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    2628   CNE1000002L3

CHINA LIFE INSURANCE COMPANY LIMITED

(2628)
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CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES - Form 6-K

10/28/2021 | 01:44pm EST

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

As at 30 September 2021, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB20,444 million and an increase in liabilities of long-term health insurance contracts by RMB2,674 million, which in aggregate reduced profit before tax by RMB23,118 million for the nine months ended 30 September 2021.

I. Introduction

The Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, expenses assumptions, lapse rates and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet.

The changes in accounting estimates were considered and approved at the fourth meeting of the seventh session of the Board of Directors on 28 October 2021.

II. Details of the Changes in Accounting Estimates and the Impact on the Company

The Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, expenses assumptions, lapse rates and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet.

As at 30 September 2021, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB20,444 million and an increase in liabilities of long-term health insurance contracts by RMB2,674 million, which in aggregate reduced profit before tax by RMB23,118 million for the nine months ended 30 September 2021.

The Company adopted prospective application method to deal with the changes in accounting estimates.

Commission File Number 001-31914

III. Conclusive Opinions of the Independent Directors and the Board of Supervisors

The Independent Directors and the Board of Supervisors of the Company considered the changes in accounting estimates, and approved the accounting treatment on the changes in accounting estimates made by the Company.

IV. Relevant Documents for Record

1.

Independent opinion from the Independent Directors of the Company

2.

Special statement of the Board of Directors of the Company on the changes in accounting estimates

3.

Special statement of the Board of Supervisors of the Company on the changes in accounting estimates

The Board of Directors of
China Life Insurance Company Limited
28 October 2021

Disclaimer

China Life Insurance Co. Ltd. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 17:42:14 UTC.


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Sales 2021 610 B 96 218 M 96 218 M
Net income 2021 57 041 M 8 993 M 8 993 M
Net cash 2021 899 B 142 B 142 B
P/E ratio 2021 5,49x
Yield 2021 6,54%
Capitalization 690 B 109 B 109 B
EV / Sales 2021 -0,34x
EV / Sales 2022 -0,49x
Nbr of Employees 104 160
Free-Float 99,5%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 11,14 CNY
Average target price 14,45 CNY
Spread / Average Target 29,7%
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Managers and Directors
Heng Xuan Su President, CEO & Executive Director
Xiumei Huang CFO, Executive Director & Vice President
Chang Qing Yuan Chairman
Yuzeng Jia Chairman-Supervisory Board
Chongmiao Xu General Manager-Legal & Compliance