictions; 4) there is unpaid tax, penalty or
late fee against the assets to purchase, the following principles shall be applied: 

  

	 	a.	If such losses and the reason causing such losses take place before this Agreement is executed (including the execution date), such losses shall be borne by Party A (except those
losses occurred for Party B’s reason). 

  

	 	b.	If the involved assets is equipment that does not need registration or transactions for change of ownership and such losses and the reason causing such losses take place after this
Agreement is executed (excluding the execution date) and before Deal Date, such losses shall be borne by Party B (except those losses occurred for Party A’s reason). 

  

	 	c.	If the involved assets is house, usufruct of land, vehicles that need registration or transactions for change of ownership and such losses and the reason causing such losses take
place after this Agreement is executed (excluding the execution date) 

  

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and before registration or transactions for change of ownership are completed (including the completion date), such losses shall be borne by Party B (except
those losses occurred for Party A’s reason). 

  

	 	d.	If the involved assets is equipment that does not need registration or transactions for change of ownership and such losses and the reason causing such losses take place after
completion of registration or transactions for change of ownership (excluding the completion date), such losses shall be borne by Party B. 

  

	 	e.	If the involved assets are house, usufruct of land, vehicles that need registration or transactions for change of ownership and such losses and the reason causing such losses take
place after completion of registration or transactions for change of ownership (excluding the completion date), such losses shall be borne by Party B. 

  

	 	f.	For the losses that shall be borne by Party A, Party A undertakes to pay compensations in full to Party B within 30 days after Party B raises written requirement. However, Party B
shall obtain Party A’s prior consent before Party B pays, on behalf of Party A, the compensations for the losses caused due to reasons in the above Clause (a) and that shall be borne by Party A. 

  

	8.3	Provided that Party A fails to deliver the assets to sell before the Deal Date, or the delivered assets to sell does not conform to stipulations in this Agreement, or Party A fails
to fulfill its guarantee, undertaking and other obligations, Party A shall correct such faulty deeds within the term required by Party B. Meanwhile, Party B has the right to require Party A to pay to Party B a penalty of one ten-thousandth of the
total price for the assets to sell each day from the day Party A receives the notice from Party B of the requirement for such corrections to the day of completion of such corrections. But nevertheless the above, the total amount for such penalty
shall not exceed 1% of the total amount this Agreement concerns. In case that Party A fails to fulfill such corrections within 100 days after the term agreed by Party B, Party B has the right to dissolve related part of this Agreement. In case of
such dissolution, Party A shall pay back to Party B the related price Party B has paid and Party B shall hand back to Party A the assets delivered by Party A. 

  

	9.	Representations and Warranties 

  

	9.1	Represent and Warranties of Party A 

  

	 	a.	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 ownership of the assets under this Agreement and has legal rights to sign and fulfill this Agreement. 

  

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

  

	 	c.	Party A undertakes that it has legal rights to sell the assets according to this Agreement. 

  

	 	d.	Party A has taken or will take all necessary actions to obtain consents, approvals, authorizations and permits required for signing and fulfillment of 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. 

  

	 	e.	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
under this Agreement. 

  

	9.2	Represent and Warranties of Party B 

  

	 	a.	Party B is a legally established and effectively existing stock limited company. It possesses independent juridical person qualifications and holds valid legal business license as a
corporation. Party A has ownership of the assets under this Agreement and has legal rights to sign and fulfill this Agreement. 

  

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

  

	 	c.	Party B has taken or will take all necessary actions to obtain consents, approvals, authorizations and permits required for signing and fulfillment of 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. 

  

	 	d.	Party B does not violate any other agreements Party B signs or Articles of Association of Party B by signing this Agreement or fulfilling its obligations under this Agreement.

  

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	10.	Force Majeure 

	10.1	“Force Majeure” means any occurrence that happens after this Agreement is executed but that is beyond control of the affected party, 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. 

  

	10.2	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 under this Agreement 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. 

  

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

  

	11.	Miscellaneous 

  

	11.1	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. 

  

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

  

	11.3	Any alteration of this Agreement or its appendices shall take effect only with written agreement signed by authorized representatives of the two parties and with proper actions
taken by the two parties as a legal person. If such alterations constitute any material or significant changes of this Agreement, they shall become valid only after notification to or with consent or approval of Hong Kong Stock Exchange
(“HKSE”), Shanghai Stock Exchange (“SSE”) and/or consent or approval of the shareholders’ meeting of Party B (if applied) (according to the applicable requirements of HKSE and SSE). 

  

	11.4	Unless otherwise stipulated, failure or delay to fulfill any rights, power or privilege under this Agreement 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. 

  

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	11.5	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.

  

	12.	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 Insurance (Group) Company 
 Address: 5 West Guanyingyuan, Xicheng District, Beijing 
 Fax: 010-6611 1567 
 Tel: 010-6611 4433 
 Party B: China Life
Insurance Company Limited 
 Address: 16 Chaowai Avenue, Chaoyang District, Beijing 
 Fax: 010-8565 2232 
 Tel: 010-8565 9999

 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. 
  

	13.	Governing Law and Dispute Resolution 

  

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

  

	13.2	 Any dispute arising out of or in connection with this Agreement shall be settled by consultations between the two parties. If the 

  

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parties fail to settle the dispute through consultations within 90 days after such dispute occurs, the dispute shall be submitted to China International
Economic and Trade Arbitration Commission according to its applicable arbitration rules at the time such dispute is submitted. The arbitral result shall be final and has legal effect on both parties. 

  

	14.	Supplementary Provisions 

  

	14.1	This Agreement is written in Chinese. 

  

	14.2	This Agreement shall take effect only with approval of internal authorities of both parties and signed by authorized representatives by both parties together with the company seals
(or contract seals) of the two parties. 

  

	14.3	Since Party B is a listed on both HKSE and SSE, the transaction under this Agreement constitutes a related party transaction according to regulations on listed companies. So it is a
precondition for performing the related stipulations of this Agreement to such deal that all listing rules of the place where Party B is listed on related party transactions shall be observed. The two parties undertake to abide by such regulations
on listed companies. 

  

	14.4	If exemption of HKSE or SSE is conditional, this Agreement shall be performed according to the attached conditions and the two parties undertake to strictly abide by such
conditions. 

  

	14.5	If exemption of the concerned deal by HKSE or SSE is withdrawn, revoked or becomes invalid, and the concerned deal fails to conform to related regulations on interrelated deals of
listed companies, the performance of the terms and conditions in this Agreement related to this deal shall be terminated. 

  

	14.6	If performance of the terms and conditions in this Agreement related to all deals is terminated according to the above Clause 14.5, this Agreement shall be terminated.

  

	14.7	Any issue unstated in this Agreement shall be stipulated in a supplementary agreement signed by the two parties in a written form after consultations. The supplementary agreement
has the same legal effect with this Agreement. 

  

	14.8	This Agreement is made in ten copies that possess the same legal effect, each party holding          copies and the other one copy
shall be submitted to file with related authority. 

  

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	 Party A:
  
 China Life Insurance (Group) Company
  
 <Chop>
  
 Legal Representative or Authorized
 Representative (Signature):
	  	 Party B:
  
 China Life Insurance Company Limited
  
 <Chop>
  
 Legal Representative or Authorized
 Representative (Signature):

  

 12Promoters Agreement for the Formation of China Life Property

 Exhibit 4.17 
 Promoters Agreement 
 between 
 China Life Insurance (Group) Company 
 and 
 China Life Insurance Company Limited 
 for 
 Formation of China Life Property and Casualty Insurance Company Limited 
 October 23, 2006 

 Table of Contents 
  

					
	 Article I.
	  	Definitions and Interpretation	  	1
	 Article II.
	  	Founders	  	4
	 Article III.
	  	Organizational Form	  	4
	 Article IV.
	  	Purpose and Business Scope	  	5
	 Article V.
	  	Registered Capital and Share Capital	  	6
	 Article VI.
	  	Establishment of the Company	  	7
	 Article VII.
	  	Rights and Obligations	  	8
	 Article VIII.
	  	Transfer of Shares	  	10
	 Article IX.
	  	Organizational Structure	  	11
	 Article X.
	  	Finance and Accounting	  	14
	 Article XI.
	  	Profit Distribution	  	15
	 Article XII.
	  	Failure to Establish the Company	  	15
	 Article XIII.
	  	Liability for Breach of Contract	  	16
	 Article XIV.
	  	Force Majeur	  	17
	 Article XV.
	  	Representations, Warrants and Covenants	  	17
	 Article XVI.
	  	Restricted Disclosure and Confidentiality	  	18
	 Article XVII.
	  	Effectiveness and Termination	  	19
	 Article XVIII.
	  	Governing Law and Dispute Resolution	  	19
	 Article XIX.
	  	Supplementary Provisions	  	20

 Promoters Agreement 
 Whereas, China Life Insurance (Group) Company and China Life Insurance Company Limited obtained approval from the CIRC on September 30, 2006 of the formation of a property and casualty insurance company in
Beijing, China by these two parties as Founders. The Company shall be named “China Life Property and Casualty Insurance Company Limited”. In order to set forth the purpose and business scope of the Company, the rights and obligations
between Founders and other significant matters relating to the formation of the Company as well as such relevant matters as the organizational structure and day-to-day operations and management of the Company, both parties, in accordance with the
PRC Company Law, PRC Insurance Law, PRC Contract Law, Insurance Companies Administrative Regulations and other applicable PRC laws, rules and regulations, through friendly negotiations, entered into this promoters agreement (the
“Agreement”) in Beijing, China on October 23, 2006 on equal and voluntary basis. 
 Article I. Definitions and
Interpretation 
  

	1.1	Unless otherwise provided herein, the following terms used in this Agreement shall have the respective meanings given to them below: 

 “Company” shall mean China Life Property and Casualty Insurance Company Limited to be established under the PRC Law. 
 “CIRC” shall mean the China Insurance Regulatory Commission. 
 “SAIC” shall mean the State Administration for Industry and Commerce of the PRC. 
 “Articles of Association” shall mean the articles of association regarding the affairs and management of the Company as entered into by
the Founders and approved by the CIRC, as well as the amendments, supplements and modifications thereto as made by the Company from time to time. 
 “Business License” shall mean the Enterprise Legal Person Business License issued to the Company by the SAIC. 
 “PRC” or “China” shall mean the People’s Republic of China, but excluding Hong Kong Administrative Region, Macau Administrative Region and Taiwan for purpose of this Agreement. 
 “Founders” shall mean, collectively, the two parties as set forth in Article II hereof, which proposed to found and form the Company.

 “Pre-emptive Right” shall mean the Founders’ right hereunder to purchase or subscribe for shares of the Company in
priority where any other Shareholder transfers shares of the Company or the Company issues new shares. See Article 5.6 and Article VIII for detailed provisions. 

 “China Life” shall mean and China Life Insurance Company Limited, one of the Founders.

 “CLIC” shall mean China Life Insurance (Group) Company, one of the Founders. 
 “CLIC Preparation Group” shall mean the interim body formed by CLIC for the establishment of the Company prior to the organization of
the Establishment Preparation Group. 
 “Establishment Preparation Group” shall mean the interim body jointly formed by the
Founders for the establishment of the Company as approved by the CIRC. 
 “Shareholder” shall mean the person who holds
shares of the Company. 
 “PRC Shareholders” shall mean the Shareholders organized in China under the PRC Law. 

“Renminbi” or “RMB” shall mean the lawful currency of the PRC. 
 “Establishment Date” shall mean the date on which the Business License is issued to the Company by the SAIC. 
 “Registered Capital” shall mean the total amount of the Company’s share capital as registered by the Company with the SAIC.

 “Capital Contribution Account” shall mean the RMB account opened by the Establishment Preparation Group in its name after
obtaining the verification of the Company’s name from the SAIC for receipt of the capital contribution in currency made by the Founders. 
 “Capital Contribution Date” shall mean the date on which any Founder pays in its share capital as provided in Article 5.4 hereof. 
 “Lock-up Period” shall mean the time period for which the Founders shall be prohibited from transferring its shares in the Company, which shall be one year from the Establishment Date for purpose of
this Agreement. 
 “Affiliate”, with respect to a person, shall mean any of the followings: 
  

	 	(a)	its controlling shareholder; 

  

	 	(b)	any other shareholder of such person; 

  

	 	(c)	any enterprise in which its controlling shareholder or any other shareholder has a controlling or other equity interest; 

  

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	 	(d)	any legal person or natural person who has a substantial influence on its controlling shareholder or major shareholder; 

  

	 	(e)	any joint venture of such person; 

  

	 	(f)	any associated company of such person; 

  

	 	(g)	any other enterprise controlled by its principal individual investor, key member of its management, its core technical personnel or any person having a close relation with the
foregoing; or 

  

	 	(h)	any other legal person or natural person who has a substantial influence on such person. 

 “Related Party Transaction” shall mean any transaction entered into by the between the Company and any Shareholder or an Affiliate of any Shareholder. 
 “Force Majeur” shall mean any event which can not be foreseen, prevented or overcome and which will have a material effect on the
performance of this Agreement by any party or both parties hereto, including, without limitation, natural disasters such as earthquake, flood, fire, typhoon, lightening strike, and plague, war, military action, armed conflict, terrorist act, strike
and government administrative action, as well as any changes in laws, rules, regulations or state policies. 
 “PRC Law”
shall mean all the currently-in-effect laws, rules, regulations and decrees formulated and promulgated by the legislative and administrative bodies of the PRC, judicial interpretations of the Supreme Court and Supreme Procuratorate and other
decisions with general binding effect. 
 “Business Secret” shall mean various technical information and business
information which are not public available, profitable and practicable to the Company, and have been kept confidential by the Company, including, without limitation, lists of clients, marketing plans, pricing policies, financial information and
management models. 
 “Organizational Expense” shall mean the cost and expense incurred by the Establishment Preparation
Group during the preparation for the establishment of the Company, including the salaries and wages of personnel, office expense, consulting expense, training expense, travel expense, printing expense, registration fee and expenditure such as
exchange gain or loss and interests which are not included into the fixed assets and intangible assets. 
 “Business Day”
shall mean the date on which the banks in China are open for business and is not on Saturday, Sunday or any legal holiday. 
  

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 Article II. Founders 
  

	2.1	The Founders which proposed to form the Company and entered into this Agreement are listed as follows: 

  

	
	 Party A: China Life Insurance (Group) Company

	 Registered in: Beijing, China

	 Address: 5 West Guanyingyuan, Xicheng District, Beijing

	 Legal Representative: Yang Chao

	 Position: President

  

	
	 Party B: China Life Insurance Company Limited

	 Registered in: Beijing, China

	 Address: 16 Chaowai Avenue, Chaoyang District, Beijing

	 Legal Representative: Yang Chao

	 Position: Chairman

 Article III. Organizational Form 
  

	3.1	Name of the Company. 

 Chinese name of the Company
shall be 

, or 

 in short. 
 English name of the Company shall be “China Life Property and Casualty Insurance
Company Limited”, or “China Life P&C” in short. 
 Registered address of the Company shall be 15/F Block A, Tongtai
Building, 33 Financial Street, Xicheng District, Beijing, PRC. 
  

	3.2	Nature of the Company. 

 The Company shall be a
joint stock limited company existing indefinitely with independent legal person status. The Shareholders shall be liable for the Company and share the profits and risks and losses of the Company to the extent of their respective share subscriptions
in the Company. The Company shall be liable for the obligations and indebtedness of the Company to the extent of all of its property and assets. 
  

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 Article IV. Purpose and Business Scope 
  

	4.1	Purpose of the Company. 

 The Company shall, in
accordance with the PRC Law, based on the principles of honesty and sound operation, realize, to the fullest extent possible, the best profitability, image and return, with a view to expand the property and casualty insurance industry in China,
reduce insurance costs and improve key competition capability of Chinese insurance industry. 
  

	4.2	Business Scope of the Company. 

 The business scope
of the Company at the time of its establishment shall be the following insurance businesses as approved and verified by the CIRC: 
  

	 	(a)	property loss insurance; 

  

	 	(b)	liability insurance; 

  

	 	(c)	statutory liability insurance; 

  

	 	(d)	credit insurance and guarantee insurance; 

  

	 	(e)	agricultural insurance; 

  

	 	(f)	other property and casualty insurance; 

  

	 	(g)	short-term health insurance and accident insurance; 

  

	 	(h)	reinsurance business of the foregoing; 

  

	 	(i)	other funds employment business as permitted under PRC Law; and 

  

	 	(j)	other business as may be approved by the CIRC. 

 The
Company may, based on needs arising from the actual operations, make adjustment to the above business scope, subject to final approval by the CIRC and registration with the SAIC. 
  

	4.3	Establishment of Branches. 

 Initially at the time
of its establishment, the Company will set up branches in several provinces and cities in China, and later, extend to all over China within three to five years. With the approval of the Company’s shareholders’ general meeting, the Company
may set up multi-leveled branched and sub-branches in various regions in China. Based on the business needs of the Company, the shareholders’ general meeting shall have the right to approve the Company’s establishing branches and/or
offices outside China. 
  

 5 

 Article V. Registered Capital and Share Capital 
  

	5.1	The Company, upon establishment, shall have the registered capital in the amount of RMB 1 billion, consisted entirely of equal-valued ordinary shares. The total number of shares of
the Company shall be 1 billion, each share having a par value of RMB 1. Each party hereto shall subscribe for all the registered capital, all of which shall be registered ordinary shares. Each ordinary share shall have the same rights and
privileges. 

  

	5.2	Each party hereto shall, as per the following table, subscribe for the shares of the Company at the price of RMB 1 per share: 

  

									
	 Investor
	  	 Capital
 Contribution
	  	 Number of
 Shared
 Subscribed
	  	 Percentage of
 Total Share
 Capital
	  	 Investment
 Method

	Party A	  	 RMB 600
 million
	  	600 million	  	60%	  	RMB in cash
	Party B	  	 RMB 400
 million
	  	400 million	  	40%	  	RMB in cash

  

	5.3	Each of the parties hereto shall, within 45 days of the execution hereof, pay up its capital contribution in full in accordance with the PRC Company Law and the preceding Article
5.2. All of the payments shall be made to the Capital Contribution Account. The funds paid by both partied into the Capital Contribution Account shall be employed only after the Establishment Date and in accordance with the Articles of Association.

  

	5.4	Establishment Preparation Group shall, after both parties hereto have paid up in full their respective capital contributions within the time period prescribed herein, engage a
capital verification firm duly organized and with good credit to verify the capital contributions and issue a capital verification report. 

  

	5.5	After making the capital contributions, none of the parties hereto shall withdraw its capital contribution, unless otherwise provided in Article 12.1 hereof.

  

 6 

	5.6	Pre-emptive Right in connection with Issuance of New Share. 

 Each party hereto shall have the right to subscribe for any shares to be issued by the Company subsequently pro rata to its shareholdings in the Company under the same terms and conditions. Such Pre-emptive Right shall be terminated upon
the initial public offering of the Company. The Pre-emptive Right hereunder shall not constitute the obligation on the part of any party hereto to subscribe for any issuance of new shares prior to the initial public offering of the Company.

 Article VI. Establishment of the Company 
  

	6.1	Both parties hereto agree that they shall, within ten days upon approval from the CIRC of the establishment of the Company, form the Establishment Preparation Group. Both parties
shall authorize the Establishment Preparation Group to be responsible for the following matters relating to the establishment of the Company: 

  

	 	(a)	To obtain from the SAIC the verification of the name of the Company; 

  

	 	(b)	To draft the Articles of Association and other relevant organizational documents of the Company; 

  

	 	(c)	To open the Capital Contribution Account so as for the Founders to pay up their capital contributions as provided herein; 

  

	 	(d)	To formulate the three-year operation plan and reinsurance plan; 

  

	 	(e)	To complete the computer equipment installation and configuration and network construction of the Company; 

  

	 	(f)	To convene the founding meeting of the Company; 

  

	 	(g)	To apply to the CIRC for commencement of operation after the completion of the preparations for establishment; 

  

	 	(h)	To register with the SAIC after obtaining the approval from the CIRC of the commencement of operation and the insurance business operation permit issued by the CIRC; and

  

	 	(i)	Such other preparation matters as may be required by the CIRC or agreed upon herein or other matters in relation to realization of the purpose of the Company.

 During the preparation for establishment, Founders shall be jointly and severally liable for the acts of both CLIC
Preparation Group and Establishment Preparation Group. Upon establishment of the Company, it shall assume the liability for the acts of Establishment Preparation Group. 
  

 7 

	6.2	Establishment Preparation Group shall consist of representatives appointed by Founders and chaired by the representative appointed by CLIC. It shall be in charge of the preparation
work for the establishment of the Company. Establishment Preparation Group may set up several working groups, as it deems necessary, to be responsible for various aspects of the preparation work. Establishment Preparation Group shall, on or before
the tenth date of each month, provide to both parties hereto a written report on the progress and status of the preparation work. 

  

	6.3	Establishment Preparation Group shall, within 30 days of the date of the capital verification report under Article 5.4 to the effect that the share subscription has been fully paid
up, convent the founding meeting of the Company. Establishment Preparation Group shall notify the Founders in writing of the date and agenda of the meeting no later than 15 days before the convening of the meeting. The founding meeting shall only be
held with the attendance of the Founders. The founding meeting shall not resolve on any matter listed in the meeting notice without the approval of the majority of the total voting rights held by both parties hereto. 

  

	6.4	Unless otherwise agreed by the Founders, Establishment Preparation Group shall, within twelve months of the date of CIRC’s approval of the establishment of the Company,
complete the preparation for the establishment, which may be extended to 15 months, subject to the approval of the CIRC. 

  

	6.5	Establishment Preparation Group shall, within ten days of the completion for the establishment, apply to the CIRC in writing for commencement of operation. Establishment Preparation
Group shall, within 30 days of the approval and issuance of the insurance business operation permit by the CIRC, register with the SAIC accordingly. 

  

	6.6	Both parties hereto acknowledge and agree that prior to the formation of the Establishment Preparation Group, the expense paid by CLIC Preparation Group for the establishment of the
Company shall be part of the Organizational Expense, and shall, along with other Organizational Expense incurred by the Establishment Preparation Group, be borne by the Company, subject to the confirmation by the founding meeting of the Company.

 Article VII. Rights and Obligations 
  

	7.1	Each party hereto shall exercise the following rights: 

  

	 	(a)	To subscribed for and acquire the shares of the Company under the terms and conditions provided in this Agreement; 

  

	 	(b)	To enter into the Articles of Association; 

  

	 	(c)	To nominate the candidates for the first-term board of directors and supervisory committee of the Company; 

  

 8 

	 	(d)	To inquire about the progress and status of the preparation work for the establishment of the Company; 

  

	 	(e)	To attend the founding meeting and adopt the Articles of Association and other matters required to be voted on at the founding meeting; 

  

	 	(f)	To claim for liability of the party in default where such party’s breach of contract has caused the loss of the other party; and 

  

	 	(g)	Other rights as maybe provide by the PRC Law and this Agreement. 

  

	7.2	Each party hereto shall perform the following obligations: 

  

	 	(a)	To pay up the price for its share subscription as provided herein; 

  

	 	(b)	To be jointly and severally liable for the expense and liabilities arising out of the attempted establishment of the Company where such attempt fails; 

  

	 	(c)	To be liable as provided under Article XIII hereof where it fails to perform its obligation to subscribe for the shares of the Company in accordance with the time period and amount
as provided hereunder; 

  

	 	(d)	To be liable to the Company where its intentional or negligent act during the process of establishing the Company has caused loss to the interest of the Company;

  

	 	(e)	To furnish promptly all of the documents required for the applications for commencement of operation and registration of the Company and to provide any service or convenience
necessary for the establishment of the Company; and 

  

	 	(f)	Other obligations as maybe provide by the PRC Law and this Agreement. 

  

	7.3	Upon the establishment of the Company, each party hereto shall, as a Shareholder, have the following rights: 

  

	 	(a)	To attend and vote at the shareholders’ general meeting in person or by proxy; 

  

	 	(b)	To nominate, elect and change the directors of the Company who are non-employees of the Company and supervisors who are representatives of Shareholders; 

  

	 	(c)	To transfer all or part of its shareholding in the Company in accordance with law and this Agreement; 

  

 9 

	 	(d)	To inspect and review the Articles of Association, minutes of shareholders’ general meeting and financial and accounting report; 

  

	 	(e)	To be distributed the after-tax profits by the Company as provided under the Articles of Association; 

  

	 	(f)	To be distributed the remaining assets of the Company after the termination of the Company; 

  

	 	(g)	The Pre-emptive Right as provided hereunder in connection with the new issuance by the Company; 

  

	 	(h)	To propose the convening of shareholders’ extraordinary general meetings; 

  

	 	(i)	To make suggestions and inquiries about the operations of the Company; and 

  

	 	(j)	Other rights as maybe provided under the PRC Law, this Agreement and Articles of Association. 

  

	7.4	Upon the establishment of the Company, each party hereto shall, as a Shareholder, perform the following obligations: 

  

	 	(a)	To comply with the Articles of Association; 

  

	 	(b)	To comply with provisions herein; 

  

	 	(c)	To be liable to the Company and share risks and losses to the extent of its share subscription; 

  

	 	(d)	To appoint proxy to attend the shareholders’ general meetings; and 

  

	 	(e)	Other obligations as maybe provided under the PRC Law, this Agreement and Articles of Association. 

 Article VIII. Transfer of Shares 
  

	8.1	General Provisions on Transfer of Shares. 

  

	 	(a)	Each party hereto may transfer the shares of the Company held by it in accordance with the PRC Law and this Agreement. 

  

	 	(b)	Subject to Article 8.2 hereof, any party hereto may transfer to any third party other than the other party hereto the shares of the Company held by it. Such transfer shall also
comply with the following requirements: 

  

 10 

	 	(i)	Such third party is in compliance with the qualifications requirements for shareholders of an insurance company as provided by the PRC Law; 

  

	 	(ii)	The other party hereto has agreed to waive its right of first refusal in respect of the proposed transfer; and 

  

	 	(iii)	The transfer price and terms offered by such party to such third party shall not be preferential to those offered by it to the other party hereto. 

  

	8.2	Special Provisions on Transfer of Shares. 

 Unless
agreed upon by both parties in writing, any party hereto shall not transfer any shares of the Company held by it within the Lock-up Period. Following the end of the Lock-up Period, any transfer of shares shall still be subject to restriction under
any of the following circumstances: (i) if the underwriter extends the Lock-up Period in connection with the initial public offering of the Company; (ii) if the proposed transferee is the competitor of the Company; or
(iii) if such transfer is going to be detrimental to the Company’s ability to complete its initial public offering. 
  

	8.3	Procedures for Transfer of Shares. 

  

	 	(a)	If any party hereto wishes to transfer the shares of the Company held by it in accordance with this Agreement, it shall send a written notice to the other party in advance. Such
notice shall contain the followings: (i) the number of shares proposed to be transferred; () the identity of the proposed transferee; and (iii) the proposed transfer price. The other party shall give its decision in writing
on whether to exercise its right of first refusal after receiving the notice. If it fails to give the notifying party written confirmation on whether to exercise its right of first refusal within 30 days after receiving the notice, it shall be
deemed as the waiver of its right of first refusal in respect of the proposed transfer. 

  

	 	(b)	The party who has decided to exercise its right of first refusal shall be obligated to purchase the shares as expressly provided in its written confirmation.

  

	 	(c)	The party proposing to make the transfer shall, after, . Subject to the approval of or filing with the CIRC, such transfer shall be completed within 60 days of the delivery of
transfer notice. 

 Article IX. Organizational Structure 
  

	9.1	Shareholders’ General Meeting. 

  

	 	(a)	The shareholders’ general meeting shall be the highest authority of the Company, consisting of all of the Shareholders. 

  

 11 

	 	(b)	Shareholders shall attend the shareholders’ general meeting and shall have one vote per share. 

  

	 	(c)	The quorum of the shareholders’ general meeting shall be the attendance of the Shareholders holding two-thirds or more of the issued and outstanding shares of the Company.

  

	 	(d)	Resolutions on the following matters shall require the approval of two-thirds or more of the voting rights represented by the Shareholders present at the meeting:

  

	 	(i)	amendment of Articles of Association; 

  

	 	(ii)	increase or decrease in Registered Capital, including, without limitation, initial public offering or follow-on offering, issuance of any shares or other securities convertible to
shares and redemption of shares; 

  

	 	(iii)	issuance of debentures of the Company; 

  

	 	(iv)	merger, division, bankruptcy, liquidation or change of form of the Company; 

  

	 	(v)	acquisition or establishment of joint ventures; 

  

	 	(vi)	annual financial budget and estimate proposals of the Company; 

  

	 	(vii)	profit distribution plan and loss compensation plan of the Company; 

  

	 	(viii)	such other matters as provided under PRC Law or the Articles of Association which require the approval of special resolution and will have a material effect on the Company as
determined by the ordinary resolution at the shareholders’ general meeting. 

  

	 	(e)	Resolutions on other matters shall require the majority approval of the voting rights represented by the Shareholders present at the meeting. 

  

	9.2	Board of Directors. 

  

	 	(a)	The Company shall have a board of directors. The board of directors shall initially consist of five to fifteen members. The board of directors shall be the decision-making body of
the Company and shall be accountable and report to the shareholders’ general meeting. 

  

 12 

	 	(b)	Members of the board of directors shall be nominated by the Shareholders. 

  

	 	(c)	Sixty percent of the board of directors (other than independent directors) shall be nominated by CLIC, and forty percent by China Life. 

  

	 	(d)	The chairman of the board of directors shall be the legal representative of the Company. 

  

	 	(e)	Meetings of the board of directors can only be held with the attendance of two-thirds or more of the board members. Any board resolution shall require majority approval of all board
members. The decision-making mechanism of the board of directors shall be provided in the Articles of Association. 

  

	 	(f)	Board committee: The board of directors may, based on the needs of the operation of the Company, set up an audit committee, a nomination and remuneration committee and a strategy
committee. Each of the audit committee and nomination and remuneration committee shall consist of three board members, who do not serve as the management of the Company. 

  

	 	(g)	Independent directors: The nomination and qualifications of independent directors shall be set forth in the Articles of Association. 

  

	 	(h)	To avoid any doubt, any Related Party Transaction between the Company and any Affiliate in an annual accumulative amount of 5% or more of the net assets of the Company or any
amendment to the agreement regarding such transaction shall be reviewed by the audit committee of the board of directors and then submitted to the board of directors for approval. Other Related Party Transactions shall be entered into and executed
in accordance with the Company’s relevant rules on Related Party Transactions. 

  

	9.3	Supervisory Committee. 

  

	 	(a)	The Company shall have a supervisory committee. The supervisory committee shall be the supervision body of the Company, and shall be accountable and report to the shareholders’
general meeting. It shall supervise the board of directors, board members and senior management including the general manager to prevent them from abusing their powers and from impairing the rights and interest of the Shareholders and employees.

  

	 	(b)	The supervisory committee shall consist of certain number of representatives appointed by the Shareholders and certain number of representatives appointed by employees, which shall
be provided in the Articles of Association. The employee representatives shall be elected by the employees of the Company democratically. 

  

 13 

	9.4	Management Body. 

 The Company shall establish a
management body in charge of the operations of the Company. The Company shall have a general manager and several deputy general managers. The Company shall have a person in charge of finance and accounting, a chief actuary and a compliance officer.
The general manager shall be nominated by the chairman of the board and appointed by the board of directors. The chairman of the board shall not serve as the general manager. Deputy general managers and other senior management (except secretary to
the board) shall be nominated by the general manager and appointed by the board of directors. 
  

	9.5	The specific duties and functions and personnel arrangement shall be set forth further in the Articles of Association. 

 Article X. Finance and Accounting 
  

	10.1	The Company shall establish its financial and accounting system in accordance with the requirements of the PRC Law and relevant authorities. The Company shall duly pay its taxes and
be subject to the inspection and supervision by the PRC tax authorities. 

  

	10.2	The fiscal year of the Company shall be a calendar year, starting from January 1 and ending on December 31 each year. However, the first year of the Company shall start
from the Establishment Date and end on December 31 that year. All of the accounting vouchers, books and statements shall be prepared in Chinese. The Company shall adopt RMB as its account recording currency. The non-RMB denominated business
shall be handled in accordance with the requirements of the PRC Law and applicable rules. 

  

	10.3	The Company shall provide conveniences to both parties hereto who are conducting the regular inspections. 

  

	10.4	The Company shall make allocations to various reserves and insurance guarantee fund as required under the PRC Law and by the CIRC: 

  

	 	(a)	It shall make allocations to various liability reserves for purposes of protecting the interest of the insured and ensuring the solvency level. 

  

	 	(b)	It shall make allocations to reserves for pending claims or benefits based on insurance claims already made and claims not yet made but for which an insured event has occurred.

  

 14 

	 	(c)	It shall make provisions to the insurance guarantee fund in order to protect the interest of the insured and support the stable and healthy operations of the Company.

 Article XI. Profit Distribution 
  

	11.1	Both parties hereto agree that unless the solvency ratio of the Company equals or exceeds the requirement set by the CIRC, the Company shall not declare and pay out any dividends.

  

	11.2	The Company shall allocate certain portion of the realized net profits of the Company for that year to the general reserve, which shall be used to compensate for the catastrophe
risk, and not be used for distribution of profits or capital increase. 

  

	11.3	Subject to Articles 11.1 and 11.2, the realized net profits of the Company for current period plus the undistributed profits at the start of the year (or less uncompensated loss at
the start of the year) and other amounts shall be distributed in the following order: 

  

	 	(a)	making up loss of the previous year (if any); 

  

	 	(b)	allocation to statutory common reserve fund; 

  

	 	(c)	allocation to general reserve; 

  

	 	(d)	allocation to discretionary common reserve fund; and 

  

	 	(e)	payments of dividends on ordinary shares. 

  

	11.4	The board of directors of the Company shall, based on the requirements by PRC Law, this Agreement and its own business development, formulate the yearly profit distribution plan and
submit it to the shareholders’ general meeting for approval. 

 Article XII. Failure to Establish the Company

  

	12.1	Any of the following occurrences shall constitute the failure to establish the Company: 

  

	 	(a)	If the founding meeting of the Company decides not to establish the Company; 

  

	 	(b)	If the CIRC does not approve of the establishment of the Company; 

  

	 	(c)	If the Company cannot be established due to Force Majeur; or 

  

	 	(d)	If both parties agree in writing not to establish the Company. 

  

 15 

	12.2	During the preparation for the establishment of the Company, if any Force Majeur as defined herein occurs, resulting in the preparation unable to complete as scheduled under Article
VI, both parties may agree in writing to suspend the preparation for establishment, however, under no circumstances, such suspension shall be longer than one year after the occurrence of the Force Majeur. If the circumstance causing the suspension
is not cured after one year, both parties shall consent to not establishing the Company. 

  

	12.3	Where the establishment of the Company fails, any party who has made payment to the Capital Contribution Account for its share subscription shall have the right to recover such
payment from such account in accordance with the PRC Law. Establishment Preparation Group shall be responsible for returning such payment to the parties. If when it is determined that the establishment of the Company has failed, any party hereto has
not made payment to the Capital Contribution Account for its share subscription, such party shall, according to its shareholding percentage, be jointly and severally liable for the Organization Expense already incurred as of the time when it is
determined that the establishment of the Company has failed, and shall indemnify, to a certain extent, the other party who has already paid such Organization Expense out of its pocket. 

 Article XIII. Liability for Breach of Contract 
  

	13.1	Both parties hereto shall perform this Agreement to the principles of honesty and good faith. If one party does not perform its obligations hereunder, which results in the objective
of this Agreement cannot be realized, it shall be liable to the other party for any direct loss or foreseeable indirect loss caused by such breach of contract. 

  

	13.2	If one party hereto does not pay the price for its share subscription within the time period and in the amount as provided herein, it shall be liable to the other party for any
direct loss or foreseeable indirect loss caused by such breach of contract. 

  

	13.3	If one party hereto does not pay the price for its share subscription in accordance with provisions herein, it shall pay to the other party a delay fee at the daily rate of 0.5% of
the amount of the delayed payment. 

  

	13.4	If the breach of contract by one party hereto has caused the failure to perform this Agreement in whole or in part, the party in default shall be liable. If both parties are in
default, they shall be liable based on their respective default accordingly. 

  

	13.5	After the establishment of the Company, if one party hereto violates this Agreement or the Articles of Association, which results in losses of the Company and the other party, it
shall be liable to the Company and the other party for any direct loss or foreseeable indirect loss caused by such violation. 

  

 16 

 Article XIV. Force Majeur 
  

	14.1	Unless otherwise provided herein, if one party is unable to perform all or part of its obligations hereunder due to the impact of a Force Majeur, it shall not be liable for breach
of contract. However, the party affected by the Force Majeur, shall notify the other party in writing of the occurrence and impact of the Force Majeur within a reasonable time and provide relevant proof. 

  

	14.2	The affected party by the Force Majeur shall take all reasonable measures forthwith to cure or meditate the adverse effect of the Force Majeur, and shall resume the performance of
its obligations forthwith after the adverse effect of the Force Majeur has been cured or meditated. If such party does not do so as provided in the preceding sentence, if shall be liable for any additional loss resulting therefrom.

 Article XV. Representations, Warrants and Covenants 
  

	15.1	Representations, Warrants and Covenants of Both Parties. 

  

	 	(a)	Each party represents and warrants as follows: 

  

	 	(i)	It is a duly organized and validly existing legal person in China. 

  

	 	(ii)	The execution and performance of this Agreement shall not be in violation of the PRC Law, its articles of association and any agreement or arrangement to which it is a party.

  

	 	(iii)	It has full authority and right to execute and perform this Agreement and has obtained all required authorizations and consents. 

  

	 	(iv)	The funds used by it to subscribe for the shares hereunder are acquired through legal means. 

  

	 	(v)	It does not have any litigation, arbitration or other action which may be harmful to the Company at the time of entering into this Agreement: (i) whose outcome will have
a material and adverse effect on such party’s ability to perform its obligations hereunder; or (ii) whose outcome will give rise to the claim by a third party against such party’s investment in the Company.

  

	 	(vi)	This Agreement, upon execution, shall be valid and binding on such party. 

  

	 	(b)	Each party undertakes that: 

  

	 	(i)	It shall make capital contribution to the Company in respect of the shares subscribed for by it on the terms and conditions provided herein. 

  

 17 

	 	(ii)	It shall, at the reasonable request of the Establishment Preparation Group, provide promptly relevant documents and information necessary for the establishment of the Company and
warrant that the documents and information provided by it shall be true, complete, accurate, legal and valid. 

  

	 	(iii)	It shall take all actions necessary for ensuring the complete performance of all provisions herein and that its proxy attending the shareholders’ general meeting and the board
members as appointed by it shall comply with and perform this Agreement and shall not commit any act in violation of this Agreement. 

  

	15.2	In order to ensure the best interest of the Company, each party undertakes that starting from the Establishment Date, as long as it remains a Shareholder of the Company, it shall
not invest or participate in China by itself or through any of its controlled subsidiaries or other Affiliates in any business which competes with the Company (other than the business operated by life insurers as permitted by laws, regulations or
regulatory authorities), and shall not affect the prospective public offering and listing of the Company. 

  

	15.3	In order to ensure the best interest of the Company, both parties agree that they will introduce the business opportunities in Chinese property and casualty insurance industry to
the Company and that the Company shall have the priority chance to develop such business opportunities first. 

 Article XVI.
Restricted Disclosure and Confidentiality 
  

	16.1	In order to ensure the best interest of the Company, each party undertakes that regardless whether it remains a Shareholder of the Company or not, it shall not disclose to any third
party the Business Secret which has obtained by or become know to it when it is a Shareholder of the Company, provided that it may disclose the Business Secret when required by applicable laws, regulations, rules, judgment, verdict, decree or
other legal proceedings, in which case it shall promptly notify the Company in writing. This clause shall not apply where the disclosure is required by relevant government authorities or regulatory authorities or is necessary and made to the credit
rating firm, auditors or other intermediaries of such party, in which case the party disclosing the Business Secret shall promptly notify the other party in writing. 

  

	16.2	 Each party undertakes that such party or any of its employees, agents or advisers shall keep in strict confidence all of the information obtained in connection with
the execution or performance of this Agreement. Such information shall include, without limitation, provisions herein, negotiations 

  

 18 

 
regarding this Agreement, subject matter of this Agreement and the business or affairs of the other party. Subject to Article 16.1 hereof, any party hereto
shall not, at any time hereafter, use or disclose or leak to any person such information, and shall prevent the disclosure of such information to its best effort. 
  

	16.3	Each party undertakes that without prior written consent of the other party, it shall not disclose the existence or provisions of this Agreement, any party’s investment in the
Company, or the commercial negotiations regarding this Agreement. However, the provisions herein shall not prevent any party from disclosing such information under the PRC Law or under the rules of the exchange governing such party or its Affiliate,
in which case the party planning to disclose shall notify the other party in writing ten Business Days before the time of the disclosure. 

 Article XVII. Effectiveness and Termination 
  

	17.1	Effectiveness. 

 This Agreement shall come into
effect and binding on both parties upon execution by the authorized representatives of both parties. 
  

	17.2	Termination. 

 Articles VIII and XVI hereof shall
survive the termination of this Agreement. 
 Article XVIII. Governing Law and Dispute Resolution 
  

	18.1	Governing Law. 

 The execution, effectiveness,
interpretation, performance and termination of this Agreement shall be governed by the PRC Law. 
  

	18.2	Dispute Resolution. 

  

	 	(a)	Any dispute arising from or related to this Agreement shall be settled by both parties through friendly consultation first. If such consultation fails, any party may submit the
dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitrations rules then in effect. 

  

	 	(b)	The arbitration shall be conducted in Beijing, China. The arbitration panel shall consist of three arbitrators. The arbitration award shall be final and binding on both parties.

  

 19 

	18.3	Continued Rights and Obligations. 

 When any dispute
arises in respect of this Agreement and is subject to arbitration, other than the matters in dispute, each party shall continue to exercise its rights hereunder and perform its obligations hereunder. 
  

	18.4	Severability. 

 If any provisions or terms herein
are determined by a court or an arbitration body to be invalid, it shall not affect the validity of other provisions or terms herein. 
 Article XIX. Supplementary Provisions 
  

	19.1	Amendment. 

 Any amendment or supplement to this
Agreement can only be made with written agreement entered into by both parties. 
 Any amendment or supplement to this Agreement shall be
deemed as an integral part of this Agreement and have the same legal force and effect as this Agreement. 
  

	19.2	Assigns. 

 Without prior written consent of the
other party and the approval of or filing with the CIRC, any party shall not transfer all or part of its rights and obligations hereunder. 
  

	19.3	Counterparts. 

 The Agreement shall be written in
Chinese and executed by both parties. The Agreement shall be executed in six copies, each party holding three copies. 
  

	19.4	Unless otherwise provided herein, each party hereto shall bear the cost and expense required for the execution of this Agreement by itself. 

 IN WITNESS WHEREOF, both parties hereto have executed this Agreement as of the date first written above. 
  

 20 

 (No text on this page, for signatures only) 
  

			
	Founder:	 	China Life Insurance (Group) Company
	Signature:	 	 /s/Yang Chao

	Position:	 	

  

			
	Founder:	 	China Life Insurance Company Limited
	Signature:	 	 /s/Wu Yan

	Position:	 	

  

 21

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