China Life Insurance : Summary of Solvency Quarterly Report of Insurance Company (Second Quarter of 2020)

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中國人壽保險股份有限公司

CHINA LIFE INSURANCE COMPANY LIMITED

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

(Stock Code: 2628)

SUMMARY OF SOLVENCY QUARTERLY REPORT OF

INSURANCE COMPANY NOTE

(SECOND QUARTER OF 2020)

1. BASIC INFORMATION

1. Basic Information of the Company

Name of the Company in Chinese:	中國人壽保險股份有限公司
Name of the Company in English:	China Life Insurance Company Limited
Legal Representative:	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"). 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 carry out relevant arrangement 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), and pursuant to the "Approval on Change of Shareholder of China Life Insurance (Group) Company" (Yin Bao Jian Fu [2020] No. 63) issued by the CBIRC, the CBIRC has approved the one-off transfer by the MOF of 10% of its equity interest in China Life Insurance (Group) Company (the "CLIC") to the National Council for Social Security Fund (the "SSF"). Following completion of the transfer, the MOF and the SSF hold 90% and 10% equity interest in CLIC, respectively, which in turn holds 68.37% equity interest in the Company. CLIC remains as the controlling shareholder of the Company, and the MOF remains as the effective controller of the Company.

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	-30	732,493	25.92%	0
China Securities Finance Corporation Limited	State-owned shares	0	72,394	2.56%	0
Central Huijin Asset Management Limited	State-owned shares	0	11,972	0.42%	0
Hong Kong Securities Clearing Company Limited	Foreign shares	449	6,630	0.23%	0
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
China National Nuclear Corporation	State-owned shares	0	1,240	0.04%	0
Industrial and Commercial Bank of China	Other	-219	1,129	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
Abu Dhabi Investment Authority	Foreign shares	-86	917	0.03%	0
Total	-	114	2,761,630	97.70%	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	At the end	Change in	beginning	At the end	Change in
	Company name	company	of the period	of the period	amount	of the period	of the period	percentage
1	China Life (Suzhou) Pension and	Subsidiary	178,600	199,065	20,465	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	At the end	Change in	beginning	At the end	Change in
	Company name	company	of the period	of the period	amount	of the period	of the period	percentage
4	Shanghai Rui Chong Investment Co.,	Subsidiary	680,000	680,000	0	100.00%	100.00%	0.00%
	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	0	0	0	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	315,000	283,500	-31,500	99.997%	89.997%	-10.00%
	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	60,600	60,600	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)
16	Shanghai Yuan Shu Yuan Pin	Subsidiary	60,600	60,600	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)
17	Shanghai Wansheng Industry	Subsidiary	401,200	401,200	0	99.98%	99.98%	0.00%
	Partnership (Limited Partnership)
18	Wuhu Yuanxiang Tianyi	Subsidiary	53,256	53,256	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)
19	Wuhu Yuanxiang Tianfu	Subsidiary	53,256	53,256	0	99.98%	99.98%	0.00%
	Investment Management
	Partnership (Limited Partnership)

5

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning	At the end	Change in	beginning	At the end	Change in
	Company name	company	of the period	of the period	amount	of the period	of the period	percentage
20	CBRE Global Investors U.S.	Subsidiary	285,943	285,943	0	99.99%	99.99%	0.00%
	Investment I, LLC
21	China Life Guangde (Tianjin)	Subsidiary	1,000	12,837	11,837	99.95%	99.95%	0.00%
	Equity Investment Fund
	Partnership (Limited Partnership)
22	Annoroad Gene Technology	Associated	25,000	25,000	0	13.09%	13.09%	0.00%
	(Beijing) Co., Ltd.	corporation
23	China Life Property and Casualty	Associated	600,000	600,000	0	40.00%	40.00%	0.00%
	Insurance Company Limited	corporation
24	China Guangfa Bank Co., Ltd.	Associated	860,063	860,063	0	43.69%	43.69%	0.00%
		corporation
25	COFCO Futures Company Limited	Associated	29,617	29,617	0	35.00%	35.00%	0.00%
		corporation
26	Sino-Ocean Group Holding Limited	Associated	225,346	225,346	0	29.59%	29.59%	0.00%
		corporation
27	Shanghai Jinshida Winning Software	Associated	19,200	19,200	0	20.98%	20.98%	0.00%
	Technology Co., Limited	corporation
28	Sinopec Sichuan to East China Gas	Associated	2,000,000	2,000,000	0	43.86%	43.86%	0.00%
	Pipeline Co., Ltd.	corporation
29	China United Network	Associated	2,182,958	2,180,168	-2,790	10.30%	10.28%	-0.02%
	Communications Limited	corporation
30	GLP Guoyi (Zhuhai) Acquisitions	Associated	527,058	595,277	68,219	81.63%	81.63%	0.00%
	Fund (Limited Partnership)	corporation
31	China Power Investment Nuclear	Associated	800,000	800,000	0	26.76%	26.76%	0.00%
	Power Co,. Ltd.	corporation
32	AVIC Investment Holding Limited	Associated	600,000	600,000	0	16.70%	16.70%	0.00%
		corporation
33	Wonders Information Co., Ltd.	Associated	231,649	329,828	98,179	13.37%	18.21%	4.84%
		corporation
34	CCB Trust Sharing No. 9	Associated	100,000	100,000	0	24.89%	24.89%	0.00%
	Urbanization Investment Private	corporation
	Equity Fund

6

			Number of shares held or cost	Shareholding percentage
			At the			At the
		Type of	beginning	At the end	Change in	beginning	At the end	Change in
	Company name	company	of the period	of the period	amount	of the period	of the period	percentage
35	Nanning China Life Shenrun	Joint	378,000	378,000	0	60.00%	60.00%	0.00%
	Investment Development Fund	venture
	Partnership (Limited Partnership)
36	China Life (Sanya) Health	Joint	30,600	30,600	0	51.00%	51.00%	0.00%
	Investments Co., Ltd.	venture
37	RXR 1285 Holdings JV LLC	Joint	144,065	144,065	0	51.55%	51.55%	0.00%
		venture
38	Beijing China Life Communications	Joint	1,185,330	1,185,330	0	49.9999%	49.9999%	0.00%
	Construction City Development	venture
	Investment Fund (Limited
	Partnership)
39	China Life Haikong (Hainan)	Joint	10,200	10,200	0	51.00%	51.00%	0.00%
	Healthy Investment Co., Ltd.	venture
40	China Life Vanke No. 1 (Jiaxing)	Joint	15,600	15,600	0	59.82%	59.82%	0.00%
	Health Pension Industrial	venture
	Investment Partnership (Limited
	Partnership)
41	China Life Vanke No. 2 (Jiaxing)	Joint	15,600	15,600	0	59.82%	59.82%	0.00%
	Health Pension Industrial	venture
	Investment Partnership (Limited
	Partnership)
42	China Life Qiaocheng (Shenzhen)	Joint	935,966	935,966	0	84.99%	84.99%	0.00%
	Investment Partnership (Limited	venture
	Partnership)
43	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)
44	China Life (Jiangsu) Jiequan	Joint	0	100	100	0.00%	60.00%	60.00%
	Health Industry Investment Fund	venture
	(Limited Partnership)

Note: The figures shown in the "Number of shares held or cost" column under items numbered 1, 4-23 and 27-44 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
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the 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
						Chairman of China Life Asset	been the Chairman and the Secretary
						Management Company Limited	to the Party Committee of China Life
							Insurance (Group) Company since
						Chairman of China Life	August 2018. From March 2012
						Insurance (Overseas) Company	to August 2018, he served as the
						Limited	Chairman and the Secretary to the
							Party Committee of China Taiping
						Director of China Shimao	Insurance Group Ltd.
						Investment Company Limited
						Director of China World Trade
						Center Limited
						Chairman of China Guangfa
						Bank Co., 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. He has
						District, Beijing	been 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

8

					Approval
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the 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 Xu Ke	Vice Chairman and President of	Mr. Yuan became a Non-executive
Changqing	1961	in Business	11, 2018	executive	(2018) No. 196	China Life Insurance (Group)	Director of the Company in February
		Administration		Director		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
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the recent five years
Liu Huimin	June 1965	Doctoral degree	Since July 31,	Non-	Bao Jian Xu Ke	Vice President of China Life	Mr. Liu became a Non-executive
		in Law	2017	executive	(2017) No. 897	Insurance (Group) Company	Director of the Company in July
				Director			2017. He has been the Vice President
						Vice Chairman of the Insurance	of China Life Insurance (Group)
						Society of China	Company since September 2013. He
							served as the President of China Life
						Director of China Life Pension	Asset Management Company Limited
						Company Limited	from September 2013 to August 2016.
						Chairman of China Life
						E-commerce Company Limited
Yin Zhaojun	July 1965	Master's degree	Since July 31,	Non-	Bao Jian Xu Ke	Vice President of China Life	Mr. Yin became a Non-executive
		in Public	2017	executive	(2017) No. 897	Insurance (Group) Company	Director of the Company in July
		Administration		Director			2017. He has been the President
						Chairman of China Life	of China Guangfa Bank Co., Ltd.
						Investment Holding Company	since September 2019, and the Vice
						Limited	President of China Life Insurance
							(Group) Company since October
						President of China Guangfa	2016. He successively served as the
						Bank Co., Ltd.	President of Shanxi Branch, Hebei
							Branch and Beijing Branch of the
						Chairman of China Insurance	Bank of Communications from 2011.
						Building Co., Ltd.
						Director of China United
						Network Communications
						Limited
						Chairman of the second session
						of the Statistics Professional
						Committee of the Insurance
						Association of China
						Vice Chairman of the Banking
						Accounting Society of China

10

					Approval
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the 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 Property	August 2016, the Chairman of China
						and Casualty Insurance	Life Franklin Asset Management
						Company Limited	Company Limited since September
							2016 and the Chairman of China
						Chairman of China Life AMP	Life AMP Asset Management
						Asset Management Company	Company Limited since December
						Limited	2016. From 2004 to 2016, he served
							as an Assistant to the President
						Chairman of China Life	and the Vice President of China
						Franklin Asset Management	Life Asset Management Company
						Company Limited	Limited, and the President of China
							Life Investment Holding Company
						Chairman of Binhai (Tianjin)	Limited.
						Financial Assets Trade Center
						Co., Ltd.
Chang	November	Bachelor's degree	Since October 20,	Independent	Bao Jian Xu Ke	Independent Non-executive	Mr. Chang became an Independent
Tso Tung	1948	in Science	2014	Director	(2014) No. 864	Director of Kerry Properties	Director of the Company in October
Stephen						Limited	2014.
						Independent Non-executive
						Director of Hua Hong
						Semiconductor Limited
Robinson	October 1951	Master's degree	Since July 11,	Independent	Bao Jian Xu Ke	Director of Yale-China	Mr. Pike became an Independent
Drake Pike		in Economics	2015	Director	(2015) No. 718	Association	Director of the Company in July 2015.

11

					Approval
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the recent five years
Tang Xin	September	Doctoral degree	Since March 7,	Independent	Bao Jian Xu Ke	Member of the Listing	Mr. Tang became an Independent
	1971	in Law	2016	Director	(2016) No. 150	Committee of the Shanghai	Director of the Company in March
						Stock Exchange	2016.
						Chairman of the Independent
						Director Committee of the
						China Association for Public
						Companies
						Independent Director of Harvest
						Fund Management Co., Ltd.
						Independent Director of GF
						Securities Co., Ltd.
						Independent Director of Bank of
						Guizhou Co., Ltd.
Leung Oi-Sie	April 1939	Master's degree	Since July 20,	Independent	Bao Jian Xu Ke	Consultant of Iu, Lai & Li	Ms. Leung became an Independent
Elsie		in Law	2016	Director	(2016) No. 717	Solicitors & Notaries	Director of the Company in July 2016.
						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
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the recent five years
Jia Yuzeng	June 1962	Master's degree	Since July 11,	Chairman of	Yin Bao Jian		Mr. Jia became the Chairman of the
		in Business	2018	the Board of	Xu Ke (2018)		Board of Supervisors of the Company
		Administration		Supervisors	No. 562		in July 2018. From 2013 to 2018,
							he served as the Vice President and
							the Board Secretary of China Life
							Pension Company Limited.
Luo Zhaohui	March 1974	Doctoral degree	Since February	Supervisor	Bao Jian Xu Ke	General Manager of	Mr. Luo became a Supervisor of
		in Finance	11, 2018		(2018) No. 196	the Strategic Planning	the Company in February 2018.
						Department of China Life	He was seconded to Shijiazhuang
						Insurance (Group) Company	Branch of the Company in Hebei
							Province as the Deputy General
							Manager during the period from
							November 2013 to October 2015,
							and served as the Deputy General
							Manager of the Strategic Planning
							Department of China Life Insurance
							(Group) Company from July 2016 to
							November 2019. Mr. Luo has been
							the General Manager of the Strategic
							Planning Department of China Life
							Insurance (Group) Company since
							November 2019.
Han Bing	November	Bachelor's degree	Since July 12,	Supervisor	Jing Yin Bao		Mr. Han became a Supervisor of
	1971	in Economics	2019		Jian Fu (2019)		the Company in July 2019. He has
					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
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	date	Position	qualification	affiliates and other entities	in the 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 degree	Since December	Employee	Jing Yin Bao		Ms. Wang became a Supervisor of
Xiaoqing		in Engineering	27, 2019	Representative	Jian Fu (2019)		the Company in December 2019. She
				Supervisor	No. 1110		has been the Deputy General Manager
							of the Risk Management Department
							of the Company since April 2018.
							She served as the Secretary to the
							Discipline Inspection Committee of
							Tibet Autonomous Region Branch
							of the Company from May 2016 to
							April 2018. 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
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	month and year	Position	qualification	affiliates and other entities	in the recent five years
Huang	June 1967	Bachelor's	Since May 2020	Vice President,	Jing Yin Bao		Ms. Huang became the Vice President
Xiumei		degree		Person in	Jian Fu (2020)		and the Person in charge of Finance
				charge of	No. 232		of the Company in May 2020. She
				Finance			served as the Vice President, the
					Jing Yin Bao		Board Secretary and the Person in
					Jian Fu (2020)		charge of Finance of China Life
					No. 261		Pension Company Limited from 2016
							to 2020. She served as the Financial
							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.
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.

15

					Approval
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	month and year	Position	qualification	affiliates and other entities	in the recent five years
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.
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.

16

					Approval
		Academic			document	Positions and
	Month and	qualification	Commencement		No. for job	part-time jobs held in	Key working experience
Name	year of birth	(degree)	month and year	Position	qualification	affiliates and other entities	in the recent five years
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
				General	No. 593		2018. He has been the General
				Manager of			Manager of the Legal and Compliance
				the Legal and			Department and the Legal Officer of
				Compliance			the Company since September 2014.
				Department

Notes:

1. All information set forth in this table is as at the end of the reporting period, and this table only provides the basic information of the senior management officers of the Head Office who are not Directors or Supervisors. For details of other senior management officers of the Head Office, please refer to the tables under the basic information of the Directors and Supervisors.
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. Due to the adjustment of work arrangements, Mr. Zhao Peng tendered his resignation to the Board of Directors of the Company on April 23, 2020, resigning from his positions as an Executive Director, a member of the Strategy and Assets and Liabilities Management Committee and the Person in charge of Finance of the Company with effect from the same date.
   2. As considered and approved by the twenty-fifth meeting of the sixth session of the Board of Directors of the Company, Ms. Huang Xiumei has been appointed as the Vice President and the Person in charge of Finance of the Company. The qualification of Ms. Huang for such appointments has been approved by the CBIRC and she has been the Vice President and the Person in charge of Finance of the Company since May 2020.
   3. Mr. Lam Chi Kuen was elected as an Independent Director of the sixth session of the Board of Directors of the Company at the 2019 Annual General Meeting of the Company. The qualification of Mr. Lam Chi Kuen as a Director is still subject to the approval of the Beijing Bureau of the CBIRC.
   4. Due to the adjustment of work arrangements, Mr. Luo Zhaohui ceased to serve as an Non- employee Representative Supervisor of the sixth session of the Board of Supervisors of the Company from July 22, 2020.

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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		61,109,266.43	64,060,872.17
	Core solvency ratio		258.24%	272.15%
	Comprehensive solvency surplus		64,612,872.94	67,564,658.57
	Comprehensive solvency ratio		267.31%	281.57%
	Gross written premiums		11,959,107.26	30,777,586.57
	Net profit		1,314,453.25	1,750,321.06
	Net asset		41,530,134.91	41,298,239.41

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 first 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	393,765,072.08	384,766,255.92
	Admitted liabilities	290,534,062.68	279,990,342.79
	Actual capital	103,231,009.40	104,775,913.13
	Core tier one capital	99,727,402.89	100,492,969.72
	Core tier two capital	0	779,157.01
	Supplementary tier one capital	3,503,606.51	3,503,786.40
	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	39,596,161.66	38,153,649.71
	Minimum capital for life insurance risk	7,784,092.38	7,663,124.66
	Minimum capital for non-life insurance risk	786,912.57	725,901.75
	Minimum capital for market risk	38,473,812.66	36,734,244.74
	Minimum capital for credit risk	6,155,509.15	6,348,889.87
	Quantitative risk diversification effect	8,054,411.86	8,052,722.37
	Loss absorption effect of special types of
	insurance contracts	5,549,753.25	5,265,788.94
	Minimum capital for control risk	-978,025.19	-942,395.15
	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	38,618,136.46	37,211,254.56

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

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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 first quarter of 2020 and the fourth quarter of 2019) 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	10,880
Comprehensive liquidity ratio	-
Comprehensive liquidity ratio within 3 months	311%
Comprehensive liquidity ratio within 1 year	-2,244%
Comprehensive liquidity ratio within 1-3 years	-341%
Comprehensive liquidity ratio within 3-5 years	1,499%
Comprehensive liquidity ratio beyond 5 years	26%
Overall liquidity coverage of the Company	-
Stressed scenario 1	4,103%
Stressed scenario 2	3,643%

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Notes:

1. Actual net cash flows refer to the net cash flows of the Company actually occurred during the reporting period;

			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, August 26, 2020

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, Liu Huimin, Yin Zhaojun,
	Wang Junhui
Independent Non-executive Directors:	Chang Tso Tung Stephen, Robinson Drake Pike,
	Tang Xin, Leung Oi-Sie Elsie

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