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
August 23, 2023
China Life Insurance Company Limited
(Translation of registrant’s name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Commission File Number 001-31914
China Life Insurance Company Limited issued an announcement on August 23, 2023, a copy of which is attached as Exhibit 99.1 hereto.
EXHIBIT LIST
| Exhibit | Description | |
| 99.1 | Announcement, dated August 23, 2023 | |
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/ Li Mingguang | |||||
| (Signature) | ||||||
| August 23, 2023 |
Name: |
Li Mingguang | ||||
| Title: |
Principal Executive Officer and Executive Director | |||||
Commission File Number 001-31914
EXHIBIT 99.1
CHINA LIFE INSURANCE COMPANY LIMITED
ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES
Important Notice:
| • | Under the PRC GAAP, as at 30 June 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB4,218 million and an increase in liabilities of long-term health insurance contracts by RMB1,740 million, which in aggregate reduced profit before tax by RMB5,958 million for the six months ended 30 June 2023. |
| • | Under the PRC GAAP, changes in impairment criteria for available-for-sale equity instruments resulted in an increase in profit before tax by RMB5,053 million for the six months ended 30 June 2023. |
I. Introduction
The changes in accounting estimates were considered and approved at the 28th meeting of the seventh session of the Board of Directors on 23 August 2023. Under the PRC GAAP, as at 30 June 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB4,218 million and an increase in liabilities of long-term health insurance contracts by RMB1,740 million, which in aggregate reduced profit before tax by RMB5,958 million for the six months ended 30 June 2023. Changes in impairment criteria for available-for-sale equity instruments resulted in an increase in profit before tax by RMB5,053 million for the six months ended 30 June 2023.
II. Details of the Changes in Accounting Estimates and the Impact on the Company
The Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, lapse rates, expenses assumptions and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet. Under the PRC GAAP, as at 30 June 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB4,218 million and an increase in liabilities of long-term health insurance contracts by RMB1,740 million, which in aggregate reduced profit before tax by RMB5,958 million for the six months ended 30 June 2023.
Commission File Number 001-31914
The Company determined the impairment criteria for available-for-sale equity instruments based on current information available as at the date of the balance sheet. These impairment criteria were used to ascertain the impairment of available-for-sale equity instruments. The accounting estimates of the impairment criteria for available-for-sale equity instruments after change are as follows: the Company separately examines each investment in the available-for-sale equity instruments as at the date of the balance sheet, and will make impairment if the fair value of the investment in equity instruments as at the date of the balance sheet is lower than its initial investment cost by more than 50% or has been lower than its initial investment cost for a period of more than one year (inclusive). Under the PRC GAAP, such changes in accounting estimates resulted in an increase in profit before tax by RMB5,053 million for the six months ended 30 June 2023.
The Company adopted prospective application method to deal with the changes in accounting estimates.
III. Conclusive Opinions of the Independent Directors and the Board of Supervisors
The Independent Directors and the Board of Supervisors of the Company considered the changes in accounting estimates, and approved the accounting treatment on the changes in accounting estimates made by the Company.
IV. Relevant Documents for Record
| 1. | Independent opinion from the Independent Directors of the Company |
| 2. | Special statement of the Board of Directors of the Company on the changes in accounting estimates |
| 3. | Special statement of the Board of Supervisors of the Company on the changes in accounting estimates |
| The Board of Directors of China Life Insurance Company Limited 23 August 2023 |