Form 6-K CHINA LIFE INSURANCE CO For: Apr 28

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April 28, 2015 10:54 AM EDT

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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

April 28, 2015

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 x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Commission File Number 001-31914

China Life Insurance Company Limited issued its 2015 First Quarter Report on April 28, 2015, a copy of which is attached as Exhibit 99.1 hereto.

EXHIBIT LIST


Exhibit		Description

99.1		2015 First Quarter Report, dated April 28, 2015

Commission File Number 001-31914

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		China Life Insurance Company Limited
		(Registrant)

	By:	/s/ Lin Dairen
		(Signature)
April 28, 2015	Name: Title:	Lin Dairen President and Executive Director

Exhibit 99.1

LOGO

CHINA LIFE INSURANCE COMPANY LIMITED

(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 2628)

2015 First Quarter Report

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

The financial data of the Company for the first quarter of 2015 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders of the Company in the consolidated financial statements are identical to the relevant data under International Financial Reporting Standards.

1.	Important Notice

1.1

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

1.2

Of the eleven Directors of the Company, eight attended the Board Meeting. Executive Directors Lin Dairen and Miao Ping, Non-executive Directors Miao Jianmin and Zhang Xiangxian, and Independent Non-executive Directors Bruce Douglas Moore, Anthony Francis Neoh, Chang Tso Tung Stephen and Huang Yiping attended the meeting. Chairman and Executive Director Yang Mingsheng could not attend the meeting due to other business, and gave written authorization to Executive Director Lin Dairen to act as proxy to chair and vote at the meeting; Executive Director Su Hengxuan and Non-executive Director Wang Sidong could not attend the meeting due to other business, and gave written authorization to Executive Director Miao Ping and Non-executive Director Zhang Xiangxian to act as proxies to attend and vote at the meeting respectively.

1.3

The Company’s 2015 first quarter financial report is unaudited.

1.4

Mr. Yang Mingsheng, Chairman of the Company, Mr. Yang Zheng, Vice President in charge of accounting affairs, Mr. Li Mingguang, Chief Actuary and Mr. Zheng Zhiwu, Head of the Accounting Department, confirm that the financial reports in this 2015 first quarter report are true, accurate and complete.

2.	Major Financial Data and the Particulars of Shareholders of the Company

2.1

Major financial data

(Currency: RMB)


	As at 31 March 2015		As at 31 December 2014		Increase/(decrease) compared to 31 December 2014
Total assets (million)		2,296,540		2,246,567		2.2%
Total equity holders’ equity (million)		302,075		284,121		6.3%
Equity holders’ equity per share (RMB per share)		10.69		10.05		6.3%

	For the three months ended 31 March 2015		For the three months ended 31 March 2014		Increase/(decrease) compared to the same period of 2014
Net cash flows from operating activities (million)		392		50,419		-99.2%
Net cash flows from operating activities per share (RMB per share)		0.01		1.78		-99.2%

	For the three months ended 31 March 2015		For the three months ended 31 March 2014		Increase/(decrease) compared to the same period of 2014
Operating income (million)		192,620		154,214		24.9%
Net profit attributable to equity holders of the Company (million)		12,271		7,228		69.8%
Net profit attributable to equity holders of the Company after deducting non-recurring items (million)		12,309		7,236		70.1%
Basic earnings per share (RMB per share)		0.43		0.26		69.8%
Basic earnings per share after deducting non-recurring items (RMB per share)		0.44		0.26		70.1%
Diluted earnings per share (RMB per share)		0.43		0.26		69.8%
Weighted average ROE (%)		4.19		3.25		An increase of 0.94 percentage points
Weighted average ROE after deducting non-recurring items (%)		4.20		3.25		An increase of 0.95 percentage points

Note:

Equity holders’ equity refers to equity attributable to equity holders of the Company, while net profit refers to net profit attributable to equity holders of the Company.

As at 31 March 2015, investment assets of the Company were RMB2,146,166 million. For the three months ended 31 March 2015, the net investment yield was 4.65% (net investment income including interest income from debt securities and bank deposits, dividends from equity securities, interest income from loans and net income from investment properties), the gross investment yield was 7.67% (the gross investment yield = {[(Investment income – Share of profit of associates and joint ventures + Fair value gains/(losses) – Impairment losses of investment assets – Business tax and surcharges for investment + Total income from investment properties)/((Investment assets at the beginning of the period + Investment assets at the end of the period)/2)]/90}×365), the surrender rate was 3.38%, and premiums earned was RMB150,310 million, an increase of 16.5%.

Non-recurring Items and Amount

RMB million


Non-recurring items	For the Reporting Period (from January to March)
Gains/(losses) on disposal of non-current assets		2
Government subsidies included in current gains/(losses)		1
Net non-operating income and expenses other than those mentioned above		(54	)
Effect of income tax		13
Attributable to non-controlling interests		—
Total		(38	)

Note:

As an insurance company, investment (utilization of insurance funds) is one of the main businesses of the Company. Therefore, the non-recurring items do not include fair value gains/(losses) from financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, as well as investment income from the disposal of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss and available-for-sale financial assets.

2.2

Total number of shareholders and the particulars of top ten shareholders as at the end of the reporting period

Unit: Share

The total number of shareholders
as at the end of the Reporting Period

Number of A Share holders: 232,802

Number of H Share holders: 33,007

Particulars of the top ten shareholders

Name of shareholders

Nature of
shareholder

Percentage of
shareholding

Total number

of shares

Increase/
decrease
during

the Reporting

Period

Number of
shares subject

to selling
restrictions

Number of
shares pledged

or frozen

China Life Insurance (Group) Company

State-owned

legal person

68.37%

19,323,530,000

–

HKSCC Nominees Limited

Overseas
legal person

25.83%

7,300,523,245

+6,084,737

–

Hong Kong Securities Clearing Company Limited

Overseas
legal person

0.16%

44,646,570

–14,338,099

–

China Securities Finance Corporation Limited

State-owned
legal person

0.07%

21,086,972

–10,460,000

–

China National Nuclear Corporation

State-owned
legal person

0.07%

20,000,000

–

China International Television Corporation

State-owned
legal person

0.07%

18,452,300

–

Industrial and Commercial Bank of China – China SSE 50 exchange traded index securities investment fund

Other

0.04%

11,312,414

+991,722

–

CSOP Asset Management Limited – CSOP FTSE China A50 ETF

Other

0.04%

10,901,393

–3,468,053

–

Agricultural Bank of China – Jingshun Great Wall Domestic Demand Increase II Stocks Securities Investment Fund

Other

0.04%

10,624,780

–488,056

–

China Construction Bank Corporation – Penghua CSI 800 index securities investment fund in Securities and insurance

Other

0.03%

9,545,970

+9,545,970

–

Details of shareholders

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

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.

2.3

Total number of preference share holders, top ten preference share holders, and the particulars of top ten preference share holders with no selling restrictions as at the end of the reporting period

Applicable ü Not applicable

3.	Significant Events

3.1

Particulars of and reasons for changes in major accounting items and financial indicators of the Company

Applicable ¨ Not applicable

(1)

Changes in key financial indicators and their reasons

RMB million


Key financial indicators	As at 31 March 2015		As at 31 December 2014		Increase/ (decrease)		Main reasons
Total assets		2,296,540		2,246,567		2.2%	Accumulation of insurance business assets and investment assets
Total liabilities		1,991,148		1,959,236		1.6%	Increase in insurance reserves
Total equity holders’ equity		302,075		284,121		6.3%	The impact of the comprehensive income attributable to equity holders of the Company during the Reporting Period

							RMB million
Key financial indicators	For the three months ended 31 March 2015		For the three months ended 31 March 2014		Increase/ (decrease)		Main reasons
Operating profit		16,142		8,772		84.0%	Increase in investment income
Net profit attributable to equity holders of the Company		12,271		7,228		69.8%	Increase in investment income

(2)

Material changes in major accounting items and their reasons

RMB million


Key financial indicators	As at 31 March 2015		As at 31 December 2014		Increase/ (decrease)		Main reasons
Securities sold under agreements to repurchase		29,063		46,089		-36.9%	The needs for liquidity management

							RMB million
Key financial indicators	For the three months ended 31 March 2015		For the three months ended 31 March 2014		Increase/ (decrease)		Main reasons
Investment income		38,386		24,175		58.8%	Increase in spread income of equity investment
Surrenders		58,680		20,003		193.4%	Impacts of many factors, such as the capital market and financial products, and increase in early withdrawals of bancassurance products
Increase in insurance contracts reserve		41,819		64,101		-34.8%	Early withdrawals of some insurance products and claims expenses
Policyholder dividends resulting from participation in profits		11,792		5,328		121.3%	Increase in investment yields for the participating products
Underwriting and policy acquisition costs		11,170		7,747		44.2%	Powerful increase in first-year regular premium business
Net cash flows from operating activities		392		50,419		-99.2%	Increase in claims expenses and early withdrawals of some insurance products

3.2

Explanation and analysis of significant events and their impacts and solutions


		¨ Applicable ü Not applicable

3.3

Implementation of undertakings by the Company or shareholders holding more than 5% of the share capital of the Company


		ü Applicable ¨ Not applicable

Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by China Life Insurance (Group) Company (the “CLIC”) into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the above-mentioned formalities within one year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto.

CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related land of the Company’s Shenzhen Branch, the ownership registration formalities of which had not been completed due to historical reasons, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.

The Company’s Shenzhen Branch and the other co-owners of the properties have issued a letter to the governing department of the original owner of the properties in respect of the confirmation of ownership of the properties, requesting it to report the ownership issue to the State-owned Assets Supervision and Administration Commission of the State Council (the “SASAC”), and requesting the SASAC to confirm the respective shares of each co-owner in the properties and to issue written documents in this regard to the department of land and resources of Shenzhen, so as to assist the Company and the other co-owners to complete the formalities in relation to the division of ownership of the properties.

Given that the change of ownership of the above two properties and related land use rights were directed by the co-owners, and all formalities in relation to the change of ownership were proceeded slowly due to reasons such as issues rooted in history and government approvals, CLIC, the controlling shareholder of the Company, made further commitment as follows: CLIC will assist the Company in completing, and urge the co-owners to complete, the formalities in relation to the change of ownership in respect of the above two properties and related land use rights as soon as possible. If the formalities cannot be completed due to the reasons of the co-owners, CLIC will take any other legally practicable measures to resolve the issue and will bear any potential losses suffered by the Company as a result of the defective ownership.

3.4

Warnings and explanation for any forecasted losses or significant changes (as compared to the same period of last year) in accumulated net profit from the beginning of the year to the end of the next reporting period


		¨ Applicable ü Not applicable

This announcement is published in both Chinese and English languages. The Chinese version announcement shall prevail.

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

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


Executive Directors:		Yang Mingsheng, Lin Dairen, Su Hengxuan, Miao Ping
Non-executive Directors:		Miao Jianmin, Zhang Xiangxian, Wang Sidong
Independent Non-executive Directors:		Bruce Douglas Moore, Anthony Francis Neoh, Chang Tso Tung Stephen, Huang Yiping

Hong Kong, 28 April 2015

4.	Appendix

4.1

Balance sheet as at 31 March 2015 (unaudited)

RMB million (Unless otherwise stated)


	As at 31 March 2015 Group		As at 31 December 2014 Group		As at 31 March 2015 Company		As at 31 December 2014 Company
ASSETS
Assets
Cash fund		50,958		47,132		48,544		42,977
Financial assets at fair value through profit or loss		63,358		53,041		59,722		38,811
Securities purchased under agreements to resell		2,661		11,922		2,658		11,838
Interest receivables		43,764		44,344		43,592		43,976
Premiums receivables		17,122		11,166		17,122		11,166
Receivables from reinsurers		23		20		23		20
Unearned premium reserves receivable from reinsurers		71		65		71		65
Claim reserves receivable from reinsurers		34		39		34		39
Reserves for life insurance receivables from reinsurers		20		21		20		21
Reserves for long-term health insurance receivables from reinsurers		893		887		893		887
Other receivables		8,764		10,270		8,302		9,224
Loans		174,086		166,453		173,196		165,913
Term deposits		668,129		690,156		667,244		685,471
Available-for-sale financial assets		675,226		607,531		672,690		605,245
Held-to-maturity investments		504,144		517,283		503,578		516,710
Long-term equity investments		44,920		44,390		48,244		53,617
Statutory deposits		6,333		6,153		5,653		5,653
Investment properties		1,271		1,283		1,333		1,345
Constructions in progress		6,620		6,333		6,614		6,332
Fixed assets		18,320		18,712		17,773		18,157
Intangible assets		6,310		6,350		6,028		6,063
Other assets		3,492		2,995		3,485		2,990
Separate account assets		21		21		21		21

Total Assets		2,296,540		2,246,567		2,286,840		2,226,541


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

4.1

Balance sheet as at 31 March 2015 (unaudited) (continued)

RMB million (Unless otherwise stated)


	As at 31 March 2015 Group		As at 31 December 2014 Group		As at 31 March 2015 Company		As at 31 December 2014 Company
LIABILITIES AND EQUITY

Liabilities
Financial liabilities at fair value through profit or loss		1,385		10,890		–		–
Securities sold under agreements to repurchase		29,063		46,089		28,512		44,538
Premiums received in advance		2,294		15,850		2,294		15,850
Brokerage and commission payable		2,919		1,919		2,919		1,919
Reinsurance payable		61		64		61		64
Salary and welfare payable		4,528		5,614		4,076		5,031
Taxes payable		1,668		769		1,563		693
Claims payable		29,326		25,617		29,326		25,617
Policyholder dividends payable		90,022		74,745		90,022		74,745
Other payable		3,672		4,167		3,661		4,149
Policyholder deposits		76,916		72,254		76,916		72,254
Unearned premium reserves		10,258		7,230		10,258		7,230
Claim reserves		6,001		7,316		6,001		7,316
Reserves for life insurance		1,600,068		1,558,970		1,600,068		1,558,970
Reserves for long-term health insurance		31,966		29,930		31,966		29,930
Long-term borrowings		2,504		2,623		–		–
Bonds payable		67,991		67,989		67,991		67,989
Deferred tax liabilities		21,539		19,375		21,598		19,443
Other liabilities		8,946		7,804		8,942		7,798
Separate account liabilities		21		21		21		21

Total liabilities		1,991,148		1,959,236		1,986,195		1,943,557


Equity
Share capital		28,265		28,265		28,265		28,265
Capital reserve		54,650		54,678		53,993		54,021
Accumulated other comprehensive income		28,777		23,066		29,155		23,336
Surplus reserve		46,428		46,428		46,380		46,380
General reserve		21,748		21,747		21,589		21,589
Retained earnings		122,207		109,937		121,263		109,393

Attributable to equity holders of the Company		302,075		284,121		300,645		282,984

Non-controlling interests		3,317		3,210		–		–

Total equity		305,392		287,331		300,645		282,984

Total liabilities and equity		2,296,540		2,246,567		2,286,840		2,226,541


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

4.2

Income statement for the first quarter of 2015 (unaudited)

RMB million (Unless otherwise stated)


	For the three months ended 31 March						For the three months ended 31 March
	2015 Group			2014 Group			2015 Company			2014 Company
1. Operating income		192,620			154,214			191,979			153,972
Premiums earned		150,310			128,970			150,310			128,970
Premium income		153,450			132,178			153,450			132,178
Including: Reinsurance premium income		1			2			1			2
Less: Premiums ceded to reinsurers		(118	)		(120	)		(118	)		(120	)
Change in unearned premium reserves		(3,022	)		(3,088	)		(3,022	)		(3,088	)
Investment income		38,386			24,175			38,129			24,083
Including: Share of profit of associates and joint ventures		589			691			558			691
Fair value gains/(losses)		2,899			104			2,860			110
Foreign exchange gains/(losses)		153			110			30			110
Other operating income		872			855			650			699

2. Operating expenses		(176,478	)		(145,442	)		(176,414	)		(145,429	)
Surrenders		(58,680	)		(20,003	)		(58,680	)		(20,003	)
Claims expense		(43,768	)		(40,482	)		(43,768	)		(40,482	)
Less: Claims recoverable from reinsurers		98			57			98			57
Increase in insurance contracts reserve		(41,819	)		(64,101	)		(41,819	)		(64,101	)
Less: Insurance reserves recoverable from reinsurers		–			2			–			2
Policyholder dividends resulting from participation in profits		(11,792	)		(5,328	)		(11,792	)		(5,328	)
Business tax and surcharges		(871	)		(417	)		(845	)		(394	)
Underwriting and policy acquisition costs		(11,170	)		(7,747	)		(11,170	)		(7,747	)
Administrative expenses		(5,804	)		(5,448	)		(5,565	)		(5,247	)
Less: Expenses recoverable from reinsurers		11			23			11			23
Other operating expenses		(2,652	)		(1,952	)		(2,853	)		(2,163	)
Impairment losses		(31	)		(46	)		(31	)		(46	)


3. Operating profit		16,142			8,772			15,565			8,543

Add: Non-operating income		12			7			12			7
Less: Non-operating expenses		(63	)		(18	)		(63	)		(18	)


4. Net profit before income tax		16,091			8,761			15,514			8,532

Less: Income tax expenses		(3,722	)		(1,461	)		(3,644	)		(1,404	)


5. Net profit		12,369			7,300			11,870			7,128


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

4.2

Income statement for the first quarter of 2015 (unaudited) (continued)

RMB million (Unless otherwise stated)


	For the three months ended 31 March						For the three months ended 31 March
	2015 Group			2014 Group			2015 Company			2014 Company
6. Attributable to:
– equity holders of the Company		12,271			7,228
– non-controlling interests		98			72

7. Earnings per share
Basic earnings per share		RMB0.43			RMB0.26
Diluted earnings per share		RMB0.43			RMB0.26

8. Other Comprehensive income		5,720			(3,277	)		5,819			(3,264	)
Other comprehensive income attributable to equity holders of the Company (net of tax)		5,711			(3,274	)		5,819			(3,264	)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)		5,711			(3,274	)		5,819			(3,264	)
Fair value gains/(losses) on available-for-sale financial assets		17,719			(2,295	)		17,690			(2,295	)
Less: Amount transferred to net profit from other comprehensive income		(7,561	)		(1,079	)		(7,547	)		(1,069	)
Portion of fair value changes on available-for-sale financial assets attributable to participating policyholders		(4,458	)		–			(4,458	)		–
Share of other comprehensive income of associates and joint ventures under the equity method		11			100			134			100
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax)		–			–			–			–
Other comprehensive income attributable to non-controlling interests (net of tax)		9			(3	)


9. Total Comprehensive income		18,089			4,023			17,689			3,864

Attributable to equity holders of the Company		17,982			3,954
Attributable to non-controlling interests		107			69


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

4.3

Cash flow statement for the first quarter of 2015 (unaudited)

RMB million (Unless otherwise stated)


		For the three months ended						For the three months ended
		31 March						31 March
		2015			2014			2015			2014
		Group			Group			Company			Company
1.	Cash flows from operating activities
	Premiums received		133,516			120,946			133,516			120,946
	Net increase in policyholder deposits		4,741			1,741			4,741			1,741
	Net cash received from financial assets at fair value through profit or loss		–			2,361			–			2,315
	Net cash received from financial liabilities at fair value through profit or loss		142			–			–			–
	Cash received from other operating activities		1,002			834			617			576


	Sub-total of cash inflows from operating activities		139,401			125,882			138,874			125,578

	Cash paid for claims		(98,739	)		(55,753	)		(98,739	)		(55,753	)
	Net cash paid for reinsurance business		(15	)		(18	)		(15	)		(18	)
	Cash paid for brokerage and commission fees		(10,170	)		(7,332	)		(10,170	)		(7,332	)
	Cash paid for policyholder dividends		(2,459	)		(2,192	)		(2,459	)		(2,192	)
	Cash paid to and for employees		(4,189	)		(3,702	)		(3,929	)		(3,541	)
	Net cash paid for financial assets at fair value through profit or loss		(15,155	)		–			(14,949	)		–
	Cash paid for taxes and surcharges		(3,792	)		(3,902	)		(3,691	)		(3,829	)
	Cash paid for other operating activities		(4,490	)		(2,564	)		(4,990	)		(2,344	)


	Sub-total of cash outflows from operating activities		(139,009	)		(75,463	)		(138,942	)		(75,009	)


	Net cash flows from operating activities		392			50,419			(68	)		50,569


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

4.3

Cash flow statement for the first quarter of 2015 (unaudited) (continued)

RMB million (Unless otherwise stated)


		For the three months ended						For the three months ended
		31 March						31 March
		2015			2014			2015			2014
		Group			Group			Company			Company
2.	Cash flows from investing activities
	Cash received from sales and redemption of investments		166,394			88,313			165,417			87,841
	Cash received from investment income		24,778			20,167			24,657			20,129
	Net cash received from disposals of fixed assets, intangible assets and other long-term assets		9			4			9			4
	Net cash received from securities purchased under agreements to resell		9,261			3,179			9,180			3,180
	Net cash received from the disposal of subsidiaries and other business units		2,881			–			4,503			–


	Sub-total of cash inflows from investing activities		203,323			111,663			203,766			111,154

	Cash paid for investments		(181,550	)		(127,198	)		(180,811	)		(126,485	)
	Net increase in policy loans		(170	)		(6,319	)		(170	)		(6,319	)
	Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(703	)		(1,237	)		(692	)		(1,228	)


	Sub-total of cash outflows from investing activities		(182,423	)		(134,754	)		(181,673	)		(134,032	)


	Net cash flows from investing activities		20,900			(23,091	)		22,093			(22,878	)


3.	Cash flows from financing activities
	Net cash received from securities sold under agreements to repurchase		–			1,844			–			1,902


	Sub-total of cash inflows from financing activities		–			1,844			–			1,902

	Net cash paid for securities sold under agreements to repurchase		(17,026	)		–			(16,026	)		–
	Cash paid for dividends and interests		(454	)		(57	)		(429	)		(57	)


	Sub-total of cash outflows from financing activities		(17,480	)		(57	)		(16,455	)		(57	)


	Net cash flows from financing activities		(17,480	)		1,787			(16,455	)		1,845


4.	Effect of changes in foreign exchange rate on cash and cash equivalents		(4	)		15			(6	)		15


5.	Net increase in cash and cash equivalents		3,808			29,130			5,564			29,551

	Add: Opening balance of cash and cash equivalents		47,034			21,330			42,984			20,395


6.	Closing balance of cash and cash equivalents		50,842			50,460			48,548			49,946


Yang Mingsheng	Yang Zheng	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

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