6-K

Commission File Number 001-31914

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

October 26, 2017

China Life Insurance Company Limited

(Translation of registrant’s name into English)

16 Financial Street

Xicheng District

Beijing 100033, China

Tel: (86-10) 6363-3333

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F   ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes   ☐     No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                 

Commission File Number 001-31914

China Life Insurance Company Limited issued its 2017 Third Quarter Report on October 26, 2017, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this report may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, on April 21, 2017 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this report is as of the date of this report, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this report is based on public information released by the China Insurance Regulatory Commission.

EXHIBIT LIST

Exhibit	Description
99.1	2017 Third Quarter Report, dated October 26, 2017

Commission File Number 001-31914

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		China Life Insurance Company Limited
		(Registrant)
	By:	/s/ Lin Dairen
		(Signature)
October 26, 2017	Name: Title:	Lin Dairen President and Executive Director

EX-99.1

EXHIBIT 99.1

CHINA LIFE INSURANCE COMPANY LIMITED

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

(Stock Code: 2628)

2017 Third Quarter Report

This announcement is made by China Life Insurance Company Limited 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.

The financial data of the Company for the third quarter of 2017 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 are identical to the relevant data under International Financial Reporting Standards.

1. Important Notice

1.1 The Company’s Board of Directors, the Supervisory Committee, 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.

1.2 Of the eleven Directors of the Company, nine attended the Board Meeting. Chairman and Executive Director Yang Mingsheng, Executive Directors Lin Dairen and Xu Haifeng, Non-executive Directors Wang Sidong and Liu Huimin and Independent Non-executive Directors Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin and Leung Oi-Sie Elsie attended the meeting. Executive Director Xu Hengping and Non-executive Director Yin Zhaojun could not attend the meeting due to other business, and gave written authorization to Executive Director Xu Haifeng and Non-executive Director Liu Huimin to act as proxy to attend and vote at the meeting, respectively.

1

1.3 The Company’s 2017 third quarter financial report is unaudited.

1.4 Mr. Yang Mingsheng, Chairman of the Company, Mr. Zhao Lijun, Vice President in charge of accounting affairs, Mr. Li Mingguang, Chief Actuary and Mr. Zheng Zhiwu, Head of the Accounting Department, confirm that the financial reports in this 2017 third quarter report are true, accurate and complete.

2. The Company’s Fundamental Information

2.1 Major financial data

(Currency: RMB)

	As at 30 September 2017		As at 31 December 2016		Increase/(decrease) compared to 31 December 2016
Total assets (million)		2,868,525		2,696,951		6.4	%
Total equity holders’ equity (million)		322,800		303,621		6.3	%
Ordinary share holders’ equity per share (RMB per share)		11.14		10.47		6.5	%
	For the nine months ended 30 September 2017		For the nine months ended 30 September 2016		Increase/(decrease) compared to the same period of 2016
Net cash flows from operating activities (million)		179,789		11,728		1433.0	%
Net cash flows from operating activities per share (RMB per share)		6.36		0.41		1433.0	%
	For the nine months ended 30 September 2017		For the nine months ended 30 September 2016		Increase/(decrease) compared to the same period of 2016
Operating income (million)		547,652		456,448		20.0	%
Net profit attributable to equity holders of the Company (million)		26,825		13,528		98.3	%
Net profit attributable to equity holders of the Company after deducting non-recurring items (million)		26,902		13,641		97.2	%
Earnings per share (basic and diluted) (RMB per share)		0.94		0.47		100.3	%
Basic earnings per share after deducting non-recurring items (RMB per share)		0.94		0.47		99.2	%
Weighted average ROE (%)		8.68		4.29		An increase of 4.39 percentage points
Weighted average ROE after deducting non-recurring items (%)		8.70		4.33		An increase of 4.37 percentage points

Note: The round-off factor of basic data has been taken into account when 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”.

2

In the first three quarters of 2017, facing the complicated external environment and fierce market competition, the Company adhered to the operating guideline of “prioritizing value, strengthening sales force, optimizing business structure, achieving stable growth and safeguarding against risk”, sped up its business development, promoted transformation and upgrade, guarded against risks and achieved good operating results. Firstly, the Company maintained a faster growth in its core insurance business. As at the end of the Reporting Period, the Company achieved revenues from insurance business¹ of RMB449,992 million, an increase of 19.6% year-on-year, exceeding the total premium income of 2016, and maintaining its market share at the first place in the industry. In particular, first-year regular premiums exceeded RMB100 billion for the first time and amounted to RMB102,066 million, an increase of 19.1% year-on-year; first-year regular premiums with ten years or longer payment duration reached RMB57,480 million, an increase of 24.3% year-on-year; renewal premiums reached RMB245,752 million, an increase of 32.6% year-on-year. Secondly, the premium structure was further improved. In the first three quarters of 2017, the Company continued to accelerate the development of its regular premium business with increased contribution from first-year regular business and renewal business. The percentage of first-year regular premiums in first-year premiums of long-term insurance business was 61.84%, an increase of 7.30 percentage points year-on-year. In particular, the percentage of first-year regular premiums with ten years or longer payment duration in first-year regular premiums was 56.32%, an increase of 2.38 percentage points year-on-year. The percentage of renewal premiums in total premium income was 54.61%, an increase of 5.37 percentage points year-on-year. As at 30 September 2017, the surrender rate was 3.83%. Thirdly, the sales force expanded with enhanced quality. As at the end of the Reporting Period, the number of exclusive individual agents in the exclusive individual agent channel, sales representatives in the bancassurance channel and direct sales representatives in the group insurance channel reached 1.635 million, 0.289 million and 0.101 million, respectively. In addition, the Company constantly improved the quality of its sales force by putting greater efforts on the fundamental management and training for the sales force. During the Reporting Period, the average productive agents on a quarterly basis in the exclusive individual agent channel increased by 36.94% compared with the end of 2016; the average active insurance planners on a monthly basis in the bancassurance channel increased by 14.8% year-on-year. Fourthly, the Company constantly optimized its assets allocation with steady improvement in its operating results. The Company adhered to its prudent and value-oriented investment policies and increased allocation of long-term fixed income assets. The Company also optimized its equity position structure by seizing opportunities in the equity market, and actively engaged in alternative investment projects. As at the end of the Reporting Period, the Company’s investment assets were RMB2,593,289 million. Net investment yield² was 4.99% and gross investment yield³ was 5.12%, which increased by 0.44 percentage point and 0.65 percentage point year-on-year, respectively. Operating results were steadily improved. During the Reporting Period, net profit attributable to equity holders of the Company was RMB26,825

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

²  Net investment yield = {[(Net investment income – Interest paid for financial assets sold under agreements to repurchase)/((Investment assets at the beginning of the period – Financial assets sold under agreements to repurchase at the beginning of the period + Investment assets at the end of the period – Financial assets sold under agreements to repurchase at the end of the period)/2]/273}x365

³  Gross investment yield = {[(Gross investment income – Interest paid for financial assets sold under agreements to repurchase)/((Investment assets at the beginning of the period – Financial assets sold under agreements to repurchase at the beginning of the period + Investment assets at the end of the period – Financial assets sold under agreements to repurchase at the end of the period)/2)]/273}x365

3

million, an increase of 98.3% year-on-year. Finally, the Company continued to enhance its comprehensive strengths. As at the end of the Reporting Period, the total assets of the Company reached RMB2.87 trillion, an increase of 6.4% compared to the end of 2016, ranking first in the industry. The Company’s core solvency ratio and comprehensive solvency ratio reached 278.31% and 282.37%, respectively.

For the next stage, the Company will fulfill the annual targets set at the beginning of the year by adhering to the operating guideline of “prioritizing value, strengthening sales force, optimizing business structure, achieving stable growth and safeguarding against risk”, so as to have a successful wrap-up in 2017. Meanwhile, the Company will ensure the compliance with new regulatory requirements for the insurance industry, focus on transformation and upgrade, and take a scientific approach to devise a work plan for 2018. The Company will forge ahead with courage and persistent efforts, so as to achieve excellent results persistently.

Non-recurring Items and Amounts

RMB million            

Non-recurring items	For the Reporting Period (from July to September)			For the nine months ended 30 September 2017
Gains/(losses) on disposal of non-current assets		1			8
Government subsidies recognized in current gains/(losses)		2			14
Net non-operating income and expenses other than those mentioned above		(60	)		(125	)
Effect of income tax		14			26
Attributable to non-controlling interests		1			–
Total		(42	)		(77	)

Note: As an insurance company, investment (utilization 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.

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

The total number of shareholders as at the end of the Reporting Period	Number of A shareholders: 127,624
	Number of H shareholders: 29,245

	Particulars of the top ten shareholders								Unit: Share
Name of shareholders	Nature of shareholder	Percentage of shareholding			Total number of shares		Number of shares subject to selling restrictions		Number of shares pledged or frozen
China Life Insurance (Group) Company	State-owned legal person		68.37	%		19,323,530,000		—		—
HKSCC Nominees Limited	Overseas legal person		25.89	%		7,316,725,735		—		—
China Securities Finance Corporation Limited	State-owned legal person		1.87	%		528,028,483		—		—
Central Huijin Asset Management Limited	State-owned legal person		0.42	%		119,719,900		—		—
Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund	Other		0.20	%		57,258,123		—		—
Hong Kong Securities Clearing Company Limited	Overseas legal person		0.10	%		27,182,124		—		—
China International Television Corporation	State-owned legal person		0.07	%		18,452,300		—		—
China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan	Other		0.05	%		15,015,845		—		—
Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Securities Investment Fund	Other		0.05	%		13,227,037		—		—
China National Nuclear Corporation	State-owned legal person		0.04	%		12,400,000		—		—
	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 HKSE 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.      Both Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund and Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund have Industrial and Commercial Bank of China Limited as their fund depositary. 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. 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.

5

2.3 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

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

Key financial indicators	As at 30 September 2017		As at 31 December 2016		Increase/ (decrease)			Main reasons
Total assets		2,868,525		2,696,951		6.4	%	Increase in insurance business and investment business
Total liabilities		2,541,463		2,389,303		6.4	%	Increase in insurance reserves
Total equity holders’ equity		322,800		303,621		6.3	%	The mixed impact of the comprehensive income and dividends paid during the Reporting Period

RMB million

Key financial indicators	For the nine months ended 30 September 2017		For the nine months ended 30 September 2016		Increase/ (decrease)			Main reasons
Operating profit		32,666		17,580		85.8	%	An increase in investment income
Net profit attributable to equity holders of the Company		26,825		13,528		98.3	%	An increase in investment income

6

(2) Material changes in major accounting items and the reasons

RMB million

Key financial indicators	As at 30 September 2017		As at 31 December 2016		Increase/ (decrease)			Main reasons
Financial assets at fair value through profit or loss		140,103		209,126		-33.0	%	A decrease in the scale of commercial papers in bonds at fair value through profit or loss
Premiums receivables		26,743		13,421		99.3	%	Accumulation of renewal premiums
Loans		370,806		226,573		63.7	%	An increase in the allocation of trust schemes in loans
Investment properties		2,374		1,191		99.3	%	New investments in investment properties
Constructions in progress		19,595		10,548		85.8	%	New investments in construction in progress
Unearned premium reserves		19,085		10,492		81.9	%	Development of short-term insurance business and the variation of its business schedule
Bonds payable		10,000		37,998		-73.7	%	Redemption of certain subordinated term debts

RMB million

Key financial indicators	For the nine months ended 30 September 2017		For the nine months ended 30 September 2016			Increase/ (decrease)	Main reasons
Fair value gains/(losses)		4,557		(1,491	)	N/A	Fluctuation of the market value of the financial assets at fair value through profit or loss
Surrenders		85,651		63,384		35.1%	An increase in the surrender of certain bancassurance products
Policyholder dividends resulting from participation in profits		15,914		10,257		55.2%	An increase in investment yield from participating accounts

3.2 Explanation and analysis of significant events and their impacts and solutions

☐  Applicable             ☒  Not applicable

7

3.3 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.

8

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 languages. The Chinese version announcement 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:	Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng
Non-executive Directors:	Wang Sidong, Liu Huimin, Yin Zhaojun
Independent Non-executive Directors:	Chang Tso Tung Stephen, Robinson Drake Pike,
	Tang Xin, Leung Oi-Sie Elsie

Hong Kong, 26 October 2017

9

4. Appendix

4.1 Balance sheet as at 30 September 2017 (unaudited)

RMB million (Unless otherwise stated)

ASSETS	As at 30 September 2017 Group		As at 31 December 2016 Group		As at 30 September 2017 Company		As at 31 December 2016 Company
Assets
Cash fund		54,474		67,318		50,525		62,592
Financial assets at fair value through profit or loss		140,103		209,126		131,227		204,048
Securities purchased under agreements to resell		31,549		43,531		31,412		43,093
Interest receivables		57,258		55,929		56,966		55,758
Premiums receivables		26,743		13,421		26,743		13,421
Receivables from reinsurers		48		123		48		123
Unearned premium reserves receivable from reinsurers		400		125		400		125
Claim reserves receivable from reinsurers		80		103		80		103
Reserves for life insurance receivables from reinsurers		287		182		287		182
Reserves for long-term health insurance receivables from reinsurers		2,000		1,601		2,000		1,601
Other receivables		9,185		12,136		8,300		4,998
Loans		370,806		226,573		368,176		221,535
Term deposits		467,672		538,325		464,797		535,361
Available-for-sale financial assets		839,857		766,423		826,408		758,802
Held-to-maturity investments		680,121		594,730		679,455		594,054
Long-term equity investments		130,120		119,766		138,130		125,587
Statutory deposits		6,333		6,333		5,653		5,653
Investment properties		2,374		1,191		1,415		1,247
Constructions in progress		19,595		10,548		13,168		10,387
Fixed assets		18,824		19,356		18,344		18,858
Intangible assets		6,364		6,062		5,660		5,768
Other assets		4,320		4,037		4,185		3,986
Separate account assets		12		12		12		12
Total Assets		2,868,525		2,696,951		2,833,391		2,667,294

Yang Mingsheng Chairman Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

10

4.1 Balance sheet as at 30 September 2017 (unaudited) (continued)

RMB million (Unless otherwise stated)

	As at 30 September 2017 Group		As at 31 December 2016 Group		As at 30 September 2017 Company		As at 31 December 2016 Company
LIABILITIES AND EQUITY
Liabilities
Short-term borrowings		781		731		—		—
Financial liabilities at fair value through profit or loss		3,066		2,031		—		—
Securities sold under agreements to repurchase		75,485		81,081		74,041		81,032
Premiums received in advance		3,934		35,252		3,934		35,252
Brokerage and commission payable		5,335		3,713		5,335		3,713
Reinsurance payable		1,167		436		1,167		436
Salary and welfare payable		5,407		7,888		4,674		7,120
Taxes payable		2,574		1,871		2,470		1,761
Claims payable		43,322		39,038		43,322		39,038
Policyholder dividends payable		85,908		87,725		85,908		87,725
Other payable		7,083		7,668		6,977		7,731
Policyholder deposits		230,901		195,694		230,901		195,694
Unearned premium reserves		19,085		10,492		19,085		10,492
Claim reserves		12,990		11,538		12,990		11,538
Reserves for life insurance		1,910,303		1,762,932		1,910,303		1,762,932
Reserves for long-term health insurance		80,071		63,024		80,071		63,024
Long-term borrowings		15,111		15,439		—		—
Bonds payable		10,000		37,998		10,000		37,998
Deferred tax liabilities		9,283		7,768		9,094		7,774
Other liabilities		19,645		16,972		12,961		11,436
Separate account liabilities		12		12		12		12
Total liabilities		2,541,463		2,389,303		2,513,245		2,364,708
Equity
Share capital		28,265		28,265		28,265		28,265
Other equity instruments		7,791		7,791		7,791		7,791
Capital reserve		55,081		55,007		54,424		54,350
Accumulated other comprehensive income		3,626		4,368		3,354		4,912
Surplus reserve		60,318		58,391		60,270		58,343
General reserve		27,310		27,241		26,954		26,954
Retained earnings		140,409		122,558		139,088		121,971
Attributable to equity holders of the Company		322,800		303,621
Non-controlling interests		4,262		4,027
Total equity		327,062		307,648		320,146		302,586
Total liabilities and equity		2,868,525		2,696,951		2,833,391		2,667,294

Yang Mingsheng Chairman Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

11

4.2 Income statement for the third quarter of 2017 (unaudited)

RMB million (Unless otherwise stated)

	For the nine months ended 30 September						For the nine months ended 30 September
	2017 Group			2016 Group			2017 Company			2016 Company
1.  Operating income		547,652			456,448			545,087			454,802
Premiums earned		438,937			368,078			438,937			368,078
Premium income		449,992			376,304			449,992			376,304
Including: Reinsurance premium income		3			2			3			2
Less: Premiums ceded to reinsurers		(2,737	)		(1,299	)		(2,737	)		(1,299	)
Change in unearned premium reserves		(8,318	)		(6,927	)		(8,318	)		(6,927	)
Investment income		99,306			84,945			98,460			84,649
Including: Share of profit of associates and joint ventures		5,768			2,686			5,653			2,599
Fair value gains/(losses)		4,557			(1,491	)		4,473			(1,478	)
Foreign exchange gains/(losses)		9			598			(332	)		283
Other operating income		4,843			4,318			3,549			3,270
2.  Operating expenses		(514,986	)		(438,868	)		(513,863	)		(438,523	)
Surrenders		(85,651	)		(63,384	)		(85,651	)		(63,384	)
Claims expense		(162,180	)		(160,970	)		(162,180	)		(160,970	)
Less: claims recoverable from reinsurers		1,012			650			1,012			650
Increase in insurance contracts reserve		(165,836	)		(130,760	)		(165,836	)		(130,760	)
Less: Insurance reserves recoverable from reinsurers		481			440			481			440
Policyholder dividends resulting from participation in profits		(15,914	)		(10,257	)		(15,914	)		(10,257	)
Tax and surcharges		(501	)		(866	)		(475	)		(815	)
Underwriting and policy acquisition costs		(49,581	)		(41,278	)		(49,581	)		(41,278	)
Administrative expenses		(22,017	)		(20,245	)		(20,754	)		(19,322	)
Less: Expenses recoverable from reinsurers		548			89			548			89
Other operating expenses		(13,158	)		(10,153	)		(13,324	)		(10,782	)
Impairment losses		(2,189	)		(2,134	)		(2,189	)		(2,134	)
3.  Operating profit		32,666			17,580			31,224			16,279
Add: Non-operating income		68			61			63			55
Less: Non-operating expenses		(171	)		(209	)		(168	)		(209	)
4.  Net profit before income tax		32,563			17,432			31,119			16,125
Less: Income tax expenses		(5,346	)		(3,511	)		(5,097	)		(3,262	)
5.  Net profit		27,217			13,921			26,022			12,863

Yang Mingsheng Chairman Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

12

4.2 Income statement for the third quarter of 2017 (unaudited) (continued)

RMB million (Unless otherwise stated)

	For the nine months ended 30 September						For the nine months ended 30 September
	2017 Group			2016 Group			2017 Company			2016 Company
6. Attributable to:
– equity holders of the Company		26,825			13,528
– non-controlling interests		392			393
7. Earnings per share
Basic earnings per share		RMB0.94			RMB0.47
Diluted earnings per share		RMB0.94			RMB0.47
8. Other Comprehensive income		(764	)		(14,976	)		(1,558	)		(14,761	)
Other comprehensive income attributable to equity holders of the Company (net of tax)		(742	)		(14,994	)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)		(742	)		(14,994	)		(1,558	)		(14,761	)
Fair value gains/(losses) on available-for-sale financial assets		(2,873	)		(17,337	)		(3,518	)		(17,333	)
Less: Amount transferred to net profit from other comprehensive income		1,748			(2,719	)		1,746			(2,734	)
Portion of fair value changes on available-for-sale financial assets attributable to participating policyholders		668			5,557			668			5,557
Share of other comprehensive income of associates and joint ventures under the equity method		32			(465	)		(287	)		(251	)
Exchanges differences on translating foreign operations		(317	)		(30	)		(167	)		—
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax)		—			—			—			—
Other comprehensive income attributable to non-controlling interests (net of tax)		(22	)		18
9. Total Comprehensive income		26,453			(1,055	)		24,464			(1,898	)
Attributable to equity holders of the Company		26,083			(1,466	)
Attributable to non-controlling interests		370			411

Yang Mingsheng Chairman                          Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

13

4.2 Income statement for the third quarter of 2017 (unaudited) (continued)

RMB million (Unless otherwise stated)

	For the three months ended 30 September						For the three months ended 30 September
	2017 Group			2016 Group			2017 Company			2016 Company
1. Operating income		146,228			115,784			145,098			115,200
Premiums earned		102,667			83,836			102,667			83,836
Premium income		104,025			83,843			104,025			83,843
Including: Reinsurance premium income		2			1			2			1
Less: Premiums ceded to reinsurers		(975	)		(569	)		(975	)		(569	)
Change in unearned premium reserves		(383	)		562			(383	)		562
Investment income		41,035			29,241			40,406			29,107
Including: Share of profit of associates and joint ventures		2,103			1,080			1,844			1,028
Fair value gains/(losses)		844			839			1,044			846
Foreign exchange gains/(losses)		51			194			(154	)		111
Other operating income		1,631			1,674			1,135			1,300
2. Operating expenses		(129,537	)		(111,537	)		(129,148	)		(111,517	)
Surrenders		(12,632	)		(8,296	)		(12,632	)		(8,296	)
Claims expense		(38,284	)		(47,316	)		(38,284	)		(47,316	)
Less: claims recoverable from reinsurers		423			245			423			245
Increase in insurance contracts reserve		(46,481	)		(29,263	)		(46,481	)		(29,263	)
Less: Insurance reserves recoverable from reinsurers		138			246			138			246
Policyholder dividends resulting from participation in profits		(7,838	)		(4,589	)		(7,838	)		(4,589	)
Tax and surcharges		(131	)		(94	)		(125	)		(90	)
Underwriting and policy acquisition costs		(12,767	)		(11,222	)		(12,767	)		(11,222	)
Administrative expenses		(7,568	)		(6,688	)		(7,076	)		(6,371	)
Less: Expenses recoverable from reinsurers		240			31			240			31
Other operating expenses		(4,135	)		(3,428	)		(4,244	)		(3,729	)
Impairment losses		(502	)		(1,163	)		(502	)		(1,163	)
3. Operating profit		16,691			4,247			15,950			3,683
Add: Non-operating income		17			9			17			10
Less: Non-operating expenses		(74	)		(52	)		(74	)		(52	)
4. Net profit before income tax		16,634			4,204			15,893			3,641
Less: Income tax expenses		(1,909	)		(930	)		(1,836	)		(844	)
5. Net profit		14,725			3,274			14,057			2,797

Yang Mingsheng Chairman                          Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

14

4.2 Income statement for the third quarter of 2017 (unaudited) (continued)

RMB million (Unless otherwise stated)

		For the three months ended 30 September						For the three months ended 30 September
		2017 Group			2016 Group			2017 Company			2016 Company
6.	Attributable to:
	– equity holders of the Company		14,583			3,133
	– non-controlling interests		142			141
7.	Earnings per share
	Basic earnings per share		RMB0.51			RMB0.11
	Diluted earnings per share		RMB0.51			RMB0.11
8.	Other Comprehensive income		(376	)		2,921			(175	)		2,879
	Other comprehensive income attributable to equity holder of the Company (net of tax)		(367	)		2,889
	Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)		(367	)		2,889			(175	)		2,879
	Fair value gains/(losses) on available-for-sale financial assets		750			5,297			939			5,263
	Less: Amount transferred to net profit from other comprehensive income		(1,511	)		(821	)		(1,510	)		(828	)
	Portion of fair value changes on available-for-sale financial assets attributable to participating policyholders		521			(1,675	)		521			(1,675	)
	Share of other comprehensive income of associates and joint ventures under the equity method		(15	)		120			(15	)		119
	Exchanges differences on translating foreign operations		(112	)		(32	)		(110	)		—
	Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax)		—			—			—			—
	Other comprehensive income attributable to non-controlling interests (net of tax)		(9	)		32
9.	Total Comprehensive income		14,349			6,195			13,882			5,676
	Attributable to equity holders of the Company		14,216			6,022
	Attributable to non-controlling interests		133			173

Yang Mingsheng Chairman Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

15

4.3 Cash flow statement for the third quarter of 2017 (unaudited)

RMB million (Unless otherwise stated)

		For the nine months ended 30 September						For the nine months ended 30 September
		2017 Group			2016 Group			2017 Company			2016 Company
1.	Cash flows from operating activities
	Premiums received		405,749			333,487			405,749			333,487
	Net increase in policyholder deposits		35,751			105,969			35,751			105,969
	Net cash received from financial assets at fair value through profit or loss		80,879			—			81,654			—
	Net cash received from financial liabilities at fair value through profit or loss		1,356			—			—			—
	Cash received from other operating activities		5,205			4,368			3,670			3,148
	Sub-total of cash inflows from operating activities		528,940			443,824			526,824			442,604
	Cash paid for claims		(243,538	)		(217,156	)		(243,538	)		(217,156	)
	Net cash paid for reinsurance business		(371	)		(141	)		(371	)		(141	)
	Cash paid for brokerage and commission fees		(47,959	)		(40,373	)		(47,959	)		(40,373	)
	Cash paid for policyholder dividends		(16,819	)		(14,703	)		(16,819	)		(14,703	)
	Cash paid to and for employees		(14,012	)		(12,231	)		(13,336	)		(11,650	)
	Net cash paid for financial assets at fair value through profit or loss		—			(125,455	)		—			(125,566	)
	Net cash paid for financial liabilities at fair value through profit or loss		—			(67	)		—			—
	Cash paid for taxes and surcharges		(6,205	)		(10,721	)		(5,633	)		(10,255	)
	Cash paid for other operating activities		(20,247	)		(11,249	)		(19,765	)		(12,257	)
	Sub-total of cash outflows from operating activities		(349,151	)		(432,096	)		(347,421	)		(432,101	)
	Net cash flows from operating activities		179,789			11,728			179,403			10,503

Yang Mingsheng Chairman Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

16

4.3 Cash flow statement for the third quarter of 2017 (unaudited) (continued)

RMB million (Unless otherwise stated)

		For the nine months ended						For the nine months ended
		30 September						30 September
		2017			2016			2017			2016
		Group			Group			Company			Company
2.	Cash flows from investing activities
	Cash received from sales and redemption of investments		676,688			442,771			658,984			439,468
	Cash received from investment income		94,099			72,568			90,845			70,742
	Net cash received from disposals of fixed assets, intangible assets and other long-term assets		823			168			823			168
	Net cash received from securities purchased under agreements to resell		11,982			3,938			11,681			4,358
	Net cash received from the disposal of subsidiaries and other business units		—			—			92			—
	Sub-total of cash inflows from investing activities		783,592			519,445			762,425			514,736
	Cash paid for investments		(915,924	)		(560,413	)		(894,291	)		(542,326	)
	Net increase in policy loans		(8,753	)		(4,571	)		(8,753	)		(4,571	)
	Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(6,726	)		(2,460	)		(5,299	)		(2,300	)
	Cash paid for other investing activities		(399	)		—			—			—
	Sub-total of cash outflows from investing activities		(931,802	)		(567,444	)		(908,343	)		(549,197	)
	Net cash flows from investing activities		(148,210	)		(47,999	)		(145,918	)		(34,461	)

Yang Mingsheng Chairman                              Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

17

4.3 Cash flow statement for the third quarter of 2016 (unaudited) (continued)

RMB million (Unless otherwise stated)

		For the nine months ended 30 September						For the nine months ended 30 September
		2017 Group			2016 Group			2017 Company			2016 Company
3.	Cash flows from financing activities
	Cash received from investment		1,126			554			—			—
	Including:    Cash received from the investment of non-controlling interests by subsidiaries		1,126			554
	Cash received from borrowings		149			12,610			—			—
	Net cash received from securities sold under agreements to repurchase		—			31,755			—			32,420
	Sub-total of cash inflows from financing activities		1,275			44,919			—			32,420
	Cash repaid to lenders		(28,000	)		—			(28,000	)		—
	Net cash paid for securities sold under agreements to repurchase		(5,596	)		—			(6,991	)		—
	Cash paid for dividends and interests		(12,162	)		(14,432	)		(10,582	)		(14,235	)
	Sub-total of cash outflows from financing activities		(45,758	)		(14,432	)		(45,573	)		(14,235	)
	Net cash flows from financing activities		(44,483	)		30,487			(45,573	)		18,185
4.	Effect of changes in foreign exchange rate on cash and cash equivalents		(4	)		239			14			234
5.	Net increase/(decrease) in cash and cash equivalents		(12,908	)		(5,545	)		(12,074	)		(5,539	)
	Add: Opening balance of cash and cash equivalents		67,046			76,096			62,606			74,750
6.	Closing balance of cash and cash equivalents		54,138			70,551			50,532			69,211

Yang Mingsheng Chairman                          Zhao Lijun Vice President in charge of Accounting Affairs Li Mingguang Chief Actuary Zheng Zhiwu Head of Accounting Department

18