SUMMARY OF SOLVENCY QUARTERLY REPORT OF INSURANCE COMPANY NOTE (SECOND QUARTER OF 2021) (Form 6-K)

BASIC INFORMATION

Basic Information of the Company

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.

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.

Shareholding Structure, Shareholders and Their Changes

Shareholding Structure

Category

RMB ordinary shares

Overseas listed foreign shares

Total

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.

Effective Controller

Top Ten Shareholders (in the descending order of their shareholding percentage in the Company as at the end of the period)

Name of shareholder

Type of shares

China Life Insurance (Group) Company

HKSCC Nominees Limited

China Securities Finance Corporation Limited

Central Huijin Asset Management Limited

Hong Kong Securities Clearing Company Limited

China Universal Asset Management Co., Ltd - Industrial and Commercial Bank of China Limited - China Universal - Tianfu Bull No. 53 Asset Management Plan

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

Guosen Securities Co., Ltd. - Founder Fubon CSI Insurance Theme Index Security Investment Fund

China International Television Corporation

China National Nuclear Corporation

Total

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).

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.

Subsidiaries, Joint Ventures and Associated Corporations

Company name

1

2

3

4

Company name

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

Company name

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

Company name

37

38

39

40

41

42

43

44

45

46

The figures shown in the 'Number of shares held or cost' column under items numbered 1, 4-25 and 29-46 in this table refer to the amount of investment cost (Unit: RMB ten thousand).

Basic Information of the Directors, Supervisors and Senior Management

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

Chairman of China Life Insurance (Group) Company

Director of China Shimao Investment Company Limited

Director of China World Trade Center Limited

Director of China Eastern Airlines Group Co. Ltd.

Honorary Chairman of Insurance Industry Association of China

Yin Bao Jian Xu Ke (2018)

No. 562

Vice President of China Life Insurance (Group) Company

Mr. Su became an Executive Director of the Company in December 2018. He has been the President of the Company since April 2019, and

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.

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

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

Master's degree in Economics,

EMBA for the senior management

Since August 16,

2019

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.

Vice Chairman and President of China Life Insurance (Group) Company

Chairman of China Life Asset Management 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

Honorary Chairman of China Life Foundation

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.

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

Since August 16,

2019

Jing Yin Bao Jian Fu (2019)

No. 635

Chief Investment Officer of China Life Insurance (Group) Company

President of China Life Asset Management Company Limited

Director of China Life Insurance (Overseas) Company Limited

Director of China Life Property and Casualty Insurance Company Limited

Chairman of China Life AMP Asset Management Company Limited

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

Director of China United Network Communications Limited

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. He has been a Director of China Life Insurance (Overseas) Company Limited since June 2020, the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited

since December 2016. 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.

Since July 11,

2015

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

Since March 7,

2016

Since July 20,

2016

Since June 29,

2021

Basic Information of the Supervisors

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Since July 11,

2018

Yin Bao Jian Xu Ke (2018)

No. 562

Executive Director of the Insurance Society of China

Director of China Insurance Security Fund Co., Ltd.

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.

Since July 12,

2019

Jing Yin Bao Jian Fu (2019)

No. 492

Mr. Han became a Supervisor of the Company in July 2019. He served as the General Manager of the Human Resources Department of the Company from December 2018 to June 2021, and 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.

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Since July 12,

2019

Jing Yin Bao Jian Fu (2019)

No. 492

Jing Yin Bao Jian Fu (2019)

No. 1110

Ms. Wang became a Supervisor of the Company in December 2019. She has been the General Manager of the Risk Management Department of the Company since July 2020. She served as the Deputy General Manager of the Risk Management Department of the Company from April 2018 to July 2020, and 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.

Basic Information of the Senior Management of the Head Office

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Jing Yin Bao Jian Fu (2020)

No. 232

Jing Yin Bao Jian Fu (2020)

No. 261

Director of Sino-Ocean Group Holding Limited

Director of China Life Franklin Asset Management Company Limited

Director of China Life Asset Management Company Limited

Director of China Life Pension Company Limited

Ms. Huang became the Vice President and the Person in Charge of Finance of the Company in May 2020. She has been a Director of China Life Pension Company Limited since July 2018. She served as the Vice President,

the Board Secretary and the Person in Charge of Finance of China Life Pension Company Limited from 2016 to 2020, and the Financial Controller and the General Manager of the

Financial Management Department of the Company from 2014 to 2016.

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 and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from October 2016 to January 2018, and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from March 2016 to

October 2016.

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Jing Yin Bao Jian Fu (2019)

No. 493

Jing Yin Bao Jian Fu (2019)

No. 493

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, and the General Manager of the Operation and Service Center of the Company from January 2018 to August 2019. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches)

of the Business Management

Department, and the General Manager (at the general manager level of the provincial branches) of the Business Process Management Department of the Company from 2011 to 2018.

Jing Yin Bao Jian Fu (2019)

No. 851

Mr. Zhao became an Assistant to the President in October 2019. He has been the General Manager of Jiangsu Branch of the Company since July 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 Chongqing Branch,

and the General Manager of Hunan Branch of the Company. From 2007 to 2016, he successively served as the Deputy General Manager of Fujian Branch and the Deputy General Manager of Hunan Branch of the Company.

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

Mr. Liu became an Assistant to the President in June 2021. He has been the General Manager of Guangdong Branch of the Company since March 2020. During the period from November 2017 to March 2020, he served as the General Manager of Chongqing Branch of the Company. From 2012 to 2017, he successively served as the Deputy General Manager of Shanxi Branch and the

Deputy General Manager (responsible for daily operations) and the General Manager of Guizhou Branch of the Company.

Yin Bao Jian Xu Ke (2018)

No. 593

Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General

Manager of the Legal and Compliance Department and the Legal Officer of the Company since September 2014.

Jing Yin Bao Jian Fu (2020)

No. 993

Mr. Yang became the Person in Charge of Audit of the Company in December 2020. He has been the Chairman of the Supervisory

Committee of Wonders Information Co., Ltd. since May 2021. From 2012 to 2021, he successively served as the General Manager of the Legal and Compliance Department, the Director of the Office of the Company, the General Manager of Guangxi Zhuang Autonomous Region Branch, and

the General Manager of the Audit Department of the Company.

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.

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

Upon approval by the CBIRC, Mr. Lam Chi Kuen became an Independent Director of the Company on June 29, 2021, and Mr. Chang Tso Tung Stephen ceased to serve as an Independent Director of the Company on the same day.

Following the approval by the shareholders of the Company at the 2020 annual general meeting held on June 30, 2021 (the 'AGM'), Ms. Huang Xiumei became an Executive Director of the Company on July 1, 2021.

Following the approval by the shareholders of the Company at the AGM, Mr. Wu Shaohua and Mr. Sheng Hetai have been elected as Non-executive Directors of the Company, and Mr. Zhai Haitao has been elected as an Independent Director of the Company. The qualifications of Mr. Wu Shaohua, Mr. Sheng Hetai and Mr. Zhai Haitao as Directors are subject to the approval of the CBIRC.

Following the approval by the shareholders of the Company at the AGM, Mr. Niu Kailong has been elected as a Non-employee Representative Supervisor of the Company. His qualification as a Supervisor is subject to the approval of the CBIRC.

The Company held the sixth extraordinary meeting of the third session of the employee representative meeting on July 29, 2021, at which Mr. Lai Jun was elected as an Employee Representative Supervisor of the seventh session of the Board of Supervisors of the Company. The qualification of Mr. Lai Jun as a Supervisor is subject to the approval of the CBIRC.

Upon approval by the CBIRC, Mr. Liu Yuejin became an Assistant to the President of the Company in June 2021.

The remuneration of the Directors, Supervisors and the senior management of the Head Office:

Contact Person and Contact Information with Respect to the Public Disclosure of Solvency Information

KEY INDICATORS

Items

Core solvency surplus

Core solvency ratio

Comprehensive solvency surplus

Comprehensive solvency ratio

Gross written premiums

Net profit

Net asset

Gross written premiums, net profit and net asset are prepared in accordance with the China Accounting Standards for Business Enterprises.

ACTUAL CAPITAL

Items

Admitted assets

Admitted liabilities

Actual capital

Core tier one capital

Core tier two capital

Supplementary tier one capital

Supplementary tier two capital

MINIMUM CAPITAL

Items

Minimum capital for quantitative risk

Minimum capital for life insurance risk

Minimum capital for non-life insurance risk

Minimum capital for market risk

Minimum capital for credit risk

Quantitative risk diversification effect

Loss absorption effect of special types of insurance contracts

Minimum capital for control risk

Additional minimum capital

Counter-cyclical additional minimum capital

Additional minimum capital for DSII

Additional minimum capital for GSII

Other additional minimum capital

Minimum capital

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

INTEGRATED RISK RATING

RISK MANAGEMENT

LIQUIDITY RISK

Regulatory Indicators of Liquidity

Name of Indicators

Actual net cash flows

Comprehensive liquidity ratio

Comprehensive liquidity ratio within 3 months

Comprehensive liquidity ratio within 1 year

Comprehensive liquidity ratio within 1-3 years

Comprehensive liquidity ratio within 3-5 years

Comprehensive liquidity ratio beyond 5 years

Overall liquidity coverage of the Company

Stressed scenario 1

Stressed scenario 2

Actual net cash flows refer to the net cash flows of the Company during the reporting period, and such figure is derived from the cash flows pressure test table of C-ROSS;

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 absolute value of the surrender rate does not exceed 100%);

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.

Analysis of Liquidity Risk and Measures Addressing Such Risk

REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY