Form 6-K CHINA LIFE INSURANCE CO For: Oct 27
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E-mailCommission 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 27, 2016
China Life Insurance Company Limited
(Translation of registrant’s name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Commission File Number 001-31914
China Life Insurance Company Limited issued an announcement on October 27, 2016, a copy of which is attached as Exhibit 99.1 hereto.
EXHIBIT LIST
| Exhibit | Description | |
| 99.1 | Announcement, dated October 27, 2016 | |
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) | ||||||
| October 27, 2016 | Name: Title: |
Lin Dairen President and Executive Director | ||||
Exhibit 99.1
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2628)
SUMMARY OF SOLVENCY QUARTERLY REPORT OF
INSURANCE COMPANY NOTE
(THIRD QUARTER OF 2016)
| 1. | BASIC INFORMATION |
| (1) Basic Information of the Company |
||
| Name of the Company in Chinese: |
| |
| Name of the Company in English: |
China Life Insurance Company Limited | |
| Legal Representative: |
Yang Mingsheng | |
| Registered Address: |
16 Financial Street, Xicheng District, Beijing, P.R. China | |
| Business Scope: |
Life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sales of securities investment fund; other businesses approved by the national insurance regulatory departments. (Businesses which are subject to approvals by regulatory departments shall be conducted after the relevant approvals have been obtained.) | |
| Business Area: |
the People’s Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the “PRC”) | |
| Note: | This summary of solvency quarterly report is prepared in accordance with the Regulatory Rules of Solvency of Insurance Companies (No. 1-17) issued by the China Insurance Regulatory Commission (the “CIRC”). |
1
| (2) | Shareholding Structure, Shareholders and Their Changes |
| 1) | Shareholding Structure |
Unit: ten thousand shares or RMB ten thousand
| At the beginning of the period |
Changes in the number of shares or shareholding percentage during the period |
At the end of the period | ||||||||||||||||||||||||||||||
| Category |
Shares or capital contribution |
Percentage | Capital injection by shareholders |
Capital reserve transfer or distribution of dividend |
Equity transfer |
Total | Shares or capital contribution |
Percentage | ||||||||||||||||||||||||
| RMB ordinary shares |
2,082,353 | 73.67 | % | — | — | — | — | 2,082,353 | 73.67 | % | ||||||||||||||||||||||
| Overseas listed foreign shares |
744,118 | 26.33 | % | 744,118 | 26.33 | % | ||||||||||||||||||||||||||
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| Total |
2,826,471 | 100.00 | % | — | — | — | — | 2,826,471 | 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 the annual report. |
| 2) | Effective Controller |
The effective controller of the Company is the Ministry of Finance of the PRC. The equity and controlling relationship between the Company and its effective controller is set out below:
2
| 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 or RMB ten thousand
| Name of shareholder |
Nature of shareholder |
Changes in the number of shares held by the shareholder or the amount of capital contribution during the period |
Number of shares held by the shareholder or the amount of capital contribution as at the end of the period |
Shareholding percentage as at the end of the period |
Number of shares pledged or frozen |
|||||||||||||
| China Life Insurance (Group) Company |
State-owned |
0 | 1,932,353 | 68.37 | % | 0 | ||||||||||||
| HKSCC Nominees Limited |
Foreign |
19 | 731,318 | 25.87 | % | 0 | ||||||||||||
| China Securities Finance Corporation Limited |
State-owned |
1,859 | 59,185 | 2.09 | % | 0 | ||||||||||||
| Central Huijin Asset Management Limited |
State-owned |
0 | 11,972 | 0.42 | % | 0 | ||||||||||||
| Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund |
Other |
0 | 5,965 | 0.21 | % | 0 | ||||||||||||
| China National Nuclear Corporation |
State-owned |
0 | 2,000 | 0.07 | % | 0 | ||||||||||||
| China International Television Corporation |
State-owned |
0 | 1,845 | 0.07 | % | 0 | ||||||||||||
| Hong Kong Securities Clearing Company Limited |
Foreign |
244 | 1,834 | 0.06 | % | 0 | ||||||||||||
| China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan |
Other |
0 | 1,502 | 0.05 | % | 0 | ||||||||||||
| Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund |
Other |
19 | 1,240 | 0.04 | % | 0 | ||||||||||||
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| Total |
— | 2,141 | 2,749,214 | 97.27 | % | 0 | ||||||||||||
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3
| Details of connected relationships among the shareholders |
1. HKSCC Nominees Limited
| |
| 2 China National Nuclear Corporation and China International Television Corporation became the top 10 shareholders of the Company through the strategic placement during the initial public offering of the A shares of the Company in December 2006. The trading restriction period of their shares from the strategic placement was from 9 January 2007 to 9 January 2008. | ||
| 3. Both the Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund and the Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund have the Industrial and Commercial Bank of China Limited as their fund custodian. The China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has the Industrial and Commercial Bank of China Limited as its asset custodian. Save for the above, the Company was not aware of any connected relationship among the top ten shareholders of the Company and was not aware if they are considered as parties acting in concert as defined by the “Measures for the Administration of the Takeover of Listed Companies”. | ||
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 Hong Kong 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.
| (3) | Subsidiaries, Joint Ventures and Associated Corporations |
Unit: Ten thousand shares or RMB ten thousand
| 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 percentage |
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| 1 |
China Life (Suzhou) Pension and Retirement Investment Company Limited |
Subsidiary | 80,000 | 80,000 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 2 |
Annoroad Gene Technology (Beijing) Co., Ltd. |
Associated corporation | 25,000 | 25,000 | 0 | 16.67 | % | 16.67 | % | 0.00 | % | |||||||||||||||||
| 3 |
China Life (Sanya) Healthy Investment Company Limited |
Joint venture | 30,600 | 30,600 | 0 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||
| 4 |
China Life Pension Company Limited |
Subsidiary | 240,516 | 240,516 | 0 | 70.74 | % | 70.74 | % | 0.00 | % | |||||||||||||||||
| 5 |
China Life Asset Management Company Limited |
Subsidiary | 240,000 | 240,000 | 0 | 60.00 | % | 60.00 | % | 0.00 | % | |||||||||||||||||
| 6 |
China Life Property and Casualty Insurance Company Limited |
Associated corporation | 600,000 | 600,000 | 0 | 40.00 | % | 40.00 | % | 0.00 | % | |||||||||||||||||
| 7 |
China Guangfa Bank Co., Ltd. |
Associated corporation | 308,048 | 672,876 | 364,828 | 20.00 | % | 43.69 | % | 23.69 | % | |||||||||||||||||
| 8 |
COFCO Futures Company Limited |
Associated corporation | 29,620 | 29,620 | 0 | 35.00 | % | 35.00 | % | 0.00 | % | |||||||||||||||||
4
| 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 percentage |
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| 9 |
Sino-Ocean Group Holding Limited |
Associated corporation | 225,346 | 225,346 | 0 | 29.99 | % | 29.99 | % | 0.00 | % | |||||||||||||||||
| 10 |
Shanghai Rui Chong Investment Co., Limited |
Subsidiary | 619,900 | 619,900 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 11 |
Golden Phoenix Tree Limited |
Subsidiary | 0 | 0 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 12 |
Shanghai Jinshida Winning Software Technology Co., Limited |
Associated corporation | 19,200 | 19,200 | 0 | 23.08 | % | 23.08 | % | 0.00 | % | |||||||||||||||||
| 13 |
GLP U.S. Income Partners II |
Associated corporation | 322,925 | 322,925 | 0 | 25.25 | % | 25.25 | % | 0.00 | % | |||||||||||||||||
| 14 |
RXR 1285 Holdings JV LLC |
Joint venture | 170,326 | 170,326 | 0 | 51.55 | % | 51.55 | % | 0.00 | % | |||||||||||||||||
| 15 |
New Aldgate Limited |
Subsidiary | 116,813 | 116,813 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 16 |
CL Hotel Investor, L.P. |
Subsidiary | 0 | 0 | 0 | 0.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||||
| 17 |
Glorious Fortune Forever Limited |
Subsidiary | 0 | 0 | 0 | 0.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||||
| 18 |
CL AMP Zengjinbao Money Market Fund |
Structured entity | 15,331 | 15,436 | 105 | 41.88 | % | 42.85 | % | 0.97 | % | |||||||||||||||||
| 19 |
CL AMP Zunxiang Bond Securities Investment Fund |
Structured entity | 15,001 | 19,695 | 4,694 | 23.63 | % | 31.07 | % | 7.44 | % | |||||||||||||||||
| 20 |
CL AMP Xinqianbao Money Market Fund |
Structured entity | 20,375 | 20,507 | 132 | 48.66 | % | 50.60 | % | 1.94 | % | |||||||||||||||||
| 21 |
CL AMP Core Industry Flexible Allocation Mixed Securities Investment Fund |
Structured entity | 9,270 | 9,270 | 0 | 61.13 | % | 65.41 | % | 4.28 | % | |||||||||||||||||
| 22 |
CL AMP CSI 500 Exchange Traded Index Securities Investment Fund Connected Fund |
Structured entity | 0 | 15,045 | 15,045 | 0.00 | % | 34.45 | % | 34.45 | % | |||||||||||||||||
| Note 1: | The figures shown in the “Number of shares held or cost” under items numbered 1, 2, 3, 10, 12, 13, 14 and 15 in this table refer to the amount of investment cost (Unit: RMB ten thousand). |
5
| (4) | Basic Information of the Directors, Supervisors and Senior Management |
| 1) | Basic Information of the Directors |
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Yang Mingsheng | August 1955 | Master’s degree in Economics | Since May 22, 2012 |
Chairman, Executive Director | Bao Jian Shou Xian (2012) No. 644 | Chairman of China Life Insurance (Group) Company
Chairman of China Life Property and Casualty Insurance Company Limited
Chairman of China Life Insurance (Overseas) Company Limited
Chairman of China Life Asset Management Company Limited
Chairman of China Guangfa Bank Co., Ltd. |
Mr. Yang has been the Chairman and an Executive Director of the Company since May 2012. He has been the Chairman of China Guangfa Bank Co., Ltd since September 2016, the Chairman of China Life Insurance (Group) Company since March 2012, the Chairman of China Life Property and Casualty Insurance Company Limited since March 2012, the Chairman of China Life Insurance (Overseas) Company Limited since January 2013, and the Chairman of China Life Asset Management Company Limited since December 2013. He acted as the Vice Chairman of the China Insurance Regulatory Commission from 2007 to 2012. |
6
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Lin Dairen | June 1958 | Bachelor’s degree in Medicine | Since October 27, 2008 | Executive Director | Bao Jian Shou Xian (2008) No. 1194 | Non-executive Director of China Life Property and Casualty Insurance Company Limited
Non-executive Director of China Life Pension Company Limited
Non-executive Director of China Life Asset Management Company Limited
Chairman of the China Life Foundation
Vice Chairman of the Insurance Institute of China
Vice Chairman of the Insurance Association of China
Director of the Life Insurance Committee of the Insurance Association of China
Non-executive Director of China Insurance Security Fund Co., Ltd. |
Mr. Lin has been an Executive Director of the Company since October 2008, and was appointed as the President of the Company by the Board in March 2014. He serves concurrently as a Non- executive Director of China Life Property and Casualty Insurance Company Limited, China Life Pension Company Limited and China Life Asset Management Company Limited. He served as the Vice President of the Company from 2003 to March 2014, and an Executive Director and the President of China Life Pension Company Limited from November 2006 to March 2014. | |||||||
| Xu Hengping | November 1958 | Hunan University, majoring in Finance | Since July 11, 2015 |
Executive Director | Bao Jian Xu Ke (2015) No. 718 | Mr. Xu has been the Chief Operating Officer of the Company since August 2010 and the Vice President of the Company since November 2014. | ||||||||
7
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Xu Haifeng | May 1959 | Master’s degree in Business Administration | Since July 11, 2015 |
Executive Director | Bao Jian Xu Ke (2015) No. 718 | Director of China Life Ecommerce Company Limited
Director of China Life Asset Management Company Limited |
Mr. Xu has been the Business Controller of the Company since February 2014, and concurrently serves as the General Manager of the Hebei Branch of the Company. He has been the Vice President of the Company since November 2014. | |||||||
| Miao Jianmin | January 1965 | Doctorate in Economics | Since October 27, 2008 |
Non-executive Director | Bao Jian Shou Xian (2008) No. 1194 | Vice Chairman and President of China Life Insurance (Group) Company
Director of China Life Asset Management Company Limited
Chairman of Insurance Asset Management Association of China
Executive Director of China Finance 40 Forum
Director of China World Trade Center Limited
Director of China Shimao Investment Company Limited |
Mr. Miao has been a Non-executive Director of the Company since October 2008. | |||||||
8
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Wang Sidong | December 1961 | Bachelor’s degree in Arts | Since July 24, 2012 |
Non-executive Director | Bao Jian Shou Xian (2012) No. 870 | Vice President of China Life Insurance (Group) Company
Director of China Life Pension Company Limited
Chairman of China Life Investment Holding Company Limited
Chairman of Shanghai China Insurance Building
Director of China World Trade Center Limited
Director of China Shimao Investment Company Limited
Director of China World Trade Center Co., Ltd.
Director of China Huarong Asset Management Co., Ltd.
Director of China Life Ecommerce Company Limited |
Mr. Wang has been a Non-executive Director of the Company since July 2012. | |||||||
| Liu Jiade | February 1963 | Bachelor’s degree in Economics | Since July 11, 2015 |
Non-executive Director | Bao Jian Xu Ke (2015) No. 718 | Vice President of China Life Insurance (Group) Company
Chairman of China Life Pension Company Limited
Director of China Guangfa Bank Co., Ltd.
Supervisor of Sinopec Sales Company Limited
Member of the Accounting Informatization Committee of the Ministry of Finance |
Mr. Liu served as the Vice President of the Company from 2003 to March 2014. He is the Vice President of China Life Insurance (Group) Company and the Chairman of China Life Pension Company Limited. | |||||||
9
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Chang Tso Tung Stephen | November 1948 | Bachelor’s degree in Science | Since October 20, 2014 |
Independent Director | Bao Jian Xu Ke (2014) No. 864 | Independent Non-executive Director of Kerry Properties Limited
Independent Non-executive Director of China Cinda Asset Management Co., Ltd.
Independent Non–executive Director of Hua Hong Semiconductor Limited |
Mr. Chang has been an Independent Director of the Company since October 2014. | |||||||
| Robinson Drake Pike | October 1951 | Master’s degree in Economics | Since July 11, 2015 |
Independent Director | Bao Jian Xu Ke (2015) No. 718 | Member of the four-member Committee of Inspection of Peregrine Fixed Income Limited | Mr. Pike served as the Managing Director of Goldman Sachs and the Chief Representative of the Beijing Representative Office of Goldman Sachs International Bank UK from August 2011 to May 2014. | |||||||
| Tang Xin | September 1971 | Doctorate degree in Law | Since March 7, 2016 |
Independent Director | Bao Jian Xu Ke (2016) No. 150 | Member of the Listing Committee of the Shanghai Stock Exchange
Chairman of the Independent Director Committee of the Listed Companies Association of the PRC
Independent Director of Harvest Fund Management Co., Ltd.
Independent Director of GF Securities Co., Ltd.
Independent Director of Suzhou Oriza Holdings Co., Ltd. |
Mr. Tang served as an Independent Director of China Spacesat Co., Ltd. from 2008 to 2014, an Independent Director of each of SDIC Power Holdings Co., Ltd. and Changjiang Securities Company Limited from 2009 to 2013, and an Independent Director of Beijing Rural Commercial Bank Co., Ltd. from 2009 to 2015. | |||||||
10
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Leung Oi- Sie Elsie | April 1939 | Master’s degree in Law | Since July 20, 2016 | Independent Director | Bao Jian Xu Ke (2016) No. 717 | Independent Non-executive Director of United Company RUSAL Plc
Independent Non-executive Director of China Resources Power Holdings Company Limited
Independent Non-executive Director of Beijing Tong Ren Tang Chinese Medicine Company Limited |
Ms. Leung has been an Independent Non-executive Director of United Company RUSAL Plc since December 2009. She has been an Independent Non-executive Director of China Resources Power Holdings Company Limited since April 2010. She has been an Independent Non-executive Director of Beijing Tong Ren Tang Chinese Medicine Company Limited since May 2013. |
| 2) | Basic Information of the Supervisors |
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Miao Ping | April 1958 | Correspondence College of Yangzhou University, majoring in Economics and Management | Since July 11, 2015 |
Chairman of the Supervisory Committee | Bao Jian Xu Ke (2015) No. 718 | Mr. Miao has been the Vice President of the Company since December 2009 and an Executive Director of the Company since July 2014. He became the Chairman of the Supervisory Committee of the Company in July 2015. | ||||||||
| Shi Xiangming | November 1959 | Bachelor’s degree in Science | Since May 25, 2009 |
Supervisor | Bao Jian Shou Xian (2012) No. 870 | Mr. Shi has been a Supervisor of the Company since May 2009, and has been the General Manager of the Supervisory Department of the Company since September 2008. | ||||||||
| Xiong Junhong | December 1968 | PhD in Finance | Since October 20, 2014 |
Supervisor | Bao Jian Xu Ke (2014) No. 864 | Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company | Ms. Xiong has been a Supervisor of the Company since October 2014. | |||||||
11
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Zhan Zhong | July 1968 | Bachelor’s degree in Computer and Automation | Since July 11, 2015 |
Employee Representative Supervisor | Bao Jian Xu Ke (2015) No. 718 | Mr. Zhan served as the General Manager of the Company’s Qinghai Branch from January 2014 to June 2014. He has been the General Manager of the Individual Insurance Division of the Company (general manager level of provincial branches) since July 2014. | ||||||||
| Wang Cuifei | January 1964 | Bachelor’s degree in Economic Management | Since July 11, 2015 |
Employee Representative Supervisor | Bao Jian Xu Ke (2015) No. 718 | Ms. Wang served as the General Manager of the Sales Inspection Department of the Company from March 2009 to August 2014. She has been the General Manager of the Customer Services Department of the Company since September 2014. | ||||||||
| 3) | Basic Information of the Senior Management of the Head Office |
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Li Mingguang | July 1969 | Master’s degree in Economics, EMBA for the senior management | As Vice President since November 2014 and as Chief Actuary since March 2012 | Vice President, Chief Actuary | Bao Jian Xu Ke (2014) No. 918 |
Special Executive Director of the Insurance Institute of China
Executive Director of the China Association of Actuaries |
Mr. Li became the Vice President of the Company in November 2014, and the Chief Actuary of the Company in March 2012. Mr. Li joined the Company in 1996 and subsequently served as Deputy Director, Director, Assistant to the General Manager of the Product Development Department, Responsible Actuary of the Company and General Manager of the Actuarial Department. | |||||||
12
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Zhao Lijun | July 1963 | EMBA for the senior management | July 2016 | Vice President | Bao Jian Xu Ke (2016) No. 717 | Non-executive Director of China Life Asset Management Company Limited
Non-executive Director of China Life Franklin Asset Management Company Limited
Non-executive Director of Sino-Ocean Group Holding Limited
Director of Chongqing International Trust Inc. |
Mr. Zhao became the Vice President of the Company in July 2016. He has been the Chief Financial Officer and the General Manager of the Finance Department of China Life Insurance (Group) Company since May 2014. He served as the Deputy General Manager (responsible for daily operation) and the General Manager of the Data Center of the Company from 2012 to 2014. From 2003 to 2012, he held various positions at the Company, including the Assistant to the General Manager and the General Manager of the Finance Department, the Deputy General Manager of Shandong Branch, and the General Manager of the Legal and Compliance Department. | |||||||
| Xiao Jianyou | September 1968 | Double Bachelor’s degrees in Medicine and Law | July 2015 | Assistant to the President | Bao Jian Xu Ke (2015) No. 757 | Non-executive Director of China Life Property and Casualty Insurance Company Limited | Mr. Xiao became an Assistant to the President of the Company in July 2015. He has been the General Manager of the Company’s Jiangsu Branch since January 2014. From April 2013 to January 2014, he was the Deputy General Manager (responsible for daily operation) of the Company’s Jiangsu Branch. From 2006 to 2013, he held various positions at the Company, including the Deputy General Manager and General Manager of Taizhou Branch in Jiangsu Province, and the General Manager of the Personal Insurance Department, Marketing Director, Assistant to the General Manager and Deputy General Manager of Jiangsu Branch. | |||||||
13
| Name |
Month and Year of Birth |
Academic |
Commencement |
Position |
Approval |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Zheng Yong | November 1962 | Master’s degree in Law | June 2013 | Board Secretary | Bao Jian Fa Gai (2013) No. 546 | Mr. Zheng became the Board Secretary of the Company in June 2013. He previously held positions as the Department Head of the Ministry of Justice of the PRC, a practicing lawyer of Beijing Longan Law Firm, China Legal Service Ltd. (Hong Kong) and Beijing DeHeng Law Offices, the Deputy General Manager of the Department of Legal Affairs, the Company Secretary, and the General Manager of the Legal and Compliance Department of the Company, and an Executive Director and Vice President of China Guangfa Bank Co., Ltd. | ||||||||
| Note: | 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. |
During this reporting period:
| 1) | The CIRC approved the qualification of Mr. Zhao Lijun as the Vice President of the Company on July 20, 2016. Mr. Zhao Lijun has been nominated as a Non-executive Director of China Life Asset Management Company Limited, China Life Franklin Asset Management Company Limited and Sino-Ocean Group Holding Limited, but has not officially commenced the performance of his duties. |
| 2) | Mr. Yang Zheng resigned from the positions as the Vice President and the person in charge of finance of the Company on August 8, 2016. |
| 3) | Mr. Zhang Xiangxian resigned from the position as a Non-executive Director of the Company on August 3, 2016. |
| 4) | Mr. Anthony Francis Neoh retired from the position as an Independent Director of the Company on July 20, 2016. |
| 5) | The CIRC approved the qualification of Ms. Leung Oi-Sie Elsie as an Independent Director of the Company on July 20, 2016. |
14
| (5) | Contact Person and Contact Information with Respect to the Public Disclosure of Solvency Information |
| Name of Contact Person: | Wu Hongliang | |
| Office Phone Number: | 010-63631778 | |
| Fax Number: | 010-66575011 | |
| E-mail: | [email protected] |
| 2. | KEY INDICATORS |
Unit: RMB ten thousand
| Items |
Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Core solvency surplus |
43,120,291.09 | 44,066,221.71 | ||||||
| Core solvency ratio |
287.92 | % | 298.32 | % | ||||
| Comprehensive solvency surplus |
49,957,047.25 | 50,902,858.30 | ||||||
| Comprehensive solvency ratio |
317.72 | % | 329.09 | % | ||||
| Gross written premiums |
8,384,293.45 | 9,081,262.88 | ||||||
| Net profit |
279,691.85 | 507,404.72 | ||||||
| Net asset |
30,695,537.86 | 30,127,810.87 | ||||||
| Notes: | Gross written premiums, net profit, net asset are prepared in accordance with the China Accounting Standards for Business Enterprises. |
The result of the integrated risk rating in the recent quarter (being the second quarter of 2016) was A Category.
15
| 3. | ACTUAL CAPITAL |
Unit: RMB ten thousand
| Items |
Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Admitted assets |
264,736,853.91 | 258,109,606.74 | ||||||
| Admitted liabilities |
191,833,923.03 | 184,987,357.91 | ||||||
| Actual capital |
72,902,930.88 | 73,122,248.83 | ||||||
| Core tier one capital |
65,287,009.73 | 65,506,447.25 | ||||||
| Core tier two capital |
779,164.99 | 779,164.99 | ||||||
| Supplementary tier one capital |
6,836,756.16 | 6,836,636.59 | ||||||
| Supplementary tier two capital |
0 | 0 | ||||||
| 4. | MINIMUM CAPITAL |
Unit: RMB ten thousand
| Items |
Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Minimum capital for quantitative risk |
22,945,883.63 | 22,219,390.53 | ||||||
| Minimum capital for life insurance risk |
5,917,040.80 | 6,125,009.05 | ||||||
| Minimum capital for Non-life insurance risk |
382,223.65 | 379,046.24 | ||||||
| Minimum capital for market risk |
23,113,149.93 | 22,124,837.27 | ||||||
| Minimum capital for credit risk |
2,927,953.45 | 2,850,799.97 | ||||||
| Risk diversification effect |
4,744,292.38 | 4,739,110.23 | ||||||
| Loss absorption effect |
4,650,191.82 | 4,521,191.77 | ||||||
| Minimum capital for control risk |
0 | 0 | ||||||
| Additional minimum capital |
0 | 0 | ||||||
| Counter-cyclical additional minimum capital |
0 | 0 | ||||||
| Additional minimum capital for DSII |
0 | 0 | ||||||
| Additional minimum capital for GSII |
0 | 0 | ||||||
| Other additional minimum capital |
0 | 0 | ||||||
| Minimum capital |
22,945,883.63 | 22,219,390.53 | ||||||
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| 5. | INTEGRATED RISK RATING |
The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and in accordance with the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.
The CIRC conducts assessment on our IRR on a quarterly basis. The results of our IRR in the recent two quarters (being the second and first quarters of 2016) were both A Category.
| 6. | RISK MANAGEMENT |
The CIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. In accordance with the “Notice of the CIRC Concerning the Matters Relevant to the Formal Implementation of the China Risk Oriented Solvency System (CROSS)” (Bao Jian Fa (2016) No. 10), the CIRC will organize its local branches to conduct regulatory assessments on the solvency risk management of insurance companies during the period from April to October 2016. As at the end of the reporting period (September 30, 2016), the CIRC has not released the solvency risk management regulatory assessment results to the Company.
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| 7. | LIQUIDITY RISK |
| 1) | Regulatory Indicators of Liquidity |
Unit: RMB million
| Name of Indicators |
Figures of the Current Quarter |
|||
| Actual net cash flows |
-1,950 | |||
| Comprehensive liquidity ratio |
— | |||
| Comprehensive liquidity ratio within 3 months |
288 | % | ||
| Comprehensive liquidity ratio within 1 year |
339 | % | ||
| Comprehensive liquidity ratio within 1-3 years |
-1,916 | % | ||
| Comprehensive liquidity ratio within 3-5 years |
-14,773 | % | ||
| Comprehensive liquidity ratio beyond 5 years |
24 | % | ||
| Overall liquidity coverage of the Company |
— | |||
| Stressed scenario 1 |
2,459 | % | ||
| Stressed scenario 2 |
2,767 | % | ||
Notes:
| 1. | Actual net cash flow refers to the net cash flow actually occurred during the reporting period of the Company; |
| 2. | Comprehensive liquidity ratio |
= | Expected total cash inflow of existing assets |
x 100%; | ||||
| Expected total cash outflow of existing liabilities |
| 3. | Stressed scenario 1 refers to the hypothetical scenario where the premiums from signed policies decrease by 80% as compared with the corresponding period of last year, and the surrender rate assumption is twice of that in the basic scenario (but the surrender rate does not exceed 100%); |
| 4. | Stressed scenario 2 refers to the hypothetical scenario where the principal and interest of 20% of the fixed income investment which will become mature during the forecasting period cannot be repaid. |
18
| 2) | Analysis of Liquidity Risk and Measures Addressing Such Risk |
The Company has sufficient cash flows, and the liquidity indicators, such as the comprehensive liquidity ratio and the liquidity coverage ratio, remain normal. Pursuant to the requirements of the “No. 12 Solvency Regulatory Rules for Insurance Companies: Liquidity Risk” and the relevant regulations, we have 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.
| 8. | REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY |
During the reporting period, there were no circumstances where the CIRC had adopted any significant regulatory measures against the Company.
| By Order of the Board | ||
| China Life Insurance Company Limited Heng Victor Ja Wei | ||
| Company Secretary |
October 27, 2016
As at the date of this announcement, the board of directors of the Company comprises:
| Executive Directors: | Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng | |
| Non-executive Directors: | Miao Jianmin, Wang Sidong, Liu Jiade | |
| Independent Non-executive Directors: | Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, Leung Oi-Sie Elsie | |
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