EX-99.1

Commission File Number 001-31914

Exhibit 99.1

LOGO

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

As at 31 March 2020, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB4,713 million and an increase in liabilities of long-term health insurance contracts by RMB618 million, which in aggregate reduced profit before tax by RMB5,331 million for the first quarter of 2020.

I.	Introduction

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

The changes in accounting estimates were considered and approved at the twenty-fifth meeting of the sixth session of the Board of Directors on 23 April 2020.

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

As at 31 March 2020, the changes in the assumptions above resulted in an increase in liabilities of life insurance contracts by RMB4,713 million and an increase in liabilities of long-term health insurance contracts by RMB618 million, which in aggregate reduced profit before tax by RMB5,331 million for the first quarter of 2020.

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

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

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