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
October 25, 2018
China Life Insurance Company Limited
(Translation of registrants name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Commission File Number 001-31914
China Life Insurance Company Limited issued an announcement on October 25, 2018, 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 Companys Annual Report on Form 20-F for the fiscal year ended December 31, 2017 filed with the U.S. Securities and Exchange Commission, or SEC, on April 25, 2018 and in the Companys 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 October 25, 2018 |
Commission File Number 001-31914
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
China Life Insurance Company Limited
| ||||||
(Registrant) | ||||||
By: | /s/ Lin Dairen | |||||
(Signature) | ||||||
October 25, 2018 | Name: | Lin Dairen | ||||
Title: | President and Executive Director |
Exhibit 99.1
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the Peoples Republic of China with limited liability)
(Stock Code: 2628)
SUMMARY OF SOLVENCY QUARTERLY REPORT OF
INSURANCE COMPANY NOTE
(THIRD QUARTER OF 2018)
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: |
Yang Mingsheng | |
Registered Address: |
16 Financial Street, Xicheng District, Beijing, P.R. China | |
Business Scope: |
Life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sale of securities investment funds; other businesses approved by the national insurance regulatory departments. | |
Business Area: | the Peoples 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 Peoples 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 of capital period |
Number of of capital end of the period |
Shareholding percentage as at the end of the period |
Number of or frozen | ||||||||||||||||||||
China Life Insurance (Group) Company |
State-owned shares | 0 | 1,932,353 | 68.37 | % | 0 | |||||||||||||||||||
HKSCC Nominees Limited |
Foreign shares | 10 | 732,179 | 25.90 | % | 0 | |||||||||||||||||||
China Securities Finance Corporation Limited |
State-owned shares | 5,566 | 72,371 | 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 | 530 | 2,928 | 0.10 | % | 0 | |||||||||||||||||||
China International Television Corporation |
State-owned shares | 0 | 1,845 | 0.07 | % | 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 | 202 | 1,460 | 0.05 | % | 0 | |||||||||||||||||||
China National Nuclear Corporation |
State-owned shares | 0 | 1,240 | 0.04 | % | 0 | |||||||||||||||||||
National Social Security Fund 407 portfolio |
State-owned shares | 306 | 945 | 0.03 | % | 0 | |||||||||||||||||||
Total |
| 6,614 | 2,758,795 | 97.61 | % | 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 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 International Television Corporation and China National Nuclear Corporation became the top 10 shareholders of the Company through the strategic placement during the initial public offering of the A Shares of the Company in December 2006. The trading restriction period of their shares from the strategic placement was from January 9, 2007 to January 9, 2008.
| ||
3. Industrial and Commercial Bank of China Limited is the fund depositary of Industrial and Commercial Bank of China Limited SSE 50 Exchange Traded Index Securities Investment Fund, and the asset trustee of China Universal Asset Management Co., Ltd Industrial and Commercial Bank of China Limited China Universal Tianfu Bull No. 53 Asset Management Plan. Save for the 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.
|
4
(3) | Subsidiaries, Joint Ventures and Associated Corporations |
Unit: Ten thousand shares or RMB ten thousand
Company name
|
Type of
|
Number of shares held or cost
|
Shareholding percentage
|
|||||||||||||||||||||||||
At the
|
At the end
|
Change in
|
At the
|
At the
|
Change in
|
|||||||||||||||||||||||
1 | China Life (Suzhou) Pension and Retirement Investment Company Limited |
Subsidiary | 158,600 | 158,600 | 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 | 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 | 217,600 | 243,488 | 25,888 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
10 | Golden Bamboo Limited |
Subsidiary | 173,400 | 199,288 | 25,888 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||
11 | Sunny Bamboo Limited |
Subsidiary | 163,200 | 187,565 | 24,365 | 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 | 325,000 | 325,000 | 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 | % |
5
Company name
|
Type
of
|
Number of shares held or cost
|
Shareholding percentage
|
|||||||||||||||||||||||||
At the
|
At the end
|
Change in
|
At the
|
At the
|
Change in
|
|||||||||||||||||||||||
17 | Shanghai Wansheng Industry Partnership (Limited Partnership) |
Subsidiary | 390,000 | 400,000 | 10,000 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
18 | Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) |
Subsidiary | 39,905 | 39,905 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
19 | Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) |
Subsidiary | 39,905 | 39,905 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||
20 | Annoroad Gene Technology (Beijing) Co., Ltd. |
Associated corporation |
25,000 | 25,000 | 0 | 13.09 | % | 13.09 | % | 0.00 | % | |||||||||||||||||
21 | China Life Property and Casualty Insurance Company Limited |
Associated corporation |
600,000 | 600,000 | 0 | 40.00 | % | 40.00 | % | 0.00 | % | |||||||||||||||||
22 | China Guangfa Bank Co., Ltd. |
Associated corporation |
672,876 | 672,876 | 0 | 43.69 | % | 43.69 | % | 0.00 | % | |||||||||||||||||
23 | COFCO Futures Company Limited |
Associated corporation |
29,617 | 29,617 | 0 | 35.00 | % | 35.00 | % | 0.00 | % | |||||||||||||||||
24 | Sino-Ocean Group Holding Limited |
Associated corporation |
225,346 | 225,346 | 0 | 29.59 | % | 29.59 | % | 0.00 | % | |||||||||||||||||
25 | Shanghai Jinshida Winning Software Technology Co., Limited |
Associated corporation |
19,200 | 19,200 | 0 | 23.08 | % | 23.08 | % | 0.00 | % | |||||||||||||||||
26 | GLP U.S. Income Partners II |
Associated corporation |
322,925 | 322,925 | 0 | 25.25 | % | 25.25 | % | 0.00 | % | |||||||||||||||||
27 | Sinopec Sichuan to East China Gas Pipeline Co., Ltd. |
Associated corporation |
2,000,000 | 2,000,000 | 0 | 43.86 | % | 43.86 | % | 0.00 | % | |||||||||||||||||
28 | China United Network Communications Limited |
Associated corporation |
2,182,959 | 2,182,959 | 0 | 10.29 | % | 10.29 | % | 0.00 | % | |||||||||||||||||
29 | GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership) |
Associated corporation |
197,188 | 197,188 | 0 | 81.63 | % | 81.63 | % | 0.00 | % | |||||||||||||||||
30 | China Life (Sanya) Health Investments Co., Ltd. |
Joint venture | 30,600 | 30,600 | 0 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||
31 | RXR 1285 Holdings JV LLC |
Joint venture | 158,536 | 158,536 | 0 | 51.55 | % | 51.55 | % | 0.00 | % |
6
Company name
|
Type
of
|
Number of shares held or cost
|
Shareholding percentage
|
|||||||||||||||||||||||||
At the
|
At the end
|
Change in
|
At the
|
At the
|
Change in
|
|||||||||||||||||||||||
32 | 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 | % | |||||||||||||||||
33 | China Life Haikong (Hainan) Healthy Investment Co., Ltd. |
Joint venture | 10,200 | 10,200 | 0 | 51.00 | % | 51.00 | % | 0.00 | % |
Note: | The figures shown in the Number of shares held or cost column under items numbered 1, 4-20 and 25-33 in this table refer to the amount of investment cost (Unit: RMB ten thousand). |
(4) | Basic Information of the Directors, Supervisors and Senior Management |
1) | Basic Information of the Directors |
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and part-time jobs held in affiliates and other entities
|
Key working experience in the recent five years
| |||||||
Yang Mingsheng | August 1955 | Masters degree in Economics | Since May 22, 2012 |
Chairman, Executive Director | Bao Jian Shou Xian (2012) No. 644 | Chairman of China Life Property and Casualty Insurance Company Limited
Chairman of China Life Insurance (Overseas) Company Limited
Chairman of China Life Asset Management Company Limited
Chairman of China Guangfa Bank Co., Ltd. |
Mr. Yang became an Executive Director and the Chairman of the Company in May 2012. From 2013 to 2018, he served as the Chairman of China Life Insurance (Group) Company, the Chairman of China Life Property and Casualty Insurance Company Limited, the Chairman of China Life Insurance (Overseas) Company Limited, the Chairman of China Life Asset Management Company Limited, and the Chairman of China Guangfa Bank Co., Ltd..
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7
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and part-time jobs held in affiliates and other entities
|
Key working experience in the recent five years
| |||||||
Lin Dairen | June 1958 | Bachelors degree in Medicine | Since October 27, 2008 | Executive Director | Bao Jian Shou Xian (2008) No. 1194 | Non-executive Director of China Life Property and Casualty Insurance Company Limited
Non-executive Director of China Life Pension Company Limited
Non-executive Director of China Life Asset Management Company Limited
Chairman of the China Life Foundation
Vice Chairman of the Insurance Society of China
Vice Chairman of the Insurance Association of China
Deputy Director of the Life Insurance Committee of the Insurance Association of China
Non-executive Director of China Insurance Security Fund Co., Ltd.
Director of the Insurance Institutional Investors Professional Committee of the Insurance Asset Management Association of China
|
Mr. Lin became an Executive Director of the Company in October 2008. He was appointed as the President of the Company by the Board in March 2014 and concurrently serves as a Non-executive Director of China Life Property and Casualty Insurance Company Limited, China Life Pension Company Limited and China Life Asset Management Company Limited. He served as the Vice President of the Company from 2003 to March 2014, and an Executive Director and the President of China Life Pension Company Limited from November 2006 to March 2014. | |||||||
Xu Hengping | November 1958 | Hunan University, majoring in Finance | Since July 11, 2015 |
Executive Director | Bao Jian Xu Ke (2015) No. 718 | Mr. Xu became an Executive Director of the Company in July 2015. He has been the Vice President of the Company since November 2014, and the Chief Operating Officer of the Company since August 2010.
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8
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and part-time jobs held in affiliates and other entities
|
Key working experience in the recent five years
| |||||||
Xu Haifeng | May 1959 | Masters degree in Business Administration | Since July 11, 2015 |
Executive Director | Bao Jian Xu Ke (2015) No. 718 | Non-executive Director of China Life Asset Management Company Limited | Mr. Xu became an Executive Director of the Company in July 2015. He has been a Non-executive Director of China Life Asset Management Company Limited since September 2015, and the Vice President of the Company since November 2014. Mr. Xu served as the Business Controller of the Company from February 2014 to November 2014, and concurrently served as the General Manager of Hebei Branch of the Company.
| |||||||
Yuan Changqing | September 1961 | Masters 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
Director of China Shimao Investment Company Limited
Director of China World Trade Center Limited
|
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, the Secretary to the Discipline Inspection Committee of China Everbright Group Limited from December 2008 to August 2012, 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
|
Academic
|
Commencement
|
Position
|
Approval document
|
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 Ecommerce 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 Vice President of China Life Asset Management Company Limited from September 2013 to August 2016. | |||||||
Yin Zhaojun | July 1965 | Masters 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
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. | |||||||
Su Hengxuan | February 1963 | Doctoral degree in Management Science | Since July 11, 2018 |
Non- executive Director | Yin Bao Jian Xu Ke (2018) No. 562 | Vice President of China Life Insurance (Group) Company
CPPCC member of Xicheng District, Beijing
Member of the Chinese Expert Committee of the Financial Planning Standards Board
Executive Director of the Council of the China Center for Insurance and Social Security Research (CCISSR) of Peking University
|
Mr. Su became a Non-executive Director of the Company in July 2018. He was the Vice President of the Company from 2013 to May 2015, and the President of China Life Pension Company Limited from May 2015 to April 2018. Mr. Su has been the Vice President of China Life Insurance (Group) Company since December 2017.
|
10
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and part-time jobs held in affiliates and other entities
|
Key working experience in the recent five years
| |||||||
Chang Tso Tung Stephen | November 1948 | Bachelors 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. | |||||||
Robinson Drake Pike | October 1951 | Masters degree in Economics | Since July 11, 2015 |
Independent Director | Bao Jian Xu Ke (2015) No. 718 | 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 Listed Companies Association of the PRC
Independent Director of Harvest Fund Management Co., Ltd.
Independent Director of GF Securities Co., Ltd.
Independent Director of Suzhou Oriza Holdings Co., Ltd.
|
Mr. Tang 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. |
11
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
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 | Masters 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 served as an Independent Non-executive Director of Beijing Tong Ren Tang Chinese Medicine Company Limited from May 2013 to September 2017. She has been an Independent Non-executive Director of PetroChina Company Limited since June 2017.
|
2) | Basic Information of the Supervisors |
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and
part-time jobs
|
Key working experience in the
| |||||||
Jia Yuzeng | February 1962 | Master of 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.
| ||||||||
Shi Xiangming | November 1959 | Bachelors degree in Science | Since May 25, 2009 |
Supervisor | Bao Jian Shou Xian (2012) No. 870 | Mr. Shi became a Supervisor of the Company in May 2009. From 2008 to 2018, he served as the General Manager of the Supervisory Department of the Company.
|
12
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and
part-time jobs
|
Key working experience in
| |||||||
Luo Zhaohui | March 1974 | Doctoral degree in Finance | Since February 11, 2018 | Supervisor | Bao Jian Xu Ke (2018) No. 196 |
Deputy General Manager of the 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.
| |||||||
Song Ping | June 1964 | Bachelors degree in Arts | 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.
| ||||||||
Huang Xin | February 1974 | Bachelors 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 became the General Manager of the Human Resources Department of the Company since March 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.
|
13
3) | Basic Information of the Senior Management of the Head Office |
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and part-time jobs
|
Key working experience in the
| |||||||
Li Mingguang | July 1969 | Masters 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 | Special Executive Director of the Insurance Institute of China
Executive Director of the China Association of Actuaries
Chief Actuary of China Life Pension Company Limited
Member of the China National Master of Insurance Education Supervisory Committee |
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. Mr. Li joined the Company in 1996 and successively served as the Deputy Division Chief, the Division Chief, an Assistant to the General Manager of the Product Development Department, the Responsible Actuary of the Company and the General Manager of the Actuarial Department.
| |||||||
Zhao Lijun | July 1963 | EMBA for the senior management | As Financial Controller since November 2016, 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 Chongqing International Trust Inc.
Director of China Guangfa Bank Co., Ltd. |
Mr. Zhao became the Financial Controller of the Company in November 2016. 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 May 2014 to April 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. From 2003 to 2012, he successively served as an Assistant to the General Manager and the General Manager of the Finance Department of the Company, the Deputy General Manager of Shandong Branch of the Company, and the General Manager of the Legal and Compliance Department.
|
14
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and
part-time jobs
|
Key working experience in
| |||||||
Xiao Jianyou | September 1968 | Double Bachelors degrees in Medicine and Law |
October 2016 | Vice President | Bao Jian Xu Ke (2015) No. 757 | Non-executive Director of China Life Property and Casualty Insurance Company Limited
Director of China Life Insurance Sales Company Limited |
Mr. Xiao became the Vice President of the Company in October 2016. He has been an Assistant to the President of the Company since July 2015. He has been a Non-executive Director of China Life Property and Casualty Insurance Company Limited since September 2015. He has been the General Manager of the Companys Jiangsu Branch since January 2014. From April 2013 to January 2014, he was the Deputy General Manager (responsible for daily operation) of the Companys Jiangsu Branch. From 2006 to 2013, he successively served as the Deputy General Manager, an Assistant to the General Manager and the Marketing Director of Jiangsu Branch, and the General Manager and the Deputy General Manager of Taizhou Branch in Jiangsu Province.
| |||||||
Zhao Peng | April 1972 | Double Masters degrees in Business Administration and 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 has been an Assistant to the President of the Company since October 2017 and the General Manager of Zhejiang Branch of the Company since January 2015. From 2014 to 2015, he successively served as the Deputy General Manager (at the general manager level of the provincial branches) and the person-in-charge of Zhejiang Branch of the Company. From 2003 to 2014, he successively held various positions in China Life Insurance (Group) Company, including the Division Chief and an Assistant to the General Manager of the Capital Management Division of the Finance Department, an Assistant to the General Manager, the Deputy General Manager and the General Manager of the Finance and Accounting Department, and the General Manager of the Finance Department.
|
15
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and
part-time jobs
|
Key working experience in the
| |||||||
Ruan Qi | July 1966 | EMBA for the senior management | April 2018 | Vice President | Yin Bao Jian Xu Ke (2018) No. 63 | Guest Professor of the Beijing University of Posts and Telecommunications | Mr. Ruan became the Vice President of the Company in April 2018. He has been the Chief Information Technology Officer of the Company since October 2016 and the General Manager (at the general manager level of provincial branches) of the Information Technology Department of the Company since March 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, and the Deputy General Manager and the General Manager of the Information Technology Department of the Company from 2004 to 2014.
| |||||||
Zhan Zhong | April 1968 | Bachelors degree in Engineering | August 2017 | Marketing Director | Mr. Zhan became the Marketing Director of the Company in August 2017. He has been the General Manager (at the general manager level of provincial branches) of the Individual Insurance Division of the Company since July 2014. Mr. Zhan served as the Deputy General Manager (responsible for daily operation), and General Manager of the Companys Qinghai Branch from 2013 to 2014. He successively served as the Deputy General Manager (responsible for daily operation) and General Manager of the Individual Insurance Division of the Company from 2009 to 2013.
|
16
Name
|
Month and
|
Academic
|
Commencement
|
Position
|
Approval document
|
Positions and
part-time jobs
|
Key working experience in the
| |||||||
Yang Hong | February 1967 | EMBA for the senior management | March 2018 | Operating 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. From 2000 to 2006, he served as the Deputy Division Chief of the Regulations Division of the Development and Research Department and the Senior Regulations Researcher of the Legal Affairs Department of the Company.
|
Notes:
1. | The above table sets out the basic information of the Directors, Supervisors and senior management as at the end of the reporting period of this report. It 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. |
17
2. | The changes of the Directors, Supervisors and senior management as at the disclosure date of this report: |
(1) | With the approval given at the 2017 Annual General Meeting and the approval by the CBIRC, Mr. Su Hengxuan has been appointed as a Non-executive Director of the sixth session of the Board of the Company with effect from July 11, 2018. |
(2) | With the approval given at the 2017 Annual General Meeting and the approval by the CBIRC, Mr. Jia Yuzeng has been appointed as a Supervisor of the Company with effect from July 11, 2018. As elected by the first meeting of the sixth session of the Board of Supervisors of the Company held on July 20, 2018, Mr. Jia Yuzeng has been appointed as the Chairman of the sixth session of the Board of Supervisors of the Company. |
(3) | With the approval given at the twenty-fourth meeting of the fifth session of the Board of Directors of the Company and the approval by the CBIRC, Mr. Xu Chongmiao has been appointed as the Compliance Officer of the Company with effect from July 17, 2018. |
(4) | On August 23, 2018, Mr. Tang Yong was nominated as a Non-employee Representative Supervisor of the sixth session of the Board of Supervisors at the second meeting of the sixth session of the Board of Supervisors of the Company. Such proposal shall be submitted to the shareholders general meeting of the Company for consideration and approval, and the qualification of Mr. Tang Yong as a Supervisor is subject to the approval of the CBIRC. |
(5) | On September 25, 2018, Mr. Wang Bin was nominated as an Executive Director of the sixth session of the Board of Directors at the fifth meeting of the sixth session of the Board of Directors of the Company. Such proposal shall be submitted to the shareholders general meeting of the Company for consideration and approval, and the qualification of Mr. Wang Bin as a Director is subject to the approval of the CBIRC. |
(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: | c-rossinfo@e-chinalife.com |
18
2. | KEY INDICATORS |
Unit: RMB ten thousand
Items | Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
Core solvency surplus |
47,246,013.27 | 45,915,427.11 | ||||||
Core solvency ratio |
262.17 | % | 262.25 | % | ||||
Comprehensive solvency surplus |
47,247,145.91 | 45,916,559.75 | ||||||
Comprehensive solvency ratio |
262.17 | % | 262.25 | % | ||||
Gross written premiums |
10,805,149.95 | 11,706,232.80 | ||||||
Net profit |
391,683.31 | 404,337.57 | ||||||
Net asset |
32,977,685.71 | 32,275,859.91 |
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 second quarter of 2018) was A Category.
3. | ACTUAL CAPITAL |
Unit: RMB ten thousand
Items | Figures of the Current Quarter |
Figures of the Preceding Quarter |
||||||
Admitted assets |
308,090,299.80 | 300,853,662.25 | ||||||
Admitted liabilities |
231,709,090.26 | 226,637,624.87 | ||||||
Actual capital |
76,381,209.54 | 74,216,037.38 | ||||||
Core tier one capital |
75,600,919.89 | 73,435,747.73 | ||||||
Core tier two capital |
779,157.01 | 779,157.01 | ||||||
Supplementary tier one capital |
1,132.64 | 1,132.64 | ||||||
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 |
29,959,446.38 | 29,101,216.13 | ||||||
Minimum capital for life insurance risk |
6,304,004.87 | 6,162,300.80 | ||||||
Minimum capital for non-life insurance risk |
519,527.45 | 508,498.61 | ||||||
Minimum capital for market risk |
29,445,221.44 | 28,581,675.48 | ||||||
Minimum capital for credit risk |
5,060,667.91 | 4,838,305.94 | ||||||
Quantitative risk diversification effect |
6,459,770.95 | 6,243,507.66 | ||||||
Loss absorption effect of special types of insurance contracts |
4,910,204.34 | 4,746,057.04 | ||||||
Minimum capital for control risk |
-825,382.75 | -801,738.50 | ||||||
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 |
29,134,063.63 | 28,299,477.63 |
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 our IRR on a quarterly basis. The result of our IRR in the second quarter of 2018 was A Category, and the result of our IRR in the first quarter of 2018 was B Category.
20
6. | RISK MANAGEMENT |
The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. Based on an unified arrangement of the Former CIRC, Beijing Bureau of the Former CIRC conducted an on-site inspection on the solvency risk management of the Company in the fourth quarter of 2016. According to the Notice Concerning the 2016 SARMRA Assessment Results (Cai Kuai Bu Han [2017] No. 202) issued by the Financial and Accounting Department of the Former CIRC, the Company got a score of 85.51 in the 2016 assessment on solvency risk management. In particular, the Company got a score of 18.24 in the foundation and environment of risk management, a score of 8.85 in the objectives and tools of risk management, a score of 8.98 in insurance risk management, a score of 9.22 in market risk management, a score of 8.69 in credit risk management, a score of 7.93 in operational risk management, a score of 8.94 in strategic risk management, a score of 6.53 in reputational risk management, and a score of 8.15 in liquidity risk management. According to the CIRC Notice Concerning Issues Regarding 2017 SARMRA Assessment (Bao Jian Cai Kuai [2017] No. 156), the Former CIRC did not conduct SARMRA assessment on the Company in 2017, and therefore, the Company continues to calculate the minimum capital for control risk based on the 2016 SARMRA assessment results.
7. | LIQUIDITY RISK |
1) | Regulatory Indicators of Liquidity |
Unit: RMB million
Name of Indicators | Figures of the Current Quarter |
|||
Actual net cash flows |
8,807 | |||
Comprehensive liquidity ratio |
| |||
Comprehensive liquidity ratio within 3 months |
127 | % | ||
Comprehensive liquidity ratio within 1 year |
5,983 | % | ||
Comprehensive liquidity ratio within 1-3 years |
-199 | % | ||
Comprehensive liquidity ratio within 3-5 years |
-2,887 | % | ||
Comprehensive liquidity ratio beyond 5 years |
25 | % | ||
Overall liquidity coverage of the Company |
| |||
Stressed scenario 1 |
5,475 | % | ||
Stressed scenario 2 |
5,906 | % |
Notes:
1. | Actual net cash flow refers to the net cash flow 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 |
21
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. |
2) | Analysis of Liquidity Risk and Measures Addressing Such Risk |
The Company has sufficient cash flows. Pursuant to the requirements of the No. 12 Solvency Regulatory Rules for Insurance Companies: 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, October 25, 2018
As at the date of this announcement, the board of directors of the Company comprises:
Executive Directors: | Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng | |
Non-executive Directors: | Yuan Changqing, Liu Huimin, Yin Zhaojun, Su Hengxuan | |
Independent Non-executive Directors: | Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, Leung Oi-Sie Elsie |
22
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