CILJF 0001193125-23-121777 6-K Filing: Apr 27, 2023

Commission File Number 001-31914

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

Securities Exchange Act of 1934

April 27, 2023

China LifeInsurance Company Limited

(Translation of registrant’s name into English)

16 Financial Street

Xicheng District

Beijing100033, China

Tel: (86-10) 6363-3333

(Address of principal executive offices)

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

Form 20-F ..X… Form 40-F ……

Commission File Number 001-31914

China Life Insurance Company Limited issued an announcement on April 27, 2023, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this announcement may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission, or SEC, on April 21, 2023 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this announcement is as of the date of this announcement, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this announcement is based on public information released by the China Banking and Insurance Regulatory Commission.

EXHIBIT LIST

Exhibit		Description
99.1		Announcement, dated April 27, 2023

Commission File Number 001-31914

SIGNATURES

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

		China Life Insurance Company Limited
		(Registrant)
	By:	/s/ Zhao Peng

		(Signature)
April 27, 2023	Name:<br><br><br>Title:	Zhao Peng<br> <br>President and Executive<br>Director

EX-99.1

Exhibit 99.1

LOGO

中國人壽保險股份有限公司

CHINA LIFE INSURANCE COMPANY LIMITED

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

(Stock Code: 2628)

SUMMARY OF SOLVENCY QUARTERLY REPORT OF

INSURANCE COMPANY*^NOTE^* ****

(FIRST QUARTER OF 2023)

COMPANY PROFILE AND CONTACT INFORMATION

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

Note:

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

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

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

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

The statement is hereby given.

2.	BASIC INFORMATION
(1)	Shareholding Structure, Shareholders and Their Changes During the Reporting Period
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1)	Shareholding structure and its changes^Note^
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Unit: Ten thousand shares

Category	At the beginning of the period						Changes in the numberof shares or<br> <br>shareholding percentage during the period												At the end of the period
	Shares orcapitalcontribution			Percentage(%)			Capitalinjection byshareholders			Capitalreservetransfer anddistributionof dividend			Equity transfer			Sub-total			Shares orcapitalcontribution			Percentage(%)
RMB ordinary shares		2,082,353			73.67			–			–			–			–			2,082,353			73.67
Overseas listed foreign shares		744,118			26.33			–			–			–			–			744,118			26.33
Total	****	2,826,471	****	****	100.00	****	****	–	****	****	–	****	****	–	****	****	–	****	****	2,826,471	****	****	100.00	****
Note:	Currently, there is no feature in the shareholders’ information enquiry platform that can track down<br>the type of shareholders according to the classification of “state-owned shares, corporate legal shares, foreign invested shares and natural person shares”. As such, the above information is presented by the Company based on the<br>shareholding structure as disclosed in its annual report.
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2)	Effective controller

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

LOGO

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

Unit: Ten thousand shares

Name of shareholder	Nature of shareholder
China Life Insurance (Group) Company	State-owned legal person	–	1,932,353	68.37	%	–	–
HKSCC Nominees Limited	Overseas legal person	48	732,618	25.92	%	–	–
China Securities Finance Corporation Limited	State-owned legal person	–	70,824	2.51	%	–	–
Central Huijin Asset Management Limited	State-owned legal person	–	11,717	0.41	%	–	–
Hong Kong Securities Clearing Company Limited	Overseas legal person	11	4,177	0.15	%	–	–
Guosen Securities Co., Ltd. – Founder Fubon CSI Insurance Theme Index Security Investment Fund	Other	-222	1,865	0.07	%	–	–
Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment<br>Fund	Other	-75	1,311	0.05	%	–	–
China International Television Corporation	State-owned legal person	–	1,000	0.04	%	–	–
National Social Security Fund Portfolio 114	State-owned legal person	938	938	0.03	%	–	–
China National Nuclear Corporation Capital Holdings Co., Ltd.	State-owned legal person	895	895	0.03	%	–	–
Details of shareholders	1. HKSCC Nominees Limited is a company<br>that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of the Stock Exchange do not require such persons to declare whether their shareholdings are pledged<br>or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.
	2. The<br>Company was not aware of any connected relationship and concerted parties as defined by the “Measures for the Administration of the Takeover of Listed Companies” among the top ten shareholders of the Company.

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4)	Shareholdings of the Directors, Supervisors and senior management

No relevant circumstance occurred during the reporting period.

5)	Equity transfer during the reporting period

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

(2)	Directors, Supervisors and Senior Management of the Head Office
1.	Basic information of the Directors, Supervisors and senior management of the head office
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1)	Basic information of the Directors
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Name	Month andyear of birth	Academicqualification (degree)	Month and yearof commencement	Position	ApprovaldocumentNo. for jobqualification	Positions and part-time jobs<br><br><br>held in affiliates and other entities	Key working experience in<br><br><br>the recent five years
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Bai Tao	March 1963	Doctoral degree in Economics	May 2022	Chairman of the Board of Directors, Executive Director	Yin Bao Jian Fu (2022) No. 361	Chairman of the Board of Directors and the<br>Secretary to the Party Committee of China Life Insurance (Group) Company<br> <br><br> <br>Chairman of<br>the Board of Directors of China Guangfa Bank Co., Ltd.<br> <br><br> <br>Vice Chairman of China<br>Society for Finance and Banking<br> <br><br> <br>Vice chairman of China Enterprise Confederation<br><br><br><br> <br>Vice chairman of China Enterprise Directors Association	Mr. Bai became the Chairman of the Board of Directors of the Company in May 2022. He has been the Secretary to the Party Committee of<br>China Life Insurance (Group) Company since January 2022 and the Chairman of China Life Insurance (Group) Company since March 2022. From 2016 to 2022, he served as a member of the Party Committee and the Deputy General Manager of China Investment<br>Corporation; the Deputy Secretary to the Party Committee, the Vice Chairman, the President and an Executive Director of The People’s Insurance Company (Group) of China Limited; and the Chairman and the Secretary to the Leading Party<br>Members’ Group of State Development & Investment Corp., Ltd..

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Name	Month andyear of birth	Academicqualification (degree)	Month and yearof commencement	Position	ApprovaldocumentNo. for jobqualification	Positions and part-time jobs<br><br><br>held in affiliates and other entities	Key working experience in<br><br><br>the recent five years
Zhao Peng	April 1972	Master’s degree in Economics and Master’s degree in Business Administration	As Executive Director and President since October 2022	Executive Director, President	Yin Bao Jian<br><br><br>Fu (2022)<br> <br>No. 762<br><br><br><br> <br>Yin Bao Jian<br><br><br>Xu Ke (2022)<br> <br>No. 736	Vice President of China Life Insurance (Group) Company	Mr. Zhao became an Executive Director and the President of the Company in October 2022. He has been the Vice President of China Life<br>Insurance (Group) Company since September 2022. He served as the temporary Person in Charge of the Company from August to October 2022. From 2020 to 2022, he served as the Vice President of the Agricultural Development Bank of China. From 2017 to<br>2020, he successively served as an Assistant to the President and a Vice President of the Company, the Chief Financial Officer of China Life Insurance (Group) Company and an Executive Director of the Company. From 2019 to 2021, he also served as a<br>Director of each of Sino-Ocean Group Holding Limited and China Life Franklin Asset Management Company Limited.
Li Mingguang	July 1969	Master’s degree in Economics, EMBA for the senior management	As Executive Director since August 2019, as Vice President since November 2014, as Chief Actuary since March 2012	Executive Director, Vice President, Chief Actuary	Jing Yin Bao Jian Fu (2019) No. 635<br><br><br><br> <br>Bao Jian Xu Ke (2014) No. 918<br><br><br><br> <br>Bao Jian Shou Xian (2012) No. 187	Director of China Life Asset Management Company Limited	Mr. Li became an Executive Director of the Company in August 2019. He has been the Vice President of the Company since November 2014<br>and the Chief Actuary of the Company since March 2012. From June 2017 to February 2023, he served as the Board Secretary of the Company. From May 2012 to May 2022, he served as the Chief Actuary of China Life Pension Company Limited.

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

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

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

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Name	Month andyear of birth	Academicqualification (degree)	Month and yearof commencement	Position	ApprovaldocumentNo. for jobqualification	Positions and part-time jobs<br><br><br>held in affiliates and other entities	Key working experience in<br><br><br>the recent five years
						Invited Expert (Advisor) of the 2nd Fintech<br>Cooperation Committee of Asian Financial Cooperation Association<br> <br><br> <br>Vice Chairman of<br>the Professional Committee on the Study of Regional Finance of the Society of Public Finance of China<br> <br><br><br><br>Executive Director and Vice Chairman of the Ninth Session of the Board of Directors and member of the Academic Committee of China Institute of Rural Finance<br><br><br><br> <br>Editor in Chief of China Economic Journal<br><br><br><br> <br>Deputy Editor in Chief of Asian Economic Policy Review<br><br><br><br> <br>Independent Director of Ant Group Co., Ltd.

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

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Name	Month andyear of birth	Academicqualification (degree)	Month and yearof commencement	Position	ApprovaldocumentNo. for jobqualification	Positions and part-time jobs<br><br><br>held in affiliates and other entities	Key working experience in<br><br><br>the recent five years
						Expert Member on “Holding Shares and<br>Exercising Shareholders’ Rights” of China Securities Investor Services Center<br> <br><br><br><br>Member of the Expert Advisory Committee of Beijing Financial Court<br> <br><br><br><br>Arbitrator of Beijing Arbitration Commission/ Beijing International Arbitration Center<br><br><br><br> <br>Arbitrator of Shenzhen Court of International Arbitration<br><br><br><br> <br>Arbitrator of China International Economic and Trade Arbitration Commission<br><br><br><br> <br>Arbitrator of Shanghai International Economic and Trade Arbitration Commission

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

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

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

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Name		Month and<br><br><br>year of birth		Academic<br><br><br>qualification<br> <br>(degree)		Month and year<br><br><br>of commencement		Position		Approval<br><br><br>document<br> <br>No. for job<br><br><br>qualification		Positions and part-time jobs<br><br><br>held in affiliates and<br> <br>otherentities		Key working experiencein<br> <br>the recent five years
Yang Hong		February 1967		EMBA for the senior management		July 2019		Vice President		Jing Yin Bao Jian Fu (2019) No. 493				Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019, and the<br>General Manager of the Operation and Service Center of the Company from January 2018 to August 2019. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center,<br>the General Manager (at the general manager level of the provincial branches) of the Business Management Department, and the General Manager (at the general manager level of the provincial branches) of the Process and Operation Management Department<br>of the Company from 2011 to 2018.
Zhao Guodong		November 1967		Bachelor’s degree		October 2019		Assistant to the President, Board Secretary		Jing Yin Bao Jian Fu (2019) No. 851 Yin Bao Jian Fu (2023) No. 83				Mr. Zhao became an Assistant to the President of the Company in October 2019. He has been the Board Secretary of the Company since February 2023. He served<br>as the General Manager of Jiangsu Branch of the Company from July 2018 to October 2022. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing<br>Branch, and the General Manager of Hunan Branch of the Company.

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Name	Month and<br><br><br>year of birth	Academic<br><br><br>qualification<br> <br>(degree)	Month and year<br><br><br>of commencement	Position	Approval<br><br><br>document<br> <br>No. for job<br><br><br>qualification	Key working experiencein<br> <br>the recent five years
Bai Kai	June 1974	Postgraduate	April 2022	Assistant to the President	Yin Bao Jian Fu (2022) No. 283	Mr. Bai became an Assistant to the President of the Company in April 2022. He served as the General Manager of Hubei Branch of the Company from March 2020<br>to November 2022. During the period from 2017 to 2020, he successively served as the Deputy General Manager and the Deputy General Manager (responsible for daily operations) of Hubei Branch of the Company.
Xu Chongmiao	October 1969	Doctoral degree in Law	July 2018	Compliance Officer	Yin Bao Jian Xu Ke (2018) No. 593	Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General Manager of the Legal and Compliance Department and the Legal<br>Officer of the Company since September 2014.
Liu Fengji	October 1969	EMBA for the senior management	December 2021	Person in Charge of Audit	Yin Bao Jian Fu (2021) No. 1032	Mr. Liu became the Person in Charge of Audit of the Company in December 2021. During the period from October 2021 to December 2021, he served as a<br>temporary Person in Charge of Audit of the Company. From February 2021 to September 2022, he served as the General Manager of the Audit Department of the Company. During the period from February 2018 to February 2021, he served as the General<br>Manager of Tianjin Branch of the Company. From 2016 to 2018, he successively served as the Person in Charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Qinghai Branch of the Company.

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Name		Month and<br><br><br>year of birth		Academic<br><br><br>qualification<br> <br>(degree)		Month and year<br><br><br>of commencement		Position		Approval<br><br><br>document<br> <br>No. for job<br><br><br>qualification		Positions and part-time jobs<br><br><br>held in affiliates and<br> <br>otherentities		Key working experiencein<br> <br>the recent five years
Hu Jin		November 1971		Master’s degree in Economics		February 2023		Person in Charge of Finance		Yin Bao Jian Fu (2023) No. 82				Ms. Hu became the Person in Charge of Finance of the Company in February 2023. She has been the General Manager of the Finance Department of the Company<br>since June 2020. From October 2022 to February 2023, she served as a temporary Person in Charge of Finance of the Company. From June 2020 to March 2021, she served as the General Manager of the Shared Service Center (Financial Segment) of the<br>Company. From August 2019 to June 2020, she served as the Deputy General Manager (responsible for daily operations) of the Finance Department and concurrently acted as the Deputy General Manager of the Shared Service Center (Financial Segment) of<br>the Company. From 2013 to 2019, she successively served as the Deputy General Manager of the Finance Department, the Deputy General Manager of the Accounting Department and the Deputy General Manager (responsible for daily operations) of the<br>Accounting Department of the Company.

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

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2.	The changes of the Directors, Supervisors and senior management during the reporting period and as at thedisclosure date of the summary of this report:
1)	Due to the adjustment of work arrangements, Ms. Zhang Di ceased to be an Assistant to the President and<br>the Chief Investment Officer from January 2023.
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2)	In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company<br>and upon approval by the CBIRC, Ms. Hu Jin served as the Person in Charge of Finance of the Company from February 24, 2023.
---	---
3)	In accordance with the resolution adopted by the seventh session of the Board of Directors of the Company<br>and upon approval by the CBIRC, Mr. Zhao Guodong served as the Board Secretary of the Company from February 24, 2023.
---	---
4)	Due to the adjustment of work arrangements, Mr. Li Mingguang, being an Executive Director, the Vice<br>President, the Chief Actuary and the Board Secretary of the Company, tendered his letter of resignation to the Board of Directors of the Company on February 24, 2023, with his decision of not concurrently serving as the Board Secretary of the<br>Company. The resignation took effect from the date when the letter was served to the Board of Directors.
---	---

– 20 –

(3)	Subsidiaries, Joint Ventures and Associated Corporations

Unit: RMB million

No.	Company name	Type of<br><br><br>company	Number of shares held or cost						Shareholding percentage
			At the<br><br><br>beginning of<br><br><br>the period		At the end of<br><br><br>the period		Change<br><br><br>in amount		At the<br><br><br>beginning of<br><br><br>the period		At the end of<br><br><br>the period		Change<br><br><br>in amount
1	China<br>Life Asset Management Company Limited	Subsidiary		1,680		1,680		–		60.00%		60.00%		–
2	China<br>Life Pension Company Limited	Subsidiary		2,626		2,626		–		70.74%		70.74%		–
3	China<br>Life Sales Company Limited	Subsidiary		–		–		–		90.81%		90.81%		–
4	New<br>Aldgate Limited	Subsidiary		1,168		1,168		–		100.00%		100.00%		–
5	Wuhu<br>Yuanxiang Tianyi Investment Management Partnership (Limited Partnership)	Subsidiary		502		502		–		99.98%		99.98%		–
6	Wuhu<br>Yuanxiang Tianfu Investment Management Partnership (Limited Partnership)	Subsidiary		502		502		–		99.98%		99.98%		–
7	Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership)	Subsidiary		540		521		-19		99.98%		99.98%		–
8	Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership)	Subsidiary		540		521		-19		99.98%		99.98%		–
9	Shanghai Wansheng Industry Partnership (Limited Partnership)	Subsidiary		4,036		4,048		12		99.98%		99.98%		–
10	Shanghai Rui Chong Investment Co., Limited	Subsidiary		6,100		6,100		–		100.00%		100.00%		–
11	Ningbo<br>Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership)	Subsidiary		2,835		2,835		–		90.00%		90.00%		–
12	Ningbo<br>Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership)	Subsidiary		1,680		1,680		–		99.98%		99.98%		–
13	Golden<br>Phoenix Tree Limited	Subsidiary		–		264		264		100.00%		100.00%		–
14	Glorious Fortune Forever Limited	Subsidiary		–		–		–		100.00%		100.00%		–
15	China<br>Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership)	Subsidiary		6,916		6,916		–		99.99%		99.99%		–
16	China<br>Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership)	Subsidiary		1,316		1,316		–		99.95%		99.95%		–
17	China<br>Life (Suzhou) Pension and Retirement Investment Company Limited	Subsidiary		2,181		2,181		–		100.00%		100.00%		–
18	China<br>Life (Beijing) Health Management Company Limited	Subsidiary		1,530		1,530		–		100.00%		100.00%		–
19	Beijing China Life Pension Industry Investment Fund (Limited Partnership)	Subsidiary		2,392		2,602		210		99.90%		99.90%		–
20	Sunny<br>Bamboo Limited	Subsidiary		2,359		2,359		–		100.00%		100.00%		–
21	Golden<br>Bamboo Limited	Subsidiary		3,101		3,101		–		100.00%		100.00%		–
22	Fortune Bamboo Limited	Subsidiary		2,435		2,435		–		100.00%		100.00%		–
23	CL<br>Hotel Investor, L.P.	Subsidiary		285		285		–		100.00%		100.00%		–
24	CBRE<br>Global Investors U.S. Investment I, LLC	Subsidiary		4,111		4,111		–		99.99%		99.99%		–

– 21 –

No.	Company name	Type of<br><br><br>company	Number of shares held or cost						Shareholding percentage
			At the<br><br><br>beginning of<br><br><br>the period		At the end of<br><br><br>the period		Change<br><br><br>in amount		At the<br><br><br>beginning of<br><br><br>the period		At the end of<br><br><br>the period		Change<br><br><br>in amount
25	COFCO<br>Futures Company Limited	Associated<br>corporation		1,339		1,339		–		35.00%		35.00%		–
26	CCB<br>Trust Sharing No. 9 Urbanization Investment Private Equity Fund	Associated<br>corporation		1,223		1,223		–		30.57%		30.57%		–
27	AVIC<br>Investment Holding Limited	Associated<br>corporation		6,000		6,000		–		16.70%		16.70%		–
28	China<br>Life Property and Casualty Insurance Company Limited	Associated<br>corporation		9,600		9,600		–		40.00%		40.00%		–
29	China<br>United Network Communications Limited	Associated<br>corporation		21,801		21,801		–		10.03%		10.03%		–
30	Wonders Information Co., Ltd.	Associated<br>corporation		3,298		3,898		600		18.21%		18.21%		–
31	Shanghai Jinshida Winning Software Technology Co., Limited	Associated<br>corporation		192		192		–		18.31%		18.31%		–
32	GLP<br>Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership)	Associated<br>corporation		7,301		7,301		–		81.63%		81.63%		–
33	Sinopec Sichuan to East China Gas Pipeline Co., Ltd.	Associated<br>corporation		20,000		20,000		–		43.86%		43.86%		–
34	China<br>Power Investment Nuclear Power Co., Ltd.	Associated<br>corporation		8,000		8,000		–		26.76%		26.76%		–
35	China<br>Guangfa Bank Co., Ltd.	Associated<br>corporation		53,199		53,199		–		43.69%		43.69%		–
36	Annoroad Gene Technology (Beijing) Co., Ltd.	Associated<br>corporation		250		250		–		13.09%		13.09%		–
37	Sino-Ocean Group Holding Limited	Associated<br>corporation		11,246		11,246		–		29.59%		29.59%		–
38	Nanning China Life Shenrun Investment Development Fund Partnership (Limited<br>Partnership)	Joint<br>venture		3,780		3,780		–		60.00%		60.00%		–
39	Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership)	Joint<br>venture		2,129		2,129		–		60.00%		60.00%		–
40	China<br>Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)	Joint<br>venture		195		195		–		59.82%		59.82%		–
41	China<br>Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)	Joint<br>venture		195		195		–		59.82%		59.82%		–
42	China<br>Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership)	Joint<br>venture		8,451		8,451		–		84.99%		84.99%		–
43	China<br>Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited Partnership)	Joint<br>venture		3		33		30		39.50%		39.50%		–
44	China<br>Life Haikong (Hainan) Healthy Investment Co., Ltd.	Joint<br>venture		230		230		–		51.00%		51.00%		–
45	China<br>Life (Sanya) Health Investments Co., Ltd.	Joint<br>venture		306		306		–		51.00%		51.00%		–
46	Beijing China Life Communications Construction City Development Investment Fund (Limited<br>Partnership)	Joint<br>venture		15,331		14,731		-600		50.00%		50.00%		–
47	RXR<br>1285 Holdings JV LLC	Joint<br>venture		1,215		1,215		–		51.55%		51.55%		–
Note:	The figures shown in the “Number of shares held or cost” column in this table refer to the amount<br>of investment cost.
---	---

– 22 –

(4)	Violation of Laws and Regulations
1)	Administrative punishments imposed on the Company by financial regulators and other governmental departments<br>during the reporting period:
---	---

During the reporting period, 24 administrative punishments were imposed on the divisions of the Company at all levels, with an amount of penalty totaling RMB5.4753 million. Such punishments included, among others, warning, penalty and confiscation of illegal gains. For specific information, please logon to the official website of the Company (www.e-chinalife.com, route query: Home Page – Public Information Disclosure – Information of Significant Events) for inspection.

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

In March 2023, Mr. Lai Jun, an Employee Representative Supervisor of the Company, received a warning from the CBIRC, Xinjiang Office, with a fine of RMB40,000, in connection with his liabilities for Xinjiang Branch’s violations of laws and regulations in preparing and providing false reports during the period when he was the General Manager of Xinjiang Branch.

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

No relevant circumstance occurred during the reporting period.

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

During the reporting period, one regulatory measure was adopted by the CBIRC and its local offices against the Head Office of the Company and there were 57 regulatory measures against its branches at the provincial level and below.

– 23 –

3.	KEY INDICATORS
(1)	Solvency Ratio Indicators
---	---

Unit: RMB million

					Predicted
					figures of the
					Following
	Figures of		Figures of		Quarter
	the Current		the Preceding		under the
Items	Quarter		Quarter		Basic Scenario
Admitted assets		5,371,644		5,173,709		5,447,146
Admitted liabilities		4,314,852		4,166,108		4,366,024
Actual capital		1,056,792		1,007,601		1,081,122
Core Tier 1 capital		683,678		651,956		701,378
Core Tier 2 capital		58,088		47,733		67,925
Supplementary Tier 1 capital		312,501		305,977		309,297
Supplementary Tier 2 capital		2,525		1,935		2,522
Minimum capital for quantitative risk		510,900		494,962		520,994
Minimum capital for control risk		-8,123		-7,672		-8,284
Additional minimum capital		–		–		–
Minimum capital		502,777		487,290		512,710
Core solvency surplus		238,989		212,399		256,593
Comprehensive solvency surplus		554,015		520,311		568,412
Core solvency ratio		147.53%		143.59%		150.05%
Comprehensive solvency ratio		210.19%		206.78%		210.86%

– 24 –

(2)	Regulatory and Monitoring Indicators of Liquidity Risk

Unit: RMB million

	Figures of		Figures of
	the Current		the Preceding
Name of Indicators	Quarter		Quarter
Liquidity coverage ratio
Overall liquidity coverage ratio of the Company under the basic<br>scenario^1^ (LCR1)
within 3 months		155%		132%
within 12 months		113%		114%
Overall liquidity coverage ratio of the Company under the required<br>testing stressed scenario^2^ (LCR2)
within 3 months		647%		593%
within 12 months		192%		199%
Liquidity coverage ratio without considering asset realization under<br>the required testing stressed scenario^3^ (LCR3)
within 3 months		146%		141%
within 12 months		97%		90%
Overall liquidity coverage ratio of the Company under the<br>self-testing stressed scenario^2^ (LCR2)
within 3 months		2652%		2147%
within 12 months		689%		793%
Liquidity coverage ratio without considering asset realization under<br>the self-testing stressed scenario^3^ (LCR3)
within 3 months		663%		555%
within 12 months		379%		392%
Backtracking adverse deviation rate of net cash flow from operating<br>activities^4^		15%		113%
Cumulative net cash flow of the current year		39,862		65,443
Net cash flow of the preceding fiscal year		65,443		2,901
Net cash flow of the fiscal year prior to the preceding fiscal<br>year		2,901		1,890
Net cash flow from operating activities^5^		171,093		395,035
Net cash flow from operating activities of participating account^6^		-19,595		30,237
Net cash flow from operating activities of universal account^7^		44,520		48,039
Proportion of cash and liquidity management tools^8^		3.80%		3.18%
Quarterly average of financing leverage ratio^9^		1.45%		2.21%
Proportion of domestic fixed-income assets under (including) class AA^10^		0.20%		0.04%
Proportion of listed stock investment with a shareholding of over 5%^11^		0.56%		0.77%
Proportion of receivables^12^		1.05%		0.41%
Proportion of holding related-party<br>assets^13^		1.95%		2.48%

– 25 –

Notes:

1.	Overall liquidity coverage ratio of the Company under the basic scenario = (Cash inflows of the Company<br>under the basic scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the basic scenario × 100%
2.	Overall liquidity coverage ratio of the Company under the stressed scenario = (Cash inflows of the Company<br>under the stressed scenario + Book value of cash and cash equivalents at the valuation date + the amount of realizable liquid asset reserves) ÷ Cash outflows of the Company under the stressed scenario × 100%
---	---
3.	Liquidity coverage ratio without considering asset realization under the stressed scenario = (Cash inflows<br>of the Company under the stressed scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the stressed scenario × 100%
---	---
4.	Backtracking adverse deviation rate of net cash flow from operating activities = (Actual value of net cash<br>flow from operating activities – Predicted value of net cash flow from operating activities) ÷ Absolute value of the predicted value of net cash flow from operating activities
---	---
5.	Net cash flow from operating activities = Cumulative cash inflows from operating activities of the current<br>year – Cumulative cash outflows from operating activities of the current year
---	---
6.	Net cash flow from operating activities of participating account = Cumulative cash inflows from operating<br>activities of participating account of the current year – Cumulative cash outflows from operating activities of participating account of the current year
---	---
7.	Net cash flow from operating activities of universal account = Cumulative cash inflows from operating<br>activities of universal account of the current year – Cumulative cash outflows from operating activities of universal account of the current year
---	---
8.	Proportion of cash and liquidity management tools = Book value of cash and liquidity management tools at the<br>end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%
---	---
9.	Quarterly average of financing leverage ratio = Arithmetic average of total balance of inter-bank lending<br>and bonds sold under agreements to repurchase at the end of each month within a quarter ÷ Ending balance of total assets × 100%
---	---
10.	Proportion of domestic fixed-income assets under (including) class AA = Book value of domestic fixed-income<br>assets under (including) class AA at the end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%
---	---
11.	Proportion of listed stock investment with a shareholding of over 5% = Total book value of listed stock<br>investment with a shareholding of over 5% ÷ Ending balance of total assets × 100%
---	---
12.	Proportion of receivables = (Book value of premiums receivable at the end of the period + Book value of<br>reinsurance accounts receivable at the end of the period) ÷ Ending balance of total assets × 100%
---	---
13.	Proportion of holding related-party assets = Total investment assets of counterparties (who are related<br>parties) held ÷ Ending balance of total assets × 100%
---	---

– 26 –

(3)	Key Operating Indicators
		Unit: RMB million
---	---	---	---	---	---	---

		Figures of			Cumulative
		the Current			Figures of the
Name of Indicators		Quarter			Current Year

Gross written premiums			327,221			327,221
Net income			16,997			16,997
Total assets			5,342,002			5,342,002
Net assets			465,126			465,126
Insurance contracts liabilities			4,114,951			4,114,951
Basic earnings per share (RMB)			0.63			0.63
Net assets yield^1^			3.75%			3.75%
Total assets yield^2^			0.32%			0.32%
Net Investment yield^3^			1.02%			1.02%
Comprehensive investment yield^4^			1.22%			1.22%

Notes:

1.	Net assets yield = Net profit ÷ [(Net assets at the beginning of the period + Net assets at the end<br>of the period) ÷ 2] × 100%
2.	Total assets yield = Net profit ÷ [(Total assets at the beginning of the period + Total assets at the<br>end of the period) ÷ 2] × 100%
---	---
3.	Net investment yield = (Investment income + Profit and loss from fair value changes + Profit and loss from<br>exchange – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during the reporting period × 100%
---	---
4.	Comprehensive investment yield = (Investment income + Profit and loss from fair value changes + Profit and<br>loss from exchange + Net change in fair value of financial assets available for sale – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during<br>the reporting period × 100%
---	---

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

4.	RISK MANAGEMENT CAPABILITY
(1)	Type of the Company
---	---
1)	In accordance with the requirements under Article 5 and Article 6 of the “Solvency Regulatory Rules for<br>Insurance Companies No. 12: Solvency Aligned Risk Management Requirements and Assessment” with respect to the criteria for classification of companies, the Company is a Type I insurance company.
---	---

– 27 –

2)	The Company is a life insurance company established in Beijing, China on June 30, 2003 according to the<br>Company Law and the Insurance Law of the People’s Republic of China, and was listed overseas in December 2003 and returned to the domestic market as an A-share listed company in January 2007.<br>
3)	In 2022, the Company had written premium of RMB690,730 million (unaudited), total assets of<br>RMB5,145,794 million and 36 provincial branches.
---	---
(2)	Assessment Results of the Recent Solvency Aligned Risk Management Requirements and Assessment
---	---

The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirements and Assessment (SARMRA) on the Company in 2022. According to the “Letter of Opinions from the Solvency Supervision Department of the CBIRC Regarding the 2022 SARMRA On-site Assessment of China Life Insurance Company Limited” (Yin Bao Jian Chang Fu [2023] No. 14), the Company got a score of 84.83 in the 2022 assessment and the respective scores in nine areas are as follows:17.05 in the foundation and environment of risk management, 8.01 in the objectives and tools of risk management, 8.5 in insurance risk management, 8.33 in market risk management, 8.5 in credit risk management, 8.38 in operational risk management, 8.74 in strategic risk management, 8.6 in reputational risk management, and 8.72 in liquidity risk management.

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

Firstly, the Company further proceeded with the construction of its risk management system. In accordance with the “Regulatory Rules on the Second Phase Project of China Risk-Oriented Solvency System (C-ROSS)” issued by the CBIRC, the Company made amendments to the internal rules and regulations in connection with risk management such as the “Measures for the Administration of Reputational Risk of China Life Insurance Company Limited” and devoted more efforts to refine and optimize the internal rules and regulations on risk management, so as to enhance the operability of such internal rules and regulations. Further, the Company paid more attention to the implementation of the internal rules and regulations, gave full play to the functions of various risk management tools and risk control measures, and made further improvements to SARMRA and the mechanism on Integrated Risk Rating (IRR), aiming to enhance its ability of risk management through rectification of any issues identified.

Secondly, the Company continued to optimize the top-level design for risk management to strengthen the coordinating and leading roles of the Board of Directors and its specialized committees in risk management. In this design, the function of the Risk Management Committee on overall risk management and control was highlighted. The Committee organized and held the first meeting of the Risk Management Committee for 2023, further strengthened its efforts to keep track of outstanding risks and key issues, and enhanced its capability in risk prevention and defusion in a practical manner.

– 28 –

Thirdly, the Company consistently promoted the construction of information-oriented and intelligent risk management. An in-depth analysis was made in respect of the needs of the Company for connection to the risk systems and its demand for risk data for the purpose of improving the risk management system of the Company on an ongoing basis. The Company consistently improved the indicators for monitoring suspicious transactions to increase the ability of its system for anti-money laundering information management to monitor suspicious transactions. The Company also comprehensively promoted the intelligent early warning system for sale risks and the contact persons system for workplace risk control, and consistently enhanced its ability in risk monitoring and early warning, so as to vigorously reinforce its risk prevention and control at the grassroot level.

(4)	Self-assessment on Risk Management

The Company did not conduct an annual self-assessment on solvency risk management in this quarter.

During the quarter, the Company continued to proceed with rectification and upgrading measures, sorted out and refined all existing issues on an individual basis, stepped up its efforts to rectify such issues, and continuously enhanced its capability of risk management, after taking into account the feedback from the CBIRC’s inspection in 2018 and the 2022 self-assessment results.

5.	INTEGRATED RISK RATING (IRR) (CLASSIFICATION REGULATION)
(1)	Information of the Company’s IRR
---	---

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

(2)	Self-assessment on Risk Management

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

– 29 –

For strategic risk, as the development of the PRC has entered a period of both strategic opportunities and risk challenges with increasing uncertainty and unpredictability, the Company pays additional attention on the prevention and control of financial risks, and is always committed to offering comprehensive risk protection to the whole society as the cornerstone of its business. The Company continued to facilitate the upgrade of products and services, marketing system and ecological platform, aimed to make progress while maintaining stability in business development, and prepared a report of the management team of the Company on business operation and management every quarter and an evaluation report on the implementation of medium- to long-term planning every year through the regular monitoring and evaluation of strategic plan implementation, so as to strengthen the management of strategic risk. In general, the high-quality development tended to be stable with good momentum for growth.

For operational risk, the Company improved the operation of its risk management mechanism, consistently optimized the development of three management tools, namely loss data room for operational risk, self-assessment on risk control, and key risk indicators monitoring, to build an operational risk management system featuring full chain. The Company continued to strengthen management and control, devoted more efforts to offer training and education, increased awareness on risk compliance, and effectively integrated the requirements for operational risk management into all levels, lines, processes and aspects of business operation and management. The Company also conducted an analysis on the loss data for operational risk as well as key risk indicators monitoring on a quarterly basis, and prepared the quarterly report for submission to its management for review.

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

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

6.	SIGNIFICANT EVENTS
(1)	Branches
---	---

Provincial branches newly approved for operation during the reporting period:

No event involving major branches occurred.

– 30 –

(2)	Material Reinsurance Contracts
1)	Material reinsurance inward contracts entered into during the reporting period:
---	---

No event involving material reinsurance inward contracts occurred.

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

No event involving material reinsurance outward contracts occurred.

(3)	Top Three Products During the Reporting Period in Terms of Surrender Payment and Comprehensive SurrenderRate
1)	Top three products during the reporting period in terms of surrender payment
---	---

Unit: RMB million****

Name of products		Type ofproducts	Saleschannel	****	Current quarter			****	****	Cumulative figures forthe year			****
				Surrenderpayment		Surrenderrate			Surrenderpayment		Surrenderrate
China Life Xin Ying Annuity Insurance (Type A)<br>(國壽鑫盈年金保險(A款))		Traditional	Exclusive<br><br><br><br>individual<br> <br>agent,<br>etc.		3,982		45.56	%		3,982		45.56	%
Kang Ning Whole Life Insurance<br>(康寧終身保險)		Traditional	Exclusive<br>individual<br>agent, etc.		682		0.18	%		682		0.18	%
China Life Happy Life Annuity Insurance<br>(Participating Insurance) (國壽美滿一生年金保險 (分紅型))		Participating	Exclusive<br>individual<br>agent, etc.		652		0.41	%		652		0.41	%
2)	Top three products during the reporting period in terms of comprehensive surrender rate
---	---

Unit: RMB million****

Name of products	Type ofproducts	Saleschannel	****	Current quarter			****	****	Cumulative figures forthe year			****
			Surrenderpayment		Surrenderrate			Surrenderpayment		Surrenderrate
China Life Xin Ying Annuity Insurance (Type A)<br>(國壽鑫盈年金保險(A款))	Traditional	Exclusive<br><br><br><br>individual<br> <br>agent,<br>etc.		3,982		45.56	%		3,982		45.56	%
China Life Xin Ying Annuity Insurance (Type B)<br>(國壽鑫盈年金保險(B款))	Traditional	Exclusive<br>individual<br>agent, etc.		7		21.86	%		7		21.86	%
China Life Supplemental Care for lifetime<br>long-term health insurance (國壽附加關愛一生長期健康保險)	Traditional	Exclusive<br>individual<br>agent, etc.		0.01		21.39	%		0.01		21.39	%

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

– 31 –

(4)	Major Investments

Major investments made during the reporting period:

Unit: RMB million

No.	Type	Investment target	Time of investment	Investment amount
				At the beginningof the period		At the endof the period		Change
1	Subsidiary	Shanghai Wansheng Industry Partnership (Limited Partnership)	January 2023		4,036		4,048		12	4,048
2	Subsidiary	Golden<br>Phoenix Tree Limited	February 2023		–		264		264	264
3	Subsidiary	Beijing China Life Pension Industry Investment Fund (Limited Partnership)	March 2023		2,392		2,602		210	2,602
4	Associated<br><br><br>corporation	Wonders Information Co., Ltd.	January 2023		3,298		3,898		600	2,936
5	Joint venture	China<br>Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited Partnership)	March 2023		3		33		30	33

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

(5)	Significant Investment Losses

Significant investment losses incurred during the reporting period:

No event involving significant investment losses occurred.

(6)	Major Financing Activities

Major financing activities carried out during the reporting period:

No event involving major financing activities occurred.

(7)	Major Connected Transactions

Major connected transactions occurred during the reporting period:

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

– 32 –

(8)	Material Guarantees
1)	Executed material guarantee contracts existed during the reporting period:
---	---

No event involving material guarantee contracts occurred.

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

No event involving outstanding material guarantee contracts occurred.

(9)	Other Significant Events

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

7.	MANAGEMENT ANALYSIS AND DISCUSSION
(1)	Change of Solvency Ratios and the Reasons therefor
---	---

As at March 31, 2023, the core solvency ratio and comprehensive solvency ratio of the Company were 147.53% and 210.19%, respectively, representing the increase of 3.94 percentage points and 3.41 percentage points as compared to those as at the end of the previous quarter. The main reason for the change is divided into two aspects: firstly, actual capital increased by RMB49,191 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio increased by 10.09 percentage points. In particular, admitted assets rose by RMB197,935 million from the end of the previous quarter, which was primarily due to an increase of RMB119,104 million in investment assets and an increase of 41,636 million in cash and liquidity management tools; and admitted liabilities rose by RMB148,744 million from the end of the previous quarter, which was mainly attributable to an increase of RMB213,472 million in reserve liabilities and a decrease of RMB37,453 million in payables and advance receipts. Secondly, the minimum capital rose by RMB15,487 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio decreased by 6.68 percentage points. In particular, the minimum capital for insurance risk grew by RMB548 million, the minimum capital for market risk rose by RMB16,368 million, and the minimum capital for credit risk increased by RMB3,053 million. In general, the core solvency ratio and comprehensive solvency ratio of the Company are well above the regulatory requirements, and the Company has sufficient solvency.

– 33 –

(2)	Change of Regulatory Indicators for Liquidity Risk and the Reasons therefor

As at the end of the first quarter of 2023, the regulatory indicators for liquidity risk of the Company were conformed to the regulatory standards. There was no significant change in the liquidity coverage ratio as compared to that of the previous quarter. Backtracking of net cash flow from operating activities has shown positive deviation, and the net cash flow of the first quarter amount to RMB39,862 million. Pursuant to the provisions of the “Solvency Regulatory Rules for Insurance Companies No. 13: Liquidity Risk” and the relevant requirements, the Company has established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.

(3)	Analysis of the Change in the IRR Results

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

(4)	Analysis of the Key Risks Faced by the Company

As the development of the PRC has entered a period of both strategic opportunities and risk challenges with increasing uncertainty and unpredictability, the correlation and contagion of various risks in the insurance industry are amplified under the current macro-economic situation and the new media environment. Any risk, once occurred, may not only affect the business operation of the Company but also pose challenges to the entire industry. For the next stage, the Company will close monitor risks in key areas such as real estate, small and medium-sized financial institutions and debts of local governments, strengthen the research and analysis of market risks such as interest rate risk and equity price, and take an active role in improving the management of market risk and credit risk. In the meanwhile, the reputational risk will be one of the key risks faced by the Company. In addition to the common disputes including policy surrender, sales and claims settlement, issues such as disputes over renewal of policies, privacy protection and insurance discrimination will gradually become the new areas of focus of public opinions with respect to consumer protection. These public opinions are topics of attraction that can easily stir up negative emotions of the public, and the illegal policy surrender may also add fuel to the fire, which will bring additional pressure to the reputational risk management of the Company.

Subsequently, the Company will give additional focus on the above key risks on a daily basis and keep track of their development on a monthly basis, dig out the reasons for such risks, pinpoint their sources, set out governance measures against them, and ensure that the risks are preventable and controllable through dynamic management.

– 34 –

8.	OPINIONS FROM EXTERNAL INSTITUTIONS
(1)	Reports Received from External Institutions During the Reporting Period
---	---
1)	Audit reports received from auditors during the reporting period:
---	---

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2023) No. 0423), and was of the view that the special financial statements for solvency issued by the Company on December 31, 2022 were prepared, in all material respects, in accordance with the basis of preparation set forth in Note 2 in the notes to the special financial statement for solvency (such as the “Solvency Regulatory Rules II for Insurance Companies”, the “Notice of the CBIRC Regarding the Printing and Issue of the Solvency Regulatory Rules II for Insurance Companies” (Yin Bao Jian Fa [2021] No. 51), the “Notice of the CBIRC Regarding the Matters Relevant to the Implementation of the Solvency Regulatory Rules II for Insurance Companies” (Yin Bao Jian Fa [2021] No. 52) and the 2022 Financial Statements and Relevant Financial and Accounting Records approved by the Board of Directors of the Company, etc.).

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report on internal control (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2023) No. 0437), and was of the view that the Company maintained an effective internal control over financial reporting in all material respects as of December 31, 2022 in accordance with the “Standard Regulations on Corporate Internal Control” and the relevant requirements.

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Shen Zi (2023) No. 10089), and was of the view that the consolidated and company balance sheets as at December 31, 2022, as well as the consolidated and company income statements, the consolidated and company cash flow statements and the consolidated and company statements of changes in shareholders’ equity for the year 2022 and the notes to the financial statements were prepared, in all material respects, in accordance with the “Enterprise Accounting Standards”, which gave a fair view of the consolidated and company’s financial position as at December 31, 2022, and the consolidated and company’s performance results and cash flows for the year 2022.

– 35 –

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2023) No. 0440), and was of the view that the income statement for participating insurance for the year 2022, the balance sheet for participating insurance as at December 31, 2022 and the notes to the financial statements were prepared, in all material respects, in accordance with the basis of preparation set forth in Note 2 in the notes to the special financial statements for participating insurance.

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2023) No. 0420), and was of the view that the balance sheet for separate accounts of investment-linked insurance of the Company as at December 31, 2022, the investment income statement and the statement of changes in net assets for the year 2022 and the notes to the financial statements were prepared, in all material respects, in accordance with the basis of preparation set forth in Note 2 in the notes to the financial statements for investment-linked insurance accounts.

2)	Review reports received during the reporting period:

No relevant circumstance occurred during the reporting period.

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

The Company received announcements on the credit rating information from two rating agencies, namely China Chengxin and China Credit Rating. China Chengxin maintained the corporate credit rating of the Company as AAA, with stable outlook; and China Credit Rating maintained the corporate credit rating of the Company as AAA+, with stable outlook. In comparison with the results of the previous period, the results of credit rating were unchanged. The Company will continue to keep a close eye on its own credit rating.

(2)	Change of External Institutions During the Reporting Period

No relevant circumstance occurred during the reporting period.

– 36 –

9.	ACTUAL CAPITAL
(1)	Admitted Assets
---	---
		Unit: RMB million
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Figures of the Current Quarter												Figures of the Preceding Quarter
		Book				Unadmitted				Admitted				Book				Unadmitted				Admitted
Items		Value				Value				Value				Value				Value				Value

Cash and liquidity management tools		****	200,656	****		****	–	****		****	200,656	****		****	159,020	****		****	–	****		****	159,020	****
Investment assets		****	4,493,727	****		****	601	****		****	4,493,126	****		****	4,375,374	****		****	1,352	****		****	4,374,022	****
Equities in subsidiaries, joint ventures and associates		****	187,585	****		****	-10,206	****		****	197,791	****		****	183,553	****		****	-9,814	****		****	193,367	****
Reinsurance assets		****	7,613	****		****	-27,605	****		****	35,218	****		****	7,840	****		****	-27,549	****		****	35,389	****
Receivables and prepayments		****	370,849	****		****	–	****		****	370,849	****		****	334,764	****		****	–	****		****	334,764	****
Fixed assets		****	48,755	****		****	–	****		****	48,755	****		****	49,381	****		****	–	****		****	49,381	****
Land use rights		****	7,241	****		****	–	****		****	7,241	****		****	7,304	****		****	–	****		****	7,304	****
Assets held in separate accounts		****	7	****		****	–	****		****	7	****		****	7	****		****	–	****		****	7	****
Other admitted assets		****	25,569	****		****	7,568	****		****	18,001	****		****	28,551	****		****	8,096	****		****	20,455	****

Total		****	5,342,002	****		****	-29,642	****		****	5,371,644	****		****	5,145,794	****		****	-27,915	****		****	5,173,709	****

(2)	Admitted Liabilities
---	---
		Unit: RMB million
---	---	---	---	---	---	---	---	---
		Figures of				Figures of
		the Current				the Preceding
Items		Quarter				Quarter

Reserve liabilities		****	3,495,073	****		****	3,281,601	****
Financial liabilities		****	490,922	****		****	515,361	****
Payables and advance receipts		****	235,999	****		****	273,452	****
Estimated liabilities		****	–	****		****	–	****
Liabilities of separate accounts		****	7	****		****	7	****
Capital liabilities		****	10,232	****		****	13,717	****
Other admitted liabilities		****	82,619	****		****	81,970	****

Total		****	4,314,852	****		****	4,166,108	****

– 37 –

(3)	Actual Capital
		Unit: RMB million
---	---	---	---	---	---	---	---	---
		Figures of				Figures of
		the Current				the Preceding
Items		Quarter				Quarter

Core Tier 1 capital		****	683,678	****		****	651,956	****
Net assets			465,126				441,818
Adjustments to net assets			218,552				210,138
Book value of unadmitted assets			-8,169				-9,448
Difference between admitted value and book value of long-term equity investments			10,206				9,814
Fair value increment (deducting the effects of impairment, depreciation and income tax) of<br>investment property<br>(including investment property held by insurance companies through property rights or subsidiaries, etc.)			–				–
Deferred income tax assets (excluding deferred income tax assets caused by operating<br>losses)			-12,620				-14,935
Catastrophe risk reserves for agricultural insurance			–				–
Policy future surplus included in Core Tier 1 capital			201,530				197,158
Amount of capital instrument attributable to liabilities that meets the Core Tier 1 capital<br>standards and could be included in Core Tier 1 capital as required			–				–
Other adjustments stipulated by the CBIRC			27,605				27,549
Core Tier 2 capital		****	58,088	****		****	47,733	****
Preferred stock			–				–
Policy future surplus included in Core Tier 2 capital			68,320				61,450
Other Core Tier 2 capital			–				–
Less: the amount that should be deducted for exceeding the limit			10,232				13,717

– 38 –

	Unit: RMB million
	Figures of			Figures of
	the Current			the Preceding
Items	Quarter			Quarter

Supplementary Tier 1 capital	****	312,501	****	****	305,977	****
Subordinated term debt		–			–
Capital supplementary bonds		34,997			34,997
Convertible subordinated debt		–			–
Deferred income tax assets (excluding deferred income tax assets caused by operating<br>losses)		12,620			14,935
Amount of fair value increment (deducting the effects of impairment, depreciation and income tax)<br>of investment property (including investment property held by insurance companies through property rights or subsidiaries, etc.) that could be included in the Supplementary Tier 1 capital		–			–
Policy future surplus included in the Supplementary Tier 1 capital		264,884			256,045
Other Supplementary Tier 1 capital		–			–
Less: the amount that should be deducted for exceeding the limit		–			–
Supplementary Tier 2 capital	****	2,525	****	****	1,935	****
Contingent capital and other Supplementary Tier 2 capital		–			–
Policy future surplus included in the Supplementary Tier 2 capital		2,525			1,935
Less: the amount that should be deducted for exceeding the limit		–			–

Total of actual capital	****	1,056,792	****	****	1,007,601	****

– 39 –

10.	MINIMUM CAPITAL
		Unit: RMB million
---	---	---	---	---	---	---	---	---
		Figures of				Figures of
		the Current				the Preceding
Items		Quarter				Quarter

Minimum capital for quantitative risk		****	510,900	****		****	494,962	****
Total of minimum capital for life insurance risk		****	113,264	****		****	112,576	****
Life insurance risk – minimum capital for loss risk			85,913				86,344
Life insurance risk – minimum capital for surrender risk			58,269				56,419
Life insurance risk – minimum capital for expense risk			14,505				14,532
Life insurance risk – risk diversification effect			45,423				44,719
Total of minimum capital for non-life insurancerisk		****	11,633	****		****	11,773	****
Non-life insurance risk – minimum capital for premium<br>and reserve risk			11,633				11,773
Non-life insurance risk – minimum capital for<br>catastrophe risk			–				–
Non-life insurance risk – risk diversification<br>effect			–				–
Market risk – total of minimum capital		****	481,750	****		****	465,382	****
Market risk – minimum capital for interest rate risk			223,893				208,029
Market risk – minimum capital for equity price risk			440,278				426,851
Market risk – minimum capital for property price risk			17,382				15,812
Market risk – minimum capital for overseas fixed income asset price risk			240				191
Market risk – minimum capital for overseas equity asset price risk			32,235				34,044
Market risk – minimum capital for exchange rate risk			5,353				5,628
Market risk – risk diversification effect			237,631				225,173
Credit risk – total of minimum capital		****	80,538	****		****	77,485	****
Credit risk – minimum capital for interest spread risk			44,619				40,774
Credit risk – minimum capital for counterparty default risk			56,816				56,480
Credit risk – risk diversification effect			20,897				19,769

– 40 –

	Unit: RMB million
	Figures of			Figures of
	the Current			the Preceding
Items	Quarter			Quarter

Quantitative risk diversification effect	****	125,043	****	****	122,699	****
Loss absorption effect of special types of insurance contracts	****	51,242	****	****	49,555	****
Loss absorption adjustment – not considering upper bound		51,242			49,555
Upper bound for loss absorption effect adjustment		213,420			206,611
Minimum capital for control risk	****	-8,123	****	****	-7,672	****
Additional minimum capital	****	–	****	****	–	****
Counter-cyclical additional minimum capital		–			–
Additional minimum capital for D-SII		–			–
Additional minimum capital for G-SII		–			–
Other additional minimum capital		–			–
Total of minimum capital	****	502,777	****	****	487,290	****

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

By Order of the Board
China Life Insurance Company Limited
Heng Victor Ja Wei
Company Secretary

Hong Kong, April 27, 2023

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

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

– 41 –

CILJF 6-K