EX-99.1 2 d364503dex991.htm EX-99.1 EX-99.1

Commission File Number 001-31914

 

Exhibit 99.1

 

LOGO

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 2016)

 

1. BASIC INFORMATION

 

(1) Basic Information of the Company

 

Name of the Company in Chinese:            LOGO
Name of the Company in English:   

China Life Insurance Company Limited

Legal Representative:   

Yang Mingsheng

Registered Address:   

16 Financial Street, Xicheng District, Beijing, P.R. China

Business Scope:   

Life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sales of securities investment fund; other businesses approved by the national insurance regulatory departments. (Businesses which are subject to approvals by regulatory departments shall be conducted after the relevant approvals have been obtained.)

Business Area:   

the People’s Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the “PRC”)

 

Note:

This summary of solvency quarterly report is prepared in accordance with the Regulatory Rules of Solvency of Insurance Companies (No. 1-17) issued by the China Insurance Regulatory Commission (the “CIRC”).

 

1


Commission File Number 001-31914

 

 

(2) Shareholding Structure, Shareholders and Their Changes

 

  1) Shareholding Structure

Unit: ten thousand shares or RMB ten thousand

 

     At the beginning
of the period
    Changes in the number of shares or shareholding percentage
during the period
     At the end of the period  

Category

   Shares or
capital
contribution
     Percentage     Capital
injection by
shareholders
     Capital
reserve
transfer or
distribution
of dividend
     Equity
transfer
     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 the annual report.

 

  2) Effective Controller

The effective controller of the Company is the Ministry of Finance of the PRC. The equity and controlling relationship between the Company and its effective controller is set out below:

 

LOGO

 

2


Commission File Number 001-31914

 

 

  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      84        731,402        25.88     0  

China Securities Finance Corporation Limited

   State-owned shares      -1,954        57,231        2.02     0  

Central Huijin Asset Management Limited

   State-owned shares      0        11,972        0.42     0  

Industrial and Commercial Bank of China Limited

– China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund

   Other      -27        5,938        0.21     0  

Hong Kong Securities Clearing Company Limited

   Foreign shares      895        2,729        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  

New China Life Insurance Company Ltd.

– Participating – Group Participating

– 018L – FH001 Hu

   Other      1,354        1,354        0.05     0  

China National Nuclear Corporation

   State-owned shares      -760        1,240        0.04     0  
     

 

 

    

 

 

    

 

 

   

 

 

 

Total

        -408        2,747,566        97.21     0  
     

 

 

    

 

 

    

 

 

   

 

 

 

 

3


Commission File Number 001-31914

 

 

     
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 Hong Kong Stock Exchange do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.

 

    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 9 January 2007 to 9 January 2008.

 

    3.       

Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has the Industrial and Commercial Bank of China Limited as its asset trustee. 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.

 

(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     80,000       132,600       52,600       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     619,900       619,900       0       100.00     100.00     0.00

5

  

Golden Phoenix Tree Limited

  Subsidiary     0       0       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     0       217,600       217,600       0.00     100.00     100.00

10

  

Golden Bamboo Limited

  Subsidiary     0       173,400       173,400       0.00     100.00     100.00

11

  

Sunny Bamboo Limited

  Subsidiary     0       163,200       163,200       0.00     100.00     100.00

12

  

China Life (Beijing) Health Management Company Limited

  Subsidiary     0       173,000       173,000       0.00     100.00     100.00

 

4


Commission File Number 001-31914

 

    

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
 

13

  

Annoroad Gene Technology (Beijing) Co., Ltd.

  Associated corporation     25,000       25,000       0       16.67     14.56     -2.11

14

  

China Life Property and Casualty Insurance Company Limited

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

15

  

China Guangfa Bank Co., Ltd.

  Associated corporation     672,876       672,876       0       43.69     43.69     0.00

16

  

COFCO Futures Company Limited

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

17

  

Sino-Ocean Group Holding Limited

  Associated corporation     225,346       225,346       0       29.99     29.99     0.00

18

  

Shanghai Jinshida Winning Software Technology Co., Limited

  Associated corporation     19,200       19,200       0       23.08     23.08     0.00

19

  

GLP U.S. Income Partners II

  Associated corporation     322,925       322,925       0       25.25     25.25     0.00

20

  

Sinopec Sichuan to Eastern China Gas Transmission Pipeline Co. Ltd.

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

21

  

China Life (Sanya) Health Investment Company Limited

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

22

  

RXR 1285 Holdings JV LLC

  Joint venture     170,326       170,326       0       51.55     51.55     0.00

 

  Note 1:

The figures shown in the “Number of shares held or cost” under items numbered 1, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 18, 19, 20, 21 and 22 in this table refer to the amount of investment cost (Unit: RMB ten thousand).

 

5


Commission File Number 001-31914

 

 

(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

Yang Mingsheng   August 1955   Master’s degree in Economics  

Since May 22,

2012

  Chairman, Executive Director   Bao Jian Shou Xian (2012) No. 644  

Chairman of China Life Insurance (Group) Company

 

Chairman of China Life Property and Casualty Insurance Company Limited

 

Chairman of China Life Insurance (Overseas) Company Limited

 

Chairman of China Life Asset Management Company Limited

 

Chairman of China Guangfa Bank Co., Ltd.

 

Mr. Yang became an Executive Director and the Chairman of the Company in May 2012. He has been the Chairman of China Life Insurance (Group) Company since March 2012, the Chairman of China Life Property and Casualty Insurance Company Limited since

March 2012, the Chairman of China Life Insurance (Overseas) Company Limited since January 2013, the Chairman of China Life Asset Management Company Limited since December 2013, and the Chairman of China Guangfa Bank Co., Ltd. since September 2016. He acted as the Vice Chairman of China Insurance Regulatory Commission from 2007 to 2012.

 

6


Commission File Number 001-31914

 

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

Lin Dairen   June 1958   Bachelor’s degree in Medicine   Since October 27, 2008   Executive Director   Bao Jian Shou Xian (2008) No. 1194  

Non-executive Director of China Life Property and Casualty Insurance Company Limited

 

Non-executive Director of China Life Pension Company Limited

 

Non-executive Director of China Life Asset Management Company Limited

 

Chairman of the China Life Foundation

 

Vice Chairman of the Insurance Institute of China

 

Vice Chairman of the Insurance Association of China

 

Director of the Life Insurance Committee of the Insurance Association of China

 

Non-executive Director of China Insurance Security Fund Co., Ltd.

 

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. He is currently the Chairman of the China Life Foundation, the Vice Chairman of the Insurance Institute of China and the Insurance Association of China, a Non-executive Director of China Insurance Security Fund Co., Ltd., the Director of the

Life Insurance Committee of the Insurance Association of China and the Director of the Insurance Institutional Investors Professional Committee of the Insurance Asset Management Association of China.

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. He has been the Chief Operating Officer of the Company since August 2010.

 

7


Commission File Number 001-31914

 

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

Xu Haifeng   May 1959   Master’s 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 the Vice President of the Company since November 2014 and a Non- executive Director of China Life Asset Management Company Limited since September 2015. He served as a Non-executive Director of China Life Ecommerce Company Limited from January 2015 to January 2017. He served as the Business Controller of the Company from February 2014 and November 2014, during which he concurrently served as the General Manager of Hebei Branch of the Company.
Miao Jianmin   January 1965   Doctorate degree in Economics   Since October 27, 2008   Non-executive Director   Bao Jian Shou Xian (2008) No. 1194  

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

 

Director of China Life Asset Management Company Limited

 

Chairman of China Life Pension Company Limited

 

Executive Director of China Finance 40 Forum

 

Director of China World Trade Center Co., Ltd.

 

Director of China Shimao Investment Company Limited

  Mr. Miao became a Non-executive Director of the Company in October 2008. He is the Vice Chairman and the President of China Life Insurance (Group) Company. He is concurrently the Chairman of China Life Pension Company Limited, a Director of China Life Asset Management Company Limited and a Director of China World Trade Center Co., Ltd. He also currently holds positions such as an Executive Director of the China Finance 40 Forum.

 

8


Commission File Number 001-31914

 

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 Sidong   December 1961   Bachelor’s degree in Arts  

Since July 24,

2012

  Non-executive Director   Bao Jian Shou Xian (2012) No. 870  

Vice President of China Life Insurance (Group) Company

 

Director of China Life Pension Company Limited

 

Chairman of China Life Investment Holding Company Limited

 

Chairman of Shanghai China Insurance Building

 

Director of China World Trade Center Limited

 

Director of China Shimao Investment Company Limited

 

Director of China World Trade Center Co., Ltd.

 

Director of China Huarong Asset Management Co., Ltd.

 

Director of China Life Ecommerce Company Limited

  Mr. Wang became a Non-executive Director of the Company in July 2012. He has been the Vice President of China Life Insurance (Group) Company, the Chairman of China Life Investment Holding Company Limited, a Director of China Life Pension Company Limited, and a Director of China Life Ecommerce Company Limited since June 2004.
Liu Jiade   February 1963   Bachelor’s degree in Economics  

Since July 11,

2015

  Non-executive Director   Bao Jian Xu Ke (2015) No. 718  

Vice Chairman and the President of China Guangfa Bank Co., Ltd.

 

Supervisor of Sinopec Sales Company Limited

 

Member of the Accounting Informatization Committee of the Ministry of Finance

  Mr. Liu became a Non-executive Director of the Company in July 2015. He is the Vice Chairman and the President of China Guangfa Bank Co., Ltd. and concurrently serves as a Supervisor of Sinopec Sales Company Limited and a member of the Accounting Informatization Committee of the Ministry of Finance. Mr. Liu served as the Vice President of the Company from August 2003 to March 2014, the Chairman of China Life Pension Company Limited from March 2014 to December 2016 (in particular, he concurrently served as the President of China Life Pension Company Limited from March 2014 to March 2015), and the Vice President of China Life Insurance (Group) Company from August 2014 to October 2016.

 

9


Commission File Number 001-31914

 

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

Chang Tso Tung Stephen   November 1948   Bachelor’s degree in Science   Since October 20, 2014   Independent Director   Bao Jian Xu Ke (2014) No. 864  

Independent Non-executive Director of Kerry Properties Limited

 

Independent Non-executive Director of China Cinda Asset Management Co., Ltd.

 

Independent Non-executive Director of Hua Hong Semiconductor Limited

  Mr. Chang became an Independent Director of the Company in October 2014. From 2007 to 2013, Mr. Chang was an Independent Non- executive Director of China Pacific Insurance (Group) Co., Ltd. Mr. Chang is currently an Independent Non-executive Director of China Cinda Asset Management Co., Ltd., Kerry Properties Limited and Hua Hong Semiconductor Limited, all of which are listed on the HKSE.
Robinson Drake Pike   October 1951   Master’s degree in Economics  

Since July 11,

2015

  Independent Director   Bao Jian Xu Ke (2015) No. 718   Member of the four-member Committee of Inspection of Peregrine Fixed Income Limited   Mr. Pike became an Independent Director of the Company in July 2015. Mr. Pike served as the Managing Director of Goldman Sachs and the Chief Representative of the Beijing Representative Office of Goldman Sachs International Bank UK from August 2011 to May 2014.
Tang Xin   September 1971   Doctorate degree in Law  

Since March 7,

2016

  Independent Director   Bao Jian Xu Ke (2016) No. 150  

Member of the Listing Committee of the Shanghai Stock Exchange

 

Chairman of the Independent Director Committee of the Listed Companies Association of the PRC

 

Independent Director of Harvest Fund Management Co., Ltd.

 

Independent Director of GF Securities Co., Ltd.

 

Independent Director of Suzhou Oriza Holdings Co., Ltd.

  Mr. Tang became an Independent Director of the Company in March 2016. He is a professor of the School of Law of Tsinghua University, the Deputy Head of the Commercial Law Research Center of Tsinghua University, an associate editor of “Tsinghua Law Review”, a member of the Listing Committee of the Shanghai Stock Exchange, the Chairman of the Independent Director Committee of the Listed Companies Association of the PRC, and an Independent Director of each of Harvest Fund Management Co., Ltd., GF Securities Co., Ltd. and Suzhou Oriza Holdings Co., Ltd.

 

10


Commission File Number 001-31914

 

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

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 Beijing Tong Ren Tang Chinese Medicine Company Limited

  Ms. Leung became an Independent Director of the Company in July 2016. Ms. Leung has been an Independent Non-executive Director of United Company RUSAL Plc since December 2009, an Independent Non-executive Director of China Resources Power Holdings Company Limited since April 2010, and an Independent Non-executive Director of Beijing Tong Ren Tang Chinese Medicine Company Limited since May 2013.

 

11


Commission File Number 001-31914

 

 

  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

Miao Ping   April 1958   Correspondence College of Yangzhou University, majoring in Economics and Management  

Since July 11,

2015

  Chairman of the Supervisory Committee   Bao Jian Xu Ke (2015) No. 718       Mr. Miao became the Chairman of the Supervisory Committee of the Company in July 2015. He served as an Executive Director of the Company from July 2014 to May 2015 and the Vice President of the Company from December 2009 to May 2015.
Shi Xiangming   November 1959   Bachelor’s degree in Science  

Since May 25,

2009

  Supervisor   Bao Jian Shou Xian (2012) No. 870       Mr. Shi has been a Supervisor of the Company since May 2009, and has been the General Manager of the Supervisory Department of the Company since September 2008.
Xiong Junhong   December 1968   PhD in Finance   Since October 20, 2014   Supervisor   Bao Jian Xu Ke (2014) No. 864   Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company   Ms. Xiong has been a Supervisor of the Company since October 2014. She has been the Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company since June 2013.
Zhan Zhong   July 1968   Bachelor’s degree in Computer and Automation  

Since July 11,

2015

  Employee Representative Supervisor   Bao Jian Xu Ke (2015) No. 718       Mr. Zhan became a Supervisor of the Company in July 2015. He has been the General Manager of the Personal Insurance Division of the Company (at the general manager level of provincial branches) since July 2014. Mr. Zhan served as the General Manager of the Company’s Qinghai Branch from January 2014 to June 2014.
Wang Cuifei   January 1964   Bachelor’s degree in Economic Management  

Since July 11,

2015

  Employee Representative Supervisor   Bao Jian Xu Ke (2015) No. 718       Ms. Wang became a Supervisor of the Company in July 2015. She has been the General Manager of the Customer Services Department of the Company since September 2014. Ms. Wang served as the General Manager of the Sales Inspection Department of the Company from March 2009 to August 2014.

 

12


Commission File Number 001-31914

 

 

  3) Basic Information of the Senior Management of the Head Office

 

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   As Vice President since November 2014 and as Chief Actuary since March 2012   Vice President, Chief Actuary   Bao Jian Xu Ke (2014) No. 918  

Special Executive Director of the Insurance Institute of China

 

Executive Director of the China Association of Actuaries

  Mr. Li became the Vice President of the Company in November 2014. He became the Chief Actuary of the Company in March 2012.
Zhao Lijun   July 1963   EMBA for the senior management   July 2016   Vice President, Financial Controller  

Bao Jian Xu Ke (2016) No. 717

 

Bao Jian Xu Ke (2016) No. 1148

 

Non-executive Director of China Life Asset Management Company Limited

 

Non-executive Director of China Life Franklin Asset Management Company Limited

 

Non-executive Director of Sino-Ocean Group Holding Limited

 

Director of Chongqing International Trust Inc.

  Mr. Zhao has been the Financial Controller of the Company since November 2016. He became the Vice President of the Company in 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 the Assistant to the General Manager and the General Manager of the Finance Department of the Company, the Deputy General Manager of the Shandong Branch of the Company, and the General Manager of the Legal and Compliance Department.

 

13


Commission File Number 001-31914

 

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

Xiao Jianyou   September 1968   Double Bachelor’s 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   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 Company’s Jiangsu Branch since January 2014. From April 2013 to January 2014, he was the Deputy General Manager (responsible for daily operation) of the Company’s Jiangsu Branch. From 2006 to 2013, he successively served as the Deputy General Manager and General Manager of the Taizhou Branch in Jiangsu Province, and the General Manager of the Personal Insurance Department, Marketing Director, Assistant to the General Manager and Deputy General Manager of the Jiangsu Branch.
Zheng Yong   November 1962   Master’s degree in Law   June 2013   Board Secretary   Bao Jian Fa Gai (2013) No. 546  

Arbitrator of the China International Economics and Trade Arbitration Commission

 

Deputy Chairman of the Chamber of Hong Kong Listed Companies

  Mr. Zheng became the Board Secretary of the Company in June 2013. He previously served as the Department Head of the Ministry of Justice of the PRC, a practicing lawyer of Beijing Longan Law Firm, China Legal Service Ltd. (Hong Kong) and Beijing DeHeng Law Offices, the Deputy General Manager of the Department of Legal Affairs, the Company Secretary, and the General Manager of the Legal and Compliance Department of the Company, and an Executive Director and Vice President of China Guangfa Bank Co., Ltd.

 

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Commission File Number 001-31914

 

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

Ruan Qi   July 1966   EMBA for the senior management   October 2016   Chief Information Technology Officer       Guest Professor of the Beijing University of Posts and Telecommunications   Mr. Ruan became the Chief Information Technology Officer of the Company in October 2016. He has been 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.

 

  Note:

This table only provides the basic information of the senior management officers of the Head Office who are not Directors or Supervisors. For details of other senior management officers of the Head Office, please refer to the tables under the basic information of the Directors and Supervisors.

During this reporting period:

 

  1)

Mr. Zhao Lijun became the financial controller of the Company in November 2016.

 

  2)

Mr. Xiao Jianyou became the Vice President of the Company in October 2016.

 

  3)

Mr. Ruan Qi became the Chief Information Technology Officer of the Company in October 2016.

 

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Commission File Number 001-31914

 

 

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

 

Name of Contact Person:    Wu Hongliang   
Office Phone Number:    010-63631778   
Fax Number:    010-66575011   
E-mail:    wuhl@e-chinalife.com   

 

2. KEY INDICATORS

Unit: RMB ten thousand

 

Items

   Figures of the
Current Quarter
    Figures of
the Preceding
Quarter
 

Core solvency surplus

     41,131,594.31       43,120,291.09  

Core solvency ratio

     280.34     287.92

Comprehensive solvency surplus

     44,968,826.49       49,957,047.25  

Comprehensive solvency ratio

     297.16     317.72

Gross written premiums

     5,419,429.78       8,384,293.45  

Net profit

     641,081.37       279,691.85  

Net asset

     30,258,596.73       30,695,537.86  

 

Notes:

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

The result of the integrated risk rating of the Company in the recent quarter (being the fourth quarter of 2016) was A Category.

 

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Commission File Number 001-31914

 

 

3. ACTUAL CAPITAL

Unit: RMB ten thousand

 

Items

   Figures of the
Current Quarter
     Figures of
the Preceding
Quarter
 

Admitted assets

     265,958,730.46        264,736,853.91  

Admitted liabilities

     198,181,935.15        191,833,923.03  

Actual capital

     67,776,795.31        72,902,930.88  

Core tier one capital

     63,160,398.14        65,287,009.73  

Core tier two capital

     779,164.99        779,164.99  

Supplementary tier one capital

     3,837,232.18        6,836,756.16  

Supplementary tier two capital

     0        0  

 

4. MINIMUM CAPITAL

Unit: RMB ten thousand

 

Items

   Figures of the
Current Quarter
     Figures of
the Preceding
Quarter
 

Minimum capital for quantitative risk

     23,454,130.10        22,945,883.63  

Minimum capital for life insurance risk

     5,611,231.61        5,917,040.80  

Minimum capital for Non-life insurance risk

     392,005.27        382,223.65  

Minimum capital for market risk

     23,196,957.69        23,113,149.93  

Minimum capital for credit risk

     2,886,198.69        2,927,953.45  

Quantitative risk diversification effect

     4,617,508.57        4,744,292.38  

Loss absorption effect of special types of insurance contracts

     4,014,754.59        4,650,191.82  

Minimum capital for control risk

     -646,161.28        0  

Additional minimum capital

     0        0  

Counter-cyclical additional minimum capital

     0        0  

Additional minimum capital for DSII

     0        0  

Additional minimum capital for GSII

     0        0  

Other additional minimum capital

     0        0  

Minimum capital

     22,807,968.82        22,945,883.63  

 

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Commission File Number 001-31914

 

 

5. INTEGRATED RISK RATING

The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and in accordance with the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.

The CIRC conducts assessment on our IRR on a quarterly basis. The results of our IRR in the recent two quarters (being the fourth and third quarters of 2016) were both A Category.

 

6.

RISK MANAGEMENT

The CIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. Based on an unified arrangement of the CIRC, Beijing Bureau of the 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 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, a score of 8.15 in liquidity risk management.

 

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Commission File Number 001-31914

 

 

7. LIQUIDITY RISK

 

1) Regulatory Indicators of Liquidity

Unit: RMB million

 

Name of Indicators

   Figures of the
Current Quarter
 

Actual net cash flows

     -6,605  

Comprehensive liquidity ratio

     —    

Comprehensive liquidity ratio within 3 months

     235

Comprehensive liquidity ratio within 1 year

     345

Comprehensive liquidity ratio within 1-3 years

     -466

Comprehensive liquidity ratio within 3-5 years

     -979

Comprehensive liquidity ratio beyond 5 years

     26

Overall liquidity coverage of the Company

     —    

Stressed scenario 1

     1,989

Stressed scenario 2

     1,549

Notes:

 

1. Actual net cash flow refers to the net cash flow actually occurred during the reporting period of the Company;

 

2.      Comprehensive liquidity ratio =                       Expected total cash inflow of existing assets                        x 100%;                        
  Expected total cash outflow of existing liabilities  

 

3.

Stressed scenario 1 refers to the hypothetical scenario where the premiums from signed policies decrease by 80% as compared with the corresponding period of last year, and the surrender rate assumption is twice of that in the basic scenario (but the surrender rate does not exceed 100%);

 

4.

Stressed scenario 2 refers to the hypothetical scenario where the principal and interest of 20% of the fixed income investment which will become mature during the forecasting period cannot be repaid.

 

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Commission File Number 001-31914

 

 

2) Analysis of Liquidity Risk and Measures Addressing Such Risk

The Company has sufficient cash flows, and the liquidity indicators, such as the comprehensive liquidity ratio and the liquidity coverage ratio, remain normal. Pursuant to the requirements of the “No. 12 Solvency Regulatory Rules for Insurance Companies: Liquidity Risk” and the relevant regulations, we have established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.

 

8.

REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY

During the reporting period, there were no circumstances where the CIRC had adopted any significant regulatory measures against the Company.

 

     

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

 

Hong Kong, March 23, 2017

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

 

Executive Directors:    Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng
Non-executive Directors:    Miao Jianmin, Wang Sidong, Liu Jiade
Independent Non-executive Directors:    Chang Tso Tung Stephen, Robinson Drake Pike, Tang
   Xin, Leung Oi-Sie Elsie

 

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