Form 6-K CHINA LIFE INSURANCE CO For: Aug 22
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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
August 22, 2019
China Life Insurance Company Limited
(Translation of registrant’s name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ___________
Commission File Number 001-31914
China Life Insurance Company Limited issued an announcement on August 22, 2019, 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, 2018 filed with the U.S. Securities and Exchange Commission, or SEC, on April 24, 2019 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this announcement is as of the date of this announcement, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this announcement is based on public information released by the China Banking and Insurance Regulatory Commission.
EXHIBIT LIST
| Exhibit | Description | |
| 99.1 | Announcement, dated August 22, 2019 | |
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/ Su Hengxuan | |||
| (Signature) | ||||
| August 22, 2019 | Name: Title: |
Su Hengxuan President and Executive Director | ||
EXHIBIT 99.1
Commission File Number 001-31914
中國人壽保險股份有限公司
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2628)
SUMMARY OF SOLVENCY QUARTERLY REPORT OF
INSURANCE COMPANY NOTE
(SECOND QUARTER OF 2019)
| 1. | BASIC INFORMATION |
| (1) | Basic Information of the Company |
| Name of the Company in Chinese: | 中國人壽保險股份有限公司 | |
| Name of the Company in English: | China Life Insurance Company Limited | |
| Legal Representative: | Wang Bin | |
| 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; sale of securities investment funds; other businesses approved by the national insurance regulatory departments. | |
| Business Area: | the People’s Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the “PRC”) | |
| Notes: | 1. |
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 former China Insurance Regulatory Commission (the “Former CIRC”). | ||
| 2. |
According to the “Plan for Institutional Reform of the State Council” voted and passed at the first meeting of the 13th National People’s Congress of the PRC, the China Banking and Insurance Regulatory Commission (the “CBIRC”) has been formed through the consolidation of the duties and responsibilities of both the China Banking Regulatory Commission and the China Insurance Regulatory Commission, and such two commissions will no longer exist. The CBIRC has officially been put into operation since April 8, 2018. | |||
1
| (2) | Shareholding Structure, Shareholders and Their Changes |
| 1) | Shareholding Structure |
Unit: Ten thousand shares or RMB ten thousand
| Category | At the beginning of the period | Changes in the number of shares or shareholding percentage during the period |
At the end of the period | |||||||||||||||||||||||||||||
| Shares or capital contribution |
Percentage (%) | Capital injection by shareholders |
Capital reserve transfer or distribution of dividend |
Equity transfer |
Sub-total | Shares or capital contribution |
Percentage (%) |
|||||||||||||||||||||||||
| RMB ordinary shares | 2,082,353 | 73.67 | – | – | – | – | 2,082,353 | 73.67 | ||||||||||||||||||||||||
| Overseas listed foreign shares | 744,118 | 26.33 | – | – | – | – | 744,118 | 26.33 | ||||||||||||||||||||||||
|
Total |
2,826,471 | 100.00 | – | – | – | – | 2,826,471 | 100.00 | ||||||||||||||||||||||||
| Note: | Currently, there is no feature in the shareholders’ information enquiry platform that can track down the type of shareholders according to the classification of “state-owned shares, corporate legal shares, foreign invested shares and natural person shares”. As such, the above information is presented by the Company based on the shareholding structure as disclosed in its annual report. |
| 2) | Effective Controller |
The effective controller of the Company is the Ministry of Finance of the PRC. 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 | Type of shares |
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 shares | 0 | 1,932,353 | 68.37 | % | 0 | ||||||||||||
| HKSCC Nominees Limited |
Foreign shares | 125 | 732,164 | 25.90 | % | 0 | ||||||||||||
| China Securities Finance Corporation Limited |
State-owned shares | 0 | 72,394 | 2.56 | % | 0 | ||||||||||||
| Central Huijin Asset Management Limited |
State-owned shares | 0 | 11,972 | 0.42 | % | 0 | ||||||||||||
| Hong Kong Securities Clearing Company Limited |
Foreign shares | -215 | 4,257 | 0.15 | % | 0 | ||||||||||||
| China International Television Corporation |
State-owned shares | -78 | 1,767 | 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 | 11 | 1,450 | 0.05 | % | 0 | ||||||||||||
| China National Nuclear Corporation |
State-owned shares | 0 | 1,240 | 0.04 | % | 0 | ||||||||||||
| Li Zhuo |
Natural person shares | 0 | 871 | 0.03 | % | 0 | ||||||||||||
|
Total |
– | -157 | 2,759,970 | 97.65 | % | 0 | ||||||||||||
| Note: |
1. |
The figures shown in the columns of “Changes in the number of shares held by the shareholder or the amount of capital contribution during the period” and “Number of shares held by the shareholder or the amount of capital contribution as at the end of the period” in this table refer to number of shares held (Unit: Ten thousand shares). | ||
| 2. |
Due to the impact of the difference derived from rounding, there is a difference between the total number of “Shareholding percentage as at the end of the period” and the sum of the shareholding percentage of the top ten shareholders. |
3
|
Details of shareholders |
1. |
HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen. | ||
| 2. |
China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as 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. | |||
| (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 |
|||||||||||||||||||||||
| 1 |
China Life (Suzhou) Pension and Retirement Investment Company Limited |
Subsidiary | 178,600 | 178,600 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 2 |
China Life Pension Company Limited |
Subsidiary | 240,518 | 240,518 | 0 | 70.74 | % | 70.74 | % | 0.00 | % | |||||||||||||||||
| 3 |
China Life Asset Management Company Limited |
Subsidiary | 240,000 | 240,000 | 0 | 60.00 | % | 60.00 | % | 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 |
|||||||||||||||||||||||
| 4 |
Shanghai Rui Chong Investment Co., Limited |
Subsidiary | 680,000 | 680,000 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 5 |
Golden Phoenix Tree Limited |
Subsidiary | 12 | 12 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 6 |
New Aldgate Limited |
Subsidiary | 116,813 | 116,813 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 7 |
CL Hotel Investor, L.P. |
Subsidiary | 0 | 0 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 8 |
Glorious Fortune Forever Limited |
Subsidiary | 0 | 0 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
| 9 |
Fortune Bamboo Limited |
Subsidiary | 243,488 | 243,488 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
|
10 |
Golden Bamboo Limited |
Subsidiary | 199,288 | 199,288 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
|
11 |
Sunny Bamboo Limited |
Subsidiary | 187,565 | 187,565 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
|
12 |
China Life (Beijing) Health Management Company Limited |
Subsidiary | 173,000 | 173,000 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
|
13 |
Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership) |
Subsidiary | 315,000 | 315,000 | 0 | 99.997 | % | 99.997 | % | 0.00 | % | |||||||||||||||||
|
14 |
Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership) |
Subsidiary | 168,000 | 168,000 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
|
15 |
Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) |
Subsidiary | 60,600 | 60,600 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
|
16 |
Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) |
Subsidiary | 60,600 | 60,600 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
|
17 |
Shanghai Wansheng Industry Partnership (Limited Partnership) |
Subsidiary | 400,000 | 400,000 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
|
18 |
Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) |
Subsidiary | 53,256 | 53,256 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
5
| 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 |
|||||||||||||||||||||||
|
19 |
Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) |
Subsidiary | 53,256 | 53,256 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
|
20 |
CBRE Global Investors U.S. Investment I, LLC |
Subsidiary | 30,301 | 99,328 | 69,027 | 99.99 | % | 99.99 | % | 0.00 | % | |||||||||||||||||
|
21 |
Annoroad Gene Technology (Beijing) Co., Ltd. |
Associated corporation |
25,000 | 25,000 | 0 | 13.09 | % | 13.09 | % | 0.00 | % | |||||||||||||||||
|
22 |
China Life Property and Casualty Insurance Company Limited |
Associated corporation |
600,000 | 600,000 | 0 | 40.00 | % | 40.00 | % | 0.00 | % | |||||||||||||||||
|
23 |
China Guangfa Bank Co., Ltd. |
Associated corporation |
860,063 | 860,063 | 0 | 43.69 | % | 43.69 | % | 0.00 | % | |||||||||||||||||
|
24 |
COFCO Futures Company Limited |
Associated corporation |
29,617 | 29,617 | 0 | 35.00 | % | 35.00 | % | 0.00 | % | |||||||||||||||||
|
25 |
Sino-Ocean Group Holding Limited |
Associated corporation |
225,346 | 225,346 | 0 | 29.59 | % | 29.59 | % | 0.00 | % | |||||||||||||||||
|
26 |
Shanghai Jinshida Winning Software Technology Co., Limited |
Associated corporation |
19,200 | 19,200 | 0 | 23.08 | % | 23.08 | % | 0.00 | % | |||||||||||||||||
|
27 |
GLP U.S. Income Partners II |
Associated corporation |
317,929 | 317,143 | -786 | 25.25 | % | 25.25 | % | 0.00 | % | |||||||||||||||||
|
28 |
Sinopec Sichuan to East China Gas Pipeline Co., Ltd. |
Associated corporation |
2,000,000 | 2,000,000 | 0 | 43.86 | % | 43.86 | % | 0.00 | % | |||||||||||||||||
|
29 |
China United Network Communications Limited |
Associated corporation |
2,182,959 | 2,182,958 | -1 | 10.29 | % | 10.29 | % | 0.00 | % | |||||||||||||||||
|
30 |
GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership) |
Associated corporation |
433,068 | 433,068 | 0 | 81.63 | % | 81.63 | % | 0.00 | % | |||||||||||||||||
|
31 |
China Power Investment Nuclear Power Co,. Ltd. |
Associated corporation |
800,000 | 800,000 | 0 | 26.76 | % | 26.76 | % | 0.00 | % | |||||||||||||||||
|
32 |
Zhonghang Investment Holding Limited |
Associated corporation |
0 | 600,000 | 600,000 | 0.00 | % | 16.70 | % | 16.70 | % | |||||||||||||||||
6
| 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 |
|||||||||||||||||||||||
|
33 |
Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership) |
Joint venture |
336,000 | 378,000 | 42,000 | 60.00 | % | 60.00 | % | 0.00 | % | |||||||||||||||||
|
34 |
China Life (Sanya) Health Investments Co., Ltd. |
Joint venture |
30,600 | 30,600 | 0 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||
|
35 |
RXR 1285 Holdings JV LLC |
Joint venture |
151,497 | 151,497 | 0 | 51.55 | % | 51.55 | % | 0.00 | % | |||||||||||||||||
|
36 |
Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) |
Joint venture |
1,039,994 | 1,039,994 | 0 | 49.9999 | % | 49.9999 | % | 0.00 | % | |||||||||||||||||
|
37 |
China Life Haikong (Hainan) Healthy Investment Co., Ltd. |
Joint venture |
10,200 | 10,200 | 0 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||
|
38 |
China Life Wanke No.1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) |
Joint venture |
9,750 | 9,750 | 0 | 59.82 | % | 59.82 | % | 0.00 | % | |||||||||||||||||
|
39 |
China Life Wanke No.2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) |
Joint venture |
9,750 | 9,750 | 0 | 59.82 | % | 59.82 | % | 0.00 | % | |||||||||||||||||
|
40 |
China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership) |
Joint venture |
851,394 | 851,394 | 0 | 84.99 | % | 84.99 | % | 0.00 | % | |||||||||||||||||
| Note: | The figures shown in the “Number of shares held or cost” column under items numbered 1, 4-22 and 26-40 in this table refer to the amount of investment cost (Unit: RMB ten thousand). |
7
| (4) | Basic Information of the Directors, Supervisors and Senior Management |
| 1) | Basic Information of the Directors |
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Wang Bin | November 1958 |
Doctoral degree in Economics | Since December 3, 2018 |
Chairman, Executive Director | Yin Bao Jian Fu (2018) No. 322 |
Chairman of China Life Insurance (Group) Company
Chairman of China Life Asset Management Company Limited
Chairman of China Life Insurance (Overseas) Company Limited
Director of China Shimao Investment Company Limited
Director of China World Trade Center Limited
Chairman of China Guangfa Bank Co., Ltd. |
Mr. Wang became an Executive Director and the Chairman of the Company in December 2018. He has been the Chairman of China Life Insurance (Group) Company since August 2018. From March 2012 to August 2018, he served as the Chairman and the Secretary to the Party Committee of China Taiping Insurance Group Ltd. | |||||||
| Su Hengxuan | February 1963 |
Doctoral degree in Management | Since December 20, 2018 |
Executive Director |
Yin Bao Jian Xu Ke (2018) No. 562 | Vice President of China Life Insurance (Group) Company
CPPCC member of Xicheng District, Beijing
Director of China Life Asset Management Company Limited
Director of China Life Pension Company Limited
Director of China Life Property and Casualty Insurance Company Limited |
Mr. Su became an Executive Director of the Company in December 2018. He was appointed by the Board of Directors as the President of the Company in December 2018. He has been the Vice President of China Life Insurance (Group) Company since December 2017. He was the President of China Life Pension Company Limited from March 2015 to February 2018. He was the Vice President of the Company from 2013 to May 2015. | |||||||
8
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Yuan Changqing |
September 1961 |
Master’s degree in Business Administration | Since February 11, 2018 |
Non- executive Director | Bao Jian Xu Ke (2018) No. 196 |
Vice Chairman and President of China Life Insurance (Group) Company
Director of China Life Asset Management Company Limited
Chairman of China Life Pension Company Limited
Chairman of China Life Property and Casualty Insurance Company Limited
Director of China Shimao Investment Company Limited
Director of China World Trade Center Limited
Vice Chairman of the China Chamber of International Commerce
Vice Chairman of the National Association of Financial Market Institutional Investors |
Mr. Yuan became a Non-executive Director of the Company in February 2018. He is the Vice Chairman, President and Deputy Secretary to the Party Committee of China Life Insurance (Group) Company. Mr. Yuan served as the Chairman of the Supervisory Committee and the Deputy Secretary to the Party Committee of Agricultural Bank of China Limited from April 2015 to May 2017. He served as the Deputy General Manager and the Secretary to the Discipline Inspection Committee of China Everbright Group Corporation Limited from November 2014 to April 2015, and an Executive Director, the Deputy General Manager and the Secretary to the Discipline Inspection Committee of China Everbright Group Limited from August 2012 to November 2014, during which he concurrently acted as the Chairman of Everbright Securities Company Limited. |
9
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Liu Huimin | June 1965 | Doctoral degree in Law | Since July 31, 2017 |
Non- executive Director | Bao Jian Xu Ke (2017) No. 897 |
Vice President of China Life Insurance (Group) Company
Vice Chairman of the Insurance Society of China
Executive Director of the China Center for Insurance and Social Security Research (CCISSR) of Peking University
Director of China Life Pension Company Limited
Chairman of China Life E-commerce Company Limited |
Mr. Liu became a Non-executive Director of the Company in July 2017. He has been the Vice President of China Life Insurance (Group) Company since September 2013. He served as the President of China Life Asset Management Company Limited from September 2013 to August 2016. |
10
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Yin Zhaojun | July 1965 | Master’s degree in Public Administration | Since July 31, 2017 |
Non- executive Director | Bao Jian Xu Ke (2017) No. 897 |
Vice President of China Life Insurance (Group) Company
Chairman of China Life Investment Holding Company Limited
Head of Shanghai Headquarters of China Life Insurance (Group) Company
Director of China United Network Communications Limited
Chairman of China Insurance Building Co., Ltd.
Chairman of the second session of the Statistics Professional Committee of the Insurance Association of China
Vice Chairman of the Banking Accounting Society of China |
Mr. Yin became a Non- executive Director of the Company in July 2017. He has been the Vice President of China Life Insurance (Group) Company since October 2016. He successively served as the President of Shanxi Branch, Hebei Branch and Beijing Branch of the Bank of Communications from 2011. | |||||||
| 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 became an Independent Director of the Company in October 2014. | |||||||
11
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Robinson Drake Pike |
October 1951 | Master’s degree in Economics | Since July 11, 2015 |
Independent Director |
Bao Jian Xu Ke (2015) No. 718 |
Director of Yale-China Association |
Mr. Pike became an Independent Director of the Company in July 2015. He 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 China Association for Public Companies
Independent Director of Harvest Fund Management Co., Ltd.
Independent Director of GF Securities Co., Ltd.
Independent Director of Oriza Holdings Co., Ltd. |
Mr. Tang became an Independent Director of the Company in March 2016. He 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. | |||||||
12
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Leung Oi- Sie Elsie |
April 1939 | Master’s degree in Law | Since July 20, 2016 |
Independent Director |
Bao Jian Xu Ke (2016) No. 717 |
Consultant of Iu, Lai & Li Solicitors & Notaries
Consultant of Fok Ying Tung Ming Yuan Development Company Limited
Independent Non-executive Director of United Company RUSAL Plc
Independent Non-executive Director of China Resources Power Holdings Company Limited
Independent Non-executive Director of PetroChina Company Limited |
Ms. Leung became an Independent Director of the Company in July 2016. She has been an Independent Non-executive Director of United Company RUSAL Plc since December 2009, and an Independent Non-executive Director of China Resources Power Holdings Company Limited since April 2010. She has been an Independent Non— executive Director of PetroChina Company Limited since June 2017. |
13
| 2) | Basic Information of the Supervisors |
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Jia Yuzeng | June 1962 | Master’s degree in Business Administration | Since July 11, 2018 | Chairman of the Board of Supervisors | Yin Bao Jian Xu Ke (2018) No. 562 |
Mr. Jia became the Chairman of the Board of Supervisors of the Company in July 2018. From 2013 to 2018, he served as the Vice President and the Board Secretary of China Life Pension Company Limited. | ||||||||
| Luo Zhaohui | March 1974 | Doctoral degree in Finance | Since February 11, 2018 | Supervisor | Bao Jian Xu Ke (2018) No. 196 |
Deputy General Manager of Strategic Planning Department of China Life Insurance (Group) Company | Mr. Luo became a Supervisor of the Company in February 2018. He was appointed as an Assistant to the General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in August 2013. He was seconded to Shijiazhuang Branch of the Company in Hebei Province as the Deputy General Manager during the period from November 2013 to October 2015, and was then appointed as the Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in July 2016. | |||||||
14
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Tang Yong | July 1972 | Bachelor of Arts degree | Since February 2, 2019 | Supervisor | Yin Bao Jian Fu (2019) No. 165 |
Deputy General Manager of Human Resource Department of China Guangfa Bank Co., Ltd. | Mr. Tang was a Supervisor of the Company from February 2019 to July 2019. He was the Deputy General Manager of the Supervision Department of the Company and responsible for the daily operation of the Supervision Department from August 2018 to March 2019. From October 2016 to August 2018, he served as an Assistant to the General Manager and the Deputy General Manager of the Human Resources Department of the Company. From 2011 to 2016, Mr. Tang successively served as the Division Chief of the System Staff Management Division of the Human Resources Department, the General Manager of the Human Resources Department of Jiangxi Branch, and the Division Chief of the Planning Division of the Human Resources Department of the Company. |
15
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Song Ping | June 1964 | Bachelor of Arts degree | Since March 15, 2018 |
Employee Representative Supervisor | Bao Jian Xu Ke (2018) No. 331 |
Mr. Song became a Supervisor of the Company in March 2018. He has been the General Manager of the Administration Office of the Company since January 2017. From 2006 to 2017, he successively served as an Assistant to the General Manager of the Development and Reform Department, an Assistant to the General Manager of Beijing Branch, the Deputy General Manager of the Legal and Compliance Department, the Deputy General Manager of the Human Resources Department, and the General Manager of the E-Commence Department of the Company. |
16
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement date |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Huang Xin | February 1974 | Bachelor’s degree in Economics | Since June 20, 2018 |
Employee Representative Supervisor | Yin Bao Jian Xu Ke (2018) No. 417 |
Vice Minister of the Continuing Education Department of the Human Resources Special Committee of the Insurance Association of China | Mr. Huang was a Supervisor of the Company from June 2018 to July 2019. He served as the General Manager of the Human Resources Department of the Company from March 2018 to December 2018. He served as the Deputy General Manager of the Human Resources Department of the Company from August 2014 to March 2018. From December 2010 to August 2014, he successively served as an Assistant to the General Manager and the Deputy General Manager of the Human Resources Department of China Life Insurance (Group) Company, during which he was seconded to the Shijiazhuang Branch of the Company in Hebei Province as the Deputy General Manager from February 2011 to February 2013. |
| 3) | Basic Information of the Senior Management of the Head Office |
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement month and year |
Position | Approval No. for job qualification |
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 Board Secretary since June 2017, as Vice President since November 2014 and as Chief Actuary since March 2012 |
Vice President, Board Secretary, Chief Actuary | Bao Jian Xu Ke (2014) No. 918
Bao Jian Xu Ke (2017) No. 664
Bao Jian Shou Xian (2012) No. 187 |
Executive Director of the China Association of Actuaries
Chief Actuary of China Life Pension Company Limited |
Mr. Li became the Board Secretary of the Company in June 2017, the Vice President of the Company in November 2014 and the Chief Actuary of the Company in March 2012. |
17
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement month and year |
Position | Approval No. for job qualification |
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 | As Financial Controller from November 2016 to July 2019, and as Vice President since July 2016 |
Vice President, Financial Controller | Bao Jian Xu Ke (2016) No. 717
Bao Jian Xu Ke (2016) No. 1148 |
Director of China Life Asset Management Company Limited
Director of China Life Franklin Asset Management Company Limited
Director of Sino-Ocean Group Holding Limited
Director of China Guangfa Bank Co., Ltd. |
Mr. Zhao was the Financial Controller of the Company from November 2016 to July 2019. He has been the Vice President of the Company since July 2016. He served as the Chief Financial Officer and the General Manager of the Finance Department of China Life Insurance (Group) Company from 2014 to 2016. He successively 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. | |||||||
| Zhao Peng | April 1972 | Master’s degree in Business Administration and Master’s degree in Economics | March 2018 | Vice President |
Bao Jian Xu Ke (2017) No. 1202 |
Mr. Zhao became the Vice President of the Company in March 2018. He served as an Assistant to the President of the Company from October 2017 to March 2018. From 2014 to 2017, he successively served as the Deputy General Manager (at the general manager level of the provincial branches) and the person— in-charge (at the general manager level of the provincial branches) and the General Manager of Zhejiang Branch of the Company. | ||||||||
18
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement month and year |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Ruan Qi | July 1966 | EMBA for the senior management | April 2018 | Vice President |
Yin Bao Jian Xu Ke (2018) No. 63 |
Mr. Ruan became the Vice President of the Company in April 2018. He served as the Chief Information Technology Officer of the Company from October 2016 to April 2018. He successively served as the General Manager of China Life Data Center and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from 2014 to 2016. | ||||||||
| Zhan Zhong | April 1968 | Bachelor’s degree in Engineering | August 2017 | Marketing Director |
Mr. Zhan became the Marketing Director of the Company in August 2017. He served as a Supervisor of the Company from July 2015 to August 2017 and the General Manager (at the general manager level of provincial branches) of the Individual Insurance Division of the Company from July 2014 to August 2017. Mr. Zhan served as the Deputy General Manager (responsible for daily operation) and the General Manager of the Company’s Qinghai Branch from 2013 to 2014. | |||||||||
19
| Name | Month and year of birth |
Academic qualification (degree) |
Commencement month and year |
Position | Approval No. for job qualification |
Positions and part-time jobs held in affiliates and other entities |
Key working experience in the recent five years | |||||||
| Yang Hong | February 1967 | EMBA for the senior management | March 2018 | Operation Director |
Ms. Yang became the Operation Director of the Company in March 2018. She has been the General Manager of the Operation Service Center of the Company since January 2018. Ms. Yang 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 Business Process Management Department of the Company from 2011 to 2018. | |||||||||
| Xu Chongmiao |
October 1969 | Doctoral degree in Law | July 2018 | Compliance Officer, General Manager of the Legal and Compliance Department |
Yin Bao Jian Xu Ke (2018) No. 593 | Mr. Xu has been the Compliance Officer of the Company since July 2018 and the General Manager of the Legal and Compliance Department of the Company since September 2014. From 2006 to 2014, he served as the Deputy General Manager of the Legal Affairs Department, the Deputy General Manager of the Legal and Compliance Department and the Legal Officer at the general manager level of the Company. | ||||||||
Notes:
| 1. | All information set forth in this table 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 this report: |
| (1) | As approved by the ninth meeting of the sixth session of the Board of Directors and approved by the CBIRC, the appointment of Mr. Su Hengxuan as the President of the Company has become effective from April 2, 2019. | |||
| (2) | Due to the adjustment of work arrangement, Mr. Xiao Jianyou has ceased to serve as the Vice President of the Company from May 2019. | |||
| (3) | Mr. Xu Haifeng tendered a letter of resignation to the Company on June 28, 2019, resigning from his position as an Executive Director of the Company. Due to the age of retirement, Mr. Xu Haifeng has ceased to serve as the Vice President of the Company from June 2019. | |||
| (4) | As approved by the twelfth meeting of the sixth session of the Board of Directors and approved by the CBIRC Beijing Bureau, the appointment of Mr. Zhao Peng as the Financial Controller of the Company has become effective from July 1, 2019. | |||
| (5) | Due to the adjustment of work arrangement, Mr. Zhao Lijun tendered his resignation to the Board of Directors on July 8, 2019, resigning from his position as the Financial Controller of the Company with effect from the same day. | |||
| (6) | As approved by the fourteenth meeting of the sixth session of the Board of Directors and approved by the CBIRC Beijing Bureau, each of Mr. Zhan Zhong and Ms. Yang Hong has become the Vice President of the Company from July 12, 2019. | |||
| (7) | As approved by the CBIRC Beijing Bureau, the appointment of Mr. Cao Qingyang as an Employee Representative Supervisor and the appointment of Mr. Han Bing as a Non-employee Representative Supervisor of the Company have become effective from July 12, 2019. | |||
| (8) | Mr. Tang Yong and Mr. Huang Xin tendered letters of resignation to the Company on July 22, 2019, resigning from their respective positions as a Non-employee Representative Supervisor and an Employee Representative Supervisor of the Company. | |||
| (5) |
Contact Person and Contact Information with Respect to the Public Disclosure of Solvency Information | |||
| Name of Contact Person: |
He Zheng | |
| Office Phone Number: |
010-63631371 | |
| Fax Number: |
010-66575722 | |
| E-mail: |
||
21
| 2. | KEY INDICATORS |
Unit: RMB ten thousand
| Items | Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Core solvency surplus |
53,021,416.49 | 50,441,248.85 | ||||||
| Core solvency ratio |
258.62% | 252.03% | ||||||
|
Comprehensive solvency surplus |
56,521,716.81 | 53,941,494.11 | ||||||
|
Comprehensive solvency ratio |
269.09% | 262.58% | ||||||
| Gross written premiums |
10,562,278.13 | 27,235,322.95 | ||||||
| Net profit |
1,184,254.55 | 2,536,941.54 | ||||||
| Net asset |
36,755,526.08 | 36,323,040.45 | ||||||
| Note: | Gross written premiums, net profit and net asset are prepared in accordance with the China Accounting Standards for Business Enterprises. |
The result of the integrated risk rating of the Company in the recent quarter (being the first quarter of 2019) was A Category.
| 3. | ACTUAL CAPITAL |
Unit: RMB ten thousand
| Items | Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Admitted assets |
344,551,031.65 | 334,195,971.37 | ||||||
| Admitted liabilities |
254,602,355.40 | 247,075,823.57 | ||||||
| Actual capital |
89,948,676.25 | 87,120,147.80 | ||||||
| Core tier one capital |
85,669,218.91 | 82,840,745.53 | ||||||
| Core tier two capital |
779,157.01 | 779,157.01 | ||||||
|
Supplementary tier one capital |
3,500,300.33 | 3,500,245.26 | ||||||
|
Supplementary tier two capital |
0 | 0 | ||||||
22
| 4. | MINIMUM CAPITAL |
Unit: RMB ten thousand
| Items | Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
| Minimum capital for quantitative risk |
34,273,515.26 | 34,018,921.05 | ||||||
| Minimum capital for life insurance risk |
7,178,195.85 | 6,997,526.16 | ||||||
| Minimum capital for non-life insurance risk |
622,141.38 | 599,276.68 | ||||||
| Minimum capital for market risk |
33,662,008.31 | 33,581,372.67 | ||||||
| Minimum capital for credit risk |
5,463,795.89 | 5,480,197.51 | ||||||
|
Quantitative risk diversification effect |
7,193,006.36 | 7,119,932.49 | ||||||
| Loss absorption effect of special types of insurance contracts |
5,459,619.82 | 5,519,519.48 | ||||||
| Minimum capital for control risk |
-846,555.83 | -840,267.35 | ||||||
|
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 |
33,426,959.43 | 33,178,653.70 | ||||||
Note: Due to rounding, there may be difference between the total amount and the sum of individual amounts.
23
| 5. | INTEGRATED RISK RATING |
The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CBIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and based on 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 CBIRC conducts assessment on the IRR of the Company on a quarterly basis. The results of the IRR of the Company in the recent two quarters (being the first quarter of 2019 and the fourth quarter of 2018) were both A Category.
| 6. | RISK MANAGEMENT |
The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirement and Assessment (SARMRA) on 35 insurance companies in 2018. According to the “Notice Concerning the 2018 SARMRA Assessment Results” (Yin Bao Jian Cai [2018] No. 125), the Company got a score of 84.94 in the assessment and the respective scores in nine areas are as follows: 17.76 in the foundation and environment of risk management, 8.41 in the objectives and tools of risk management, 8.60 in insurance risk management, 8.65 in market risk management, 8.61 in credit risk management, 8.59 in operational risk management, 8.77 in strategic risk management, 7.34 in reputational risk management, and 8.22 in liquidity risk management.
24
| 7. | LIQUIDITY RISK |
| 1) | Regulatory Indicators of Liquidity |
Unit: RMB million
| Name of Indicators | Figures of the Current Quarter |
|||
|
Actual net cash flows |
-12,343 | |||
|
Comprehensive liquidity ratio |
– | |||
|
Comprehensive liquidity ratio within 3 months |
237% | |||
|
Comprehensive liquidity ratio within 1 year |
-3466% | |||
|
Comprehensive liquidity ratio within 1-3 years |
-217% | |||
|
Comprehensive liquidity ratio within 3-5 years |
-1269% | |||
|
Comprehensive liquidity ratio beyond 5 years |
23% | |||
|
Overall liquidity coverage of the Company |
– | |||
|
Stressed scenario 1 |
2960% | |||
|
Stressed scenario 2 |
3168% | |||
Notes:
| 1. |
Actual net cash flows refers to the net cash flows of the Company actually occurred during the reporting period; | |||||||||
| 2. |
Comprehensive liquidity ratio |
= |
Expected total cash inflow of existing assets Expected total cash outflow of existing liabilities |
× |
100%; | |||||
| 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. | |||||||||
25
| 2) | Analysis of Liquidity Risk and Measures Addressing Such Risk |
The Company has sufficient cash flows. Pursuant to the requirements of the “Regulatory Rules of Solvency of Insurance Companies No. 12: Liquidity Risk” and the relevant regulations, 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.
| 8. | REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY |
During the reporting period, there were no circumstances where the CBIRC 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
Hong Kong, August 22, 2019
As at the date of this announcement, the board of directors of the Company comprises:
| Executive Directors: | Wang Bin, Su Hengxuan | |
| Non-executive Directors: | Yuan Changqing, Liu Huimin, Yin Zhaojun | |
| Independent Non-executive Directors: | Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, Leung Oi-Sie Elsie | |
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