Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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)

2021 FIRST QUARTER REPORT

This announcement is made by China Life Insurance Company Limited (the "Company") pursuant to the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1. IMPORTANT NOTICE

  1. The Company's Board of Directors, the Board of Supervisors, its Directors, Supervisors and Senior Management warrant that the information in this quarterly report is true, accurate and complete and contains no false representations, misleading statements or material omissions, and jointly and severally accept full legal responsibility.
  2. On 28 April 2021, the Company's 2021 First Quarter Report was considered and approved at the thirty-fifth meeting of the sixth session of the Board of the Company. Of the nine Directors of the Company, eight attended the Board Meeting. Executive Director Mr. Li Mingguang could not attend the meeting due to other business, and gave written authorization to Executive Director Mr. Su Hengxuan to act as proxy to attend and vote at the meeting.
  3. The financial data of the Company for the first quarter of 2021 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders of the Company in the consolidated financial statements have no difference from the relevant data under International Financial Reporting Standards.
  4. Mr. Wang Bin, Chairman of the Board of the Company, Ms. Huang Xiumei, Vice President in charge of financial affairs, Mr. Li Mingguang, Chief Actuary and Ms. Hu Jin, Head of the Financial Department, confirm that the financial statements in this 2021 first quarter report are true, accurate and complete.

1

2. THE COMPANY'S BASIC INFORMATION

2.1 Major financial data and financial indicators

Currency: RMB

Increase/(decrease)

As at

As at

compared to

31 March 2021

31 December 2020

31 December 2020

Total assets (million)

4,469,985

4,252,410

5.1%

Equity holders' equity (million)

467,747

450,051

3.9%

Ordinary share holders' equity

16.55

15.92

3.9%

per share (RMB per share)

Increase/(decrease)

For the three months

For the three months

compared to the

ended 31 March 2021

ended 31 March 2020

same period of 2020

Net cash flows from operating

161,232

125,309

28.7%

activities (million)

Net cash flows from

5.70

4.43

28.7%

operating activities per share

(RMB per share)

Operating income (million)

373,458

337,772

10.6%

Net profit attributable to

28,589

17,090

67.3%

equity holders of the Company

(million)

Net profit attributable to

28,639

17,120

67.3%

equity holders of the Company

after deducting non-recurring

items (million)

Earnings per share (basic and

1.01

0.60

68.3%

diluted) (RMB per share)

Basic earnings per share after

1.01

0.60

68.3%

deducting non-recurring items

(RMB per share)

Weighted average ROE (%)

6.23

4.24

An increase of 1.99

percentage points

Weighted average ROE after

6.24

4.25

An increase of 1.99

deducting non-recurring items (%)

percentage points

Note: In calculating the percentage changes of "Ordinary share holders' equity per share", "Net cash flows from operating activities per share", "Earnings per share (basic and diluted)" and "Basic earnings per share after deducting non-recurring items", the tail differences of the basic figures have been taken into account.

2

2.2 Non-recurring items and amounts

RMB million

For the reporting period

Non-recurring items Note

(from January to March)

Gains/(losses) on disposal of non-current assets

14

Government subsidies recognized in current gains/(losses)

60

Donations

(38)

Net non-recurring items other than those mentioned above

(81)

Effect of income tax

11

Attributable to non-controlling interests

(16)

Total

(50)

Note: As an insurance company, investment of insurance funds is one of the major businesses of the Company. Therefore, the non-recurring items do not include fair value gains/(losses) from financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, as well as investment income from the disposal of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss and available-for-sale financial assets.

3

2.3 Total number of shareholders and the particulars of top ten shareholders as at the end of the reporting period

Total number of shareholders as at

Number of A Share shareholders: 176,897

the end of the reporting period

Number of H Share shareholders: 25,886

Particulars of top ten shareholders of the Company

Unit: Share

Number of

shares subject

Number of

Percentage of

Total number

to selling

shares pledged

Name of shareholder

Nature of shareholder

shareholding

of shares

restrictions

or frozen

China Life Insurance (Group)

State-owned legal person

68.37%

19,323,530,000

-

-

Company

HKSCC Nominees Limited

Overseas legal person

25.93%

7,329,086,030

-

-

China Securities Finance Corporation

State-owned legal person

2.51%

708,240,246

-

-

Limited

Central Huijin Asset Management

State-owned legal person

0.42%

119,719,900

-

-

Limited

Hong Kong Securities Clearing

Overseas legal person

0.18%

51,756,584

-

-

Company Limited

China Universal Asset Management

Other

0.05%

15,015,845

-

-

Co., Limited - Industrial and

Commercial Bank of China

Limited - China Universal -

Tianfu Bull No. 53 Asset

Management Plan

Industrial and Commercial Bank of

Other

0.04%

10,010,242

-

-

China Limited - SSE 50 Exchange

Traded Index Securities Investment

Fund

China International Television

State-owned legal person

0.04%

10,000,000

-

-

Corporation

China National Nuclear Corporation

State-owned legal person

0.03%

8,950,800

-

-

Feng Xiang

Domestic natural person

0.03%

8,501,804

-

-

1.

HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong

Kong stock brokers and other participants of the CCASS system. The relevant regulations of

The Stock Exchange of Hong Kong Limited do not require such persons to declare whether

their shareholdings are pledged or frozen. Hence, HKSCC Nominees Limited is unable to

calculate or provide the number of shares that are pledged or frozen.

Details of shareholders

2.

China Universal Asset Management Co., Limited - Industrial and Commercial Bank of China

Limited - China Universal - Tianfu Bull No.53 Asset Management Plan has Industrial and

Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of

China Limited - SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and

Commercial Bank of China Limited as its fund depositary. Save as above, the 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.

4

  1. Total number of preference share holders, top ten preference share holders, and the particulars of top ten preference share holders with no selling restrictions as at the end of the reporting period
    Applicable  Not applicable
  2. Quarterly business analysis
    Since 2021, as the external environment for development has been complicated and ever- changing, and the long-term and severe impact brought by the COVID-19 pandemic has become increasingly prominent, China has seen uneven economic recovery, and the insurance industry still remains to gain full recovery. During the reporting period, by closely upholding the strategic deployment of "China Life Revitalization" and the high-quality development requirements, the Company proactively responded to the challenges brought by the pandemic, well proceeded with various tasks and achieved a steady development, with its business profitability increasing effectively. Firstly, the overall business development of the
    Company remained stable, although it was under pressure as a result of the high base in the comparative period of the previous year. In the first quarter of 2021, revenues from insurance business1 of the Company reached RMB323,892 million, an increase of 5.2% year on year. In particular, renewal premiums amounted to RMB221,443 million, an increase of 11.7% year on year. Short-terminsurance premiums amounted to RMB33,584 million, an increase of 2.3% year on year. As affected by the COVID-19pandemic, the release of insurance demands slowed down, and the development of the Company's new policy business was under pressure. First-yearregular premiums amounted to RMB68,276 million, of which, first-yearregular premiums with a payment duration of ten years or longer were RMB19,656 million. With the high base in 2020, value of new business for the first quarter of 2021 decreased by 13.2% year on year. The surrender rate was 0.38%, an increase of 0.10 percentage point year on year. Secondly, the Company continued to focus on enhancing sales force quality while stabilizing its quantity, and carried out its day-to-day management in a more stringent manner. With the implementation of the customer-centricsales deployment of "Yi Ti Duo Yuan" in greater depth, the Company adhered to the strategy of "productive agents-drivenbusiness", strengthened its day-to-daymanagement, attached great importance to its quality enhancement, and consistently pushed forward high-qualitydevelopment of the sales force. As at the end of the reporting period, the Company's total sales force was 1.357 million, of which, the number of agents of the individual agent business sector was 1.282 million, which generally remained stable. Thirdly, the Company optimized its asset allocation on account level and diversified investment strategies of asset classes, which laid down a solid foundation for the Company's investment income of the whole year. As at the end of the reporting period, the Company's investment assets reached RMB4,282,189 million, an increase of 4.5% from the

1 Revenues from insurance business is consistent with Premium Income in the attached income statement.

5

end of 2020. The Company continued to allocate to the liability-matching portfolios with long duration, made allocation to non-standardfixed-income assets and quasi-fixed income assets on a rolling basis to reinforce the safety cushion, and strived to improve its equity investment capability to gain excess returns. In the first quarter of 2021, the Company well coordinated strategic allocation and tactical operation based on market conditions, leveraged the strengths of asset managers within and outside the Company, diversified the types of fixed-income assets, and proactively managed equity exposures, so as to consistently optimize its position structure. In the first quarter of 2021, the Company registered gross investment income2 of RMB65,112 million, an increase of 43.3% year on year, and the gross investment yield3 reached 6.44%. The net investment income4 was RMB41,395 million, an increase of 8.7% year on year, and the net investment yield5 was 4.08%.

During the reporting period, net profit attributable to equity holders of the Company was RMB28,589 million, an increase of 67.3% year on year. As at the end of the reporting period, the core solvency ratio and comprehensive solvency ratio of the Company were 266.35% and 275.16%, respectively.

For the remaining period of 2021, the Company will implement the new development concept in all aspects, continue to maintain high-quality development, further push forward the "China Life Revitalization" initiative, adhere to the strategic core of "Three Major Transformations, Dual Centers and Dual Focuses, Asset-liability Interaction", and uphold the operational guideline of "prioritizing business value, strengthening sales force, achieving stable growth, upgrading technology, optimizing customer services and guarding against risks". The Company will strive to maintain the steady business growth, improve the quality of its sales force, foster new driving forces with perseverance, and firmly defend the bottom line of risk prevention and control, so as to make new progress in the "China Life Revitalization" initiative.

2

3

4

5

Gross investment income = Net investment income + Net realized gains on investment assets + Fair value gains/losses - Impairment losses of investment assets

Gross investment yield = {[(Gross investment income - Interest paid for financial assets sold under agreements to repurchase)/((Investment assets at the end of the previous year - Financial assets sold under agreements to repurchase at the end of the previous year - Derivative financial liabilities at the end of the previous year + Investment assets at the end of the period - Financial assets sold under agreements to repurchase at the end of the period - Derivative financial liabilities at the end of the period)/2)]/90}×365

Net investment income includes interest income from debt investments, interest income from deposits, dividend and bonus from equity investments, interest income from loans, net income from investment properties, and income from investments in associates and joint ventures, etc.

Net investment yield = {[(Net investment income - Interest paid for financial assets sold under agreements to repurchase)/((Investment assets at the end of the pervious year - Financial asset sold under agreements to repurchase at the end of the previous year + Investment assets at the end of the period - Financial assets sold under agreements to repurchase at the end of the period)/2)]/90}×365

6

3. SIGNIFICANT EVENTS

3.1 Particulars of and reasons for changes in major accounting items and financial indicators of the Company

  • Applicable  Not applicable
  1. Changes in key financial indicators and the reasons

RMB million

As at

As at

31 March

31 December

Increase/

Key financial indicators

2021

2020

(decrease)

Main reasons

Total assets

4,469,985

4,252,410

5.1%

Accumulation of the assets

from insurance business and

investment business

Total liabilities

3,995,040

3,795,479

5.3%

An increase in insurance

reserves

Equity holders' equity

467,747

450,051

3.9%

Due to the effect of profits

during the Reporting Period

For the three

For the three

months ended

months ended

31 March

31 March

Increase/

Key financial indicators

2021

2020

(decrease)

Main reasons

Operating profit

35,252

21,130

66.8%

An increase in investment

income

Net profit attributable to equity

28,589

17,090

67.3%

An increase in investment

holders of the Company

income

7

  1. Material changes in major accounting items and the reasons

RMB million

As at

As at

31 March

31 December

Increase/

Key financial indicators

2021

2020

(decrease)

Main reasons

Cash fund

86,022

57,605

49.3%

The needs for liquidity

management

Premiums receivables

54,051

20,730

160.7%

The accumulation of renewal

premiums

Unearned premium reserves

32,489

14,701

121.0%

An increase in short-term

insurance business and timing

differences of business

schedule

For the three

For the three

months ended

months ended

31 March

31 December

Increase/

Key financial indicators

2021

2020

(decrease)

Main reasons

Investment income

73,484

51,729

42.1%

An increase in investment

income of equity assets

Fair value gains/(losses)

(7,269)

(5,411)

34.3%

Due to the fluctuation of the

market value of financial assets

at fair value through profit or

loss

Surrenders

12,308

7,740

59.0%

An increase in surrender of

certain insurance products due to

the pandemic

Income tax expenses

6,149

3,760

63.5%

An increase in the Company's

profit

8

  1. Explanation and analysis of significant events and their impacts and solutions
    Applicable  Not applicable
  2. Undertakings were not implemented in due time during the reporting period
    Applicable  Not applicable

Prior to the listing of the Company's A Shares (30 November 2006), land use rights were injected by China Life Insurance (Group) Company (the "CLIC") into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the above-mentioned formalities within one year of the date of listing of the Company's A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto.

CLIC strictly followed these commitments. As at the end of the reporting period, save for the two properties and related land of the Company's Shenzhen Branch, the ownership registration formalities of which had not been completed due to historical reasons, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.

The Company's Shenzhen Branch and the other co-owners of the properties have issued a letter to the governing department of the original owner of the properties in respect of the confirmation of ownership of the properties, requesting it to report the ownership issue to the State-owned Assets Supervision and Administration Commission of the State Council ("SASAC"), and requesting the SASAC to confirm the respective shares of each co-owner in the properties and to issue written documents in this regard to the department of land and resources of Shenzhen, so as to assist the Company and the other co-owners to complete the formalities in relation to the division of ownership of the properties.

Given that the change of ownership of the above two properties and related land use rights were directed by the co-owners, and all formalities in relation to the change of ownership were proceeded slowly due to reasons such as issues rooted in history and government approvals, CLIC, the controlling shareholder of the Company, made further commitment as follows: CLIC will assist the Company in completing, and urge the co-owners to complete the formalities in relation to the change of ownership in respect of the above two properties and related land use rights as soon as possible. If the formalities cannot be completed due to the reasons of the co-owners, CLIC will take any other legally practicable measures to resolve the issue and will bear any potential losses suffered by the Company as a result of the defective ownership.

9

3.4 Warnings and explanation for any forecasted losses or significant changes (as compared to the same period of last year) in accumulated net profit from the beginning of the year to the end of the next reporting period

  • Applicable  Not applicable

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

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

As at the date of this announcement, the Board of Directors of the Company comprises:

Executive Directors:

Wang Bin, Su Hengxuan, Li Mingguang

Non-executive Directors:

Yuan Changqing, Wang Junhui

Independent Non-executive Directors:

Chang Tso Tung Stephen, Robinson Drake Pike,

Tang Xin, Leung Oi-Sie Elsie

Hong Kong, 28 April 2021

10

4. APPENDIX

4.1 Balance sheet as at 31 March 2021 (unaudited)

RMB million (Unless otherwise stated)

As at

As at

As at

As at

31 March

31 December

31 March

31 December

2021

2020

2021

2020

ASSETS

Group

Group

Company

Company

Assets

Cash fund

86,022

57,605

63,675

50,688

Financial assets at fair value through profit or loss

153,583

161,564

108,359

127,398

Securities purchased under agreements to resell

7,339

7,947

6,545

5,888

Interest receivables

46,697

45,147

45,653

44,509

Premiums receivables

54,051

20,730

54,051

20,730

Receivables from reinsurers

741

1,135

741

1,135

Unearned premium reserves receivable from reinsurers

728

523

728

523

Claim reserves receivable from reinsurers

291

209

291

209

Reserves for life insurance receivables from reinsurers

633

570

633

570

Reserves for long-term health insurance receivables

from reinsurers

3,760

3,658

3,760

3,658

Other receivables

12,036

14,988

9,273

12,459

Loans

675,303

658,535

653,776

638,849

Term deposits

550,786

545,667

518,980

521,886

Available-for-sale financial assets

1,294,078

1,215,603

1,264,491

1,187,153

Held-to-maturity investments

1,246,052

1,189,369

1,245,124

1,188,509

Long-term equity investments

248,587

239,584

328,636

289,596

Statutory deposits

6,333

6,333

5,653

5,653

Investment properties

14,106

14,217

6,115

6,162

Constructions in progress

11,406

11,332

10,600

10,567

Fixed assets

40,606

40,438

38,813

38,624

Right-of-use assets

2,796

3,076

2,659

2,823

Intangible assets

8,258

8,335

7,510

7,572

Deferred tax assets

161

87

-

-

Other assets

5,623

5,748

5,372

5,489

Separate account assets

9

10

9

10

Total Assets

4,469,985

4,252,410

4,381,447

4,170,660

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

11

4.1 Balance sheet as at 31 March 2021 (unaudited) (continued)

LIABILITIES AND EQUITY

Liabilities

Short-term borrowings

Financial liabilities at fair value through profit or loss Securities sold under agreements to repurchase Premiums received in advance

Brokerage and commission payable Reinsurance payable

Salary and welfare payable Taxes payable Dividends payable Claims payable Policyholder dividends payable Other payable Policyholder deposits Unearned premium reserves Claim reserves

Reserves for life insurance

Reserves for long-term health insurance Long-term borrowings

Bonds payable Lease liabilities Deferred tax liabilities Other liabilities Separate account liabilities

Total liabilities

Equity

Share capital

Capital reserve

Accumulated other comprehensive income

Surplus reserve

General reserve

Retained earnings

Attributable to equity holders of the Company

Non-controlling interests

Total equity

Total liabilities and equity

Wang Bin

Huang Xiumei

Chairman

Vice President in

charge of Accounting Affairs

RMB million (Unless otherwise stated)

As at

As at

As at

As at

31 March

31 December

31 March

31 December

2021

2020

2021

2020

Group

Group

Company

Company

1,575

1,641

-

-

5,275

3,732

-

-

108,474

122,249

102,694

116,584

2,987

53,021

2,987

53,021

6,754

7,051

6,754

7,051

486

1,036

486

1,036

10,977

11,811

9,522

10,553

4,756

1,080

4,297

634

-

13

-

-

56,987

55,031

56,987

55,031

124,427

122,510

124,427

122,510

16,768

15,975

14,308

15,021

296,220

288,202

296,220

288,202

32,489

14,701

32,489

14,701

21,404

21,991

21,404

21,991

2,994,175

2,768,584

2,994,175

2,768,584

174,767

167,949

174,767

167,949

17,897

17,915

-

-

34,993

34,992

34,993

34,992

2,452

2,664

2,317

2,416

10,320

15,286

10,776

15,705

70,848

68,035

24,333

25,308

9

10

9

10

3,995,040

3,795,479

3,913,945

3,721,299

28,265

28,265

28,265

28,265

54,387

53,954

53,639

53,206

43,599

54,862

43,281

54,465

86,027

86,027

85,979

85,979

43,059

43,047

42,313

42,313

212,410

183,896

214,025

185,133

467,747

450,051

7,198

6,880

474,945

456,931

467,502

449,361

4,469,985

4,252,410

4,381,447

4,170,660

Li Mingguang

Hu Jin

Chief Actuary

Head of

Financial Department

12

4.2 Income statement for the first quarter of 2021 (unaudited)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

1

Operating income

373,458

337,772

372,255

336,859

Premiums earned

304,756

289,518

304,756

289,518

Premium income

323,892

307,776

323,892

307,776

Including: Reinsurance premium income

-

1

-

1

Less: Premiums ceded to reinsurers

(1,553)

(1,293)

(1,553)

(1,293)

Change in unearned premium reserves

(17,583)

(16,965)

(17,583)

(16,965)

Investment income

73,484

51,729

72,734

50,872

Including: Share of profit of associates and

3,015

3,007

3,039

3,076

joint ventures

Other gains

111

15

58

12

Fair value gains/(losses)

(7,269)

(5,411)

(6,451)

(4,575)

Foreign exchange gains/(losses)

144

58

48

121

Other operating income

2,218

1,862

1,096

910

Gains/(losses) on disposal of assets

14

1

14

1

2

Operating expenses

(338,206)

(316,642)

(337,372)

(315,768)

Surrenders

(12,308)

(7,740)

(12,308)

(7,740)

Claims expense

(43,033)

(35,530)

(43,033)

(35,530)

Less: Claims recoverable from reinsurers

1,433

673

1,433

673

Increase in insurance contracts reserve

(231,822)

(216,583)

(231,822)

(216,583)

Less: Insurance reserves recoverable from reinsurers

247

(56)

247

(56)

Policyholder dividends resulting from participation

in profits

(8,127)

(6,591)

(8,127)

(6,591)

Tax and surcharges

(365)

(218)

(330)

(202)

Underwriting and policy acquisition costs

(27,843)

(34,569)

(27,843)

(34,569)

Administrative expenses

(9,367)

(9,654)

(8,793)

(9,159)

Less: Expenses recoverable from reinsurers

83

62

83

62

Other operating expenses

(5,962)

(5,553)

(5,737)

(5,190)

Impairment losses

(1,142)

(883)

(1,142)

(883)

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

13

4.2 Income statement for the first quarter of 2021 (unaudited) (continued)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

3

Operating profit

35,252

21,130

34,883

21,091

Add: Non-operating income

12

12

10

9

Less: Non-operating expenses

(130)

(60)

(130)

(57)

4

Net profit before income tax

35,134

21,082

34,763

21,043

Less: Income tax expenses

(6,149)

(3,760)

(5,808)

(3,540)

5

Net profit

28,985

17,322

28,955

17,503

According to operating continuity:

- Net profit from continuing operations

28,985

17,322

28,955

17,503

According to ownership of the company:

- Equity holders of the Company

28,589

17,090

- Non-controlling interests

396

232

6

Earnings per share

Basic earnings per share

RMB1.01

RMB0.60

Diluted earnings per share

RMB1.01

RMB0.60

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

14

4.2 Income statement for the first quarter of 2021 (unaudited) (continued)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

7 Other Comprehensive income

(11,404)

(7,200)

(11,247)

(7,828)

Other comprehensive income attributable to equity

holders of the Company (net of tax)

(11,326)

(7,178)

Other comprehensive income that may be

reclassified to profit or loss

(11,278)

(7,081)

(11,199)

(7,731)

Fair value gains/(losses) on available-for-sale

financial assets

6,562

(3,096)

6,547

(3,792)

Less: Amount transferred to net profit from

other comprehensive income

(18,955)

(7,654)

(18,860)

(7,605)

Portion of fair value changes on available-

for-sale financial assets attributable to

participating policyholders

1,780

2,694

1,780

2,694

Other comprehensive income that may be

transferred to profit or loss under the equity

method

(673)

839

(673)

951

Exchanges differences on translating foreign

operations

8

136

7

21

Other comprehensive income that will not be

reclassified to profit or loss

(48)

(97)

(48)

(97)

Other comprehensive income that may not be

transferred to profit or loss under the equity

method

(48)

(97)

(48)

(97)

Other comprehensive income attributable to

non-controlling interests (net of tax)

(78)

(22)

8 Total Comprehensive income

17,581

10,122

17,708

9,675

- Attributable to equity holders of the Company

17,263

9,912

- Attributable to non-controlling interests

318

210

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

15

4.3 Cash flow statement for the first quarter of 2021 (unaudited)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

1 Cash flows from operating activities

Premiums received

240,417

204,687

240,417

204,687

Net increase in policyholder deposits

8,182

9,691

8,182

9,691

Net cash received from financial assets at fair value

through profit or loss

12,096

-

18,426

750

Net cash received from financial liabilities at fair value

through profit or loss

1,893

181

-

-

Cash received from other operating activities

2,749

2,439

1,348

1,123

Sub-total of cash inflows from operating activities

265,337

216,998

268,373

216,251

Cash paid for claims

(53,385)

(40,254)

(53,385)

(40,254)

Net cash paid for reinsurance business

(193)

(176)

(193)

(176)

Cash paid for brokerage and commission fees

(28,140)

(31,696)

(28,140)

(31,696)

Cash paid for policyholder dividends

(3,838)

(1,637)

(3,838)

(1,637)

Cash paid to and for employees

(6,250)

(5,912)

(6,012)

(5,640)

Cash paid for taxes and surcharges

(4,255)

(4,947)

(3,684)

(4,381)

Net cash paid for financial assets at fair value

through profit or loss

-

(683)

-

-

Cash paid for other operating activities

(8,044)

(6,384)

(8,017)

(5,959)

Sub-total of cash outflows from operating activities

(104,105)

(91,689)

(103,269)

(89,743)

Net cash flows from operating activities

161,232

125,309

165,104

126,508

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

16

4.3 Cash flow statement for the first quarter of 2021 (unaudited) (continued)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

2 Cash flows from investing activities

Cash received from sales and redemption of

investments

170,016

225,176

168,044

221,265

Cash received from investment income

42,280

34,741

39,182

34,102

Net cash received from disposals of fixed assets,

intangible assets and other long-term assets

19

2

19

2

Net cash received from securities purchased under

agreements to resell

608

-

-

-

Net cash received from the disposal of subsidiaries

and other business units

-

591

30

953

Sub-total of cash inflows from investing activities

212,923

260,510

207,275

256,322

Cash paid for investments

(320,236)

(283,748)

(329,960)

(273,907)

Net increase in policy loans

(11,542)

(4,461)

(11,542)

(4,461)

Cash paid for acquisition of fixed assets, intangible

assets and other long-term assets

(1,064)

(1,738)

(980)

(1,706)

Net cash paid from securities purchased under

agreements to resell

-

(27,118)

(657)

(28,619)

Sub-total of cash outflows from investing activities

(332,842)

(317,065)

(343,139)

(308,693)

Net cash flows from investing activities

(119,919)

(56,555)

(135,864)

(52,371)

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

17

4.3 Cash flow statement for the first quarter of 2021 (unaudited) (continued)

RMB million (Unless otherwise stated)

For the three months

For the three months

ended 31 March

ended 31 March

2021

2020

2021

2020

Group

Group

Company

Company

3 Cash flows from financing activities

Cash received from investment

3,741

4,479

-

-

Including: Cash received from the investment

of non-controlling interests by

subsidiaries

3,741

4,479

-

-

Cash received from borrowings

-

124

-

-

Sub-total of cash inflows from financing activities

3,741

4,603

-

-

Cash paid for dividends and interests and repaid

for lenders

(2,090)

(2,107)

(1,991)

(1,871)

Net cash paid for securities sold under agreements

to repurchase

(13,775)

(53,743)

(13,890)

(54,551)

Cash paid for other financing activities

(754)

(549)

(340)

(263)

Sub-total of cash outflows from financing activities

(16,619)

(56,399)

(16,221)

(56,685)

Net cash flows from financing activities

(12,878)

(51,796)

(16,221)

(56,685)

4 Effect of changes in foreign exchange rate on cash

and cash equivalents

(30)

16

(33)

23

5 Net increase in cash and cash equivalents

28,405

16,974

12,986

17,475

Add: Opening balance of cash and cash equivalents

56,629

53,306

50,692

48,802

6 Closing balance of cash and cash equivalents

85,034

70,280

63,678

66,277

Wang Bin

Huang Xiumei

Li Mingguang

Hu Jin

Chairman

Vice President in

Chief Actuary

Head of

charge of Accounting Affairs

Financial Department

18

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China Life Insurance Co. Ltd. published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 08:38:08 UTC.