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

August 25, 2022

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 an announcement on August 25, 2022, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this announcement 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 filings with the U.S. Securities and Exchange Commission, or SEC, on April 29, 2021 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 announcement is as of the date of this announcement, 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 announcement is based on public information released by the China Banking and Insurance Regulatory Commission.

EXHIBIT LIST

Exhibit	Description
99.1	Announcement, dated August 25, 2022

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/ Zhao Peng
		(Signature)
August 25, 2022	Name:	Zhao Peng
	Title:	Principal Executive Officer

EX-99.1

EXHIBIT 99.1

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 2022)

COMPANY PROFILE AND CONTACT INFORMATION

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:	Bai Tao
Registered Address:	16 Financial Street, Xicheng District, Beijing, P.R. China
Registered Capital (Working Capital):	RMB28.265 billion

Note:

This summary of solvency quarterly report is prepared in accordance with the relevant requirements under the “Solvency Regulatory Rules II for Insurance Companies” issued by the China Banking and Insurance Regulatory Commission (the “CBIRC”) and the “Notice for Defining the Policy of Transitional Period for the Implementation by Life Insurance Companies of the ‘Solvency Regulatory Rules for Insurance Companies No 15: Public Disclosure of Solvency Information’ issued by the Solvency Supervision Department of the CBIRC”.

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Corporate License Number of Insurance Institution (Insurance Business License):	No. 000005
Business Commencement Date:	June 30, 2003
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”)
Contact Name:	He Zheng
Contact Office Telephone Number:	010-63631371
Contact Mobile Phone Number:	13671210021
Contact Email Address:	c-rossinfo@e-chinalife.com

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1. STATEMENT BY THE BOARD OF DIRECTORS AND THE MANAGEMENT

This report has been approved by the Board of Directors of the Company. The Board of Directors and the management of the Company warrant that the information contained in this report is true, accurate, complete and legally compliant and there are no false representations, misleading statements contained in or material omissions from this report, and severally and jointly accept legal responsibility for the above.

The statement is hereby given.

China Life Insurance Company Limited

August 25, 2022

(1) Voting by all Directors on the quarterly report

Name of Directors	For	Against	Abstain
Bai Tao	✓
Li Mingguang	✓
Huang Xiumei	✓
Wang Junhui	✓
Lam Chi Kuen	✓
Zhai Haitao	✓
Huang Yiping	✓
Chen Jie	✓
Total	8

(2) Is there any Director who is unable to warrant the truthfulness, accuracy, completeness and compliance of the information contained in the quarterly report or has a dissenting opinion on this? (Yes  ☐    No  ☒)

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2. BASIC INFORMATION

(1) Shareholding Structure, Shareholders and Their Changes During the Reporting Period

1) Shareholding structure and its changes

Unit: Ten thousand shares

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

2) Effective controller

The effective controller of the Company is the Ministry of Finance of the PRC. As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:

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3) 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

Name of shareholder	Nature of shareholder	Changes in the number of shares held by the shareholder or the amount of capital contribution during the period		Number of shares held by the shareholder or the amount of capital contribution as at the end of the period		Shareholding percentage as at the end of the period			Number of shares pledged		Number of shares frozen
China Life Insurance (Group) Company	State-owned legal person		—		1,932,353		68.37	%		—		—
HKSCC Nominees Limited	Overseas legal person		-96		732,725		25.92	%		—		—
China Securities Finance Corporation Limited	State-owned legal person		—		70,824		2.51	%		—		—
Central Huijin Asset Management Limited	State-owned legal person		—		11,717		0.41	%		—		—
Hong Kong Securities Clearing Company Limited	Overseas legal person		-975		3,962		0.14	%		—		—
Guosen Securities Co., Ltd. – Founder Fubon CSI Insurance Theme Index Security Investment Fund	Other		158		2,463		0.09	%		—		—
China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan	Other		—		1,502		0.05	%		—		—
Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund	Other		-19		1,133		0.04	%		—		—
Li Zhuo	Domestic natural person		9		1,032		0.04	%		—		—
China International Television Corporation	State-owned legal person		—		1,000		0.04	%		—		—
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 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. 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.

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4) Shareholdings of the Directors, Supervisors and senior management

No relevant circumstance occurred during the reporting period.

5) Equity transfer during the reporting period

No relevant circumstance required for reporting by the regulatory rules during the reporting period.

(2) Directors, Supervisors and Senior Management of the Head Office

1. Basic information of the Directors, Supervisors and senior management of the head office

1) Basic information of the Directors

Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Bai Tao	March 1963	Doctoral degree in economics	May 2022	Chairman of the Board of Directors, Executive Director	Yin Bao Jian Fu (2022) No. 361	Chairman of the Board of Directors and the Secretary to the Party Committee of China Life Insurance (Group) Company Chairman of the Board of Directors of China Guangfa Bank Co., Ltd. Vice Chairman of China Society for Finance and Banking	Mr. Bai became the Chairman of the Board of Directors of the Company in May 2022. He is the Chairman of the Board of Directors and the Secretary to the Party Committee of China Life Insurance (Group) Company. From September 2016 to July 2018, he served as the Deputy General Manager of China Investment Corporation. From July 2018 to January 2020, Mr. Bai served as the President, an Executive Director and the Vice Chairman of The People’s Insurance Company (Group) of China Limited. He was the Chairman of State Development & Investment Corp., Ltd. from January 2020 to January 2022.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Su Hengxuan	February 1963	Doctoral degree in Management	As Executive Director since December 2018 and as President since April 2019	Executive Director, President	Yin Bao Jian Xu Ke (2018) No. 562 Yin Bao Jian Fu (2019) No. 401	Vice President of China Life Insurance (Group) Company Director of China Guangfa Bank Co., Ltd. Director of China Life Property and Casualty Insurance Company Limited Director of China Life Pension Company Limited Director of China Life Asset Management Company Limited	Mr. Su became an Executive Director of the Company in December 2018. He has been the President of the Company since April 2019, the Vice President of China Life Insurance (Group) Company since December 2017 and a Director of China Guangfa Bank Co., Ltd. since September 2020. He was the President of China Life Pension Company Limited from March 2015 to February 2018.
Li Mingguang	July 1969	Master’s degree in Economics, EMBA for the senior management	As Executive Director since August 2019, as Vice President since November 2014, as Chief Actuary since March 2012 and as Board Secretary since June 2017	Executive Director, Vice President, Chief Actuary, Board Secretary	Jing Yin Bao Jian Fu (2019) No. 635 Bao Jian Xu Ke (2014) No. 918 Bao Jian Shou Xian (2012) No. 187 Bao Jian Xu Ke (2017) No. 664	Director of China Life Asset Management Company Limited	Mr. Li became an Executive Director of the Company in August 2019. He has been the Vice President of the Company since November 2014 and the Chief Actuary of the Company since March 2012. From May 2012 to May 2022, he served as the Chief Actuary of China Life Pension Company Limited. He has been the Board Secretary of the Company since June 2017.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Huang Xiumei	June 1967	Bachelor’s degree	As Executive Director since July 2021 and as Vice President and the Person in Charge of Finance since May 2020	Executive Director, Vice President, the Person in Charge of Finance	Jing Yin Bao Jian Fu (2020) No. 232 Jing Yin Bao Jian Fu (2020) No. 261	Director of China Life Asset Management Company Limited Director of Sino-Ocean Group Holding Limited Director of China Life Franklin Asset Management Company Limited	Ms. Huang became an Executive Director of the Company in July 2021. She has been the Vice President and the Person in Charge of Finance of the Company since May 2020, a Director of China Life Asset Management Company Limited since June 2021, a Director of Sino-Ocean Group Holding Limited since March 2021, and a Director of China Life Franklin Asset Management Company Limited since February 2021. From 2018 to 2021, she served as a Director of China Life Pension Insurance Company. From 2016 to 2020, she served as the Vice President, the Board Secretary and the Person in Charge of Finance of China Life Pension Insurance Company.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Wang Junhui	July 1971	Doctoral degree in Finance	August 2019	Non-executive Director	Jing Yin Bao Jian Fu (2019) No. 635	Chief Investment Officer of China Life Insurance (Group) Company President and Director of China Life Asset Management Company Limited Non-executive Director of China Life Property and Casualty Insurance Company Limited Director of China Life Insurance (Overseas) Company Limited Chairman of China Life AMP Asset Management Company Limited Director of China United Network Communications Limited Director of China Shimao Investment Company Limited Director of China World Trade Center Limited Chairman of the Insurance Asset Management Association of China Executive Director of the Insurance Association of China	Mr. Wang became a Non- executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016. He has been a Director of China Life Insurance (Overseas) Company Limited since June 2020, the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited since December 2016.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Tang Xin	September 1971	Doctoral degree in Law	March 2016	Independent Director	Bao Jian Xu Ke (2016) No. 150	Head of the Commercial Law Research Center of Tsinghua University Member of the Listing Committee of the Shanghai Stock Exchange Chairman of the Independent Director Committee of the China Association for Public Companies Member of the Legal Professional Advisory Committee of the Shenzhen Stock Exchange Member of the Legislative Affair Committee of the Asset Management Association of China Independent Director of Harvest Fund Management Co., Ltd. Independent Director of Bank of Guizhou Co., Ltd. Independent Director of Minsheng Securities Co., Ltd.	Mr. Tang became an Independent Director of the Company in March 2016.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Leung Oi-Sie Elsie	April 1939	Master’s degree in Law	July 2016	Independent Director	Bao Jian Xu Ke (2016) No. 717	Consultant of Iu, Lai & Li Solicitors & Notaries Consultant of Fok Ying Tung Ming Yuan Development Company Limited Independent Non-executive Director of China Resources Power Holdings Company Limited Independent Non-executive Director of PetroChina Company Limited	Ms. Leung became an Independent Director of the Company in July 2016.
Lam Chi Kuen	April 1953	Higher Diploma in Accounting	June 2021	Independent Director	Yin Bao Jin Fu (2021) No. 503	Independent Non-executive Director of China Cinda Asset Management Co., Ltd. Independent Non-executive Director of Luks Group (Vietnam Holdings) Company Limited	Mr. Lam became an Independent Director of the Company in June 2021.
Zhai Haitao	January 1969	Master’s degrees in International Affairs and Business Administration	October 2021	Independent Director	Yin Bao Jin Fu (2021) No. 778	President and Founding Partner of Primavera Capital Group Independent Director of China Everbright Environment Group Limited Independent Director of China Everbright Water Limited Independent Director of Lianyin Venture Capital Co., Ltd. (a wholly-owned subsidiary of China UnionPay Group)	Mr. Zhai became an Independent Director of the Company in October 2021.

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2) Basic information of the Supervisors

Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other  entities	Key working experience in the recent five years
Jia Yuzeng	June 1962	Master’s degree in Business Administration	July 2018	Chairman of the Board of Supervisors	Yin Bao Jian Xu Ke (2018) No. 562	Executive Director of the Insurance Society of China Director of China Insurance Security Fund Co., Ltd.	Mr. Jia became the Chairman of the Board of Supervisors of the Company in July 2018. From 2013 to 2018, he served as the Vice President and the Board Secretary of China Life Pension Company Limited.
Cao Qingyang	May 1963	Doctoral degree in Economics	July 2019	Employee Representative Supervisor	Jing Yin Bao Jian Fu (2019) No. 492		Mr. Cao became a Supervisor of the Company in July 2019. He has been the General Manager of the Product Development Department of the Company since February 2011.
Wang Xiaoqing	October 1965	Bachelor’s degree in Engineering	December 2019	Employee Representative Supervisor	Jing Yin Bao Jian Fu (2019) No. 1110		Ms. Wang became a Supervisor of the Company in December 2019. She has successively served as the Deputy General Manager and the 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.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other  entities	Key working experience in the recent five years
Lai Jun	May 1964	Bachelor’s degree	October 2021	Employee Representative Supervisor	Yin Bao Jian Fu (2021) No. 778		Mr. Lai became a Supervisor of the Company in October 2021. He has been the General Manager of the Human Resources Department of the Company since May 2021. From 2015 to 2021, he successively served as the Person in Charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Hainan Branch, as well as the General Manager of Xinjiang Branch of the Company.
Niu Kailong	September 1974	Doctoral degree in Economics	October 2021	Non-Employee Representative Supervisor	Yin Bao Jian Fu (2021) No. 778	General Manager of the Strategic Planning Department of China Life Insurance (Group) Company President of China Life Institute of Finance	Mr. Niu became a Supervisor of the Company in October 2021.

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3) Basic information of the senior management of the head office

Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Ruan Qi	July 1966	EMBA for the senior management	April 2018	Vice President	Yin Bao Jian Xu Ke (2018) No. 63		Mr. Ruan became the Vice President of the Company in April 2018. He 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.
Zhan Zhong	July 1968	Bachelor’s degree in Engineering	July 2019	Vice President	Jing Yin Bao Jian Fu (2019) No. 493	Director of Sino-Ocean Group Holding Limited	Mr. Zhan became the Vice President of the Company in July 2019. He served as the Marketing Director of the Company from August 2017 to July 2019, and the General Manager of the Individual Insurance Sales Department of the Company from July 2014 to August 2019. He served as an Employee Representative Supervisor of the Company from July 2015 to August 2017.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Yang Hong	February 1967	EMBA for the senior management	July 2019	Vice President	Jing Yin Bao Jian Fu (2019) No. 493		Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019, and the General Manager of the Operation and Service Center of the Company from January 2018 to August 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 Process and Operation Management Department of the Company from 2011 to 2018.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Zhao Guodong	November 1967	Bachelor’s degree	October 2019	Assistant to the President	Jing Yin Bao Jian Fu (2019) No. 851		Mr. Zhao became an Assistant to the President of the Company in October 2019. He has been the General Manager of Jiangsu Branch of the Company since July 2018. During the period from 2016 to 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.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Liu Yuejin	April 1967	Bachelor’s degree in Economics	June 2021	Assistant to the President	Yin Bao Jian Fu (2021) No. 445		Mr. Liu became an Assistant to the President of the Company in June 2021. He has been the General Manager of Guangdong Branch of the Company since March 2020. During the period from November 2017 to March 2020, he served as the General Manager of Chongqing Branch of the Company. From 2012 to 2017, he successively served as the Deputy General Manager of Shanxi Branch and the Deputy General Manager (responsible for daily operations) and the General Manager of Guizhou Branch of the Company.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Zhang Di	January 1968	Bachelor’s degree in Engineering	As the Assistant to the President since December 2021 and as the Chief Investment Officer since January 2022	Assistant to the President, Chief Investment Officer	Yin Bao Jian Fu (2021) No. 1034	Director of China Guangfa Bank Co., Ltd. Director of COFCO Futures Company Limited	Ms. Zhang became an Assistant to the President of the Company in December 2021. She has been the Chief Investment Officer of the Company since January 2022. She successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of the Investment Management Department, and the General Manager of the Investment Management Center of the Company from July 2016.
Bai Kai	June 1974	Postgraduate	April 2022	Assistant to the President	Yin Bao Jian Fu (2022) No. 283		Mr. Bai became an Assistant to the President of the Company in April 2022. He has been the General Manager of Hubei Branch of the Company since March 2020. During the period from 2017 to 2020, he successively served as the Deputy General Manager and the Deputy General Manager (responsible for daily operations) of Hubei Branch of the Company.

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Name	Month and year of birth	Academic qualification (degree)	Month and year of commencement	Position	Approval document No. for job qualification	Positions and part-time jobs held in affiliates and other entities	Key working experience in the recent five years
Xu Chongmiao	October 1969	Doctoral degree in Law	July 2018	Compliance Officer	Yin Bao Jian Xu Ke (2018) No. 593		Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General Manager of the Legal and Compliance Department and the Legal Officer of the Company since September 2014.
Liu Fengji	October 1969	EMBA for the senior management	December 2021	Person in Charge of Audit	Yin Bao Jian Fu (2021) No. 1032		Mr. Liu became the Person in Charge of Audit of the Company in December 2021. During the period from October 2021 to December 2021, he served as a temporary Person in Charge of Audit of the Company. He has been the General Manager of the Audit Department of the Company since February 2021. During the period from February 2018 to February 2021, he served as the General Manager of Tianjin Branch of the Company. From 2016 to 2018, he successively served as the Person in Charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Qinghai Branch of the Company.

All information set forth in the table 1) -3) 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.

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2. The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report:

1) As considered by the ninth meeting of the seventh session of the Board of Directors of the Company and upon approval by the CBIRC, Mr. Bai Kai has served as an Assistant to the President of the Company since April 29, 2022.

2) As elected by the First Extraordinary General Meeting 2022 of the Company and the eleventh meeting of the seventh session of the Board of Directors convened on the same day and upon approval by the CBIRC, Mr. Bai Tao has served as the Chairman of the Board of Directors and an Executive Director of the Company since May 31, 2022.

3) Due to the reason of age, Mr. Yuan Changqing ceased to serve as a Non-executive Director of the Company from June 1, 2022.

4) As elected by the First Extraordinary General Meeting 2022 of the Company and upon approval by the CBIRC, Mr. Huang Yiping and Ms. Chen Jie have served as Independent Directors of the seventh session of the Board of Directors of the Company since July 13, 2022.

5) As Mr. Tang Xin had consecutively served as an Independent Director of the Company for six years, he tendered his resignation to the Board of Directors on March 6, 2022 pursuant to the relevant PRC regulations and had resigned from his position as an Independent Director of the Company. Since his resignation would result in the number of Independent Directors on the Board of Directors falling below the minimum number required by the relevant regulations and the Articles of Association, Mr. Tang Xin continued to perform his duties until the qualification of Ms. Chen Jie as a Director was approved by the CBIRC on July 13, 2022.

6) As elected by the eighth extraordinary meeting of the third session of the employee representative meeting of the Company and upon approval by the CBIRC, Ms. Hu Zhijun has served as an Employee Representative Supervisor of the seventh session of the Board of Supervisors of the Company since July 13, 2022.

7) Due to the adjustment of work arrangements, Mr. Cao Qingyang ceased to serve as an Employee Representative Supervisor of the Company from July 18, 2022.

8) As Ms. Leung Oi-Sie Elsie had consecutively served as an Independent Director of the Company for nearly six years, she tendered her resignation to the Board of Directors on July 18, 2022 pursuant to the relevant PRC regulations and had resigned from her position as an Independent Director of the Company. The resignation took effect on the same day.

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9) Due to the adjustment of work arrangements, Mr. Su Hengxuan ceased to serve as the President and an Executive Director of the Company from August 1, 2022.

10) On August 2, 2022, Mr. Zhao Peng was appointed as the President of the Company at the fifteenth meeting of the seventh session of the Board of Directors of the Company and his qualification as the President of the Company is subject to the approval of the CBIRC. The Board has appointed Mr. Zhao Peng as the temporary person in charge of the Company before the approval on his qualification is obtained.

11) Mr. Cao Weiqing was elected as an Employee Representative Supervisor of the seventh session of the Board of Supervisors of the Company at the ninth extraordinary meeting of the third session of the employee representative meeting of the Company. The qualification of Mr. Cao Weiqing as a Supervisor is subject to the approval of the CBIRC.

12) Mr. Zhao Peng was nominated as an Executive Director of the seventh session of the Board of Directors of the Company at the fifteenth meeting of the seventh session of the Board of Directors of the Company. Such proposal shall be submitted to the shareholders’ general meeting of the Company for consideration and approval and his qualification as a Director of the Company is subject to the approval of the CBIRC.

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(3) Subsidiaries, Joint Ventures and Associated Corporations

										Unit: RMB million
	Company name	Type of company	Number of shares held or cost						Shareholding percentage
			At the beginning of the period		At the end of the period		Change in amount		At the beginning of the period			At the end of the period			Change in amount
1	China Life Asset Management Company Limited	Subsidiary		1,680		1,680		—		60.00	%		60.00	%		—
2	China Life Pension Company Limited	Subsidiary		2,626		2,626		—		70.74	%		70.74	%		—
3	China Life Sales Company Limited	Subsidiary		—		—		—		90.81	%		90.81	%		—
4	New Aldgate Limited	Subsidiary		1,168		1,168		—		100.00	%		100.00	%		—
5	Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership)	Subsidiary		548		513		-35		99.98	%		99.98	%		—
6	Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership)	Subsidiary		548		513		-35		99.98	%		99.98	%		—
7	Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership)	Subsidiary		571		571		—		99.98	%		99.98	%		—
8	Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership)	Subsidiary		571		571		—		99.98	%		99.98	%		—
9	Shanghai Wansheng Industry Partnership (Limited Partnership)	Subsidiary		4,036		4,036		—		99.98	%		99.98	%		—
10	Shanghai Rui Chong Investment Co., Limited	Subsidiary		6,100		6,100		—		100.00	%		100.00	%		—
11	Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership)	Subsidiary		2,835		2,835		—		90.00	%		90.00	%		—
12	Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership)	Subsidiary		1,680		1,680		—		99.98	%		99.98	%		—
13	Golden Phoenix Tree Limited	Subsidiary		—		—		—		100.00	%		100.00	%		—
14	Glorious Fortune Forever Limited	Subsidiary		—		—		—		100.00	%		100.00	%		—
15	China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership)	Subsidiary		6,066		8,321		2,255		99.99	%		99.99	%		—
16	China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership)	Subsidiary		616		710		94		99.95	%		99.95	%		—
17	China Life (Suzhou) Pension and Retirement Investment Company Limited	Subsidiary		2,181		2,181		—		100.00	%		100.00	%		—
18	China Life (Beijing) Health Management Company Limited	Subsidiary		1,530		1,530		—		100.00	%		100.00	%		—
19	Beijing China Life Pension Industry Investment Fund (Limited Partnership)	Subsidiary		504		504		—		99.90	%		99.90	%		—
20	Sunny Bamboo Limited	Subsidiary		1,876		1,876		—		100.00	%		100.00	%		—

- 22 -

	Company name	Type of company	Number of shares held or cost						Shareholding percentage
			At the beginning of the period		At the end of the period		Change in amount		At the beginning of the period			At the end of the period			Change in amount
21	Golden Bamboo Limited	Subsidiary		1,993		1,993		—		100.00	%		100.00	%		—
22	Fortune Bamboo Limited	Subsidiary		2,435		2,435		—		100.00	%		100.00	%		—
23	CL Hotel Investor, L.P.	Subsidiary		285		285		—		100.00	%		100.00	%		—
24	CBRE Global Investors U.S. Investment I, LLC	Subsidiary		4,111		4,111		—		99.99	%		99.99	%		—
25	COFCO Futures Company Limited	Associated corporation		1,339		1,339		—		35.00	%		35.00	%		—
26	CCB Trust Sharing No. 9 Urbanization Investment Private Equity Fund	Associated corporation		1,188		1,188		—		30.57	%		30.57	%		—
27	AVIC Investment Holding Limited	Associated corporation		6,000		6,000		—		16.70	%		16.70	%		—
28	China Life Property and Casualty Insurance Company Limited	Associated corporation		6,000		6,000		—		40.00	%		40.00	%		—
29	China United Network Communications Limited	Associated corporation		21,801		21,801		—		10.30	%		10.30	%		—
30	Wonders Information Co., Ltd.	Associated corporation		3,298		3,298		—		18.21	%		18.21	%		—
31	Shanghai Jinshida Winning Software Technology Co., Limited	Associated corporation		192		192		—		18.31	%		18.31	%		—
32	GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership)	Associated corporation		7,301		7,301		—		81.63	%		81.63	%		—
33	Sinopec Sichuan to East China Gas Pipeline Co., Ltd.	Associated corporation		20,000		20,000		—		43.86	%		43.86	%		—
34	China Power Investment Nuclear Power Co., Ltd.	Associated corporation		8,000		8,000		—		26.76	%		26.76	%		—
35	China Guangfa Bank Co., Ltd.	Associated corporation		53,199		53,199		—		43.69	%		43.69	%		—
36	Annoroad Gene Technology (Beijing) Co., Ltd.	Associated corporation		250		250		—		13.09	%		13.09	%		—
37	Sino-Ocean Group Holding Limited	Associated corporation		11,246		11,246		—		29.59	%		29.59	%		—

- 23 -

	Company name	Type of company	Number of shares held or cost						Shareholding percentage
			At the beginning of the period		At the end of the period		Change in amount		At the beginning of the period			At the end of the period			Change in amount
38	Shandong New and Old Kinetic Energy Conversion China Life High-end Equipment Equity Investment Fund Partnership (Limited Partnership)	Joint venture		10		10		—		79.00	%		79.00	%		—
39	Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership)	Joint venture		3,780		3,780		—		60.00	%		60.00	%		—
40	Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership)	Joint venture		1,806		1,986		180		60.00	%		60.00	%		—
41	China Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)	Joint venture		195		195		—		59.82	%		59.82	%		—
42	China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)	Joint venture		195		195		—		59.82	%		59.82	%		—
43	China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership)	Joint venture		8,817		8,817		—		84.99	%		84.99	%		—
44	China Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited Partnership)	Joint venture		—		3		3		—			39.50	%		39.50	%
45	China Life Haikong (Hainan) Healthy Investment Co., Ltd.	Joint venture		230		230		—		51.00	%		51.00	%		—
46	China Life (Sanya) Health Investments Co., Ltd.	Joint venture		306		306		—		51.00	%		51.00	%		—
47	Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership)	Joint venture		14,956		14,956		—		50.00	%		50.00	%		—
48	RXR 1285 Holdings JV LLC	Joint venture		1,290		1,290		—		51.55	%		51.55	%		—

- 24 -

(4) Violation of Laws and Regulations

1) Administrative punishments imposed on the Company by financial regulators and other governmental departments during the reporting period:

The administrative punishments have been disclosed on the official website of the Company. For specific information, please logon to the official website of the Company (www.e-chinalife.com, route query: Home Page – Public Information Disclosure – Information of Significant Events) for inspection.

2) Administrative punishments imposed on the Directors, Supervisors and senior management of the Head Office of the Company by financial regulators and other governmental departments during the reporting period:

No relevant circumstance occurred during the reporting period.

3) Violation of laws by the Directors, Supervisors, management officers at the departmental level of the Head Office or above and senior management officers of the provincial branches of the Company during the reporting period that resulted in them being transferred to judicial authorities:

No relevant circumstance occurred during the reporting period.

4) Regulatory measures adopted by the CBIRC against the Company during the reporting period:

During the reporting period, there was no circumstance where the CBIRC adopted major regulatory measures against the Company.

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3. KEY INDICATORS

(1) Solvency Ratio Indicators

				Unit: RMB million
Name of Indicators	Figures of the Current Quarter			Figures of the Preceding Quarter			Predicted figures of the Following Quarter under the Basic Scenario
Admitted assets		5,098,930			4,846,631			5,182,637
Admitted liabilities		3,986,801			3,766,877			4,053,205
Actual capital		1,112,129			1,079,754			1,129,432
Core Tier 1 capital		733,262			712,155			748,546
Core Tier 2 capital		64,879			57,042			67,657
Supplementary Tier 1 capital		311,789			308,574			311,036
Supplementary Tier 2 capital		2,199			1,983			2,193
Minimum capital for quantitative risk		479,553			442,949			484,162
Minimum capital for control risk		-7,433			-6,866			-7,505
Additional minimum capital		—			—			—
Minimum capital		472,120			436,083			476,657
Core solvency surplus		326,021			333,114			339,546
Comprehensive solvency surplus		640,009			643,671			652,775
Core solvency ratio		169.05	%		176.39	%		171.23	%
Comprehensive solvency ratio		235.56	%		247.60	%		236.95	%

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(2) Regulatory and Monitoring Indicators of Liquidity Risk

				Unit: RMB million
Name of Indicators	Figures of the Current Quarter			Figures of the Preceding Quarter
Liquidity coverage ratio
Overall liquidity coverage ratio of the Company under the basic scenario1 (LCR1)
within 3 months		128	%		134	%
within 12 months		108	%		109	%
Overall liquidity coverage ratio of the Company under the required testing stressed scenario2 (LCR2)
within 3 months		600	%		591	%
within 12 months		200	%		187	%
Liquidity coverage ratio without considering asset realization under the required testing stressed scenario3 (LCR3)
within 3 months		120	%		107	%
within 12 months		95	%		83	%
Overall liquidity coverage ratio of the Company under the self-testing stressed scenario2 (LCR2)
within 3 months		1929	%		581	%
within 12 months		704	%		190	%
Liquidity coverage ratio without considering asset realization under the self-testing stressed scenario3 (LCR3)
within 3 months		433	%		112	%
within 12 months		365	%		90	%
Backtracking adverse deviation rate of net cash flow from operating activities4		49	%		17	%
Cumulative net cash flow of the current year		31,185			22,237
Net cash flow of the preceding fiscal year		2,901			2,901
Net cash flow of the fiscal year prior to the preceding fiscal year		1,890			1,890
Net cash flow from operating activities5		255,711			179,572
Net cash flow from operating activities of participating account6		64,112			15,599
Net cash flow from operating activities of universal account7		60,934			19,574
Proportion of cash and liquidity management tools8		2.18	%		2.09	%
Quarterly average of financing leverage ratio9		3.10	%		2.71	%
Proportion of domestic fixed-income assets under (including) class AA10		0.10	%		0.28	%
Proportion of listed stock investment with a shareholding of over 5%11		0.93	%		0.79	%
Proportion of receivables12		1.01	%		1.12	%
Proportion of holding related-party assets13		2.24	%		2.12	%

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Notes:

1. Overall liquidity coverage ratio of the Company under the basic scenario = (Cash inflows of the Company under the basic scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the basic scenario × 100%

2. Overall liquidity coverage ratio of the Company under the stressed scenario = (Cash inflows of the Company under the stressed scenario + Book value of cash and cash equivalents at the valuation date + the amount of realizable liquid asset reserves) ÷ Cash outflows of the Company under the stressed scenario × 100%

3. Liquidity coverage ratio without considering asset realization under the stressed scenario = (Cash inflows of the Company under the stressed scenario + Book value of cash and cash equivalents at the valuation date) ÷ Cash outflows of the Company under the stressed scenario × 100%

4. Backtracking adverse deviation rate of net cash flow from operating activities = (Actual value of net cash flow from operating activities – Predicted value of net cash flow from operating activities) ÷ Absolute value of the predicted value of net cash flow from operating activities. In calculating the indicator, the relevant data under the C-ROSS (Phase I) Regulation was used.

5. Net cash flow from operating activities = Cumulative cash inflows from operating activities of the current year – Cumulative cash outflows from operating activities of the current year

6. Net cash flow from operating activities of participating account = Cumulative cash inflows from operating activities of participating account of the current year – Cumulative cash outflows from operating activities of participating account of the current year

7. Net cash flow from operating activities of universal account = Cumulative cash inflows from operating activities of universal account of the current year – Cumulative cash outflows from operating activities of universal account of the current year

8. Proportion of cash and liquidity management tools = Book value of cash and liquidity management tools at the end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%

9. Quarterly average of financing leverage ratio = Arithmetic average of total balance of inter-bank lending and bonds sold under agreements to repurchase at the end of each month within a quarter ÷ Ending balance of total assets × 100%

10. Proportion of domestic fixed-income assets under (including) class AA = Book value of domestic fixed- income assets under (including) class AA at the end of the period ÷ Ending balance of total assets after deducting the balance of bonds sold under agreements to repurchase and assets held in separate accounts × 100%

11. Proportion of listed stock investment with a shareholding of over 5% = Total book value of listed stock investment with a shareholding of over 5% ÷ Ending balance of total assets × 100%

12. Proportion of receivables = (Book value of premiums receivable at the end of the period + Book value of reinsurance accounts receivable at the end of the period) ÷ Ending balance of total assets × 100%

13. Proportion of holding related-party assets = Total investment assets of counterparties (who are related parties) held ÷ Ending balance of total assets × 100%

- 28 -

(3) Key Operating Indicators

					Unit: RMB million
Name of Indicators	Figures of the Current Quarter			Cumulative Figures of the Current Year
Gross written premiums		124,958			439,969
Net income		11,463			27,822
Total assets		5,060,465			5,060,465
Net assets		480,327			480,327
Insurance contracts liabilities		3,763,217			3,763,217
Basic earnings per share (RMB)		0.36			0.90
Net assets yield1		2.43	%		5.81	%
Total assets yield2		0.23	%		0.57	%
Net Investment yield3		1.15	%		2.16	%
Comprehensive investment yield4		1.99	%		1.91	%

Notes:

1. Net assets yield = Net profit ÷ [(Net assets at the beginning of the period + Net assets at the end of the period) ÷ 2] × 100%

2. Total assets yield = Net profit ÷ [(Total assets at the beginning of the period + Total assets at the end of the period) ÷ 2] × 100%

3. Net investment yield = (Investment income + Profit and loss from fair value changes + Profit and loss from exchange – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during the reporting period × 100%

4. Comprehensive investment yield = (Investment income + Profit and loss from fair value changes + Profit and loss from exchange + Net change in fair value of financial assets available for sale – Impairment loss of investment assets – Taxes and surcharges of investment – Interest expense) ÷ Average balance of funds application during the reporting period × 100%

The key operating indicators are the results of data calculated according to the “Solvency Regulatory Rules for Insurance Companies No.18: Solvency Report”.

- 29 -

4. RISK MANAGEMENT CAPABILITY

(1) Type of the Company

1) In accordance with the requirements under Article 5 and Article 6 of the “Solvency Regulatory Rules for Insurance Companies No. 12: Solvency Aligned Risk Management Requirements and Assessment” with respect to the criteria for classification of companies, the Company is a Type I insurance company.

2) The Company is a life insurance company established in Beijing, China on June 30, 2003 according to the Company Law and the Insurance Law of the People’s Republic of China. The Company was successfully listed on the New York Exchange¹, the Hong Kong Stock Exchange and the Shanghai Stock Exchange on December 17 and 18, 2003, and January 9, 2007, respectively.

3) In 2021, the Company had total assets of RMB4,778,702 million and 36 provincial branches.

(2) Assessment Results of the Recent Solvency Aligned Risk Management Requirements and Assessment

The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirements and Assessment (SARMRA) on the Company 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 2018 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) Measures for the Improvement of Risk Management Adopted During the Reporting Period and Their Progress

Firstly, the Company further optimized the construction of its risk management system. In accordance with the “Regulatory Rules on the Second Phase Project of China Risk-Oriented Solvency System (C-ROSS)” issued by the CBIRC, the Company revised and improved the “Measures for the Administration of Risk Preference System of China Life Insurance Company Limited” and the “Measures for the Administration of Risk Limit of China Life Insurance Company Limited”. The Company generally continued to practice prudent risk preference and strengthened its capability of risk management and disposal in a practical manner, building a more well-established comprehensive risk management system and mechanism.

¹  The Company has filed a Form 25 with the United States Securities and Exchange Commission on August 22, 2022 to delist its American depositary shares from the New York Stock Exchange. It is expected that after September 1, 2022, the American depositary shares of the Company will no longer be listed and traded on the New York Stock Exchange.

- 30 -

Secondly, the Company continued to optimize the top-level design for risk management to strengthen the coordinating and leading roles of the Board of Directors and its specialized committees in risk management. In this design, the function of the Risk Management Committee on risk management and control was highlighted. The Committee organized and held the second meeting of the Risk Management Committee for 2022, further strengthened its efforts to keep track of outstanding risk issues and enhanced its capability in risk prevention and defusion in a practical manner.

Thirdly, the Company consistently promoted the construction of information-oriented and intelligent risk management. It continued to proceed with the construction of Phase II of an intelligent monitoring system based on lists and further optimized the functions of a system for anti-money laundering information management and a platform for law enforcement inspection and management. The Company accelerated the development process of an information system for comprehensive risk management and gradually established an integrated risk monitoring, analysis, pre-warning and management center. In addition, the Company gradually developed a system for information management in connection with investigation of sale violations and credit rating, and built a sales risk management and control platform covering three channels based on the centralized management and control model, so as to further enhance the independence of sales risk management.

(4) Self-assessment on Risk Management

In the first half of 2022, the Company continued to proceed with rectification and upgrading measures, sorted out and refined all existing issues on an individual basis, stepped up its efforts to rectify such issues, and continuously enhanced its capability of risk management, after taking into account the feedbacks from the CBIRC’s inspection in 2018 and the 2021 self-assessment results. The Company conducted an annual self-assessment on solvency risk management in the second quarter of 2022.

- 31 -

5. INTEGRATED RISK RATING (IRR) (CLASSIFICATION REGULATION)

(1) Information of the Company’s IRR

To date, according to the C-ROSS Supervision Information System of the CBIRC, the results of the IRR of the Company in the first quarter of 2022 and the fourth quarter of 2021 were AAA2 and A Category.

(2) Self-assessment on Risks

The Company conducts an assessment on the insurance risk, market risk, credit risk, strategic risk, operational risk, reputational risk, liquidity risk and other risks faced by it on a quarterly basis, and a comprehensive risk management quarterly report will be prepared and submitted to the President’s Office of the Company for review.

For strategic risk, as the domestic and international environment has become more complicated and ever-changing and the economic downward pressure has continued to intensify since 2022, the business growth of the industry further slowed down. By upholding the guideline of taking stability as the priority and making progress while maintaining stability, the Company continued to facilitate the upgrade of products and services, pursued its business development with prudent approach as the first priority, and prepared a report of the management team of the Company on business operation and management every quarter and an evaluation report on the implementation of medium- to long-term planning every year through the regular monitoring and evaluation of strategic plan implementation, so as to strengthen the management of strategic risk. In general, the business structure and quality of the Company stayed healthy.

For operational risk, the Company consistently strengthened the development of three management tools, namely loss data room for operational risk, self-assessment on risk control, and key risk indicators monitoring, to build an operational risk management system featuring full chain. The Company also conducted an analysis on the loss data for operational risk as well as key risk indicators monitoring on a quarterly basis, and the operational risk was generally preventable and controllable.

For reputational risk, the Company strictly and closely monitored public opinions through the real-time monitoring of media around the clock for seven days a week, and strengthened its efforts to analyze public opinions by grasping their main characteristics and development trends, in order to seize the initiative to address the public opinions. Through the joint efforts of everyone within the system, the public opinions on the Company remained stable in general and there was no major incident of reputational risk for the Company in this quarter.

²  Due to the update of the IRR rules since the first quarter of 2022, the highest rating category thereunder has changed from A to AAA.

- 32 -

For liquidity risk, the Company monitored the regulatory indicators and monitoring indicators for liquidity risk on a quarterly basis and carried out stress tests on cash flows in accordance with the requirements under the “Solvency Regulatory Rules for Insurance Companies No. 13: Liquidity Risk”. The Company constantly stepped up its effort in liquidity risk management pursuant to the regulatory requirements and its own regulations, and the liquidity risk of the Company remained at a lower level.

6. SIGNIFICANT EVENTS

(1) Branches

Provincial branches newly approved for operation during the reporting period:

No event involving major branches occurred.

(2) Material Reinsurance Contracts

1) Material reinsurance inward contracts entered into during the reporting period:

No event involving material reinsurance inward contracts occurred.

2) Material reinsurance outward contracts entered into during the reporting period:

No event involving material reinsurance outward contracts occurred.

- 33 -

(3) Top Three Products During the Reporting Period in Terms of Surrender Payment and Comprehensive Surrender Rate

1) Top three products during the reporting period in terms of surrender payment

											Unit: RMB million
Name of products	Type of products		Sales channel		Current quarter					Cumulative figures for the year
					Surrender payment		Surrender rate			Surrender payment		Surrender rate
China Life Happy Life Annuity Insurance (Participating Insurance) (國壽美滿一生年金保險 (分紅型)）		Participating		Exclusive individual agent, etc.		515		0.32	%		1,092		0.68	%
Kang Ning Whole Life Insurance (康寧終身保險)		Traditional		Exclusive individual agent, etc.		503		0.14	%		997		0.27	%
China Life Hong Xin Endowment Insurance (Participating Insurance) (國壽鴻鑫兩全保險 (分紅型))		Participating		Exclusive individual agent, etc.		314		0.56	%		695		1.24	%

2) Top three products during the reporting period in terms of comprehensive surrender rate

											Unit: RMB million
Name of products	Type of products		Sales channel		Current quarter					Cumulative figures for the year
					Surrender payment		Surrender rate			Surrender payment		Surrender rate
China Life Supplemental Care Long-term Health Insurance (國壽附加關愛一生長期健康 保險）		Traditional		Exclusive individual agent, etc.		0.01		16.37	%		0.01		17.50	%
China Life Le Xin Chuan Fu Whole Life Insurance (Premium Version) (國壽樂鑫傳福終身壽險 (尊享版))		Traditional		Exclusive individual agent, etc.		0.0012		11.51	%		0.0012		11.61	%
China Life Jin Tai Group Annuity Insurance (Participating Insurance) (國壽金泰團體年金保險 (分紅型))		Participating		Group insurance, etc.		66		7.59	%		100		11.20	%

The surrender rate is the result of data calculated according to the formula of comprehensive surrender rate set out in the “Solvency Regulatory Rules for Insurance Companies No. 18: Solvency Report”.

- 34 -

(4) Major Investments

Major investments made during the reporting period:

													Unit: RMB million
No.	Type		Investment target	Time of investment		Investment amount						Book value at the end of the period
						At the beginning of the period		At the end of the period		Change
1		Subsidiary	China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership)		June 2022		616		710		94		710
2		Subsidiary	China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership)		April 2022		6,066		8,321		2,255		8,321
3		Joint venture	Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership)		May 2022		1,806		1,986		180		2,059
4		Joint venture	China Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited Partnership)		April 2022, June 2022		—		3		3		3

It was determined after an assessment that the above major investments had not had any significant impact on the core and comprehensive solvency ratios.

(5) Significant Investment Losses

Significant investment losses incurred during the reporting period: No event involving significant investment losses occurred.

(6) Major Financing Activities

Major financing activities carried out during the reporting period: No event involving major financing activities occurred.

(7) Major Connected Transactions

Major connected transactions occurred during the reporting period:

No event involving major connected transactions occurred.

- 35 -

(8) Material Guarantees

1) Executed material guarantee contracts existed during the reporting period:

No event involving material guarantee contracts occurred.

2) Outstanding material guarantee contracts existed as of the date of the solvency report:

No event involving outstanding material guarantee contracts occurred.

(9) Other Significant Events

No other significant event occurred that had a material effect on the solvency of the Company.

7. MANAGEMENT ANALYSIS AND DISCUSSION

(1) Change of Solvency Ratios and the Reasons therefor

As at June 30, 2022, the core solvency ratio and comprehensive solvency ratio of the Company were 169.05% and 235.56%, respectively, representing the decrease of 7.34 percentage points and 12.04 percentage points as compared to those as at the end of the previous quarter. The main reason for the change is divided into two aspects: firstly, the actual capital increased by RMB32,375 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio rose by 7.42 percentage points. In particular, admitted assets grew by RMB252,299 million from the end of the previous quarter, which was primarily due to an increase of RMB240,042 million in investment assets; and admitted liabilities rose by RMB219,924 million from the end of the previous year, which was mainly attributable to the increase of RMB114,056 million and RMB91,785 million in financial liabilities and reserve liabilities, respectively. Secondly, the minimum capital increased by RMB36,037 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio decreased by 19.46 percentage points. In particular, the minimum capital for life insurance risk declined by RMB4,474 million; the minimum capital for market risk grew by RMB40,768 million, which was mainly due to an increase of RMB46,463 million in the minimum capital for equity price risk; and the minimum capital for credit risk decreased by RMB2,483 million. In general, the core solvency ratio and comprehensive solvency ratio of the Company are well above the regulatory requirements, and the Company has sufficient solvency.

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(2) Change of Regulatory Indicators for Liquidity Risk and the Reasons therefor

As at the end of the second quarter of 2022, the regulatory indicators for liquidity risk of the Company were conformed to the regulatory standards. There was no significant change in the liquidity coverage ratio under each of the basic scenario and the required testing stressed scenario as compared to that in the first quarter. Backtracking of net cash flow from operating activities has shown positive deviation for two consecutive quarters, and the cumulative net cash flow of the current year increased by RMB8,948 million from the first quarter. Pursuant to the provisions of the “Solvency Regulatory Rules for Insurance Companies No. 13: Liquidity Risk” and the relevant requirements, 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.

(3) Analysis of the Change in the IRR Results

According to the C-ROSS Supervision Information System of the CBIRC, the results of the IRR of the Company in the first quarter of 2022 and the fourth quarter of 2021 were AAA and A Category, respectively, which was mainly due to the modification of the IRR rules from the first quarter of 2022 that the highest rating category thereunder has changed from A to AAA.

(4) Analysis of the Key Risks Faced by the Company

In light of the financial environment and capital market, and after taking into account the measures adopted and initiatives taken by it in respect of risks, the Company has carried out a comprehensive analysis of the key risks affecting its solvency, the specific details of which are as follows:

1) Market risk

In 2022, in consideration of the market situation, the Company combined strategic allocation with tactical operation, gave full play to the strengths of external and internal managers, diversified fixed-income assets, took the initiatives to manage equity exposures, and continuously optimized position structure, ensuring the market risk to remain stable generally. Under the current situation of COVID-19 pandemic, the major economies around the globe were hit by the demand- and supply-side changes, and the geopolitical conflicts exacerbated, as a result of which volatilities in both domestic and international markets escalated and there were profound changes in the risk situation. Under the new environment of investment risk after the outbreak of the conflicts, the Company will strengthen research on the risk return and attitude of major asset categories, facilitate the construction of a comprehensive system for the management of investment risk, and enhance its capability of market risk judgement, so as to effectively manage market risk in a scientific manner. The Company will reasonably adjust the portfolio composition and duration on an ongoing basis, take active actions in matching assets with liabilities in terms of duration, and diversify market risk by making appropriate and diverse investments.

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2) Credit risk

Overall, the credit situation of fixed-income assets of the Company was satisfactory. No material credit default event occurred for the Company in the first half of 2022, and the credit risks of the Company were generally well controlled. Nevertheless, with the world economy being subject to various restrictions and factors, the global inflation environment has experienced remarkable changes, the inflation risk driven by multiple factors are surfacing, default events have occurred from time to time, and credit risk is still a matter of close attention and concern. In relation to credit risk management, the Company proceeded with it from two aspects, namely the probability of default and loss given default, consistently selected counterparties with excellent credit qualification for transactions, requested for credit enhancement as the case required, and conducted dynamic monitoring and control of credit concentration and credit facilities. The Company will continue to facilitate the implementation of a centralized credit rating, improve the internal assessment model and method, and refine and conduct the work of credit rating in the context of the industry, so as to further expand the breadth and depth of credit rating research.

3) Insurance risk

The Company made a judgment on the adequacy of reserves according to actuarial principles. In the first half of 2022, the reserves of the Company satisfied the adequacy requirement, and its insurance risk was stable and well controlled. The Company devised a system for risk limit indicators and carried out normal monitoring analysis, so as to contain risks within a controllable range. It implemented an effective product development and management system to strictly control product pricing risks, and strengthened empirical analysis to offer support to pricing assumptions and accessing assumptions, in order to prevent and control insurance risks from the front end of products. The Company effectively guarded against adverse selection risks and insurance frauds through the establishment and implementation of a well-developed system for verification of insurance policies and claims, as well as the practical operation regulations. In addition, it transferred and mitigated insurance risk through a scientific and reasonable reinsurance arrangement.

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8. OPINIONS FROM EXTERNAL INSTITUTIONS

(1) Reports Received from External Institutions During the Reporting Period

1) Audit reports received from auditors during the reporting period:

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued an audit report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2022) No. 2384), and was of the view that the special financial statements for solvency were prepared, in all material respects, in accordance with the basis of preparation set forth in the “Solvency Regulatory Rules for Insurance Companies (No. 1-17).

2) Review reports received during the reporting period:

PricewaterhouseCoopers Zhong Tian LLP, an auditor engaged by the Company, issued a review report (PricewaterhouseCoopers Zhong Tian Te Shen Zi (2022) No. 4011), and was of the view that the report on solvency stress test was prepared and presented, in all material respects, in accordance with the requirements under the “Solvency Regulatory Rules for Insurance Companies No. 9: Stress Test”.

3) Credit rating reports received from rating agencies during the reporting period:

No relevant circumstance occurred during the reporting period.

(2) Change of External Institutions During the Reporting Period

No relevant circumstance occurred during the reporting period.

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9. ACTUAL CAPITAL

(1) Admitted Assets

								Unit: RMB million
	Figures of the Current Quarter						Figures of the Preceding Quarter
Items	Book Value		Unadmitted Value		Admitted Value		Book Value		Unadmitted Value		Admitted Value
Cash and liquidity management tools		106,726		—		106,726		98,928		—		98,928
Investment assets		4,332,217		1,351		4,330,866		4,092,175		1,351		4,090,824
Equities in subsidiaries, joint ventures and associates		190,683		-185		190,868		188,130		-336		188,466
Reinsurance assets		7,561		-40,516		48,077		6,948		-40,671		47,619
Receivables and prepayments		359,774		—		359,774		353,811		—		353,811
Fixed assets		49,686		—		49,686		50,067		—		50,067
Land use rights		7,362		—		7,362		7,422		—		7,422
Assets held in separate accounts		8		—		8		8		—		8
Other admitted assets		6,448		885		5,563		10,502		1,016		9,486
Total		5,060,465		-38,465		5,098,930		4,807,991		—38,640		4,846,631

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(2) Admitted Liabilities

				Unit: RMB million
Items	Figures of the Current Quarter		Figures of the Preceding Quarter
Reserve liabilities		3,134,245		3,042,460
Financial liabilities		514,483		400,427
Payables and advance receipts		248,600		232,772
Estimated liabilities		—		—
Liabilities of independent accounts		8		8
Capital liabilities		2,963		8,131
Other admitted liabilities		86,502		83,079
Total		3,986,801		3,766,877

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(3) Actual Capital

			Unit: RMB million
Items	Figures of the Current Quarter		Figures of the Preceding Quarter
Core Tier 1 capital		733,262		712,155
Net assets		480,327		464,991
Adjustments to net assets		252,935		247,164
Book value of unadmitted assets		-2,236		-2,368
Difference between admitted value and book value of long-term equity investments		185		336
Fair value increment (deducting the effects of impairment, depreciation and income tax) of investment property (including investment property held by insurance companies through property rights or subsidiaries, etc.)		—		—
Deferred income tax assets (excluding deferred income tax assets caused by operating losses)		—		-3,652
Catastrophe risk reserves for agricultural insurance		—		—
Policy future surplus included in Core Tier 1 capital		214,470		212,177
Amount of capital instrument attributable to liabilities that meets the Core Tier 1 capital standards and could be included in Core Tier 1 capital as required		—		—
Other adjustments stipulated by the CBIRC		40,516		40,671
Core Tier 2 capital		64,879		57,042
Preferred stock		—		—
Policy future surplus included in Core Tier 2 capital		67,842		65,173
Other Core Tier 2 capital		—		—
Less: the amount that should be deducted for exceeding the limit		2,963		8,131

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			Unit: RMB million
Items	Figures of the Current Quarter		Figures of the Preceding Quarter
Supplementary Tier 1 capital		311,789		308,574
Subordinated term debt		—		—
Capital supplementary bonds		34,996		34,995
Convertible subordinated debt		—		—
Deferred income tax assets (excluding deferred income tax assets caused by operating losses)		—		3,652
Amount of fair value increment (deducting the effects of impairment, depreciation and income tax) of investment property (including investment property held by insurance companies through property rights or subsidiaries, etc.) that could be included in the Supplementary Tier 1 capital		—		—
Policy future surplus included in the Supplementary Tier 1 capital		276,793		269,927
Other Supplementary Tier 1 capital		—		—
Less: the amount that should be deducted for exceeding the limit		—		—
Supplementary Tier 2 capital		2,199		1,983
Contingent capital and other Supplementary Tier 2 capital		—		—
Policy future surplus included in the Supplementary Tier 2 capital		2,199		1,983
Less: the amount that should be deducted for exceeding the limit		—		—
Total of actual capital		1,112,129		1,079,754

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10. MINIMUM CAPITAL

			Unit: RMB million
Items	Figures of the Current Quarter		Figures of the Preceding Quarter
Minimum capital for quantitative risk		479,553		442,949
Total of minimum capital for life insurance risk		95,814		100,455
Life insurance risk – minimum capital for loss risk		65,862		66,760
Life insurance risk – minimum capital for surrender risk		55,701		61,526
Life insurance risk – minimum capital for expense risk		14,193		14,304
Life insurance risk – risk diversification effect		39,942		42,135
Total of minimum capital for non-life insurance risk		12,321		12,154
Non-life insurance risk – minimum capital for premium and reserve risk		12,321		12,154
Non-life insurance risk – minimum capital for catastrophe risk		—		—
Non-life insurance risk – risk diversification effect		—		—
Market risk – total of minimum capital		452,675		411,907
Market risk – minimum capital for interest rate risk		171,802		172,436
Market risk – minimum capital for equity price risk		422,440		375,977
Market risk – minimum capital for property price risk		15,016		17,420
Market risk – minimum capital for overseas fixed income asset price risk		186		184
Market risk – minimum capital for overseas equity asset price risk		36,327		39,100
Market risk – minimum capital for exchange rate risk		6,286		6,850
Market risk – risk diversification effect		199,382		200,060
Credit risk – total of minimum capital		80,831		83,314
Credit risk – minimum capital for interest spread risk		39,126		39,453
Credit risk – minimum capital for counterparty default risk		61,622		64,177
Credit risk – risk diversification effect		19,917		20,316

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			Unit: RMB million
Items	Figures of the Current Quarter		Figures of the Preceding Quarter
Quantitative risk diversification effect		115,782		118,034
Loss absorption effect of special types of insurance contracts		46,306		46,847
Loss absorption adjustment – not considering upper bound		46,306		46,847
Upper bound for loss absorption effect adjustment		192,713		196,950
Minimum capital for control risk		-7,433		-6,866
Additional minimum capital		—		—
Counter-cyclical additional minimum capital		—		—
Additional minimum capital for D-SII		—		—
Additional minimum capital for G-SII		—		—
Other additional minimum capital		—		—
Minimum capital		472,120		436,083

This announcement is published in both Chinese and English. Should there be 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

Hong Kong, August 25, 2022

As at the date of this announcement, the board of directors of the Company comprises:

Executive Directors:	Bai Tao, Li Mingguang, Huang Xiumei
Non-executive Director:	Wang Junhui
Independent Non-executive Directors:	Lam Chi Kuen, Zhai Haitao, Huang Yiping, Chen Jie

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