Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
26 Octobre 2023 - 7:04PM
Edgar (US Regulatory)
Commission File Number 001-31914
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or
15d-16 of the
Securities Exchange Act of 1934
October 26, 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 October 26, 2023, 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with
the U.S. Securities and Exchange Commission, or SEC, on April 21, 2023 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 National Administration of Financial Regulation.
EXHIBIT LIST
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.
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China Life Insurance Company Limited
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(Registrant) |
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By: |
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/s/ Li Mingguang |
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(Signature) |
| October 26, 2023 |
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Name: |
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Li Mingguang |
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Title: |
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Principal Executive Officer and Executive Director |
Commission File Number 001-31914
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 COMPANYNOTE
(THIRD QUARTER OF 2023)
COMPANY
PROFILE AND CONTACT INFORMATION
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| Name of the Company in Chinese: |
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中國人壽保險股份有限公司 |
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| Name of the Company in English: |
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China Life Insurance Company Limited |
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| Legal Representative: |
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Bai Tao |
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| Registered Address: |
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16 Financial Street, Xicheng District, Beijing, P.R. China |
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| Registered Capital
(Working Capital): |
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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 former China Banking and Insurance Regulatory Commission (the “Former
CBIRC”), 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”, and the “Notice for Optimizing the Solvency Regulatory Standards of Insurance Companies” issued by the National Administration of Financial Regulation (the
“NAFR”).
- 1 -
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| Corporate License Number of Insurance Institution |
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| (Insurance Business License): |
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No. 000005 |
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| Business Commencement Date: |
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June 30, 2003 |
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| Business Scope: |
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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. |
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| Business Area: |
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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”) |
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| Contact Name: |
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He Zheng |
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| Contact Office Telephone Number: |
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010-63631371 |
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| Contact Mobile Phone Number: |
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13671210021 |
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| Contact Email Address: |
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c-rossinfo@e-chinalife.com |
- 2 -
| 1. |
STATEMENT BY THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE MANAGEMENT |
This report has been approved by the Chairman of the Board of Directors of the Company. The Chairman of 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.
- 3 -
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(1) |
Shareholding Structure, Shareholders and Their Changes During the Reporting Period
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1) |
Shareholding structure and its changesNote
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Unit: Ten thousand shares
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| Category |
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At the beginning of the period |
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Changes in the number of shares or
shareholding percentage during the period |
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At the end of the
period |
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Shares or
capital
contribution |
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Percentage
(%) |
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Capital
injection by
shareholders |
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Capital
reserve
transfer and
distribution
of dividend |
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Equity
transfer |
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Sub-total |
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Shares or
capital
contribution |
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Percentage
(%) |
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| RMB ordinary shares |
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2,082,353 |
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73.67 |
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— |
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— |
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— |
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— |
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2,082,353 |
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73.67 |
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| Overseas listed foreign shares |
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744,118 |
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26.33 |
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— |
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— |
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— |
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— |
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744,118 |
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26.33 |
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| Total |
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2,826,471 |
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100.00 |
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— |
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— |
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— |
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— |
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2,826,471 |
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100.00 |
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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. |
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
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| Name of shareholder |
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Nature of shareholder |
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Changes in
the number of
shares held by
the shareholder
or the amount
of capital
contribution
during
the
period |
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Number of
shares held by
the shareholder
or the amount
of capital
contribution
as
at the end of the
period |
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Shareholding
percentage as
at the end of
the period |
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Number
of shares
pledged |
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Number
of shares
frozen |
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| China Life Insurance (Group) Company |
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State-owned legal person |
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— |
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1,932,353 |
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68.37 |
% |
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— |
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— |
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| HKSCC Nominees Limited |
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Overseas legal person |
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187 |
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732,787 |
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25.93 |
% |
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— |
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— |
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| China Securities Finance Corporation Limited |
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State-owned legal person |
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— |
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70,824 |
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2.51 |
% |
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— |
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— |
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| Central Huijin Asset Management Limited |
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State-owned legal person |
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— |
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11,717 |
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0.41 |
% |
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— |
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— |
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| Hong Kong Securities Clearing Company Limited |
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Overseas legal person |
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-1,135 |
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3,726 |
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0.13 |
% |
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— |
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— |
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| Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities
Investment Fund |
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Other |
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162 |
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1,598 |
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0.06 |
% |
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— |
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— |
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| Guosen Securities Co., Ltd. – Founder Fubon CSI Insurance Theme Index Securities Investment
Fund |
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Other |
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-132 |
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1,323 |
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0.05 |
% |
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— |
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— |
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| National Social Security Fund Portfolio 114 |
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Other |
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-98 |
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1,200 |
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0.04 |
% |
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— |
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— |
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| Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange Traded
Index Securities Investment Fund |
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Other |
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459 |
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1,075 |
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0.04 |
% |
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— |
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— |
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| China International Television Corporation |
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State-owned legal person |
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— |
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1,000 |
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0.04 |
% |
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— |
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— |
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| Details of
shareholders |
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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. |
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2. Both Industrial and Commercial Bank of China Limited – SSE 50 Exchange
Traded Index Securities Investment Fund and Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange Traded Index Securities Investment Fund have Industrial and Commercial Bank of China Limited as their 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.
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5) |
Equity transfer during the reporting period |
No relevant circumstance required for reporting by the regulatory rules during the reporting period.
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(2) |
Directors, Supervisors and Senior Management of the Head Office |
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1. |
Basic information of the Directors, Supervisors and senior management of the head office
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1) |
Basic information of the Directors |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Bai Tao |
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March 1963 |
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Doctoral degree in Economics |
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May 2022 |
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Chairman of the Board of Directors, Executive Director |
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Yin Bao Jian Fu (2022) No. 361 |
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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
Vice chairman of China Enterprise Confederation
Vice chairman of China Enterprise Directors Association |
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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 |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Li Mingguang |
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July 1969 |
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Master’s degree in Economics and EMBA for the senior management |
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As temporary Person in Charge since August 2023, As Executive Director since August 2019 |
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Executive Director, Temporary Person in Charge |
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Jing Yin Bao Jian Fu (2019) No. 635 |
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Chairman of the Board of Directors of China Life Investment Management Company Limited |
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Mr. Li became a temporary Person in Charge of the Company in August 2023. He has been an Executive Director of the Company since August 2019. He served as the Chief Actuary of the Company from 2012 to 2023, a Vice President of
the Company from 2014 to 2023, and the Board Secretary of the Company from 2017 to 2023. He served as the Chief Actuary of China Life Pension Company Limited from 2012 to 2022. |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Wang Junhui |
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July 1971 |
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Doctoral degree in Finance |
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August 2019 |
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Non-executive Director |
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Jing Yin Bao Jian Fu (2019) No. 635 |
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Secretary to the Party Committee and Chairman of China Life Pension Company Limited (his qualification as such capacities is subject to
approval) Chief Investment Officer of China Life Insurance (Group) Company
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 |
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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 since August 2016. He served as the Secretary to the Party Committee and
President of China Life Asset Management Company Limited from August 2016 to July 2023. 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 |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and
part-time
jobs held in affiliates and
other entities |
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Key working experience in
the recent five
years |
| Zhuo Meijuan |
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July 1964 |
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Master’s degree in Business Administration |
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June 2023 |
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Non-executive Director |
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Jin Fu (2023) No. 81 |
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Senior Director of the Strategic Planning Department (General Office for Deepening Reforms)/ Office of the Board of Directors/China Life Institute of Finance of China Life Insurance (Group) Company |
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Ms. Zhuo became a Non- executive Director of the Company in June 2023. She served as the Deputy General Manager and the General Manager of the Business Management Department of China Life Insurance (Group) Company from 2016 to
August 2023. |
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| Lam Chi Kuen |
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April 1953 |
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Higher Diploma in Accounting |
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June 2021 |
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Independent Director |
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Yin Bao Jian Fu (2021) No. 503 |
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Independent Non-executive Director of China Cinda Asset Management Co., Ltd.
Independent Non-executive Director of Luks Group
(Vietnam Holdings) Company Limited |
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Mr. Lam became an Independent Director of the Company in June 2021. |
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| Zhai Haitao |
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January 1969 |
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Master’s degrees in International Affairs and Business Administration |
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October 2021 |
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Independent Director |
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Yin Bao Jian Fu (2021) No. 778 |
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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) |
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Mr. Zhai became an Independent Director of the Company in October 2021. |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Huang Yiping |
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March 1964 |
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Doctoral degree in Economics |
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July 2022 |
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Independent Director |
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Yin Bao Jian Fu (2022) No. 450 |
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Jinguang Chair Professor of Finance and Economics and the Associate Dean of the National School of Development of Peking University
Director of the Institute of Digital Finance of Peking University
Deputy Secretary-General of China Society for Finance and Banking
Chairman of the Professional Committee of FinTech Development and Research of the
National Internet Finance Association of China Chairman of the Academic Committee of
China Finance 40 Forum Member of Chinese Economists 50 Forum
Member of the Decision- making Advisory Committee of Guangdong Provincial People’s
Government Director of Shanghai Pu Shan New Finance Development Foundation |
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Mr. Huang became an Independent Director of the Company in July 2022. |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
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Invited Expert (Advisor) of the 2nd Fintech Cooperation Committee of Asian Financial Cooperation Association
Vice Chairman of the Professional Committee on the Study of Regional Finance of the
Society of Public Finance of China Executive Director and Vice Chairman of the Ninth
Session of the Board of Directors and member of the Academic Committee of China Institute of Rural Finance
Editor in Chief of China Economic Journal
Deputy Editor in Chief of Asian Economic Policy Review
Independent Director of Ant Group Co., Ltd. |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
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Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Chen Jie |
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April 1970 |
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Doctoral degree in Civil and Commercial Law |
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July 2022 |
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Independent Director |
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Yin Bao Jian Fu (2022) No. 450 |
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Director and researcher of the Commercial Law Research Unit of the Institute of Law of Chinese Academy of Social Sciences
Member of Chinese Legal System Committee of China Democratic League
Vice Chairman of China Business Law Society
Executive Director of the Institute of Commercial Law of China Law Society
Executive Director of the Institute of Securities Law of China Law Society
Director of the Institute of Insurance Law of China Law Society
Member of the Securities and Futures Expert Group of the China Securities Regulatory
Commission Member of the Appeal Review Committee of the Shenzhen Stock
Exchange |
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Ms. Chen became an Independent Director of the Company in July 2022. |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
|
Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
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Expert Member on “Holding Shares and Exercising Shareholders’ Rights” of China Securities Investor Services Center
Member of the Expert Advisory Committee of Beijing Financial Court
Arbitrator of Beijing Arbitration Commission/ Beijing International Arbitration
Center Arbitrator of Shenzhen Court of International Arbitration
Arbitrator of China International Economic and Trade Arbitration Commission
Arbitrator of Shanghai International Economic and Trade Arbitration Commission |
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- 13 -
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2) |
Basic information of the Supervisors |
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| Name |
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Month and
year of birth |
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Academic
qualification
(degree) |
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Month and
year of
commencement |
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Position |
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Approval
document
No. for
job
qualification |
|
Positions and part-time
jobs held in affiliates and
other
entities |
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Key working experience in
the recent five
years |
| Cao Weiqing |
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September 1965 |
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Master’s degree in Economics |
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October 2022 |
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Chairman of the Board of Supervisors |
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Yin Bao Jian Fu (2022) No. 762 |
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Mr. Cao became the Chairman of the Board of Supervisors of the Company in November 2022. He is a member of the Party Committee of the Company. He successively served as the Secretary to the Discipline Inspection Committee, the
Chairman of the Board of Supervisors and a Vice President of China Life Asset Management Company Limited from 2016 to 2022. |
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| Niu Kailong |
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September 1974 |
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Doctoral degree in Economics |
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October 2021 |
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Non-Employee Representative Supervisor |
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Yin Bao Jian Fu (2021) No. 778 |
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General Manager and President of the Strategic Planning Department (General Office for Deepening Reforms)/ Office of the Board of Directors/China Life Institute of Finance of China Life Insurance (Group) Company |
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Mr. Niu became a Supervisor of the Company in October 2021. |
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|
|
|
|
|
| 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. |
- 14 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| Ye Yinglan |
|
October 1974 |
|
Doctoral degree in Economics |
|
June 2023 |
|
Employee Representative Supervisor |
|
Jin Fu (2023) No. 82 |
|
|
|
Ms. Ye became an Employee Representative Supervisor of the Company in June 2023. She has been the General Manager of the Comprehensive Finance Department of the Company since July 2023. She successively served as an Assistant
to the General Manager and the Deputy General Manager of the Finance Department, the Deputy General Manager, the Deputy General Manager (responsible for daily operations) and the General Manager of the Finance Management Department, and the General
Manager of the Fund Sales Management Department of the Company from 2009 to 2023. |
- 15 -
| |
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 |
| Liu Hui |
|
February 1970 |
|
Master’s degree in Business Administration |
|
July 2023 |
|
Vice President |
|
Jin Fu (2023) No. 158 |
|
Director of China Life Asset Management Company Limited
Director of China Life Franklin Asset Management Company Limited
Director of Wonders Information Co., Ltd. |
|
Ms. Liu became a Vice President of the Company in July 2023. She has been a Director of China Life Asset Management Company Limited since August 2023, a Director of Wonders Information Co., Ltd. since July 2023, and a Director
of China Life Franklin Asset Management Company Limited since April 2023. From 2014 to 2022, she successively served as a Vice President of China Life Investment Holding Company Limited, and an Executive Director and Vice President of China Life
Investment Management Company Limited, and concurrently served as an Executive Director and Vice President of Sino-Ocean Group Holding Limited, the President and Chairman of China Life Capital Investment Company Limited, and an Executive Director
and the General Manager of China Life Real Estate Co., Limited. |
- 16 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, Chief Risk Officer |
|
Yin Bao Jian Xu Ke (2018) No. 63 |
|
Director of China Life Ecommerce Company Limited
Chairman of Wonders Information Co., Ltd. |
|
Mr. Ruan became a Vice President of the Company in April 2018. He has been the Chief Risk Officer of the Company since December 2022, and the Chairman of Wonders Information Co., Ltd. since July 2023. He successively served as
the General Manager (at the general manager level of the provincial branches) of the Information Technology Department and the Chief Information Technology Officer of the Company from 2016 to 2018. |
|
|
|
|
|
|
|
|
| Yang Hong |
|
February 1967 |
|
EMBA for the senior management |
|
July 2019 |
|
Vice President |
|
Jing Yin Bao Jian Fu (2019)
No. 493 |
|
|
|
Ms. Yang became a 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. |
- 17 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
Vice President, Board Secretary |
|
Yin Bao Jian Fu (2023) No. 83 |
|
|
|
Mr. Zhao became a Vice President of the Company in August 2023. He has been the Board Secretary of the Company since February 2023. He served as an Assistant to the President of the Company from 2019 to 2023. During the period
from 2016 to 2022, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing Branch, the General Manager of Hunan Branch, and the General Manager of Jiangsu Branch of the
Company. |
|
|
|
|
|
|
|
|
| Bai Kai |
|
June 1974 |
|
Postgraduate |
|
April 2022 |
|
Vice President |
|
|
|
|
|
Mr. Bai became a Vice President of the Company in August 2023. He served as an Assistant to the President of the Company from 2022 to 2023. During the period from 2017 to 2022, he successively served as the Deputy General
Manager, the Deputy General Manager (responsible for daily operations) and General Manager of Hubei Branch of the Company. |
|
|
|
|
|
|
|
|
| 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. |
- 18 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| Hu Jin |
|
November 1971 |
|
Master’s degree in Economics |
|
February 2023 |
|
Person in Charge of Finance |
|
Yin Bao Jian Fu (2023) No. 82 |
|
|
|
Ms. Hu became the Person in Charge of Finance of the Company in February 2023. She has been the General Manager of the Finance Department of the Company since June 2020. From October 2022 to February 2023, she served as a
temporary Person in Charge of Finance of the Company. From June 2020 to March 2021, she served as the General Manager of the Shared Service Center (Financial Segment) of the Company. From August 2019 to June 2020, she served as the Deputy General
Manager (responsible for daily operations) of the Finance Department and concurrently acted as the Deputy General Manager of the Shared Service Center (Financial Segment) of the Company. From 2013 to 2019, she successively served as the Deputy
General Manager of the Finance Department, the Deputy General Manager of the Accounting Department and the Deputy General Manager (responsible for daily operations) of the Accounting Department of the Company. |
- 19 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| Hu Zhijun |
|
July 1971 |
|
Master’s degree in Management |
|
August 2023 |
|
Temporary Person in Charge of Audit |
|
|
|
|
|
Ms. Hu became a temporary Person in Charge of Audit of the Company in August 2023. She has been the General Manager of the Audit Department of the Company since October 2022. She served as a Supervisor of the Company from 2022
to 2023, and the General Manager of the Asset Management Department of the Company from 2014 to 2022. |
|
|
|
|
|
|
|
|
| Hou Jin |
|
January 1980 |
|
Master’s degree in Economics |
|
August 2023 |
|
Temporary Chief Actuary |
|
|
|
|
|
Ms. Hou became a temporary Chief Actuary of the Company in August 2023. She has been the Deputy General Manager of the Actuarial Department of the Company since December 2019. She was an Assistant to the General Manager of the
Actuarial Department of the Company from 2018 to 2019, and a senior actuary (Grade III) of the Actuarial Department of the Company from 2017 to 2018. |
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.
- 20 -
| |
2. |
The changes of the Directors, Supervisors and senior management during the reporting period and as at the
disclosure date of the summary of this report: |
| |
1) |
Due to the adjustment of work arrangements, Mr. Li Mingguang tendered his resignation to the Company from
his role as the Chief Actuary of the Company on August 4, 2023, which took effect on the same date. On August 4, 2023, as considered and approved at the 27th meeting of the seventh session of the Board of Directors of the Company, Mr. Li
Mingguang was appointed as the President of the Company, and his qualification as the President of the Company is still subject to the approval of the NAFR. Before the grant of approval, the Board of Directors has designated Mr. Li Mingguang as
a temporary person in charge of the Company. |
| |
2) |
On August 4, 2023, as considered and approved at the 27th meeting of the seventh session of the Board of
Directors of the Company, Ms. Hu Zhijun was appointed as the Person in Charge of Audit of the Company, and her qualification as the Person in Charge of Audit of the Company is still subject to the approval of the NAFR. Before the grant of
approval, the Board of Directors has designated Ms. Hu Zhijun as a temporary Person in Charge of Audit of the Company. Mr. Liu Fengji ceased to be the Person in Charge of Audit of the Company. |
| |
3) |
Ms. Liu Hui has been a Vice President of the Company since July 27, 2023. |
| |
4) |
Due to the adjustment of work arrangements, Mr. Zhao Peng tendered his resignation to the Company from his
roles as the President, an Executive Director and a member of the Strategy and Assets and Liabilities Management Committee of the Company on August 4, 2023, which took effect on the same date. |
| |
5) |
On August 4, 2023, as considered and approved at the 27th meeting of the seventh session of the Board of
Directors of the Company, Ms. Hou Jin was appointed as the Chief Actuary of the Company, and her qualification as the Chief Actuary of the Company is still subject to the approval of the NAFR. Before the grant of approval, the Board of
Directors has designated Ms. Hou Jin as the temporary Chief Actuary of the Company. |
| |
6) |
Mr. Zhao Guodong has been a Vice President of the Company since August 4, 2023. |
| |
7) |
Mr. Bai Kai has been a Vice President of the Company since August 4, 2023. |
- 21 -
| |
(3) |
Subsidiaries, Joint Ventures and Associated Corporations |
Unit: RMB million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| No. |
|
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 Nianfeng Insurance Agency Co., Ltd. |
|
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 |
|
|
502 |
|
|
|
502 |
|
|
|
— |
|
|
|
99.98 |
% |
|
|
99.98 |
% |
|
|
— |
|
| 6 |
|
Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) |
|
Subsidiary |
|
|
502 |
|
|
|
502 |
|
|
|
— |
|
|
|
99.98 |
% |
|
|
99.98 |
% |
|
|
— |
|
| 7 |
|
Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) |
|
Subsidiary |
|
|
521 |
|
|
|
521 |
|
|
|
— |
|
|
|
99.98 |
% |
|
|
99.98 |
% |
|
|
— |
|
| 8 |
|
Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) |
|
Subsidiary |
|
|
521 |
|
|
|
521 |
|
|
|
— |
|
|
|
99.98 |
% |
|
|
99.98 |
% |
|
|
— |
|
| 9 |
|
Shanghai Wansheng Industry Partnership (Limited Partnership) |
|
Subsidiary |
|
|
4,048 |
|
|
|
4,048 |
|
|
|
— |
|
|
|
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 |
|
|
264 |
|
|
|
264 |
|
|
|
— |
|
|
|
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 |
|
|
6,916 |
|
|
|
6,973 |
|
|
|
57 |
|
|
|
99.99 |
% |
|
|
99.99 |
% |
|
|
— |
|
| 16 |
|
China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) |
|
Subsidiary |
|
|
1,316 |
|
|
|
1,436 |
|
|
|
120 |
|
|
|
99.95 |
% |
|
|
99.95 |
% |
|
|
— |
|
| 17 |
|
China Life (Suzhou) Pension and Retirement Investment Company Limited |
|
Subsidiary |
|
|
2,181 |
|
|
|
2,181 |
|
|
|
— |
|
|
|
67.39 |
% |
|
|
67.39 |
% |
|
|
— |
|
| 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 |
|
|
3,771 |
|
|
|
3,771 |
|
|
|
— |
|
|
|
99.90 |
% |
|
|
99.90 |
% |
|
|
— |
|
| 20 |
|
Sunny Bamboo Limited |
|
Subsidiary |
|
|
2,359 |
|
|
|
2,359 |
|
|
|
— |
|
|
|
100.00 |
% |
|
|
100.00 |
% |
|
|
— |
|
- 22 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Number of shares held or cost |
|
|
Shareholding percentage |
|
| No. |
|
Company name |
|
Type of
company |
|
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 |
|
|
3,101 |
|
|
|
3,101 |
|
|
|
— |
|
|
|
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 |
|
|
1,223 |
|
|
|
1,223 |
|
|
|
— |
|
|
|
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 |
|
|
9,600 |
|
|
|
9,600 |
|
|
|
— |
|
|
|
40.00 |
% |
|
|
40.00 |
% |
|
|
— |
|
| 29 |
|
China United Network Communications Limited |
|
Associated
corporation |
|
|
21,801 |
|
|
|
21,801 |
|
|
|
— |
|
|
|
10.03 |
% |
|
|
10.03 |
% |
|
|
— |
|
| 30 |
|
Wonders Information Co., Ltd. |
|
Associated
corporation |
|
|
3,898 |
|
|
|
3,898 |
|
|
|
— |
|
|
|
20.32 |
% |
|
|
20.32 |
% |
|
|
— |
|
| 31 |
|
Shanghai Jinshida Winning Software Technology Co., Limited |
|
Associated
corporation |
|
|
192 |
|
|
|
192 |
|
|
|
— |
|
|
|
16.84 |
% |
|
|
16.84 |
% |
|
|
— |
|
| 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 |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
— |
|
|
|
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 |
% |
|
|
— |
|
| 38 |
|
Nanning China Life Shenrun Investment Development Fund
Partnership (Limited
Partnership) |
|
Joint venture |
|
|
3,780 |
|
|
|
3,780 |
|
|
|
— |
|
|
|
60.00 |
% |
|
|
60.00 |
% |
|
|
— |
|
| 39 |
|
Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership) |
|
Joint venture |
|
|
2,361 |
|
|
|
2,431 |
|
|
|
70 |
|
|
|
60.00 |
% |
|
|
60.00 |
% |
|
|
— |
|
- 23 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Number of shares held or cost |
|
|
Shareholding percentage |
|
| No. |
|
Company name |
|
Type of
company |
|
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 |
|
| 40 |
|
China Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited
Partnership) |
|
Joint venture |
|
|
195 |
|
|
|
195 |
|
|
|
— |
|
|
|
59.82 |
% |
|
|
59.82 |
% |
|
|
— |
|
| 41 |
|
China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited
Partnership) |
|
Joint venture |
|
|
195 |
|
|
|
195 |
|
|
|
— |
|
|
|
59.82 |
% |
|
|
59.82 |
% |
|
|
— |
|
| 42 |
|
China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership) |
|
Joint venture |
|
|
8,451 |
|
|
|
8,451 |
|
|
|
— |
|
|
|
84.99 |
% |
|
|
84.99 |
% |
|
|
— |
|
| 43 |
|
China Life Beautiful Village (Danjiangkou) Industrial Fund Partnership (Limited
Partnership) |
|
Joint venture |
|
|
33 |
|
|
|
33 |
|
|
|
— |
|
|
|
39.50 |
% |
|
|
39.50 |
% |
|
|
— |
|
| 44 |
|
China Life Haikong (Hainan) Healthy Investment Co., Ltd. |
|
Joint venture |
|
|
230 |
|
|
|
230 |
|
|
|
— |
|
|
|
51.00 |
% |
|
|
51.00 |
% |
|
|
— |
|
| 45 |
|
China Life (Sanya) Health Investments Co., Ltd. |
|
Joint venture |
|
|
306 |
|
|
|
306 |
|
|
|
— |
|
|
|
51.00 |
% |
|
|
51.00 |
% |
|
|
— |
|
| 46 |
|
Beijing China Life Communications Construction City Development Investment Fund (Limited
Partnership) |
|
Joint venture |
|
|
15,627 |
|
|
|
15,627 |
|
|
|
— |
|
|
|
50.00 |
% |
|
|
50.00 |
% |
|
|
— |
|
| 47 |
|
RXR 1285 Holdings JV LLC |
|
Joint venture |
|
|
1,215 |
|
|
|
1,215 |
|
|
|
— |
|
|
|
51.55 |
% |
|
|
51.55 |
% |
|
|
— |
|
|
|
|
|
|
| |
|
Note: |
|
The figures shown in the “Number of shares held or cost” column in this table refer to the amount of investment cost. |
- 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: |
During the reporting period, 14 administrative punishments were imposed on the divisions
of the Company at all levels, with an amount of penalty totaling RMB1.969 million. Such punishments included, among others, warning and penalty. 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 NAFR (the Former CBIRC) against the Company during the reporting period:
|
During the reporting period, no regulatory measure was adopted by the NAFR and its local offices against the Head
Office of the Company and there were 40 regulatory measures against its branches at the provincial level and below.
- 25 -
| |
(1) |
Solvency Ratio Indicators |
Unit: RMB million
|
|
|
|
|
|
|
|
|
|
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
|
Predicted
figures of the
Following
Quarter
under the
Basic Scenario |
|
| Admitted assets |
|
|
5,649,227 |
|
|
|
5,537,686 |
|
|
|
5,666,497 |
|
| Admitted liabilities |
|
|
4,626,474 |
|
|
|
4,505,868 |
|
|
|
4,621,117 |
|
| Actual capital |
|
|
1,022,753 |
|
|
|
1,031,818 |
|
|
|
1,045,380 |
|
| Core Tier 1 capital |
|
|
643,740 |
|
|
|
666,207 |
|
|
|
660,999 |
|
| Core Tier 2 capital |
|
|
65,034 |
|
|
|
43,316 |
|
|
|
65,735 |
|
| Supplementary Tier 1 capital |
|
|
311,570 |
|
|
|
319,502 |
|
|
|
316,210 |
|
| Supplementary Tier 2 capital |
|
|
2,409 |
|
|
|
2,793 |
|
|
|
2,436 |
|
| Minimum capital for quantitative risk |
|
|
446,647 |
|
|
|
513,396 |
|
|
|
450,439 |
|
| Minimum capital for control risk |
|
|
-7,101 |
|
|
|
-8,163 |
|
|
|
-7,162 |
|
| Additional minimum capital |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Minimum capital |
|
|
439,546 |
|
|
|
505,233 |
|
|
|
443,277 |
|
| Core solvency surplus |
|
|
269,228 |
|
|
|
204,290 |
|
|
|
283,457 |
|
| Comprehensive solvency surplus |
|
|
583,207 |
|
|
|
526,585 |
|
|
|
602,103 |
|
| Core solvency ratio |
|
|
161.25 |
% |
|
|
140.43 |
% |
|
|
163.95 |
% |
| Comprehensive solvency ratio |
|
|
232.68 |
% |
|
|
204.23 |
% |
|
|
235.83 |
% |
- 26 -
| |
(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 |
|
|
164 |
% |
|
|
185 |
% |
| within 12 months |
|
|
112 |
% |
|
|
115 |
% |
| Overall liquidity coverage ratio of the Company under the required testing stressed scenario2 (LCR2) |
|
|
|
|
|
|
|
|
| within 3 months |
|
|
543 |
% |
|
|
584 |
% |
| within 12 months |
|
|
179 |
% |
|
|
185 |
% |
| Liquidity coverage ratio without considering asset realization under the required testing stressed
scenario3 (LCR3) |
|
|
|
|
|
|
|
|
| within 3 months |
|
|
104 |
% |
|
|
109 |
% |
| within 12 months |
|
|
87 |
% |
|
|
87 |
% |
| Overall liquidity coverage ratio of the Company under the self-testing stressed scenario2 (LCR2) |
|
|
|
|
|
|
|
|
| within 3 months |
|
|
2275 |
% |
|
|
2196 |
% |
| within 12 months |
|
|
681 |
% |
|
|
675 |
% |
| Liquidity coverage ratio without considering asset realization under the self-testing stressed
scenario3 (LCR3) |
|
|
|
|
|
|
|
|
| within 3 months |
|
|
485 |
% |
|
|
460 |
% |
| within 12 months |
|
|
367 |
% |
|
|
351 |
% |
| Backtracking adverse deviation rate of net cash flow from operating activities4 |
|
|
153 |
% |
|
|
89 |
% |
| Cumulative net cash flow of the current year |
|
|
23,588 |
|
|
|
62,924 |
|
| Net cash flow of the preceding fiscal year |
|
|
65,443 |
|
|
|
65,443 |
|
| Net cash flow of the fiscal year prior to the preceding fiscal year |
|
|
2,901 |
|
|
|
2,901 |
|
| Net cash flow from operating
activities5 |
|
|
336,446 |
|
|
|
256,919 |
|
| Net cash flow from operating activities of participating account6 |
|
|
-7,522 |
|
|
|
-14,516 |
|
| Net cash flow from operating activities of universal account7 |
|
|
84,279 |
|
|
|
65,822 |
|
| Proportion of cash and liquidity management
tools8 |
|
|
3.01 |
% |
|
|
4.35 |
% |
| Quarterly average of financing leverage
ratio9 |
|
|
2.12 |
% |
|
|
1.86 |
% |
| Proportion of domestic fixed-income assets under (including) class AA10 |
|
|
0.22 |
% |
|
|
0.21 |
% |
| Proportion of listed stock investment with a shareholding of over 5%11 |
|
|
0.50 |
% |
|
|
0.61 |
% |
| Proportion of receivables12 |
|
|
0.77 |
% |
|
|
0.98 |
% |
| Proportion of holding related-party
assets13 |
|
|
0.88 |
% |
|
|
1.80 |
% |
- 27 -
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 |
| |
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 |
|
|
108,684 |
|
|
|
578,799 |
|
| Net income |
|
|
1,183 |
|
|
|
15,479 |
|
| Total assets |
|
|
5,627,947 |
|
|
|
5,627,947 |
|
| Net assets |
|
|
445,396 |
|
|
|
445,396 |
|
| Insurance contracts liabilities |
|
|
4,279,195 |
|
|
|
4,279,195 |
|
| Basic earnings per share (RMB) |
|
|
0.00 |
|
|
|
0.57 |
|
| Net assets yield1 |
|
|
0.26 |
% |
|
|
3.49 |
% |
| Total assets yield2 |
|
|
0.02 |
% |
|
|
0.29 |
% |
| Net Investment yield3 |
|
|
0.44 |
% |
|
|
2.08 |
% |
| Comprehensive investment yield4 |
|
|
0.27 |
% |
|
|
2.25 |
% |
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”.
| (4) |
Net/(Comprehensive) Investment Yield for the Recent Three Years |
The average net investment yield and the average comprehensive investment yield of the Company for the recent three years were 4.47% and 4.06%,
respectively.
- 29 -
| 4. |
RISK MANAGEMENT CAPABILITY |
| |
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, and was listed overseas in December 2003 and returned to the domestic A-share market for listing in January 2007.
|
| |
3) |
In 2022, the Company had written premium of RMB690,730 million (unaudited), total assets of
RMB5,145,794 million and 36 provincial branches. |
| |
(2) |
Assessment Results of the Recent Solvency Aligned Risk Management Requirements and Assessment
|
The Former CBIRC conducted an assessment of Solvency Aligned Risk Management Requirements and Assessment (SARMRA) on
the Company in 2022. According to the “Letter of Opinions from the Solvency Supervision Department of the CBIRC Regarding the 2022 SARMRA On- site Assessment of China Life Insurance Company Limited”
(Yin Bao Jian Chang Fu [2023] No. 14), the Company got a score of 84.83 in the 2022 assessment and the respective scores in nine areas are as follows:17.05 in the foundation and environment of risk management, 8.01 in the objectives and tools
of risk management, 8.5 in insurance risk management, 8.33 in market risk management, 8.5 in credit risk management, 8.38 in operational risk management, 8.74 in strategic risk management, 8.6 in reputational risk management, and 8.72 in liquidity
risk management.
| |
(3) |
Measures for the Improvement of Risk Management Adopted During the Reporting Period and Their Progress
|
Firstly, the Company further deepened the construction of its risk management system. In accordance with the
“Solvency Regulatory Rules II for Insurance Companies” and after taking into account the feedback from SARMRA assessment and the actual situation of its business operation and management, the Company revised the “Regulations on
Enterprise-wide Risk Management” and the “Measures for the Administration of Credit Risks”. In addition, the Company made considerable adjustments to the overall framework of its internal rules and regulations, and additional risk
control and management measures were introduced in certain aspects. The internal rules and regulations were further defined with the management measures being deeply refined.
- 30 -
Secondly, the Company focused on enhancing its capability of risk management in key areas.
It further promoted the application of a risk monitoring and pre-warning system down to the low level and stepped up efforts on risk analysis, monitoring and
pre-warning, as well as tracking and assessment in major areas of concern. In the meantime, the Company kept on reinforcing its action on research, analysis, screening and governance with respect to, among
others, sales risk, investment risk and money laundering risk, so as to reveal, manage and control relevant risks in a timely manner. On the other hand, the Company focused on the requirements of integrated risk rating under the C-ROSS (Phase II) Regulation, and further enhanced its capability of risk prevention and control in major areas of concern by comprehensively analyzing and progressively resolving any constraints on its integrated
risk rating indicators.
Thirdly, the Company optimized its risk management system on an ongoing basis to make it more systematic,
automated and intelligent. It consistently promoted the construction of a digital platform for risk management, redeveloped and upgraded relevant modules of its risk management platform to introduce some new functions, and built up a system for
tracking risk data, thereby achieving the goal of cloud storage that has a huge capacity for storing supporting documents, and providing support to the “early identification, early warning, early discovery, and early disposal” of risks.
The phased achievements were made in the construction of an investment risk management system, with the functions in connection with the analysis of investment assets in terms of both income and risk being rolled out.
| |
(4) |
Self-assessment on Risk Management |
The Company aimed for high standards and stringent requirements, and assessed and reviewed all areas for assessment on an individual basis,
with a view to reflecting the current status of the risk management of the Company in a true and objective manner. After the assessment, the Company got a total score of 99.71 in its self-assessment for 2023, with 50 in system integrity
(representing 50% of the total score of the self-assessment) and 49.71 in effective compliance (representing 50% of the total score of the self-assessment). In particular, the respective scores in various areas are as follows: 20 in foundation and
environment, 10 in objectives and tools, 10 in insurance risk management, 10 in market risk management, 9.84 in credit risk management, 9.9 in operational risk management, 10 in strategic risk management, 9.97 in reputational risk management, and 10
in liquidity risk management.
- 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 regulator, the results of the
IRR of the Company in the first and second quarters of 2023 were AAA and AA Category, respectively.
| |
(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, the Company focused on conducting proper analysis on macro environment and policies, made accurate risk assessment and
identification, 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, to strengthen the management of strategic risk. In general, the business structure and quality of the Company continued to stay healthy.
For operational risk, the Company consistently optimized the development of three management tools, namely loss data room for operational risk,
self-assessment on risk control, and key risk indicators monitoring, further strengthened the construction of intelligent risk prevention and control, and promoted the operation of risk management by technological means to build an operational risk
management system featuring full chain, which fully improved the efficiency in the management and control of operational risks. The Company also conducted an analysis on the loss data for operational risk as well as key risk indicators monitoring on
a quarterly basis. The self-assessment of operational risks for 2023 was fully kicked off, covering all divisions at the headquarters, provincial, municipal and county levels and implementing the assessment requirement of “whole process and
full coverage” in all aspects.
- 32 -
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. The Company enhanced its ability to publicly respond to negative public opinions, resulting in a higher public response rate. 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.
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.
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. |
|
|
692 |
|
|
|
0.44 |
% |
|
|
1,901 |
|
|
|
1.20 |
% |
| Kang Ning Whole Life Insurance
(康寧終身保險) |
|
Traditional |
|
Exclusive individual agent, etc. |
|
|
690 |
|
|
|
0.17 |
% |
|
|
1,978 |
|
|
|
0.50 |
% |
| China Life Fu Lu Shuang Xi Endowment Insurance (Participating Insurance)
(國壽福祿雙喜兩全保險 (分紅型)) |
|
Participating |
|
Exclusive individual agent, etc. |
|
|
431 |
|
|
|
0.23 |
% |
|
|
1,205 |
|
|
|
0.65 |
% |
| |
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 Xin Ying Annuity Insurance (Type A)
(國壽鑫盈年金保險(A
款)) |
|
|
Traditional |
|
|
|
Exclusive
individual agent,
etc. |
|
|
|
156 |
|
|
|
7.16 |
% |
|
|
5,327 |
|
|
|
60.95 |
% |
| China Life Xin Xiang Bao Exclusive Commercial Pension Insurance
(國壽 鑫享寶專屬商業養老保險) |
|
|
Universal |
|
|
|
Exclusive
individual agent,
etc. |
|
|
|
43 |
|
|
|
3.94 |
% |
|
|
163 |
|
|
|
15.62 |
% |
| China Life Personal Tax Preference Health Insurance (Universal Insurance) Type B
(國壽個人稅收優惠 型健康保險(萬能型)B款) |
|
|
Universal |
|
|
|
Group
insurance, etc. |
|
|
|
0.29 |
|
|
|
3.35 |
% |
|
|
1 |
|
|
|
10.95 |
% |
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 -
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 Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) |
|
|
August 2023 |
|
|
|
6,916 |
|
|
|
6,973 |
|
|
|
57 |
|
|
|
6,973 |
|
| 2 |
|
Subsidiary |
|
China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) |
|
|
July 2023 |
|
|
|
1,316 |
|
|
|
1,436 |
|
|
|
120 |
|
|
|
1,436 |
|
| 3 |
|
Joint venture |
|
Jiangsu China Life Jiequan Equity Investment Center (Limited Partnership) |
|
|
July 2023 |
|
|
|
2,361 |
|
|
|
2,431 |
|
|
|
70 |
|
|
|
2,708 |
|
It was determined after an assessment that the above major investments had no material impact on the
solvency ratios of the Company.
| |
(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:
Major connected transactions have been disclosed on the official website of the Company. For specific information, please logon (www.e-chinalife.com, route query: Home Page – Public Information Disclosure – Information of Special Matters) for inspection.
- 35 -
| |
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 September 30, 2023, the core solvency ratio and comprehensive solvency ratio of the Company were 161.25% and 232.68%, respectively,
representing the increase of 20.82 percentage points and 28.45 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, actual capital decreased by
RMB9,065 million from the end of the previous quarter, as a result of which the comprehensive solvency ratio decreased by 1.80 percentage points. In particular, admitted assets rose by RMB111,541 million from the end of the previous
quarter, which was primarily due to an increase of RMB163,397 million in investment assets and a decrease of RMB69,826 million in cash and liquidity management tools; and admitted liabilities rose by RMB120,606 million from the end of
the previous quarter, which was mainly attributable to an increase of RMB93,606 million in reserve liabilities and an increase of RMB50,017 million in financial liabilities. Secondly, the minimum capital decreased by RMB65,687 million
from the end of the previous quarter, as a result of which the comprehensive solvency ratio increased by 30.25 percentage points. In particular, the minimum capital for insurance risk grew by RMB8.00 million, the minimum capital for market risk
decreased by RMB80,139 million, and the minimum capital for credit risk increased by RMB16,224 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.
- 36 -
| |
(2) |
Change of Regulatory Indicators for Liquidity Risk and the Reasons therefor |
As at the end of the third quarter of 2023, 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 as compared to that of the previous quarter. Backtracking of net cash flow from operating activities has shown positive deviation, and the cumulative net cash flow as at the
end of third quarter amounted to RMB23,588 million. 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 regulator, the result of the IRR of the
Company in the second quarter of 2023 was AA Category, which maintained at A Category for 21 consecutive quarters and remained stable.
| |
(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:
Currently, the world has entered a new period of turbulent change with increasing uncertainties, instabilities and unpredictable factors, and
the recovery momentum of the world economy is not stable. International institutions has predicted that the global economic growth will be less than 3% this year. While the Chinese economy has resumed normal operation, there are various hidden risks
in key areas of concern and the external environment is complicated and severe. Affected by multiple factors such as low market interest rates, volatilities dominated in the equity market and continual adjustments to the stock market, the market
risk and credit risk of insurance assets have accumulated at a faster pace and become prominent gradually. On the other hand, as the threshold of publication by new media and we media decreases, the reputational risk incidents of the insurance
industry in relation to, among others, misleading sales and corporate governance occur from time to time. Especially in the current environment, the reputational risk is further released, which is unexpected, contagious and external, and the black
industry chain such as illegal policy surrender and web hyper may create malicious hype and add fuel to the fire, which will bring greater challenges to the reputational risk management of the Company.
- 37 -
| 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: |
No relevant circumstance occurred during the reporting period.
| |
2) |
Review reports received during the reporting period: |
No relevant circumstance occurred during the reporting period.
| |
3) |
Credit rating reports received from rating agencies during the reporting period: |
The Company received the 2023 credit rating report from a rating agency, Moody’s Corporation, as well as announcements on the quarterly
credit rating information from two rating agencies, namely China Chengxin and China Credit Rating. Moody’s Corporation maintained the corporate credit rating of the Company as A1, with stable outlook; China Chengxin maintained the corporate
credit rating of the Company as AAA, with stable outlook; and China Credit Rating maintained the corporate credit rating of the Company as AAA+, with stable outlook. In comparison with the results of the previous period, the results of credit rating
were unchanged. The Company will continue to keep a close eye on its own credit rating.
| |
(2) |
Change of External Institutions During the Reporting Period |
No relevant circumstance occurred during the reporting period.
- 38 -
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 |
|
|
165,089 |
|
|
|
— |
|
|
|
165,089 |
|
|
|
234,915 |
|
|
|
— |
|
|
|
234,915 |
|
| Investment assets |
|
|
4,793,041 |
|
|
|
601 |
|
|
|
4,792,440 |
|
|
|
4,629,645 |
|
|
|
602 |
|
|
|
4,629,043 |
|
| Equities in subsidiaries, joint ventures and associates |
|
|
179,180 |
|
|
|
-10,898 |
|
|
|
190,078 |
|
|
|
179,061 |
|
|
|
-10,942 |
|
|
|
190,003 |
|
| Reinsurance assets |
|
|
8,676 |
|
|
|
-27,141 |
|
|
|
35,817 |
|
|
|
7,749 |
|
|
|
-27,285 |
|
|
|
35,034 |
|
| Receivables and prepayments |
|
|
386,791 |
|
|
|
— |
|
|
|
386,791 |
|
|
|
374,529 |
|
|
|
— |
|
|
|
374,529 |
|
| Fixed assets |
|
|
48,246 |
|
|
|
— |
|
|
|
48,246 |
|
|
|
48,514 |
|
|
|
— |
|
|
|
48,514 |
|
| Land use rights |
|
|
7,133 |
|
|
|
— |
|
|
|
7,133 |
|
|
|
7,181 |
|
|
|
— |
|
|
|
7,181 |
|
| Assets held in separate accounts |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
| Other admitted assets |
|
|
39,784 |
|
|
|
16,158 |
|
|
|
23,626 |
|
|
|
32,082 |
|
|
|
13,622 |
|
|
|
18,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
5,627,947 |
|
|
|
-21,280 |
|
|
|
5,649,227 |
|
|
|
5,513,683 |
|
|
|
-24,003 |
|
|
|
5,537,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit: RMB million
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
| Reserve liabilities |
|
|
3,674,690 |
|
|
|
3,581,084 |
|
| Financial liabilities |
|
|
611,628 |
|
|
|
561,611 |
|
| Payables and advance receipts |
|
|
256,721 |
|
|
|
250,859 |
|
| Estimated liabilities |
|
|
— |
|
|
|
— |
|
| Liabilities of separate accounts |
|
|
7 |
|
|
|
7 |
|
| Capital liabilities |
|
|
— |
|
|
|
28,071 |
|
| Other admitted liabilities |
|
|
83,428 |
|
|
|
84,236 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
4,626,474 |
|
|
|
4,505,868 |
|
|
|
|
|
|
|
|
|
|
- 39 -
Unit: RMB million
|
|
|
|
|
|
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
| Core Tier 1 capital |
|
|
643,740 |
|
|
|
666,207 |
|
| Net assets |
|
|
445,396 |
|
|
|
450,342 |
|
| Adjustments to net assets |
|
|
198,344 |
|
|
|
215,865 |
|
| Book value of unadmitted assets |
|
|
-16,759 |
|
|
|
-14,224 |
|
| Difference between admitted value and book value of long-term equity investments |
|
|
10,898 |
|
|
|
10,942 |
|
| 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) |
|
|
-18,348 |
|
|
|
-13,154 |
|
| Catastrophe risk reserves for agricultural insurance |
|
|
— |
|
|
|
— |
|
| Policy future surplus included in Core Tier 1 capital |
|
|
195,412 |
|
|
|
205,016 |
|
| 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 |
|
|
27,141 |
|
|
|
27,285 |
|
| Core Tier 2 capital |
|
|
65,034 |
|
|
|
43,316 |
|
| Preferred stock |
|
|
— |
|
|
|
— |
|
| Policy future surplus included in Core Tier 2 capital |
|
|
65,034 |
|
|
|
71,388 |
|
| Other Core Tier 2 capital |
|
|
— |
|
|
|
— |
|
| Less: the amount that should be deducted for exceeding the limit |
|
|
— |
|
|
|
28,072 |
|
- 40 -
Unit: RMB million
|
|
|
|
|
|
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
| Supplementary Tier 1 capital |
|
|
311,570 |
|
|
|
319,502 |
|
| Subordinated term debt |
|
|
— |
|
|
|
— |
|
| Capital supplementary bonds |
|
|
34,999 |
|
|
|
34,998 |
|
| Convertible subordinated debt |
|
|
— |
|
|
|
— |
|
| Deferred income tax assets (excluding deferred income tax assets caused by operating
losses) |
|
|
18,348 |
|
|
|
13,154 |
|
| 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 |
|
|
258,223 |
|
|
|
271,350 |
|
| Other Supplementary Tier 1 capital |
|
|
— |
|
|
|
— |
|
| Less: the amount that should be deducted for exceeding the limit |
|
|
— |
|
|
|
— |
|
| Supplementary Tier 2 capital |
|
|
2,409 |
|
|
|
2,793 |
|
| Contingent capital and other Supplementary Tier 2 capital |
|
|
— |
|
|
|
— |
|
| Policy future surplus included in the Supplementary Tier 2 capital |
|
|
2,409 |
|
|
|
2,793 |
|
| Less: the amount that should be deducted for exceeding the limit |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Total of actual capital |
|
|
1,022,753 |
|
|
|
1,031,818 |
|
|
|
|
|
|
|
|
|
|
- 41 -
Unit: RMB million
|
|
|
|
|
|
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
| Minimum capital for quantitative risk |
|
|
446,647 |
|
|
|
513,396 |
|
| Minimum capital for quantitative risk (before taking into account characteristic
coefficients) |
|
|
446,647 |
|
|
|
513,396 |
|
| Total of minimum capital for life insurance risk |
|
|
114,596 |
|
|
|
114,370 |
|
| Life insurance risk – minimum capital for loss risk |
|
|
86,978 |
|
|
|
86,550 |
|
| Life insurance risk – minimum capital for surrender risk |
|
|
58,963 |
|
|
|
59,161 |
|
| Life insurance risk – minimum capital for expense risk |
|
|
14,604 |
|
|
|
14,611 |
|
| Life insurance risk – risk diversification effect |
|
|
45,949 |
|
|
|
45,952 |
|
| Total of minimum capital for non-life insurance
risk |
|
|
11,895 |
|
|
|
12,113 |
|
| Non-life insurance risk – minimum capital for premium
and reserve risk |
|
|
11,895 |
|
|
|
12,113 |
|
| Non-life insurance risk – minimum capital for
catastrophe risk |
|
|
— |
|
|
|
— |
|
| Non-life insurance risk – risk diversification
effect |
|
|
— |
|
|
|
— |
|
| Market risk – total of minimum capital |
|
|
402,341 |
|
|
|
482,480 |
|
| Market risk – minimum capital for interest rate risk |
|
|
186,973 |
|
|
|
220,242 |
|
| Market risk – minimum capital for equity price risk |
|
|
366,027 |
|
|
|
444,927 |
|
| Market risk – minimum capital for property price risk |
|
|
15,706 |
|
|
|
16,338 |
|
| Market risk – minimum capital for overseas fixed income asset price risk |
|
|
200 |
|
|
|
245 |
|
| Market risk – minimum capital for overseas equity asset price risk |
|
|
29,662 |
|
|
|
27,632 |
|
| Market risk – minimum capital for exchange rate risk |
|
|
5,264 |
|
|
|
5,160 |
|
| Market risk – risk diversification effect |
|
|
201,491 |
|
|
|
232,064 |
|
| Credit risk – total of minimum capital |
|
|
98,386 |
|
|
|
82,162 |
|
| Credit risk – minimum capital for interest spread risk |
|
|
51,226 |
|
|
|
48,091 |
|
| Credit risk – minimum capital for counterparty default risk |
|
|
72,163 |
|
|
|
55,671 |
|
| Credit risk – risk diversification effect |
|
|
25,003 |
|
|
|
21,600 |
|
- 42 -
Unit: RMB million
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Items |
|
Figures of
the Current
Quarter |
|
|
Figures of
the Preceding
Quarter |
|
| Quantitative risk diversification effect |
|
|
131,917 |
|
|
|
126,888 |
|
| Loss absorption effect of special types of insurance contracts |
|
|
48,654 |
|
|
|
50,841 |
|
| Loss absorption adjustment – not considering upper bound |
|
|
48,654 |
|
|
|
50,841 |
|
| Upper bound for loss absorption effect adjustment |
|
|
205,144 |
|
|
|
211,777 |
|
| Minimum capital for control risk |
|
|
-7,101 |
|
|
|
-8,163 |
|
| Additional minimum capital |
|
|
— |
|
|
|
— |
|
| Counter-cyclical additional minimum capital |
|
|
— |
|
|
|
— |
|
| Additional minimum capital for D-SII |
|
|
— |
|
|
|
— |
|
| Additional minimum capital for G-SII |
|
|
— |
|
|
|
— |
|
| Other additional minimum capital |
|
|
— |
|
|
|
— |
|
| Total of minimum capital |
|
|
439,546 |
|
|
|
505,233 |
|
|
|
|
|
|
|
|
|
|
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, October 26, 2023
As
at the date of this announcement, the board of directors of the Company comprises:
|
|
|
| Executive Directors: |
|
Bai Tao, Li Mingguang |
|
|
| Non-executive Directors: |
|
Wang Junhui, Zhuo Meijuan |
|
|
| Independent Non-executive Directors: |
|
Lam Chi Kuen, Zhai Haitao, Huang Yiping, Chen Jie |
- 43 -
China Life Insurance (PK) (USOTC:CILJF)
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