EX-99.1

EX-99.1 2 d356020dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

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)

2022 FIRST QUARTER REPORT

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

IMPORTANT NOTICE

•

The Company’s Board of Directors, the Board of Supervisors, its Directors, Supervisors and Senior Management warrant that the information in the 2022 first quarter report is true, accurate and complete and contains no false representations, misleading statements or material omissions, and jointly and severally accept legal responsibility.

•

The financial data for the 2022 first quarter report of the Company have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders of the Company in the consolidated financial statements have no difference from the relevant data under the International Financial Reporting Standards.

•

Mr. Yuan Changqing¹, Legal Representative of the Company (assuming the role and duties of the legal representative of the Company), Ms. Huang Xiumei, Vice President in charge of financial affairs, Mr. Li Mingguang, Chief Actuary and Ms. Hu Jin, Head of the Financial Department, confirm that the financial statements in the 2022 first quarter report are true, accurate and complete.

Mr. Yuan Changqing, a Non-Executive Director of the Company, was elected at the sixth meeting of the seventh session of the Board of Directors of the Company on 13 January 2022 to assume the roles and duties of the Chairman of the Board and the legal representative of the Company during the period commencing from the date of passing of the Board resolution and ending on the effective date of the appointment of a new Chairman of the Board. The same applies to any relevant statements later in this report.

1.	MAJOR FINANCIAL DATA

1.1

Major Accounting Data and Financial Indicators


								Currency: RMB
Items	As at 31 March 2022		As at 31 December 2021				Increase/(decrease) compared to 31 December 2021
Total assets (million)		4,915,845		4,891,085				0.5	%
Equity attributable to equity holders of the Company (million)		465,108		478,585				-2.8	%

Items	For the Reporting Period		For the corresponding period of 2021¹				Increase/(decrease) compared to the corresponding period of 2021 (after restatement)
Items	For the Reporting Period		Before restatement		After restatement
Operating income (million)		343,777		373,458		373,484		-8.0	%
Net profit attributable to equity holders of the Company (million)		15,178		28,589		28,585		-46.9	%
Net profit attributable to equity holders of the Company after deducting non-recurring items (million)		15,206		28,639		28,635		-46.9	%
Net cash flows from operating activities (million)		174,337		161,232		161,229		8.1	%
Earnings per share (basic and diluted)² (RMB per share)		0.54		1.01		1.01		-46.9	%
Weighted average ROE (%)		3.22		6.23		6.23		A decrease of 3.01 percentage points

Notes:

The financial data for the first quarter in 2021 in this report have been restated due to a business combination under common control in 2021.

In calculating the percentage change of “Earnings per share (basic and diluted)”, the tail differences of the basic figures have been taken into account.

1.2

Non-recurring Items and Amounts


	RMB million
Non-recurring items	For the Reporting Period
Gains/(losses) on disposal of non-current assets		11
Government subsidies recognized in current gains/(losses)		18
External donations		—
Net non-operating income and expenses other than those mentioned above		(63	)
Effect of income tax		8
Attributable to non-controlling interests		(2	)

Total		(28	)

Note:

The Company is an insurance company and investment (application of insurance fund) is one of its major businesses. 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.

1.3

Particulars of and Reasons for Changes in Major Accounting Data and Financial Indicators


Items	Increase/(decrease)	Main reasons
Net profit attributable to equity holders of the Company	-46.9%	A decrease in investment income on a year- on-year basis due to the combined effects of the volatility in equity market in the Reporting Period and a higher base for the corresponding period of 2021
Net profit attributable to equity holders of the Company after deducting non-recurring items	-46.9%
Earnings per share (basic and diluted)	-46.9%	A decrease in net profit attributable to equity holders of the Company in the Reporting Period on a year-on-year basis
Weighted average ROE	A decrease of 3.01 percentage points

2.	INFORMATION ON SHAREHOLDERS

Total Number of Ordinary Share Shareholders and the Particulars of Top Ten Shareholders as at the End of the Reporting Period


Total number of shareholders as at the end of the Reporting Period	Number of A Share shareholders: 150,895

	Number of H Share shareholders: 25,301
Particulars of top ten shareholders of the Company									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		25.93	%		7,328,208,045		—		—
China Securities Finance Corporation Limited	State-owned legal person		2.51	%		708,240,246		—		—
Central Huijin Asset Management Limited	State-owned legal person		0.41	%		117,165,585		—		—
Hong Kong Securities Clearing Company Limited	Overseas legal person		0.17	%		49,369,523		—		—
Guosen Securities Co., Ltd. – Founder Fubon CSI Insurance Theme Index Security Investment Fund	Other		0.08	%		23,045,983		—		—
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		0.04	%		11,521,704		—		—
Li Zhuo	Domestic natural person		0.04	%		10,233,133		—		—
China International Television Corporation	State-owned legal person		0.04	%		10,000,000		—		—

Notes:

HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. The relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen. Hence, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.

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.

3.	QUARTERLY BUSINESS OVERVIEW

Since 2022, China’s economic growth has generally remained at a reasonable range, however, there were increasing complexity and uncertainty in both domestic and international environments, some of which went beyond expectations. With the recent sporadic outbreaks of the pandemic, China has faced a new downward pressure on its economy, and the insurance industry has also experienced further slowdown in business growth. During the Reporting Period, the Company proactively responded to a variety of challenges and well proceeded with various tasks by closely upholding the high-quality development requirements, and its market leading position was solidified. Firstly, the Company’s business development kept the momentum of stable growth despite being under constant pressures. As affected by the COVID-19 pandemic, the demands for insurance consumption were hardly released in full, and the development of the Company’s new-policy business was still under pressure, however, there was improvement in its business structure. In the first quarter of 2022, the Company achieved revenues from insurance businesses² of RMB315,011 million, a decrease of 2.7% year on year. In particular, premiums from new policies amounted to RMB100,895 million, a decrease of 1.5% year on year. Renewal premiums amounted to RMB214,116 million, a decrease of 3.3% year on year. First-year regular premiums were RMB65,366 million, a year-on-year decrease of 4.3%, the decline of which was significantly narrowed as compared to the corresponding period of 2021. First-year regular premiums with a payment duration of ten years or longer were RMB19,106 million, the percentage of which rose slightly in the first-year regular premiums. Short-term insurance premiums amounted to RMB34,743 million, an increase of 3.5% year on year. The value of new business for the first quarter of 2022 decreased by 14.3% year on year. The surrender rate³ was 0.28%, a decrease of 0.10 percentage point year on year. Secondly, the Company continued to focus on improving its sales force quality while stabilizing its scale. With its commitment to the strategy of “productive agents- driven business”, the Company constantly dedicated more resources to attracting and nurturing the high-performance agents, and strengthened its day-to-day management, so as to push forward the transformation of sales teams to be more specialized, professional and digitalized. As at the end of the Reporting Period, the Company’s total sales force was 0.846 million, of which, the number of agents of the individual agent business sector was 0.78 million, which declined slightly as compared to the previous quarter. However, the quality metrics of sales force were stable and its foundation remained solid. Thirdly, the Company adopted various measures to keep a balance between short-term asset volatility and long-term investment deployment. As at the end of the Reporting Period, the Company’s investment assets reached RMB4,717,681 million. In the first quarter of 2022, China’s interest rate was still at a low level, and the equity market witnessed a greater drawdown, which had negative impacts on the Company’s investment income. The Company insisted on the philosophy of “long-term investment, prudent investment and value investment”, appropriately slowed down its allocation to long-duration assets, and increased investment in short- to medium- term fixed-income categories to lessen its asset allocation pressure. The Company also made a long-term asset allocation deployment in a prudent manner by taking advantage of the medium-to long- term opportunities in the equity market. In the first quarter of 2022, the Company registered gross investment income⁴ of RMB44,558 million, and the annualized gross investment yield⁵ reached 3.88%. The net investment income⁶ was RMB45,814 million, an increase of 10.7% year on year, and the annualized net investment yield⁷ was 4.00%. Fourthly, the Company consistently maintained high solvency levels. From the quarterly solvency report for the first quarter of 2022, the insurance industry started to implement the “Solvency Regulatory Rules II for Insurance Companies” (the “C-ROSS (Phase II) Regulation”). Under the C-ROSS (Phase II) Regulation, as at the end of the Reporting Period, the core and comprehensive solvency ratios of the Company were 176.39% and 247.60%, respectively, reflecting the adequacy of the core capital and overall capital, and relatively high levels of solvency of the Company. Meanwhile, under the “Solvency Regulatory Rules for Insurance Companies (No. 1 – No. 17)” (the “C-ROSS (Phase I) Regulation”), as at the end of the Reporting Period, the core and comprehensive solvency ratios of the Company were 241.70% and 249.95% on a pro forma basis, respectively.

²	Revenues from insurance businesses is consistent with Premium Income in the attached consolidated income statement.

³	Surrender Rate = Surrender payment/(Opening balance of life insurance reserves and long-term health insurance reserves + Premiums from life insurance and long-term health insurance)

⁴	Gross investment income = Net investment income + Net realized gains on investment assets + Fair value gains/losses – Impairment losses of investment assets

⁵

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

⁶	Net investment income mainly includes interest income from debt investments, interest income from deposits, dividend and bonus from equity investments, interest income from loans, net income from investment properties, and income from investments in associates and joint ventures, etc.

⁷

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

In the first quarter of 2022, due to the combined effects of the volatility in the equity market and a higher base for the corresponding period of 2021, the Company’s investment income decreased on a year-on-year basis, as a result of which, net profit attributable to equity holders of the Company was RMB15,178 million, a decrease of 46.9% year on year.

Facing a complicated and severe external environment and multiple challenges, the Company will uphold the guideline of making progress while maintaining stability, adhere to the original role of insurance, and constantly deepen the supply-side reforms, so as to push forward the steady development of its business with great efforts. Furthermore, the Company will vigorously carry out reforms and innovations in greater depth, further optimize its operations and services, consistently strengthen the protection of customers’ rights and interests, and vigorously reinforce the risk prevention and control, with a view to firmly pursuing its high-quality development.

4.	QUARTERLY FINANCIAL STATEMENTS

Balance sheet as at 31 March 2022 (unaudited)


	RMB million (Unless otherwise stated)
	As at 31 March		As at 31 December		As at 31 March		As at 31 December
	2022		2021		2022		2021
ASSETS	Group		Group		Company		Company
Assets
Cash fund		82,882		60,875		75,827		53,591
Financial assets at fair value through profit or loss		189,408		206,764		98,924		120,184
Securities purchased under agreements to resell		42,241		12,915		21,951		3,463
Interest receivables		48,768		50,801		46,758		49,583
Premiums receivables		53,355		20,361		53,355		20,361
Receivables from reinsurers		516		485		516		485
Unearned premium reserves receivable from reinsurers		1,016		823		1,016		823
Claim reserves receivable from reinsurers		521		412		521		412
Reserves for life insurance receivables from reinsurers		688		636		688		636
Reserves for long-term health insurance receivables from reinsurers		4,206		4,274		4,206		4,274
Other receivables		15,334		25,667		11,805		21,347
Loans		665,814		666,087		647,927		646,998
Term deposits		542,230		529,488		505,925		491,332
Available-for-sale financial assets		1,377,687		1,429,287		1,321,698		1,370,035
Held-to-maturity investments		1,531,012		1,533,753		1,528,851		1,531,640
Long-term equity investments		266,818		257,953		407,405		385,723
Statutory deposits		6,333		6,333		5,653		5,653
Investment properties		13,256		13,374		6,142		6,191
Constructions in progress		6,021		6,789		5,523		6,350
Fixed assets		47,353		46,847		44,544		44,014
Right-of-use assets		2,261		2,518		2,025		2,239
Intangible assets		8,335		8,409		7,537		7,599
Deferred tax assets		3,861		121		3,652		—
Other assets		5,921		6,104		5,534		5,760
Separate account assets		8		9		8		9

Total Assets		4,915,845		4,891,085		4,807,991		4,778,702

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

Balance sheet as at 31 March 2022 (unaudited) (continued)


	RMB million (Unless otherwise stated)
	As at 31 March		As at 31 December		As at 31 March		As at 31 December
	2022		2021		2022		2021
LIABILITIES AND EQUITY	Group		Group		Company		Company
Liabilities
Short-term borrowings		1,449		1,476		—		—
Financial liabilities at fair value through profit or loss		3,085		3,416		—		—
Securities sold under agreements to repurchase		79,813		239,446		70,667		232,496
Premiums received in advance		3,062		48,699		3,062		48,699
Brokerage and commission payable		6,519		5,352		6,519		5,351
Reinsurance payable		1,082		808		1,082		808
Salary and welfare payable		11,932		13,165		10,734		11,791
Taxes payable		1,328		967		817		435
Claims payable		59,365		56,818		59,365		56,818
Policyholder dividends payable		114,403		124,949		114,403		124,949
Other payable		17,584		18,953		15,335		16,540
Policyholder deposits		329,718		313,585		329,718		313,585
Unearned premium reserves		32,783		14,062		32,783		14,062
Claim reserves		26,070		26,234		26,070		26,234
Reserves for life insurance		3,404,564		3,182,083		3,404,564		3,182,083
Reserves for long-term health insurance		204,751		197,520		204,751		197,520
Long-term borrowings		16,956		17,210		—		—
Bonds payable		34,995		34,994		34,995		34,994
Lease liabilities		2,007		2,182		1,752		1,889
Deferred tax liabilities		316		7,481		—		6,481
Other liabilities		90,665		95,018		26,375		26,901
Separate account liabilities		8		9		8		9

Total liabilities		4,442,455		4,404,427		4,343,000		4,301,645

Equity
Share capital		28,265		28,265		28,265		28,265
Capital reserve		54,215		54,304		52,920		53,056
Accumulated other comprehensive income		21,733		50,299		21,200		49,489
Surplus reserve		96,132		96,132		96,084		96,084
General reserve		48,340		48,320		47,409		47,409
Retained earnings		216,423		201,265		219,113		202,754

Attributable to equity holders of the Company		465,108		478,585

Non-controlling interests		8,282		8,073

Total equity		473,390		486,658		464,991		477,057

Total liabilities and equity		4,915,845		4,891,085		4,807,991		4,778,702

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

Income statement for the first quarter of 2022 (unaudited)


	RMB million (Unless otherwise stated)
	For the three months ended 31 March						For the three months ended 31 March
	2022			2021			2022			2021
ITEMS	Group			Group			Company			Company
				(Restated)
1 Operating income		343,777			373,484			343,469			372,255
Premiums earned		294,483			304,756			294,483			304,756
Premium income		315,011			323,892			315,011			323,892

Including: Reinsurance premium income		—			—			—			—

Less: Premiums ceded to reinsurers		(2,000	)		(1,553	)		(2,000	)		(1,553	)
Change in unearned premium reserves		(18,528	)		(17,583	)		(18,528	)		(17,583	)
Investment income		53,991			73,484			52,910			72,734

Including: Share of profit of associates and joint ventures		2,354			3,015			2,921			3,039

Other gains		62			111			55			58
Fair value gains/(losses)		(6,997	)		(7,269	)		(4,890	)		(6,451	)
Foreign exchange gains/(losses)		171			144			(28	)		48
Other operating income		2,058			2,244			930			1,096
Gains/(losses) on disposal of assets		9			14			9			14
2 Operating expenses		(327,430	)		(338,236	)		(326,602	)		(337,372	)
Surrenders		(10,315	)		(12,308	)		(10,315	)		(12,308	)
Claims expense		(41,404	)		(43,033	)		(41,404	)		(43,033	)
Less: Claims recoverable from reinsurers		1,640			1,433			1,640			1,433
Increase in insurance contracts reserve		(229,548	)		(231,822	)		(229,548	)		(231,822	)
Less: Insurance reserves recoverable from reinsurers		93			247			93			247
Policyholder dividends resulting from participation in profits		(5,882	)		(8,127	)		(5,882	)		(8,127	)
Tax and surcharges		(234	)		(365	)		(200	)		(330	)
Underwriting and policy acquisition costs		(22,845	)		(27,852	)		(22,844	)		(27,843	)
Administrative expenses		(9,502	)		(9,371	)		(8,870	)		(8,793	)
Less: Expenses recoverable from reinsurers		70			83			70			83
Other operating expenses		(6,992	)		(5,979	)		(6,831	)		(5,737	)
Impairment losses		(2,511	)		(1,142	)		(2,511	)		(1,142	)

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

Income statement for the first quarter of 2022 (unaudited) (continued)

RMB million (Unless otherwise stated)

For the three months
ended 31 March

2022

2021

2022

2021

ITEMS

Group

Company

(Restated)

3 Operating profit

16,347

35,248

16,867

34,883

Add: Non-operating income

Less: Non-operating expenses

(74

)

(130

)

(74

)

(130

)

4 Net profit before income tax

16,287

35,130

16,806

34,763

Less: Income tax expenses

(761

)

(6,149

)

(447

)

(5,808

)

5 Net profit

15,526

28,981

16,359

28,955

According to operating continuity:

– Net profit from continuing operations

15,526

28,981

16,359

28,955

According to ownership of the company:

– Equity holders of the Company

15,178

28,585

– Non-controlling interests

348

396

6 Earnings per share

Basic earnings per share

RMB0.54

RMB1.01

Diluted earnings per share

RMB0.54

RMB1.01

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

Income statement for the first quarter of 2022 (unaudited) (continued)


	RMB million (Unless otherwise stated)
	For the three months ended 31 March						For the three months ended 31 March
ITEMS	2022 Group			2021 Group			2022 Company			2021 Company
				(Restated)
7 Other comprehensive income		(28,705	)		(11,404	)		(28,289	)		(11,247	)
Other comprehensive income attributable to equity holders of the Company (net of tax)		(28,566	)		(11,326	)
Other comprehensive income that may be reclassified to profit or loss		(28,353	)		(11,278	)		(28,076	)		(11,199	)
Fair value gains/(losses) on available-for-sale financial assets		(33,208	)		6,562			(32,999	)		6,547
Less: Amount transferred to net profit from other comprehensive income		(4,432	)		(18,955	)		(4,366	)		(18,860	)
Portion of fair value changes on available-for- sale financial assets attributable to participating policyholders		9,768			1,780			9,768			1,780
Other comprehensive income that may be transferred to profit or loss under the equity method		(378	)		(673	)		(378	)		(673	)
Exchanges differences on translating foreign operations		(103	)		8			(101	)		7
Other comprehensive income that will not be reclassified to profit or loss		(213	)		(48	)		(213	)		(48	)
Other comprehensive income that may not be transferred to profit or loss under the equity method		(213	)		(48	)		(213	)		(48	)
Other comprehensive income attributable to non-controlling interests (net of tax)		(139	)		(78	)

8 Total comprehensive income		(13,179	)		17,577			(11,930	)		17,708

– Attributable to equity holders of the Company		(13,388	)		17,259
– Attributable to non-controlling interests		209			318


Yuan Changqing	Huang Xiumei	Li Mingguang	Hu Jin
Legal Representative	Vice President in charge of Accounting Affairs	Chief Actuary	Head of Financial Department

Cash flow statement for the first quarter of 2022 (unaudited)


	RMB million (Unless otherwise stated)
	For the three months ended 31 March						For the three months ended 31 March
ITEMS	2022 Group			2021 Group			2022 Company			2021 Company
				(Restated)
1 Cash flows from operating activities
Premiums received		235,040			240,417			235,040			240,417
Net increase in policyholder deposits		12,960			8,182			12,960			8,182
Net cash received from financial assets at fair value through profit or loss		11,887			12,096			16,862			18,426
Net cash received from financial liabilities at fair value through profit or loss		—			1,893			—			—
Cash received from other operating activities		3,254			2,828			1,498			1,348

Sub-total of cash inflows from operating activities		263,141			265,416			266,360			268,373

Cash paid for claims		(49,126	)		(53,385	)		(49,126	)		(53,385	)
Net cash paid for reinsurance business		(47	)		(193	)		(47	)		(193	)
Cash paid for brokerage and commission fees		(21,684	)		(28,155	)		(21,681	)		(28,140	)
Cash paid for policyholder dividends		(3,608	)		(3,838	)		(3,608	)		(3,838	)
Cash paid to and for employees		(6,497	)		(6,255	)		(5,894	)		(6,012	)
Cash paid for taxes and surcharges		(2,143	)		(4,256	)		(1,556	)		(3,684	)
Net cash paid for financial liabilities at fair value through profit or loss		(589	)		—			—			—
Cash paid for other operating activities		(5,110	)		(8,105	)		(4,876	)		(8,017	)

Sub-total of cash outflows from operating activities		(88,804	)		(104,187	)		(86,788	)		(103,269	)

Net cash flows from operating activities		174,337			161,229			179,572			165,104


Yuan Changqing	Huang Xiumei	Li Mingguang	Hu Jin
Legal Representative	Vice President in charge of Accounting Affairs	Chief Actuary	Head of Financial Department

Cash flow statement for the first quarter of 2022 (unaudited) (continued)


	RMB million (Unless otherwise stated)
	For the three months ended 31 March						For the three months ended 31 March
	2022			2021			2022			2021
ITEMS	Group			Group (Restated)			Company			Company
2 Cash flows from investing activities
Cash received from sales and redemption of investments		347,132			170,016			315,762			168,044
Cash received from investment income		45,531			42,280			44,897			39,182
Net cash received from disposals of fixed assets, intangible assets and other long-term assets		27			19			27			19
Net cash received from securities purchased under agreements to resell		—			608			—			—
Net cash received from the disposal of subsidiaries and other business units		—			—			—			30

Sub-total of cash inflows from investing activities		392,690			212,923			360,686			207,275

Cash paid for investments		(342,774	)		(320,236	)		(328,677	)		(329,960	)
Net increase in policy loans		(5,666	)		(11,542	)		(5,666	)		(11,542	)
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(531	)		(1,065	)		(435	)		(980	)
Net cash paid from securities purchased under agreements to resell		(29,277	)		—			(18,488	)		(657	)
Net cash paid for the acquisition of subsidiaries and other business units		(127	)		—			(304	)		—

Sub-total of cash outflows from investing activities		(378,375	)		(332,843	)		(353,570	)		(343,139	)

Net cash flows from investing activities		14,315			(119,920	)		7,116			(135,864	)

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

Cash flow statement for the first quarter of 2022 (unaudited) (continued)


	RMB million (Unless otherwise stated)
	For the three months ended 31 March						For the three months ended 31 March
ITEMS	2022 Group			2021 Group			2022 Company			2021 Company
				(Restated)
3 Cash flows from financing activities
Cash received from investment		—			3,741			—			—
Including: Cash received from the investment of non-controlling interests by subsidiaries		—			3,741

Sub-total of cash inflows from financing activities		—			3,741			—			—

Cash repaid to lenders		(69	)		—			—			—
Cash paid for dividends and interests and repaid for lenders		(3,097	)		(2,090	)		(2,375	)		(1,991	)
Net cash paid for securities sold under agreements to repurchase		(159,695	)		(13,775	)		(161,829	)		(13,890	)
Cash paid for other financing activities		(3,864	)		(754	)		(231	)		(340	)

Sub-total of cash outflows from financing activities		(166,725	)		(16,619	)		(164,435	)		(16,221	)

Net cash flows from financing activities		(166,725	)		(12,878	)		(164,435	)		(16,221	)

4 Effect of changes in foreign exchange rate on cash and cash equivalents		(28	)		(30	)		(16	)		(33	)

5 Net increase in cash and cash equivalents		21,899			28,401			22,237			12,986

Add: Opening balance of cash and cash equivalents		60,440			56,655			53,593			50,692

6 Closing balance of cash and cash equivalents		82,339			85,056			75,830			63,678

Yuan Changqing

Huang Xiumei

Li Mingguang

Hu Jin

Legal

Representative

Vice President in

charge of Accounting Affairs

Chief Actuary

Head of

Financial Department

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

By Order of the Board

China Life Insurance Company Limited
Heng Victor Ja Wei

Company Secretary

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


Executive Directors:		Su Hengxuan, Li Mingguang, Huang Xiumei
Non-executive Directors:		Yuan Changqing, Wang Junhui
Independent Non-executive Directors:		Tang Xin, Leung Oi-Sie Elsie, Lam Chi Kuen, Zhai Haitao

Beijing, China
27 April 2022