China Life Insurance : Summary of Solvency Quarterly Report of Insurance Company (First Quarter of 2021)

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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 2021)

1. BASIC INFORMATION

1. Basic Information of the Company Name of the Company in Chinese:

Name of the Company in English:	China Life Insurance Company Limited
Legal Representative:	Wang Bin
Registered Address:	16 Financial Street, Xicheng District, Beijing, P.R. China
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; 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 Administrative Region and Taiwan
	region (the "PRC")

Notes:

1. This summary of solvency quarterly report is prepared in accordance with the "Regulatory Rules of Solvency of Insurance Companies (No. 1-17)" issued by the former China Insurance Regulatory Commission.
2. According to the "Plan for Institutional Reform of the State Council" voted and passed at the first meeting of the 13th National People's Congress of the PRC, the China Banking and Insurance Regulatory Commission (the "CBIRC") has been formed through the consolidation of the duties and responsibilities of both the China Banking Regulatory Commission and the China Insurance Regulatory Commission, and such two commissions will no longer exist. The CBIRC has officially been put into operation since April 8, 2018.

1

1. Shareholding Structure, Shareholders and Their Changes
2. 1. Shareholding Structure

Unit: Ten thousand shares or RMB ten thousand

			Changes in the number of shares or shareholding percentage
	At the beginning of the period		during the period		At the end of the period
				Capital reserve
	Shares or		Capital	transfer and			Shares or
	capital		injection by	distribution of	Equity		capital
Category	contribution	Percentage (%)	shareholders	dividend	transfer	Sub-total	contribution	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 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 shareholding structure as disclosed in its annual report.

1. Effective Controller
   The effective controller of the Company is the Ministry of Finance of the PRC (the "MOF"). As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:

Ministry of Finance		National Council for Social
of the PRC		Security Fund
	90%			10%

China Life Insurance (Group) Company

68.37%

China Life Insurance Company Limited

Note: In order to consistently carry out the relevant arrangements under the "Notice of the State Council on Issuing the Implementation Plan for Transferring Part of State-owned Capital to Supplement Social Security Fund" (Guo Fa [2017] No. 49), the CBIRC has approved the one-off transfer by the MOF of 10% of its equity interest in China Life Insurance (Group) Company ("CLIC") to the National Council for Social Security Fund (the "SSF") (the "Gratuitous Transfer") in accordance with the "Reply for the Approval of Change of Shareholder of China Life Insurance (Group) Company" (CBIRC's Reply [2020] No. 63). Following completion of the Gratuitous Transfer, the MOF and the SSF hold 90% and 10% equity interest in CLIC, respectively.

2

1. Top Ten Shareholders (in the descending order of their shareholding percentage in the Company as at the end of the period)

Unit: Ten thousand shares or RMB ten thousand

		Changes in the	Number of shares
		number of shares	held by the
		held by the	shareholder or the
		shareholder or the	amount of capital	Shareholding
		amount of capital	contribution as	percentage as
		contribution	at the end	at the end	Number of shares
Name of shareholder	Type of shares	during the period	of the period	of the period	pledged or frozen
China Life Insurance (Group) Company	State-owned shares	0	1,932,353	68.37%	0
HKSCC Nominees Limited	Foreign shares	175	732,909	25.93%	0
China Securities Finance Corporation Limited	State-owned shares	-1,570	70,824	2.51%	0
Central Huijin Asset Management Limited	State-owned shares	0	11,972	0.42%	0
Hong Kong Securities Clearing Company	Foreign shares	333	5,176	0.18%	0
Limited
China Universal Asset Management Co., Ltd -	Other	0	1,502	0.05%	0
Industrial and Commercial Bank of China
Limited - China Universal - Tianfu Bull
No. 53 Asset Management Plan
Industrial and Commercial Bank of China	Other	-239	1,001	0.04%	0
Limited - SSE 50 Exchange Traded Index
Securities Investment Fund
China International Television Corporation	State-owned shares	0	1,000	0.04%	0
China National Nuclear Corporation	State-owned shares	0	895	0.03%	0
Feng Xiang	Natural person	60	850	0.03%	0
Total	-	-1,241	2,758,482	97.60%	0

Notes:

1. The figures shown in the columns of "Changes in the number of shares held by the shareholder or the amount of capital contribution during the period" and "Number of shares held by the shareholder or the amount of capital contribution as at the end of the period" in this table refer to the number of shares held (Unit: Ten thousand shares).
2. Due to the impact of the difference derived from rounding, there may be a difference between the total number of "Shareholding percentage as at the end of the period" and the sum of the shareholding percentage of the top ten shareholders.

3

Details of shareholders	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. Since 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, HKSCC Nominees Limited
	is unable to calculate or provide the number of
	shares that are pledged or frozen.

1. 2. China Universal Asset Management Co., Ltd - 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.
2. Subsidiaries, Joint Ventures and Associated Corporations

Unit: Ten thousand shares or RMB ten thousand

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning of	At the end of	Change in	beginning of	At the end of	Change in
	Company name	company	the period	the period	amount	the period	the period	percentage
1	China Life (Suzhou) Pension and	Subsidiary	199,065	199,065	0	100.00%	100.00%	0.00%
	Retirement Investment
	Company Limited
2	China Life Pension Company	Subsidiary	240,518	240,518	0	70.74%	70.74%	0.00%
	Limited
3	China Life Asset Management	Subsidiary	240,000	240,000	0	60.00%	60.00%	0.00%
	Company Limited

4

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning of	At the end of	Change in	beginning of	At the end of	Change in
	Company name	company	the period	the period	amount	the period	the period	percentage
4	Shanghai Rui Chong Investment	Subsidiary	680,000	680,000	0	100.00%	100.00%	0.00%
	Co., Limited
5	Golden Phoenix Tree Limited	Subsidiary	12	12	0	100.00%	100.00%	0.00%
6	New Aldgate Limited	Subsidiary	116,813	116,813	0	100.00%	100.00%	0.00%
7	CL Hotel Investor, L.P.	Subsidiary	9,539	18,967	9,428	100.00%	100.00%	0.00%
8	Glorious Fortune Forever Limited	Subsidiary	0	0	0	100.00%	100.00%	0.00%
9	Fortune Bamboo Limited	Subsidiary	243,488	243,488	0	100.00%	100.00%	0.00%
10	Golden Bamboo Limited	Subsidiary	199,288	199,288	0	100.00%	100.00%	0.00%
11	Sunny Bamboo Limited	Subsidiary	187,565	187,565	0	100.00%	100.00%	0.00%
12	China Life (Beijing) Health	Subsidiary	153,000	153,000	0	100.00%	100.00%	0.00%
	Management Company Limited
13	Ningbo Meishan Bonded Port Area	Subsidiary	283,500	283,500	0	89.997%	89.997%	0.00%
	Guo Yang Guo Sheng Investment
	Partnership (Limited Partnership)
14	Ningbo Meishan Bonded Port Area	Subsidiary	168,000	168,000	0	99.98%	99.98%	0.00%
	Bai Ning Investment Partnership
	(Limited Partnership)
15	Shanghai Yuan Shu Yuan Jiu	Subsidiary	57,100	57,100	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)
16	Shanghai Yuan Shu Yuan Pin	Subsidiary	57,100	57,100	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)
17	Shanghai Wansheng Industry	Subsidiary	401,200	402,400	1,200	99.98%	99.98%	0.00%
	Partnership (Limited Partnership)
18	Wuhu Yuanxiang Tianyi Investment	Subsidiary	53,256	53,256	0	99.98%	99.98%	0.00%
	Management Partnership (Limited
	Partnership)
19	Wuhu Yuanxiang Tianfu Investment	Subsidiary	53,256	53,256	0	99.98%	99.98%	0.00%
	Management Partnership (Limited
	Partnership)
20	CBRE Global Investors U.S.	Subsidiary	366,046	411,086	45,040	99.99%	99.99%	0.00%
	Investment I, LLC

5

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning of	At the end of	Change in	beginning of	At the end of	Change in
	Company name	company	the period	the period	amount	the period	the period	percentage
21	China Life Guangde (Tianjin)	Subsidiary	29,451	29,451	0	99.95%	99.95%	0.00%
	Equity Investment Fund
	Partnership (Limited Partnership)
22	Beijing China Life Pension	Subsidiary	900	900	0	99.90%	99.90%	0.00%
	Industry Investment Fund
	(Limited Partnership)
23	China Life Qihang Phase I (Tianjin)	Subsidiary	100	338,350	338,250	99.99%	99.99%	0.00%
	Equity Investment Fund
	Partnership (Limited Partnership)
24	Annoroad Gene Technology	Associated	25,000	25,000	0	13.09%	13.09%	0.00%
	(Beijing) Co., Ltd.	corporation
25	China Life Property and Casualty	Associated	600,000	600,000	0	40.00%	40.00%	0.00%
	Insurance Company Limited	corporation
26	China Guangfa Bank Co., Ltd.	Associated	860,063	860,063	0	43.69%	43.69%	0.00%
		corporation
27	COFCO Futures Company	Associated	29,617	29,617	0	35.00%	35.00%	0.00%
	Limited	corporation
28	Sino-Ocean Group Holding	Associated	225,346	225,346	0	29.59%	29.59%	0.00%
	Limited	corporation
29	Shanghai Jinshida Winning Software	Associated	19,200	19,200	0	19.25%	18.31%	-0.94%
	Technology Co., Limited	corporation
30	Sinopec Sichuan to East China	Associated	2,000,000	2,000,000	0	43.86%	43.86%	0.00%
	Gas Pipeline Co., Ltd.	corporation
31	China United Network	Associated	2,180,141	2,180,141	0	10.29%	10.29%	0.00%
	Communications Limited	corporation
32	GLP Guoyi (Zhuhai) Acquisitions	Associated	687,845	687,845	0	81.63%	81.63%	0.00%
	Fund (Limited Partnership)	corporation
33	China Power Investment Nuclear	Associated	800,000	800,000	0	26.76%	26.76%	0.00%
	Power Co,. Ltd.	corporation
34	AVIC Investment Holding Limited	Associated	600,000	600,000	0	16.70%	16.70%	0.00%
		corporation
35	Wonders Information Co., Ltd.	Associated	329,828	329,828	0	18.21%	18.21%	0.00%
		corporation

6

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning of	At the end of	Change in	beginning of	At the end of	Change in
	Company name	company	the period	the period	amount	the period	the period	percentage
36	CCB Trust Sharing	Associated	100,000	100,000	0	24.89%	24.89%	0.00%
	No. 9 Urbanization Investment	corporation
	Private Equity Fund
37	Nanning China Life Shenrun	Joint	378,000	378,000	0	60.00%	60.00%	0.00%
	Investment Development Fund	venture
	Partnership (Limited Partnership)
38	China Life (Sanya) Health	Joint	30,600	30,600	0	51.00%	51.00%	0.00%
	Investments Co., Ltd.	venture
39	RXR 1285 Holdings JV LLC	Joint	136,473	136,473	0	51.55%	51.55%	0.00%
		venture
40	Beijing China Life Communications	Joint	1,085,330	1,396,130	310,800	49.9999%	49.9999%	0.00%
	Construction City Development	venture
	Investment Fund
	(Limited Partnership)
41	China Life Haikong (Hainan)	Joint	10,200	10,200	0	51.00%	51.00%	0.00%
	Healthy Investment Co., Ltd.	venture
42	China Life Vanke No. 1	Joint	15,600	19,500	3,900	59.82%	59.82%	0.00%
	(Jiaxing) Health Pension	venture
	Industrial Investment Partnership
	(Limited Partnership)
43	China Life Vanke No. 2	Joint	15,600	19,500	3,900	59.82%	59.82%	0.00%
	(Jiaxing) Health Pension	venture
	Industrial Investment Partnership
	(Limited Partnership)
44	China Life Qiaocheng (Shenzhen)	Joint	913,968	913,968	0	84.99%	84.99%	0.00%
	Investment Partnership (Limited	venture
	Partnership)
45	Shandong New and Old Kinetic	Joint	1,000	1,000	0	79.00%	79.00%	0.00%
	Energy Conversion China Life	venture
	High-end Equipment Equity
	Investment Fund Partnership
	(Limited Partnership)
46	China Life (Jiangsu) Jiequan	Joint	35,400	35,400	0	60.00%	60.00%	0.00%
	Health Industry Investment Fund	venture
	(Limited Partnership)

Note: The figures shown in the "Number of shares held or cost" column under items numbered 1, 4-25 and 29-46 in this table refer to the amount of investment cost (Unit: RMB ten thousand).

7

1. Basic Information of the Directors, Supervisors and Senior Management
2. 1. Basic Information of the Directors

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Wang Bin	November	Doctoral degree	Since December	Chairman,	Yin Bao Jian Fu	Chairman of China Life	Mr. Wang became an Executive
	1958	in Economics	3, 2018	Executive	(2018) No. 322	Insurance (Group) Company	Director and the Chairman of the
				Director			Company in December 2018. He has
						Director of China Shimao	been the Chairman and the Secretary
						Investment Company Limited	to the Party Committee of China Life
							Insurance (Group) Company since
						Director of China World Trade	August 2018. From March 2012
						Center Limited	to August 2018, he served as the
							Chairman and the Secretary to the
						Chairman of China Guangfa	Party Committee of China Taiping
						Bank Co., Ltd.	Insurance Group Ltd.
Su Hengxuan	February 1963	Doctoral degree	Since December	Executive	Yin Bao Jian Xu	Vice President of China Life	Mr. Su became an Executive Director
		in Management	20, 2018	Director	Ke (2018)	Insurance (Group) Company	of the Company in December 2018.
					No. 562		He has been the President of the
						CPPCC member of Xicheng	Company since April 2019, and
						District, Beijing	the Vice President of China Life
							Insurance (Group) Company since
						Director of China Life Asset	December 2017. He was the President
						Management Company Limited	of China Life Pension Company
							Limited from March 2015 to February
						Director of China Life Pension	2018.
						Company Limited
						Director of China Life Property
						and Casualty Insurance
						Company Limited
						Director of China Guangfa
						Bank Co., Ltd.

8

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Li	July 1969	Master's degree	Since August 16,	Executive	Jing Yin Bao	Executive Director of the China	Mr. Li became an Executive Director
Mingguang		in Economics,	2019	Director	Jian Fu (2019)	Association of Actuaries	of the Company in August 2019.
		EMBA for			No. 635		He has been the Board Secretary
		the senior				Chief Actuary of China Life	of the Company since June 2017,
		management				Pension Company Limited	the Vice President of the Company
							since November 2014 and the Chief
							Actuary of the Company since March
							2012.
Yuan	September	Master's degree	Since February	Non-	Bao Jian	Vice Chairman and President of	Mr. Yuan became a Non-executive
Changqing	1961	in Business	11, 2018	executive	Xu Ke (2018)	China Life Insurance (Group)	Director of the Company in February
		Administration		Director	No. 196	Company	2018. He is the Vice Chairman,
							President and Deputy Secretary
						Director of China Life Asset	to the Party Committee of China
						Management Company Limited	Life Insurance (Group) Company.
							Mr. Yuan served as the Chairman
						Chairman of China Life Pension	of the Supervisory Committee and
						Company Limited	the Deputy Secretary to the Party
							Committee of Agricultural Bank of
						Chairman of China Life	China Limited from April 2015 to
						Property and Casualty Insurance	May 2017.
						Company Limited
						Director of China Shimao
						Investment Company Limited
						Director of China World Trade
						Center Limited
						Vice Chairman of the China
						Chamber of International
						Commerce
						Vice Chairman of the National
						Association of Financial Market
						Institutional Investors

9

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Wang Junhui	July 1971	Doctoral degree	Since August 16,	Non-	Jing Yin Bao	Chief Investment Officer of	Mr. Wang became a Non-executive
		in Finance	2019	executive	Jian Fu (2019)	China Life Insurance (Group)	Director of the Company in August
				Director	No. 635	Company	2019. He has been the Chief
							Investment Officer of China Life
						President of China Life Asset	Insurance (Group) Company and
						Management Company Limited	the President of China Life Asset
							Management Company Limited since
						Director of China Life Insurance	August 2016, the Chairman of China
						(Overseas) Company Limited	Life Franklin Asset Management
							Company Limited since September
						Director of China Life Property	2016, and the Chairman of China
						and Casualty Insurance	Life AMP Asset Management
						Company Limited	Company Limited since December
							2016. From 2004 to 2016, he served
						Chairman of China Life AMP	as an Assistant to the President
						Asset Management Company	and the Vice President of China
						Limited	Life Asset Management Company
							Limited, and the President of China
						Chairman of China Life	Life Investment Holding Company
						Franklin Asset Management	Limited.
						Company Limited
						Chairman of Binhai (Tianjin)
						Financial Assets Trade Center
						Co., Ltd.
						Director of China United
						Network Communications
						Limited

10

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Chang	November	Bachelor's	Since October 20,	Independent	Bao Jian	Independent Non-executive	Mr. Chang became an Independent
Tso Tung	1948	degree in	2014	Director	Xu Ke (2014)	Director of Kerry Properties	Director of the Company in October
Stephen		Science			No. 864	Limited	2014.
						Independent Non-executive
						Director of Hua Hong
						Semiconductor Limited
Robinson	October 1951	Master's	Since July 11,	Independent	Bao Jian	Director of Yale-China	Mr. Pike became an Independent
Drake Pike		degree in	2015	Director	Xu Ke (2015)	Association	Director of the Company in July 2015.
		Economics			No. 718
Tang Xin	September	Doctoral degree	Since March 7,	Independent	Bao Jian	Member of the Listing	Mr. Tang became an Independent
	1971	in Law	2016	Director	Xu Ke (2016)	Committee of the Shanghai	Director of the Company in March
					No. 150	Stock Exchange	2016.
						Member of the Legal
						Professional Advisory
						Committee of the Shenzhen
						Stock Exchange
						Chairman of the Independent
						Director Committee of the
						China Association for Public
						Companies
						Independent Director of Harvest
						Fund Management Co., Ltd.
						Independent Director of Bank of
						Guizhou Co., Ltd.

11

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Leung	April 1939	Master's degree	Since July 20,	Independent	Bao Jian	Consultant of Iu, Lai & Li	Ms. Leung became an Independent
Oi-Sie		in Law	2016	Director	Xu Ke (2016)	Solicitors & Notaries	Director of the Company in July 2016.
Elsie					No. 717
						Consultant of Fok Ying Tung
						Ming Yuan Development
						Company Limited
						Independent Non-executive
						Director of United Company
						RUSAL Plc
						Independent Non-executive
						Director of China Resources
						Power Holdings Company
						Limited
						Independent Non-executive
						Director of PetroChina
						Company Limited

12

1. Basic Information of the Supervisors

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Jia Yuzeng	June 1962	Master's degree	Since July 11,	Chairman of	Yin Bao Jian	Executive Director of the	Mr. Jia became the Chairman of the
		in Business	2018	the Board of	Xu Ke (2018)	Insurance Society of China	Board of Supervisors of the Company
		Administration		Supervisors	No. 562		in July 2018. From 2013 to 2018,
						Director of China Insurance	he served as the Vice President and
						Security Fund Co., Ltd.	the Board Secretary of China Life
							Pension Company Limited.
Han Bing	November	Bachelor's	Since July 12,	Supervisor	Jing Yin Bao		Mr. Han became a Supervisor of
	1971	degree in	2019		Jian Fu (2019)		the Company in July 2019. He has
		Economics			No. 492		been the General Manager of the
							Human Resources Department of the
							Company since December 2018. He
							served as the General Manager of
							the Human Resources Department of
							China Life Pension Company Limited
							from March 2016 to December 2018.
							During the period from 2014 to 2016,
							he successively served as the Deputy
							General Manager of Ningbo Branch,
							and the Deputy General Manager of
							Tibet Autonomous Region Branch of
							the Company.

13

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Cao	May 1963	Doctoral degree	Since July 12,	Employee	Jing Yin Bao		Mr. Cao became a Supervisor of the
Qingyang		in Economics	2019	Representative	Jian Fu (2019)		Company in July 2019. He has been
				Supervisor	No. 492		the General Manager of the Product
							Development Department of the
							Company since February 2011.
Wang	October 1965	Bachelor's	Since December	Employee	Jing Yin Bao		Ms. Wang became a Supervisor of
Xiaoqing		degree in	27, 2019	Representative	Jian Fu (2019)		the Company in December 2019. She
		Engineering		Supervisor	No. 1110		has been the General Manager of the
							Risk Management Department of the
							Company since July 2020. She served
							as the Deputy General Manager of
							the Risk Management Department
							of the Company from April 2018 to
							July 2020, and the Secretary to the
							Discipline Inspection Committee of
							Tibet Autonomous Region Branch
							of the Company from May 2016 to
							April 2018. From 2010 to 2016, she
							successively served as an Assistant to
							the General Manager and the Deputy
							General Manager of the County
							Insurance Department, and the
							Deputy General Manager of the Audit
							Department of the Company.

14

1. Basic Information of the Senior Management of the Head Office

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Huang	June 1967	Bachelor's	Since May 2020	Vice President,	Jing Yin Bao	Director of China Life	Ms. Huang became the Vice President
Xiumei		degree		Person in	Jian Fu (2020)	Pension Company Limited	and the Person in Charge of Finance
				Charge of	No. 232		of the Company in May 2020. She
				Finance		Director of China Life	served as the Vice President, the
					Jing Yin Bao	Franklin Asset Management	Board Secretary and the Person in
					Jian Fu (2020)	Company Limited	Charge of Finance of China Life
					No. 261		Pension Company Limited from 2016
						Director of Sino-Ocean	to 2020. She served as the Financial
						Group Holding Limited	Controller and the General Manager
							of the Financial Management
							Department of the Company from
							2014 to 2016.
Ruan Qi	July 1966	EMBA for	Since April 2018	Vice President	Yin Bao Jian		Mr. Ruan became the Vice President
		the senior			Xu Ke (2018)		of the Company in April 2018. He
		management			No. 63		served as the 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 Technology Department
							of the Company from October 2016 to
							January 2018. He successively served
							as the General Manager of China
							Life Data Center and the General
							Manager (at the general manager level
							of the provincial branches) of the
							Information Technology Department
							of the Company from 2014 to 2016.

15

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Zhan Zhong	April 1968	Bachelor's degree	Since July 2019	Vice President	Jing Yin Bao		Mr. Zhan became the Vice President
		in Engineering			Jian Fu (2019)		of the Company in July 2019. He
					No. 493		served as the Marketing Director
							of the Company from August 2017
							to July 2019, and an Employee
							Representative Supervisor of the
							Company from July 2015 to August
							2017. He served as the General
							Manager (at the general manager
							level of provincial branches) of
							the Individual Insurance Sales
							Department of the Company from
							July 2014 to August 2017.
Yang Hong	February 1967	EMBA for	Since July 2019	Vice President	Jing Yin Bao	Vice President of China	Ms. Yang became the Vice President
		the senior			Jian Fu (2019)	Life E-commerce Company	of the Company in July 2019. She
		management			No. 493	Limited	served as the Operation Director of
							the Company from March 2018 to
							July 2019. She successively served
							as the Deputy General Manager
							(responsible for daily operations) and
							General Manager of the Research and
							Development Center, 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 Business
							Process Management Department of
							the Company from 2011 to 2018.

16

					Approval	Positions and
		Academic			document	part-time jobs
	Month and	qualification	Commencement		No. for job	held in affiliates	Key working experience in the
Name	year of birth	(degree)	date	Position	qualification	and other entities	recent five years
Zhao	November	Bachelor's	Since October	Assistant to the	Jing Yin Bao	Chairman of the Insurance	Mr. Zhao became an Assistant to the
Guodong	1967	degree	2019	President	Jian Fu (2019)	Society of Jiangsu Province	President in October 2019. He has
					No. 851		been the General Manager of Jiangsu
						Vice Chairman of the	Branch of the Company since August
						Insurance Association of	2018. During the period from 2016 to
						Jiangsu Province	2018, he successively served as the
							Deputy General Manager (responsible
							for daily operations) and the General
							Manager of Chongqing Branch,
							and the General Manager of Hunan
							Branch of the Company. From 2007
							to 2016, he successively served as the
							Deputy General Manager of Fujian
							Branch and the Deputy General
							Manager of Hunan Branch of the
							Company.
Xu	October 1969	Doctoral degree	Since July 2018	Compliance	Yin Bao Jian		Mr. Xu became the Compliance
Chongmiao		in Law		Officer	Xu Ke (2018)		Officer of the Company in July
					No. 593		2018. He has been the General
							Manager of the Legal and Compliance
							Department and the Legal Officer of
							the Company since September 2014.
Yang	March 1963	EMBA for	Since December	Person in	Jing Yin Bao		Mr. Yang became the Person in
Chuanyong		the senior	2020	Charge of	Jian Fu (2020)		Charge of Audit of the Company in
		management		Audit	No. 993		December 2020. He has been the
							General Manager (at the general
							manager level of the provincial
							branches) of the Audit Department
							of the Company since June 2019.
							From 2012 to 2019, he successively
							served as the General Manager of the
							Legal and Compliance Department,
							the Director of the Office of the
							Company and the General Manager
							of the Company's Branch of Guangxi
							Zhuang Autonomous Region.

17

Notes:

1. All information set forth in this table is as at the reporting time, 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.
2. The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report:
3. 1. As Mr. Chang Tso Tung Stephen has served as an Independent Director of the Company for six years, pursuant to the relevant regulations of the PRC, he has tendered his resignation as an Independent Director of the Company, the Chairman of the Strategy and Assets and Liabilities Management Committee, a member of the Audit Committee and a member of the Connected Transactions Control Committee on October 19, 2020. Since the resignation of Mr. Chang Tso Tung Stephen will result in the number of Independent Directors on the Board of Directors falling below the minimum number required by the relevant regulations and the Articles of Association of the Company, Mr. Chang Tso Tung Stephen will continue to perform his duties as an Independent Director and relevant duties as the chairman and member of various Board committees until the qualification of the newly appointed Independent Director is approved by the CBIRC.
   2. Due to the adjustment of work arrangements, Mr. Yin Zhaojun tendered his resignation to the Board of Directors of the Company on January 15, 2021, resigning from his positions as a Non-executive Director of the Company and a member of the Risk Management and Consumer Rights Protection Committee with effect from the same day.
   3. Due to the adjustment of work arrangements, Mr. Liu Huimin tendered his resignation to the Board of Directors of the Company on February 7, 2021, resigning from his positions as a Non-executive Director of the Company and a member of the Risk Management and Consumer Rights Protection Committee with effect from the same day.

18

1. Contact Person and Contact Information with Respect to the Public Disclosure of Solvency Information

	Name of Contact Person:	He Zheng
	Office Phone Number:	010-63631371
	Fax Number:	010-66575722
	E-mail:	[e-mail]
2. KEY INDICATORS
				Unit: RMB ten thousand
			Figures of the	Figures of the
	Items		Current Quarter	Preceding Quarter
	Core solvency surplus		66,039,537.74	63,519,751.08
	Core solvency ratio		266.35%	260.10%
	Comprehensive solvency surplus		69,538,791.53	67,018,947.65
	Comprehensive solvency ratio		275.16%	268.92%
	Gross written premiums		32,389,191.80	6,871,173.82
	Net profit		2,895,477.46	317,123.68
	Net asset		46,750,235.88	44,936,084.71

Note: Gross written premiums, net profit and net asset are prepared in accordance with the China Accounting Standards for Business Enterprises.

The result of the integrated risk rating of the Company in the recent quarter (being the fourth quarter of 2020) was A Category.

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3. ACTUAL CAPITAL

				Unit: RMB ten thousand
			Figures of the	Figures of the
		Items	Current Quarter	Preceding Quarter
		Admitted assets	442,289,726.48	421,015,769.94
		Admitted liabilities	333,050,845.28	314,321,876.47
		Actual capital	109,238,881.20	106,693,893.47
		Core tier one capital	105,739,627.41	103,194,696.91
		Core tier two capital	0	0
		Supplementary tier one capital	3,499,253.79	3,499,196.56
		Supplementary tier two capital	0	0
4.	MINIMUM CAPITAL
				Unit: RMB ten thousand
			Figures of the	Figures of the
		Items	Current Quarter	Preceding Quarter
		Minimum capital for quantitative risk	40,705,515.92	40,679,735.29
		Minimum capital for life insurance risk	7,698,144.66	7,768,655.28
		Minimum capital for non-life insurance risk	756,841.75	760,592.42
		Minimum capital for market risk	38,651,190.14	38,918,033.39
		Minimum capital for credit risk	6,986,097.82	6,612,458.95
		Quantitative risk diversification effect	8,517,053.52	8,324,243.65
		Loss absorption effect of special types of
		insurance contracts	4,869,704.94	5,055,761.10
		Minimum capital for control risk	-1,005,426.24	-1,004,789.46
		Additional minimum capital	0	0
		Counter-cyclical additional minimum capital	0	0
		Additional minimum capital for DSII	0	0
		Additional minimum capital for GSII	0	0
		Other additional minimum capital	0	0
		Minimum capital	39,700,089.68	39,674,945.83

Note: Due to rounding, there may be difference between the total amount and the sum of individual amounts.

20

1. INTEGRATED RISK RATING
   The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CBIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and based on the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.
   The CBIRC conducts assessment on the IRR of the Company on a quarterly basis. The results of the IRR of the Company in the recent two quarters (being the fourth and third quarters of 2020) were both A Category.
2. RISK MANAGEMENT
   The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirement and Assessment (SARMRA) on 35 insurance companies in 2018. According to the "Notice Concerning the 2018 SARMRA Assessment Results" (Yin Bao Jian Cai [2018] No. 125), the Company got a score of 84.94 in the assessment and the respective scores in nine areas are as follows: 17.76 in the foundation and environment of risk management, 8.41 in the objectives and tools of risk management, 8.60 in insurance risk management, 8.65 in market risk management, 8.61 in credit risk management, 8.59 in operational risk management, 8.77 in strategic risk management, 7.34 in reputational risk management, and 8.22 in liquidity risk management.
3. LIQUIDITY RISK

1) Regulatory Indicators of Liquidity

	Unit: RMB million
	Figures of the
Name of Indicators	Current Quarter
Actual net cash flows	356,158
Comprehensive liquidity ratio
Comprehensive liquidity ratio within 3 months	170%
Comprehensive liquidity ratio within 1 year	5,324%
Comprehensive liquidity ratio within 1-3 years	-470%
Comprehensive liquidity ratio within 3-5 years	-1,281%
Comprehensive liquidity ratio beyond 5 years	27%
Overall liquidity coverage of the Company
Stressed scenario 1	5,077%
Stressed scenario 2	4,370%

21

Notes:

1. Actual net cash flows refer to the net cash flows of the Company during the reporting period, and such figure is derived from the cash flows pressure test table of C-ROSS.

			Expected total cash inflow of existing assets
2.	Comprehensive liquidity ratio =			× 100%;
		Expected total cash outflow of existing liabilities

1. 1. Stressed scenario 1 refers to the hypothetical scenario where the premiums from signed policies decrease by 80% as compared with the corresponding period of last year, and the surrender rate assumption is twice of that in the basic scenario (but the surrender rate does not exceed 100%);
   2. Stressed scenario 2 refers to the hypothetical scenario where the principal and interest of 20% of the fixed income investment which will become mature during the forecasting period cannot be repaid.
2. Analysis of Liquidity Risk and Measures Addressing Such Risk
   The Company has sufficient cash flows. Pursuant to the requirements of the "Regulatory Rules of Solvency of Insurance Companies No. 12: Liquidity Risk" and the relevant regulations, 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.

8. REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY

During the reporting period, there were no circumstances where the CBIRC had adopted any significant regulatory measures against the Company.

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

Hong Kong, April 28, 2021

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

22