China Life Insurance : 2018 Corporate Social Responsibility Report

Contents

Message from Chairman	4
About Us	6
Company Profile	6
Corporate Culture	7
Honors	8

Corporate Governance	10
Risk Management and Compliance	12
Sticking to the Baseline of Preventing Risks	12
Reinforcing Compliant Operation	13

Chapter I

Support Economic Growth and Return

to Our Original Purpose

Our opportunities and challenges	19
Our strategies and actions	19
Supporting State Strategies	20
Embracing science and technology
revolution	22
Leading the Development
of the Industry	23

Chapter III		Chapter V
Remain True to Original		Remain True to Original
Aspirations and Repay		Aspirations and Repay
the Society		the Society
Our opportunities and challenges	31	Our opportunities and challenges	51
Our strategies and actions	31	Our strategies and actions	51
Implementing Poverty Alleviation	32	Protecting the Rights
Enhancing People's Livelihood		& Interests of Employees	52
and Well-Being	36	Promote Employees Growth	54
Carrying out Public Welfare Activities	40	Caring for Employees	56

Responsibility Management	14
Concept of Social Responsibility	14
Identification of Substantive Topics	15
Communication with Stakeholders	16

Chapter II

Good Faith and Customer Foremost

Our opportunities and challenges	25
Our strategies and actions	25
Promoting the Upgrading of Services	26
Optimizing Customer Experience	27
Protecting Consumer Rights	29

Chapter IV

Ecological Civilization

and Green Development

Our opportunities and challenges	43
Our strategies and actions	43
Adhering to Green Operation	46
Implementing Electronic Service	48

Table of KPI	58
Statistical Table of China Life for
Targeted Poverty Alleviation in 2018	60
Indicator Index of Report	62

About the Report	69
Feedback Form	70

2018 Corporate Social Responsibility Report of China Life	2	3	2018 Corporate Social Responsibility Report of China Life

Message from

Chairman

In the breeze of the spring, I'd like to, on behalf of the Board of Directors, report to all shareholders and all walks of life on China Life's practices in corporate social responsibilities.

The previous year was the starting year for the implementation of the spirit of the 19th CPC

National Congress and the 40th Anniversary of the Reform and Opening-Up. It witnessed the remarkable achievements of China's economic growth. Led by the Party Central Committee headed by Xi Jinping, China entered into a brand new stage of high-quality economic and social development. The year of 2018 also marked a great step forward of China Life. Forging ahead against the complex external climate, we secured the overall stable growth and presented new outcomes in high-quality development. China Life placed its responsibilities and the people at the center and played an active role in supporting state strategies and social management.

risk and the comprehensive solvency sufficiency is 250.56%.Staying true to our founding mission and stressing our major businesses, we actively responded to the state's approach to the supply structure reform and the new urbanization, gave full support to regional development strategy and industrial planning, and provided insurance support to the ecological, environmental and various tasks in close relation to national economy and people's livelihood. We also took the lead in serving the real economy and stood as an important financial force in this regard.

We shouldered due social responsibilities for people's livelihood

China Life is the leader in China's life insurance sector and in exercising corporate social responsibilities. We made full use of our resources to improve living standards and probe into effective financial means of poverty alleviation. In

orphans with mental care. For a decade or more, China Life has been dedicating itself to China's charity undertaking.

We spared no efforts to build a Digital China Life and improve customer experience

Boasting hundreds million customers, China Life always honors its commitment of "a trustworthy insurer" and places its customers at the center. We continuously perfect our services, improve customer experience, and satisfy their insurance needs. In the year, we strengthened innovations of products, services and technology. We intensified application of the Internet, Big Data and AI to our operation and management and brought the convenience of new technologies for customers. We developed product portfolios and series to meet customers' needs for health, accident coverage and old-age care, which elaborated the idea of "good faith and customer

We enhanced team building to redouble the human-powered driving force

China Life takes human capital as the most valuable treasure, we give high priority to creating opportunities for the employees. In the years, we took practical measures to safeguard employees' rights and interests. We cared about their lives, and helped them in self-development. We made all efforts to build a dynamic, effective and highly competent management team to shape a fair, harmonious and healthy climate for the development of employees. We stressed both the career and life of employees. We organized diverse recreational and sports activities, and introduced the "Passionate China Life" series to the entire Group to cheer them up in the high- quality development of the Company.

Accomplishments are new starting points.

We deepened the reform and innovation to drive up high-quality development

China Life, the first triple-listed life insurance company of the country, always prioritizes the operating guideline of "stressing value, intensifying team building, optimizing structure, stabilizing growth and preventing risks". We kept perfecting the governance structure to drive up high-quality development and create added values for shareholders, customers, employees, partners and more stakeholders. In the year, our total asset value hit RMB 3 trillion and total premium income RMB 535,826 million. Our nationwide network consisted of over 20,000 subsidiaries and outlets, 100,000 employees and 1.772 million channel sales agents.As the end of 2018, we possessed 285 million valid long-term insurance policies, annuity contracts and long- term health insurance policies for individuals and groups as well as accident insurance and short-term health insurance policies and services. We also provided various types of insurance coverage to more than 500 million customers, suggesting the amount at risk totaled RMB 25 trillion. Our sound operation and management

results brought high recognition by all walks of life and the capital market. We received a series of honors including the 5th place1 among World Brand Lab's 2018 (15th) China's 500 Most Valuable Brands , 2018 Ark Award for Insurance Company of High-quality Development and the 2018 Most Respected Asian Company. We further escalated our brand value and ranked 35th among the 2018 Forbes Global 2000 public companies.

We played an important role in economic growth and social development

An explorer and pioneer in China's life insurance trade, we always adapt our pace to the overall economic and social development. We keep pace with times, guide industrial innovations, and give all support to education, elderly care, medical services and social assistance undertakings. In 2018, we gave full play to the role of insurance in risk coverage and economic and social stability, and contributed to the sound, harmonious economic and social development and the growth of the insurance industry. We safeguarded the bottom line of zero systematic

line with the principle of targeted, sustained and reproducible practices, we gave wholehearted supports to poverty alleviation and the moves to a moderately prosperous society in all respects. In answer to the state's call for targeted poverty alleviation, we made down-to-earth practices from the aspects of product, industrialization, e-commerce and charity. As of the end of 2018, we have launched 240 major disease insurance projects at 31 provincial subsidiaries covering 400 million urban and rural population, of which 28 million received compensation totaling RMB 60 billion. In the year, we put on market 37 products of four series for poverty alleviation, and donated RMB 36.5 million to the poverty relief campaigns in Yunxi County and Danjiangkou City of Hubei, Tiandeng County and Longzhou County of Guangxi and Ulaanchab City of Inner Mongolia. We also assigned 600 representatives to poverty- stricken villages. Staying true to our founding mission, we played an active role in the charity cause. In the year, our donation valued RMB 193 million in total. We'd been raising 1,104 disaster- orphaned children for ten years and the financial assistance to whom totaled RMB 47 million as of the end of 2018. We also sponsored the 9th "Summer Camp of Love" in a row to help the

foremost" services. In 2018, China Life laid 15,700 newly-added Internet line, provided 66,000 sets of intelligent equipment, and built up more than 20,000 smart and wireless connected digital service outlets suitable to multiple scenarios, and 3,475 real-time interactive service command

&dispatching centers. The total number of registered users on China Life Insurance APP2 and official website increased by 62.9% year-on-year We adopted AI, Big Data and cloud technologies to link up corporate users, customer service and products through the "product + telephone + Internet" service line, China Life Insurance APP and the WeChat official account. We gave high priority to consumer protection. In the year, we saw pleasant improvements in customer satisfaction and loyalty, up 1.44% and 3.60% year on year respectively.

1Award was presented to China Life Insurance (Group) Co. Ltd, of which China Life is a core member entity.

2China Life e-Bao was officially renamed China Life Insurance APP on February 28, 2019.

In 2019, the country will celebrate the 70th anniversary of the People's Republic of China and kick off a vital step to a moderately prosperous society in all respects, while the insurance industry will embrace new development opportunities. China Life will, upholding Xi Jinping's thought of "Socialism with Chinese Characteristics for a New Era" and the spirit of the 19th CPC National Congress, set high-quality development as the fundamental goal and development as the priority, speed up reform and transformation, and march on the development path with its own characteristics towards a world-class life insurance company that guards people's happy life.

Ambition leads to success. China Life and its one million employees will keep forging ahead to our common dream, hand in hand leap forward to new highs, and with remarkable achievements solute the county's 70th birthday.

Chairman

2018 Corporate Social Responsibility Report of China Life	4	5	2018 Corporate Social Responsibility Report of China Life

About

Us

Company Profile

China Life Insurance Company Limited (hereinafter "China Life", "the Company", or "we", as the case may be) is a life insurance company which was registered and incorporated in Beijing, China on June 30, 2003 in accordance with the Company Law of the People's Republic of China and the Insurance Law of the People's Republic of China. It is China's first financial & insurance company triple-listed in New York, Hong Kong and Shanghai respectively on December 17 and 18, 2003 and on January 9, 2007.

In 2018, China Life brought in RMB 535.826 billion of insurance premium income, placing it in the first place of Chinese life insurance industry. The Company had with coverage of the country's more than 20,000 branches and outlets and hired over 100,000 employees and a sales force of 1.772 million people in various sales channels. As of the end of 2018, China Life had RMB 3.25 trillion worth of total assets, providing various types of insurance coverage to more than 500 million customers and possessed 285 million valid long- term insurance policies, annuity contracts and long-term health insurance policies for individuals and groups as well as accident insurance and short-term health insurance policies and services. China Life also provided accident insurance and

short-term health insurance policies and services for individuals and groups.

Staying true to its founding mission, China Life dared to surge ahead the Reform and Opening-up and won high recognition in the capital market. In 2018, it won such honors as the 2018 Best Life Insurance Company of Asian, the Excellent Life Insurance Company, the Ark Award for High- quality Development, the Award for Excellent Brand, Pioneer Institution of Targeted Poverty Alleviation, among others. The Company saw its name ranking 35th among the 2018 Forbes Global 2000 public companies. It had been on the list for 15 years. China Life was also included into the Fortune Global 500 List for 16 years in a row, a record of China's insurers. In 2018 it rocketed from 51st to 42nd and stood No. 11 among Chinese enterprises. Among the World Brand Lab's 2018 World's 500 Most Influential Brands , China Life jumped four places up to 139th. Its 12 medals in a row is also a record in China's insurance industry. Among the China's 500 Most Valuable Brands , also released by the World Brand Lab, China Life stood at 5th and led all pears, boasting a brand value at RMB 325.372 billion, increasing RMB 38.216 billion over 2017.

2018	Premium income（RMB）
	535.826billion
	Claim settlement case
	14	million +
	Compensation paid（RMB）
	174.439			billion
	Number of customers received maturity
	benefit payment
	2,449,816
	Amount of maturity benefit payment（RMB）
	74.738		billion
	Total assets（RMB）
As of
the	3.25 trillion
end of
2018

Number of policies

285 million

Number of customers served 500 million +

Number of affiliates and service outlets distributed all over the country 4

20,586

mount at risk validly underwritten（RMB）

Corporate Culture

Fulfill ourselves to benefit others	To be a first-class international life
Fulfill others to benefit ourselves	insurance company

		Core	Our
		philosophy	vision
					Toughness
					aggressiveness
Human-centered,	Talent			Our	cooperation
integrity and ability	guideline			spirit	dedication
					discipline
	Service			Motto
	guideline
	Good faith and customer	Operating		China Life, a trustworthy
	foremost			insurer that knows you better
		guideline
		Compliant and
		innovation-driven

	42	139
248		167

25 trillion

3

Award was presented to China Life Insurance (Group) Co. Ltd,

Fortune Global 500 List 2018

up 248 places

2018

139th, up 167 places

42th in 2018

in 16 years

World's 500 Most Influential Brands

in 12 years

of which China Life is a core member entity.

42

248

139

4

Including the HQ, provincial branches, central subsidiaries,

places

places

places

places

subsidiaries, business departments and marketing outlets.

167

2018 Corporate Social Responsibility Report of China Life	6	7	2018 Corporate Social Responsibility Report of China Life

Honors

Forbes

"35th among Forbes 2018 Global 2000"

35th

Fortune

"42nd among Fortune Global 500 List 2018 "

42nd5

World Brand Lab

"139th among 2018 World's 500 Most Influential "Brands

139th5

World Brand Lab

"5th among China's 500 Most Valuable Brands" 5th5

Chinese Enterprise Research Center

of Tsinghua University and National

Business Daily

"26th among 2018 Top 100 Brand Value of Chinese Listed Companies"

26th

"6th among 2018 Top 25 Financial Institutions of Brand Value of Chinese Listed Companies"

6th

Securities Times

2018 Ark Award for Insurance Company of High-quality Development

National Business Daily

2018 Chinese Insurance Billboard

Excellent Life Insurance Company

hexun.com

16th China's Financial Annual Champion Awards 2018Vanguard in Poverty Alleviation through Insurance

Finance.china.com.cnandinsure123.cn

2018 China Ding Insurance Industry Awards

Best Insurance Brand of the Year

CustomerContactCenterStandardCommittee

2017-2018 Best Customer Contact Center of China

China Insurance Industry Billboard Committee and Insurance Culture

2018 Top 10 Comprehensively Competitive Chinese Personal Insurance Companies and most valuable insurance brand of the Year

Chinese Institute of

Business Administration

Excellent Enterprise of Sustainable Brand Dissemination

Insurance Association of China

AwardforPovertyAlleviationthroughInsuranceandAward forBestActivity

2018PublicityCompetitionofInsuranceIndustry

cfbond.com

2018 China Insurance Golden Swallow Award

Outstanding Contribution Award in the 10th Anniversary of Wenchuan Earthquake, Award for Best Popularity of the Year

yidianzixun.com

2018 Warm Financial Brands

Award for Targeted Poverty Alleviation Practices

WPP and Kantar

"79thamongBrandZTop100MostValuableGlobalBrands2018"

79th5

21st Century Business Herald

"21st Century Asian Financial Competitiveness Rankings"

2018 Best Life Insurance Company of Asia

China Internet Information Center

2018 China.org.cn Poverty Alleviation Financial Institution Rankings

PioneerInstitutionofTargetedPovertyAlleviationTimes

Shanghai Securities News

2018 Golden Wealth Management

Excellence Award for Insurance Coverage Brand

Investor Journal Weekly

2018 Insurance Pioneers

Vanguard of Insurance Power Award

China Consumer Journal

2018 Excellent Enterprise of Consumer- oriented Practices

People's Daily, China Economic Weekly, China Economics Academy, cewwely.cn

Top 100 Independent Bran d of China in Public Satisfaction in the 40th Anniversary of the Reform and Opening-up

National Business Daily, Beijing

Insurance Research Institute,

Deloitte (China), BGG

Chinese Insurance Billboard in the 40th Anniversary of the Reform and Opening-up

8th China Charity Festival Organizing Committee

2018 Charity Entity Award, Charity Program Award

people.com.cn

1st Good Insurance Products nomination

2018 MostWelcomed Disease Insurance Product--China Life Happiness (PremiumVersion) , 2018 MostWelcomed Life Insurance Product--"Xinxiang Jinsheng (B)"

Financial Money

9th Golden Pixiu Awards

Best Market Influential Financial Product of the Year-- China Life Happiness (Premium Version)

Financial Times	JRJ.com
Gold Medal Award for Chinese Financial Institutions	2018 Financial Leaders of China Awards
GoldenDragonfor2018BestLifeInsuranceCompany	Excellent Brand Award

5 Award was presented to China Life Insurance (Group) Co. Ltd, of which China Life is a core member entity.

Excellent Life Insurance Company

Red Cross Society of China

China Life Charity Foundation-- Caritas Medal by Red Cross Society of China

2018 Corporate Social Responsibility Report of China Life	8	9	2018 Corporate Social Responsibility Report of China Life