Form 6-K CHINA LIFE INSURANCE CO For: Mar 26

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March 26, 2020 12:58 PM EDT

Commission File Number 001-31914

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

March 26, 2020

 

 

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 March 25, 2020, 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 March 25, 2020

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)

March 26, 2020

  

Name:

Title:

  

Su Hengxuan

President and Executive Director

Commission File Number 001-31914

EXHIBIT 99.1

 

LOGO

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

(FOURTH 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.

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 “MOF”). The equity and controlling relationship between the Company and its effective controller is set out below:

 

LOGO

 

  Note:

In order to carry out relevant arrangement under the “Notice of the State Council on Issuing the Implementation Plan for Transferring Part of State-owned Capital to Supplement Social Security Fund” (Guo Fa [2017] No. 49), and pursuant to the “Approval on Change of Shareholder of China Life Insurance (Group) Company” (Yin Bao Jian Fu [2020] No. 63) issued by the CBIRC, the CBIRC has approved the one-off transfer by the MOF of 10% of its equity interest in China Life Insurance (Group) Company (the “CLIC”) to the National Council for Social Security Fund (the “SSF”). Upon completion of the transfer, the MOF and the SSF will hold 90% and 10% equity interest in CLIC, respectively, which in turn holds 68.37% equity interest in the Company. CLIC will remain as the controlling shareholder of the Company, and the MOF will remain as the effective controller of the Company.

 

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

   102   732,369   25.91%   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

   954   5,465   0.19%   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
           

No. 103 of National Council for Social Security Fund

  

State-owned shares

   1,300   1,300   0.05%   0
           

Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund

  

Other

   39   1,281   0.05%   0
           

No. 416 of National Council for Social Security Fund

  

State-owned shares

   1,272   1,272   0.05%   0
           

China National Nuclear Corporation

  

State-owned shares

   0   1,240   0.04%   0
           

Total

  

–  

   3,667   2,761,148   97.69%   0

 

  Notes:

 

  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 the number of shares held (Unit: Ten thousand shares).

 

  2.

Due to the impact of the difference derived from rounding, there may be 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 its 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      153,000        153,000        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%  
                 
19   

Wuhu Yuanxiang Tianfu 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		  
                 
20   

CBRE Global Investors U.S. Investment I, LLC

    Subsidiary      196,151        285,943        89,792        99.99%        99.99%        0.00%  
                 
21   

China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership)

    Subsidiary      0        1,000        1,000        0.00%        99.95%        99.95%  
                 
22   

Annoroad Gene Technology (Beijing) Co., Ltd.

    Associated corporation      25,000        25,000        0        13.09%        13.09%        0.00%  
                 
23   

China Life Property and Casualty Insurance Company Limited

    Associated corporation      600,000        600,000        0        40.00%        40.00%        0.00%  
                 
24   

China Guangfa Bank Co., Ltd.

    Associated corporation      860,063        860,063        0        43.69%        43.69%        0.00%  
                 
25   

COFCO Futures Company Limited

    Associated corporation      29,617        29,617        0        35.00%        35.00%        0.00%  
                 
26   

Sino-Ocean Group Holding Limited

    Associated corporation      225,346        225,346        0        29.59%        29.59%        0.00%  
                 
27   

Shanghai Jinshida Winning Software Technology Co., Limited

    Associated corporation      19,200        19,200        0        23.08%        20.98%        -2.10%  
                 
28   

GLP U.S. Income Partners II

    Associated corporation      312,361        0        -312,361        25.25%        0.00%        -25.25%  
                 
29   

Sinopec Sichuan to East China Gas Pipeline Co., Ltd.

    Associated corporation      2,000,000        2,000,000        0        43.86%        43.86%        0.00%  
                 
30   

China United Network Communications Limited

    Associated corporation      2,182,958        2,182,958        0        10.29%        10.29%        0.00%  
                 
31   

GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership)

    Associated corporation      527,058        527,058        0        81.63%        81.63%        0.00%  
                 
32   

China Power Investment Nuclear Power Co,. Ltd.

    Associated corporation      800,000        800,000        0        26.76%        26.76%        0.00%  
                 
33   

AVIC Investment Holding Limited

    Associated corporation      600,000        600,000        0        16.70%        16.70%        0.00%  
                 
34   

Wonders Information Co., Ltd.

    Associated corporation      0        223,936        223,936        0.00%        13.30%        13.30%  

 

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		  
                 
35   

CCB Trust Sharing No.9 Urbanization Investment Private Equity Fund

    Associated corporation      0        100,000        100,000        0.00%        24.89%        24.89%  
                 
36   

Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership)

    Joint venture      378,000        378,000        0        60.00%        60.00%        0.00%  
                 
37   

China Life (Sanya) Health Investments Co., Ltd.

    Joint venture      30,600        30,600        0        51.00%        51.00%        0.00%  
                 
38   

RXR 1285 Holdings JV LLC

    Joint venture      151,497        144,065        -7,432        51.55%        51.55%        0.00%  
                 
39   

Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership)

    Joint venture      1,039,994        1,149,470        109,476        49.9999%        49.9999%        0.00%  
                 
40   

China Life Haikong (Hainan) Healthy Investment Co., Ltd.

    Joint venture      10,200        10,200        0        51.00%        51.00%        0.00%  
                 
41   

China Life Vanke No.1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)

    Joint venture      9,750        9,750        0        59.82%        59.82%        0.00%  
                 
42   

China Life Vanke No.2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)

    Joint venture      9,750        9,750        0        59.82%        59.82%        0.00%  
                 
43   

China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership)

    Joint venture      851,394        863,051        11,657        84.99%        84.99%        0.00%  
                 
44   

Shandong Xinjiu Kinetic Energy China Life High-end Equipment Equity Investment Fund Partnership (Limited Partnership)

    Joint venture      1,000        1,000        0        79.00%        79.00%        0.00%  

 

  Note:

The figures shown in the “Number of shares held or cost” column under items numbered 1, 4-23 and 27-44 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
document
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 and the Secretary to the Party Committee 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 has been the President of the Company since April 2019. 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
document
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

  

Since August 16,

2019

   Executive Director  

Jing Yin Bao Jian Fu (2019)

No. 635

  

Executive Director of the China Association of Actuaries

 

Chief Actuary of China Life Pension Company Limited

  

Mr. Li became an Executive Director of the Company in August 2019.

He has been the Board Secretary of the Company since June 2017, the Vice President of the Company

since November 2014 and the Chief Actuary of the Company since March

2012.

               
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.

 

9

Name   Month and year
of birth		   Academic
qualification
(degree)		   Commencement
date		   Position   Approval
document
No. for job
qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
Liu 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

 

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.
               
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

 

President of China Guangfa Bank Co., Ltd.

 

Director of China United Network Communications Limited

 

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 President of China Guangfa Bank Co., Ltd. since September 2019, and 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.

 

10

Name   Month and year
of birth		   Academic
qualification
(degree)		   Commencement
date		   Position   Approval
document
No. for job
qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
Wang Junhui   July 1971   Doctoral
degree in
Finance		  

Since August 16,

2019

   Non- executive Director  

Jing Yin Bao Jian Fu (2019)

No. 635

  

Chief Investment Officer of China Life Insurance (Group) Company

 

Chairman of China Life Franklin Asset Management Company Limited

 

Chairman of China Life AMP Asset Management Co., Ltd.

 

President of China Life Asset Management Company Limited

 

Chairman of Binhai (Tianjin) Financial Assets Trade Center Co., Ltd.

   Mr. Wang became a Non-executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016, the Chairman of China Life Franklin Asset Management Company Limited since September 2016 and the Chairman of China Life AMP Asset Management Co., Ltd. since December 2016. From 2004 to 2016, he served as an Assistant to the President and the Vice President of China Life Asset Management Company Limited, and the President of China Life Investment Holding Company Limited.
               
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 Hua Hong Semiconductor Limited

   Mr. Chang became an Independent Director of the Company in 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   Director of Yale-China Association   Mr. Pike became an Independent Director of the Company in July 2015.

 

11

Name   Month and year
of birth		   Academic
qualification
(degree)		   Commencement
date		   Position   Approval
document
No. for job
qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
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 Bank of Guizhou Co., Ltd.

   Mr. Tang became an Independent Director of the Company in March 2016.
               
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.

 

12

  2)

Basic Information of the Supervisors

 

Name   Month and
year of birth		   Academic
qualification
(degree)		   Commencement
date		   Position   Approval
document
No. for job
qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
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   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 appointed as the Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in July 2016 and was then appointed as the General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in November 2019.

               
Han Bing   November 1971   Bachelor’s degree in Economics  

Since July 12,

2019

  

Supervisor

  

Jing Yin Bao Jian Fu (2019)

No. 492

       Mr. Han became a Supervisor of the Company in July 2019. He has been the General Manager of the Human Resources Department of the Company since December 2018. He served as the General Manager of the Human Resources Department of China Life Pension Company Limited from March 2016 to December 2018. During the period from 2014 to 2016, he successively served as the Deputy General Manager of Ningbo Branch, and the Deputy General Manager of Tibet Autonomous Region Branch of the Company.

 

13

Name   Month and
year of birth		   Academic
qualification
(degree)		   Commencement
date		   Position   Approval
document
No. for job
qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
Cao Qingyang   May 1963   Doctoral degree in Economics  

Since July 12,

2019

   Employee Representative Supervisor  

Jing Yin Bao Jian Fu (2019)

No. 492

       Mr. Cao became a Supervisor of the Company in July 2019. He has been the General Manager of the Product Development Department of the Company since February 2011.
               
Wang Xiaoqing   October 1965   Bachelor’s degree in Engineering   Since December 27, 2019   Employee Representative Supervisor  

Jing Yin Bao Jian Fu (2019)

No. 1110

       Ms. Wang became a Supervisor of the Company in December 2019. She has been the Deputy General Manager of the Risk Management Department of the Company since April 2018. She served as the Secretary to the Discipline Inspection Committee of Tibet Autonomous Region Branch of the Company from May 2016 to April 2018. From 2010 to 2016, she successively served as an Assistant to the General Manager and the Deputy General Manager of the County Insurance Department, and the Deputy General Manager of the Audit Department of the Company.
               
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 a member of the Party Committee of Jiangsu Branch of the Company since August 2019. He served as the General Manager of the Administration Office of the Company from January 2017 to August 2019. 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.

 

14

  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
document No. for
job qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
Zhao Peng   April 1972   Master’s degree in Business Administration and Master’s degree in Economics  

As Vice President since March 2018, and

as Financial Controller since July 2019

   Vice President, Financial Controller  

Bao Jian Xu Ke (2017) No. 1202

 

Jing Yin Bao Jian Fu (2019) No. 443

  

Chief Financial Officer of China Life Insurance (Group) Company

 

Executive Director of the Insurance Society of China

 

Director of China Life Franklin Asset Management Company Limited

 

Director of Sino-Ocean Group Holding Limited

   Mr. Zhao became the person in charge of finance of the Company in July 2019, and 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.
               
Ruan Qi   July 1966   EMBA for the senior management   Since 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 January 2018 to April 2018. He served as the Chief Information Technology Officer of the Company and concurrently served as the General Manager (at the general manager level of the provincial branches) of Information Technology Department of the Company from October 2016 to January 2018. He served as the General Manager (at the general manager level of the provincial branches) of Information Technology Department of the Company from March 2016 to October 2016. He 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.

 

15

Name   Month and
year of birth		   Academic
qualification
(degree)		   Commencement
month and
year		   Position   Approval
document No. for
job qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               

Zhan Zhong

   April 1968   Bachelor’s degree in Engineering   Since July 2019   Vice President  

Jing Yin Bao Jian Fu (2019)

No. 493

       Mr. Zhan became the Vice President of the Company in July 2019. He served as the Marketing Director of the Company from August 2017 to July 2019 and an Employee Representative Supervisor of the Company from July 2015 to August 2017. He served as the General Manager (at the general manager level of provincial branches) of the Individual Insurance Division from July 2014 to August 2017.
               
Yang Hong   February 1967   EMBA for the senior management   Since July 2019   Vice President  

Jing Yin Bao Jian Fu (2019)

No. 493

   Vice President of China Life E-Commerce Company Limited   Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019. Ms. Yang has been the General Manager of the Operation Service Center of the Company since January 2018. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches) of the Business Management Department and the General Manager (at the general manager level of the provincial branches) of the Business Process Management Department of the Company from 2011 to 2018.

 

16

Name   Month and
year of birth		   Academic
qualification
(degree)		   Commencement
month and
year		   Position   Approval
document No. for
job qualification		   Positions and part-time jobs held
in affiliates and other entities		   Key working experience in the
recent five years
               
Zhao Guodong   November 1967   Bachelor’s degree   Since October 2019   Assistant to the President   Jing Yin Bao Jian Fu (2019) No. 851  

Chairman of the Insurance Society of Jiangsu Province

 

Vice Chairman of the Insurance Association of Jiangsu Province

   Mr. Zhao became an Assistant to the President in October 2019. He served as the General Manager of the Jiangsu Branch of the Company from August 2018. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of the Chongqing Branch, and the General Manager of the Hunan Branch of the Company. From 2007 to 2016, he successively served as the Deputy General Manager of the Fujian Branch and the Deputy General Manager of the Hunan Branch of the Company.
               
Xu Chongmiao   October 1969   Doctoral degree in Law   Since 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 and responsible person for legal affairs since September 2014.

 

17

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.

 

  2.

The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report:

 

  1)

Following the election at the First Extraordinary General Meeting 2019 of the Company and upon the approval by the CBIRC Beijing Bureau, Mr. Zhao Peng was appointed as the Executive Director of the six session of the Board of Directors of the Company with effect from February 20, 2020.

 

  2)

Following the election at the fourth extraordinary meeting of the second session of the Employee Representative Meeting of the Company and upon the approval by the CBIRC Beijing Bureau, Ms. Wang Xiaoqing was appointed as the Employee Representative Supervisor of the six session of Board of Supervisors of the Company with effect from December 27, 2019.

 

  3)

Due to the adjustment of work arrangement, Mr. Song Ping tendered his resignation to the Board of Supervisors on January 3, 2020, resigning from his position as the Employee Representative Supervisor of the Company with effect from the same day.

 

  4)

As approved at the sixteenth meeting of the six session of the Board of Director of the Company and upon the approval by the CBIRC Beijing Bureau, Mr. Zhao Guodong was appointed as the Assistant to the President of the Company with effect from October 25, 2019.

 

  (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:

   

[email protected]

 

18

2.

KEY INDICATORS

Unit: RMB ten thousand

     
Items   Figures of the
Current
Quarter		     Figures of
the Preceding
Quarter		  

Core solvency surplus

     59,507,668.81       55,913,548.06  
     

Core solvency ratio

     266.71%       262.00%  
     

Comprehensive solvency surplus

     63,011,399.86       59,413,904.06  
     

Comprehensive solvency ratio

     276.53%       272.14%  
     

Gross written premiums

     7,003,884.34       11,907,100.56  
     

Net profit

     128,691.77       2,006,575.33  
     

Net asset

     40,326,734.38       38,774,284.06  

 

  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 third 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

     369,760,831.33        356,988,074.08  
     

Admitted liabilities

     271,054,137.70        263,060,149.30  
     

Actual capital

     98,706,693.63        93,927,924.78  
     

Core tier one capital

     94,423,805.57        89,648,411.77  
     

Core tier two capital

     779,157.01        779,157.01  
     

Supplementary tier one capital

     3,503,731.05        3,500,356.00  
     

Supplementary tier two capital

     0        0  

 

19

4.

MINIMUM CAPITAL

Unit: RMB ten thousand

     
Items   Figures of the
Current Quarter		      Figures of
the Preceding
Quarter		  
     

Minimum capital for quantitative risk

     36,599,296.39        35,388,106.96  
     

Minimum capital for life insurance risk

     7,649,282.22        7,441,910.82  
     

Minimum capital for non-life insurance risk

     667,303.09        674,170.32  
     

Minimum capital for market risk

     35,765,120.43        34,593,533.07  
     

Minimum capital for credit risk

     6,034,013.61        5,789,491.12  
     

Quantitative risk diversification effect

     7,796,137.58        7,545,474.96  
     

Loss absorption effect of special types of insurance contracts

     5,720,285.38        5,565,523.41  
     

Minimum capital for control risk

     -904,002.62        -874,086.24  
     

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

     35,695,293.77        34,514,020.72  

 

  Note:

Due to rounding, there may be difference between the total amount and the sum of individual amounts.

 

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 third and second quarter of 2019) were both A Category.

 

20

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.

 

7.

LIQUIDITY RISK

 

  1)

Regulatory Indicators of Liquidity

Unit: RMB million

Name of Indicators   Figures of the
Current Quarter
   

Actual net cash flows

   -9,223
   

Comprehensive liquidity ratio

   –
   

Comprehensive liquidity ratio within 3 months

   385%
   

Comprehensive liquidity ratio within 1 year

   3,473%
   

Comprehensive liquidity ratio within 1-3 years

   -247%
   

Comprehensive liquidity ratio within 3-5 years

   -16,086%
   

Comprehensive liquidity ratio beyond 5 years

   25%
   

Overall liquidity coverage of the Company

   –
   

Stressed scenario 1

   2,400%
   

Stressed scenario 2

   2,241%

Notes:

 

  1.

Actual net cash flows refer 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   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.

 

21

  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, March 25, 2020

As at the date of this announcement, the board of directors of the Company comprises:

 

Executive Directors:

   

Wang Bin, Su Hengxuan, Li Mingguang, Zhao Peng

Non-executive Directors:

    Yuan Changqing, Liu Huimin, Yin Zhaojun, Wang Junhui

Independent Non-executive Directors:

   

Chang Tso Tung Stephen, Robinson Drake Pike,

  

Tang Xin, Leung Oi-Sie Elsie

 

 

22


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