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

March 29, 2023

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  ☐

Commission File Number 001-31914

China Life Insurance Company Limited issued an announcement on March 29, 2023, a copy of which is attached as Exhibit 99.1 hereto.

EXHIBIT LIST

Exhibit	Description
99.1	Announcement, dated March 29, 2023

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)
March 29, 2023	Name:	Zhao Peng
	Title:	President and Executive Director

EX-99.1

EXHIBIT 99.1

Commission File Number 001-31914

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)

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

As at 31 December 2022, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB27,589 million and an increase in liabilities of long-term health insurance contracts by RMB6,878 million, which in aggregate reduced profit before tax by RMB34,467 million for the twelve months ended 31 December 2022.

I. Introduction

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

The changes in accounting estimates were considered and approved at the 22nd meeting of the seventh session of the Board of Directors on 29 March 2023.

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

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

As at 31 December 2022, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB27,589 million and an increase in liabilities of long-term health insurance contracts by RMB6,878 million, which in aggregate reduced profit before tax by RMB34,467 million for the twelve months ended 31 December 2022.

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

Commission File Number 001-31914

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

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

IV. Relevant Documents for Record

1. Independent opinion from the Independent Directors of the Company

2. Special statement of the Board of Directors of the Company on the changes in accounting estimates

3. Special statement of the Board of Supervisors of the Company on the changes in accounting estimates

The Board of Directors of

China Life Insurance Company Limited

29 March 2023