CHINA LIFE INSURANCE COMPANY LIMITED SUMMARY OF SOLVENCY QUARTERLY REPORT OF
INSURANCE COMPANYNOTE
(FOURTH QUARTER OF 2021)
| 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: | Yuan Changqing (performing duties as the acting legal representative)1 | |
| Registered Address: | 16 Financial Street, Xicheng District, Beijing, P.R. China | |
| Business Scope: | life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sale of securities investment funds; other businesses approved by the national insurance regulatory departments. | |
| Business Area: | the People's Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the "PRC") |
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 former China Insurance Regulatory Commission.
| 1 | As considered by the Directors at the sixth meeting of the seventh session of the Board of Directors of the Company held on 13 January 2022, given that Mr. Wang Bin, a former Executive Director of the Company, was under the disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission for suspected serious violation of discipline and law, he was not able to perform his role and duties as the Chairman of the Board. In accordance with the Articles of Association, Mr. Yuan Changqing, a Non-executive Director of the Company, was elected to assume the roles and duties of the Chairman of the Board and the legal representative of the Company during the period commencing from January 13, 2022 and ending on the effective date of appointment of a new Chairman of the Board. |
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| (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 | Capital reserve
transfer and 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. As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:
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| 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
held by the during the period | Number of shares
held by the at the end of the period |
Shareholding 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 | 37 | 732,793 | 25.93 | % | 0 | |||||||||||||
China Securities Finance Corporation Limited | State-owned shares | 0 | 70,824 | 2.51 | % | 0 | |||||||||||||
Central Huijin Asset Management Limited | State-owned shares | -255 | 11,717 | 0.41 | % | 0 | |||||||||||||
Hong Kong Securities Clearing Company Limited | Foreign shares | 1,035 | 5,711 | 0.20 | % | 0 | |||||||||||||
Guosen Securities Co., Ltd. - Founder Fubon CSI Insurance Theme Index Security Investment Fund | Other | 563 | 2,233 | 0.08 | % | 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 | 240 | 1,418 | 0.05 | % | 0 | |||||||||||||
China International Television Corporation | State-owned shares | 0 | 1,000 | 0.04 | % | 0 | |||||||||||||
Li Zhuo | Natural person | 438 | 953 | 0.03 | % | 0 | |||||||||||||
Total | - | 2,057 | 2,760,503 | 97.67 | % | 0 |
Notes:
| 1. | The figures shown in the columns of "Changes in the number of shares held by the shareholder or the amount of capital contribution during the period" and "Number of shares held by the shareholder or the amount of capital contribution as at the end of the period" in this table refer to the number of shares held (Unit: Ten thousand shares). |
| 2. | Due to the impact of the difference derived from rounding, there may be a difference between the total number of "Shareholding percentage as at the end of the period" and the sum of the shareholding percentage of the top ten shareholders. |
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| Details of shareholders | 1. HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen. 2. China Universal Asset Management Co., Ltd - Industrial and Commercial Bank of China Limited - China Universal - Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited - SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies" among the top ten shareholders of the Company. |
| (3) | Subsidiaries, Joint Ventures and Associated Corporations |
Unit: Ten thousand shares or RMB ten thousand
Number of shares held or cost (Ten thousand shares or RMB ten thousand) | Shareholding percentage | |||||||||||||||||||||||||||||||||
| Company name |
Type of company | At the of the period | At the end of the period |
Change in amount | At the of the period | At the end of the period |
Change in percentage | |||||||||||||||||||||||||||
1 | China Life (Suzhou) Pension and Retirement Investment Company Limited | Subsidiary | 218,071 | 218,071 | 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 | % |
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Number of shares held or cost (Ten thousand shares or RMB ten thousand) | Shareholding percentage | |||||||||||||||||||||||||||||||||
| Company name |
Type of company | At the of the period | At the end of the period |
Change in amount | At the of the period | At the end of the period |
Change in percentage | |||||||||||||||||||||||||||
4 | Shanghai Rui Chong Investment Co., Limited | Subsidiary | 680,000 | 610,000 | -70,000 | 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 | 28,513 | 28,513 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
8 | Glorious Fortune Forever Limited | Subsidiary | 0 | 0 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
9 | Fortune Bamboo Limited | Subsidiary | 243,488 | 243,488 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
10 | Golden Bamboo Limited | Subsidiary | 199,288 | 199,288 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
11 | Sunny Bamboo Limited | Subsidiary | 187,565 | 187,565 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
12 | China Life (Beijing) Health Management Company Limited | Subsidiary | 153,000 | 153,000 | 0 | 100.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||||||
13 | Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership) | Subsidiary | 283,500 | 283,500 | 0 | 89.997 | % | 89.997 | % | 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 | 57,100 | 57,100 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||||||||
16 | Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) | Subsidiary | 57,100 | 57,100 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||||||||
17 | Shanghai Wansheng Industry Partnership (Limited Partnership) | Subsidiary | 402,400 | 402,400 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||||||||
18 | Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) | Subsidiary | 54,774 | 54,774 | 0 | 99.98 | % | 99.98 | % | 0.00 | % |
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Number of shares held or cost (Ten thousand shares or RMB ten thousand) | Shareholding percentage | |||||||||||||||||||||||||||||||||
| Company name |
Type of company | At the of the period | At the end of the period |
Change in amount | At the of the period | At the end of the period |
Change in percentage | |||||||||||||||||||||||||||
19 | Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) | Subsidiary | 54,774 | 54,774 | 0 | 99.98 | % | 99.98 | % | 0.00 | % | |||||||||||||||||||||||
20 | CBRE Global Investors U.S. Investment I, LLC | Subsidiary | 411,086 | 411,086 | 0 | 99.99 | % | 99.99 | % | 0.00 | % | |||||||||||||||||||||||
21 | China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | Subsidiary | 45,487 | 61,587 | 16,100 | 99.95 | % | 99.95 | % | 0.00 | % | |||||||||||||||||||||||
22 | Beijing China Life Pension Industry Investment Fund (Limited Partnership) | Subsidiary | 10,890 | 50,389 | 39,499 | 99.90 | % | 99.90 | % | 0.00 | % | |||||||||||||||||||||||
23 | China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) | Subsidiary | 636,600 | 606,600 | -30,000 | 99.99 | % | 99.99 | % | 0.00 | % | |||||||||||||||||||||||
24 | China Life Sales Company Limited | Subsidiary | 0 | 0 | 0 | 0.00 | % | 90.81 | % | 90.81 | % | |||||||||||||||||||||||
25 | Annoroad Gene Technology (Beijing) Co., Ltd. |
Associated corporation | 25,000 | 25,000 | 0 | 13.09 | % | 13.09 | % | 0.00 | % | |||||||||||||||||||||||
26 | China Life Property and Casualty Insurance Company Limited |
Associated corporation | 600,000 | 600,000 | 0 | 40.00 | % | 40.00 | % | 0.00 | % | |||||||||||||||||||||||
27 | China Guangfa Bank Co., Ltd. |
Associated corporation | 860,063 | 860,063 | 0 | 43.69 | % | 43.69 | % | 0.00 | % | |||||||||||||||||||||||
28 | COFCO Futures Company Limited |
Associated corporation | 29,617 | 29,617 | 0 | 35.00 | % | 35.00 | % | 0.00 | % | |||||||||||||||||||||||
29 | Sino-Ocean Group Holding Limited |
Associated corporation | 225,346 | 225,346 | 0 | 29.59 | % | 29.59 | % | 0.00 | % | |||||||||||||||||||||||
30 | Shanghai Jinshida Winning Software Technology Co., Limited |
Associated corporation | 19,200 | 19,200 | 0 | 18.31 | % | 18.31 | % | 0.00 | % |
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Number of shares held or cost (Ten thousand shares or RMB ten thousand) | Shareholding percentage | |||||||||||||||||||||||||||||||||
| Company name |
Type of company | At the of the period | At the end of the period |
Change in amount | At the of the period | At the end of the period |
Change in percentage | |||||||||||||||||||||||||||
31 | Sinopec Sichuan to East China Gas Pipeline Co., Ltd. |
Associated corporation | 2,000,000 | 2,000,000 | 0 | 43.86 | % | 43.86 | % | 0.00 | % | |||||||||||||||||||||||
32 | China United Network Communications Limited |
Associated corporation | 2,180,141 | 2,180,141 | 0 | 10.29 | % | 10.29 | % | 0.00 | % | |||||||||||||||||||||||
33 | GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership) |
Associated corporation | 730,070 | 730,070 | 0 | 81.63 | % | 81.63 | % | 0.00 | % | |||||||||||||||||||||||
34 | China Power Investment Nuclear Power Co., Ltd. |
Associated corporation | 800,000 | 800,000 | 0 | 26.76 | % | 26.76 | % | 0.00 | % | |||||||||||||||||||||||
35 | AVIC Investment Holding Limited |
Associated corporation | 600,000 | 600,000 | 0 | 16.70 | % | 16.70 | % | 0.00 | % | |||||||||||||||||||||||
36 | Wonders Information Co., Ltd. |
Associated corporation | 329,828 | 329,828 | 0 | 18.21 | % | 18.21 | % | 0.00 | % | |||||||||||||||||||||||
37 | CCB Trust Sharing No. 9 Urbanization Investment Private Equity Fund |
Associated corporation | 100,000 | 118,839 | 18,839 | 28.95 | % | 30.57 | % | 1.62 | % | |||||||||||||||||||||||
38 | Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership) |
Joint venture | 378,000 | 378,000 | 0 | 60.00 | % | 60.00 | % | 0.00 | % | |||||||||||||||||||||||
39 | China Life (Sanya) Health Investments Co., Ltd. |
Joint venture | 30,600 | 30,600 | 0 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||||||||
40 | RXR 1285 Holdings JV LLC |
Joint venture | 136,473 | 129,007 | -7,466 | 51.55 | % | 51.55 | % | 0.00 | % | |||||||||||||||||||||||
41 | Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) |
Joint venture | 1,505,070 | 1,495,570 | -9,500 | 49.9999 | % | 49.9999 | % | 0.00 | % |
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Number of shares held or cost (Ten thousand shares or RMB ten thousand) | Shareholding percentage | |||||||||||||||||||||||||||||||||
| Company name |
Type of company | At the of the period | At the end of the period |
Change in amount | At the of the period | At the end of the period |
Change in percentage | |||||||||||||||||||||||||||
42 | China Life Haikong (Hainan) Healthy Investment Co., Ltd. |
Joint venture | 10,200 | 22,950 | 12,750 | 51.00 | % | 51.00 | % | 0.00 | % | |||||||||||||||||||||||
43 | China Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) |
Joint venture | 19,500 | 19,500 | 0 | 59.82 | % | 59.82 | % | 0.00 | % | |||||||||||||||||||||||
44 | China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) |
Joint venture | 19,500 | 19,500 | 0 | 59.82 | % | 59.82 | % | 0.00 | % | |||||||||||||||||||||||
45 | China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership) |
Joint venture | 913,968 | 881,668 | -32,300 | 84.99 | % | 84.99 | % | 0.00 | % | |||||||||||||||||||||||
46 | Shandong New and Old Kinetic Energy Conversion China Life High-end Equipment Equity Investment Fund Partnership (Limited Partnership) |
Joint venture | 1,000 | 1,000 | 0 | 79.00 | % | 79.00 | % | 0.00 | % | |||||||||||||||||||||||
47 | China Life (Jiangsu) Jiequan Health Industry Investment Fund (Limited Partnership) |
Joint venture | 118,800 | 141,600 | 22,800 | 60.00 | % | 60.00 | % | 0.00 | % |
| Note: | The figures shown in the "Number of shares held or cost" column under items numbered 1, 4-26 and 30-47 in this table refer to the amount of investment cost (Unit: RMB ten thousand). |
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| (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 | No. for job | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||||
| Su Hengxuan | February 1963 | Doctoral degree in Management | Since December 20, 2018 | Executive Director | Yin Bao Jian Xu Ke (2018) No. 562 | Vice President of China Life Insurance (Group) Company CPPCC member of Xicheng District, Beijing Director of China Life Asset Management Company Limited Director of China Life Pension Company Limited Director of China Life Property and Casualty Insurance Company Limited Director of China Guangfa Bank Co., Ltd. | Mr. Su became an Executive Director of the Company in December 2018. He has been the President of the Company since April 2019, and the Vice President of China Life Insurance (Group) Company since December 2017. He was the President of China Life Pension Company Limited from March 2015 to February 2018. | |||||||||
| Li Mingguang | July 1969 | Master's degree in Economics, EMBA for the senior management | Since August 16, 2019 | Executive Director | Jing Yin Bao Jian Fu (2019) No. 635 | Executive Director of the China Association of Actuaries Chief Actuary of China Life Pension Company Limited Director of China Life Asset Management Company Limited | Mr. Li became an Executive Director of the Company in August 2019. He has been the Board Secretary of the Company since June 2017, the Vice President of the Company since November 2014 and the Chief Actuary of the Company since March 2012. |
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| Name | Month and year of birth | Academic qualification (degree) |
Commencement date | Position | No. for job | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||||
| Huang Xiumei | June 1967 | Bachelor's degree | Since July 1, 2021 | Executive Director | Jing Yin Bao Jian Fu (2020) No. 232 Jing Yin Bao Jian Fu (2020) No. 261 | Director of Sino-Ocean Group Holding Limited Director of China Life Franklin Asset Management Company Limited Director of China Life Asset Management Company Limited | Ms. Huang became an Executive Director of the Company in July 2021. She has been the Vice President and the Person in Charge of Finance of the Company since May 2020. She served as a Director of China Life Pension Company Limited from 2018 to 2021. She served as the Vice President, the Board Secretary and the Person in Charge of Finance of China Life Pension Company Limited from 2016 to 2020. | |||||||||
| Yuan Changqing | September 1961 | Master's degree in Business Administration | Since February 11, 2018 | Non- executive Director | Bao Jian Xu Ke (2018) No. 196 | Vice Chairman and President of China Life Insurance (Group) Company Chairman of China Life Asset Management Company Limited Chairman of China Life Property and Casualty Insurance Company Limited Director of China Shimao Investment Company Limited Director of China World Trade Center Limited Vice Chairman of the China Chamber of International Commerce Honorary Chairman of China Life Foundation Vice Chairman of the National Association of Financial Market Institutional Investors | Mr. Yuan became a Non-executive Director of the Company in February 2018. He is the Deputy Secretary to the Party Committee, Vice Chairman and President of China Life Insurance (Group) Company. Mr. Yuan served as the Deputy Secretary to the Party Committee and the Chairman of the Supervisory Committee of Agricultural Bank of China Limited from April 2015 to May 2017. |
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| Name | Month and year of birth | Academic qualification (degree) |
Commencement date | Position | No. for job | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||||
| Wang Junhui | July 1971 | Doctoral degree in Finance | Since August 16, 2019 | Non- executive Director | Jing Yin Bao Jian Fu (2019) No. 635 | Chief Investment Officer of China Life Insurance (Group) Company President and Director of China Life Asset Management Company Limited Non-executive Director of China Life Property and Casualty Insurance Company Limited Director of China Life Insurance (Overseas) Company Limited Chairman of China Life AMP Asset Management Company Limited Director of China United Network Communications Limited Chairman of Binhai (Tianjin) Financial Assets Trade Center Co., Ltd. Chairman of the Insurance Asset Management Association of China Executive Director of the Insurance Association of China | Mr. Wang became a Non-executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016. He has been a Director of China Life Insurance (Overseas) Company Limited since June 2020, the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited since December 2016. |
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| Name | Month and year of birth | Academic qualification (degree) |
Commencement date | Position | No. for job | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||||
| Tang Xin | September 1971 | Doctoral degree in Law | Since March 7, 2016 | Independent Director | Bao Jian Xu Ke (2016) No. 150 | Head of the Commercial Law Research Center of Tsinghua University Member of the Listing Committee of the Shanghai Stock Exchange Chairman of the Independent Director Committee of the China Association for Public Companies Member of the Legal Professional Advisory Committee of the Shenzhen Stock Exchange Member of the Legislative Affair Committee of the Asset Management Association of China Independent Director of Harvest Fund Management Co., Ltd. Independent Director of Bank of Guizhou Co., Ltd. | Mr. Tang became an Independent Director of the Company in March 2016. |
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| Name | Month and year of birth | Academic qualification (degree) |
Commencement date | Position | No. for job | 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 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. | |||||||||
| Lam Chi Kuen | April 1953 | Higher Diploma in Accounting | Since June 29, 2021 | Independent Director | Yin Bao Jin Fu (2021) No. 503 | Independent Non-executive Director of China Cinda Asset Management Co., Ltd. Independent Non-executive Director of Luks Group (Vietnam Holdings) Company Limited | Mr. Lam became an Independent Director of the Company in June 2021. | |||||||||
| Zhai Haitao | January 1969 | Master's degrees in International Affairs and Business Administration | Since October 14, 2021 | Independent Director | Yin Bao Jin Fu (2021) No. 778 | President and Founding Partner of Primavera Capital Group Independent Director of China Everbright Environment Group Limited Independent Director of China Everbright Water Limited Independent Director of Lianyin Venture Capital Co., Ltd. (a wholly-owned subsidiary of China UnionPay Group) | Mr. Zhai became an Independent Director of the Company in October 2021. |
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| 2) | Basic Information of the Supervisors |
| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Jia Yuzeng | June 1962 | Master's degree in Business Administration | Since July 11, 2018 | Chairman of the Board of Supervisors | Yin Bao Jian Xu Ke (2018) No. 562 | Executive Director of the Insurance Society of China Director of China Insurance Security Fund Co., Ltd. | Mr. Jia became the Chairman of the Board of Supervisors of the Company in July 2018. From 2013 to 2018, heserved as the Vice President and the Board Secretary of China Life Pension Company Limited. | |||||||
| Cao Qingyang | May 1963 | Doctoral degree in Economics | Since July 12, 2019 | Employee Representative Supervisor | Jing Yin Bao Jian Fu (2019) No. 492 | Mr. Cao became a Supervisor of the Company in July 2019. He has been the General Manager of the Product Development Department of the Company since February 2011. | ||||||||
| Wang Xiaoqing | October 1965 | Bachelor's degree in Engineering | Since December 27, 2019 | Employee Representative Supervisor | Jing Yin Bao Jian Fu (2019) No. 1110 | Ms. Wang became a Supervisor of the Company in December 2019. She has been the General Manager of the Risk Management Department of the Company since July 2020. She served as the Deputy General Manager of the Risk Management Department of the Company from April 2018 to July 2020, and the Secretary to the Discipline Inspection Committee of Tibet Autonomous Region Branch of the Company from May 2016 to April 2018. |
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| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Lai Jun | May 1964 | Bachelor's degree | Since October 14, 2021 | Employee Representative Supervisor | Yin Bao Jian Fu (2021) No. 778 | Mr. Lai became a Supervisor of the Company in October 2021. He has been the General Manager of the Human Resources Department of the Company since May 2021. From 2015 to 2021, he successively served as the main person in charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Hainan Branch, as well as the General Manager of Xinjiang Branch of the Company. | ||||||||
| Niu Kailong | September 1974 | Doctoral degree in Economics | Since October 14, 2021 | Non-Employee Representative Supervisor | Yin Bao Jian Fu (2021) No. 778 | General Manager of the Strategic Planning Department of China Life Insurance (Group) Company President of China Life Institute of Finance | Mr. Niu became a Supervisor of the Company in October 2021. |
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| 3) | Basic Information of the Senior Management of the Head Office |
| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval 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 | Since April 2018 | Vice President | Yin Bao Jian Xu Ke (2018) No. 63 | Mr. Ruan became the Vice President of the Company in April 2018. He served as the Chief Information Technology Officer of the Company from January 2018 to April 2018. He served as the Chief Information Technology Officer and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from October 2016 to January 2018. | ||||||||
| Zhan Zhong | July 1968 | Bachelor's degree in Engineering | Since July 2019 | Vice President | Jing Yin Bao Jian Fu (2019) No. 493 | Director of Sino-Ocean Group Holding Limited | Mr. Zhan became the Vice President of the Company in July 2019. He served as the Marketing Director of the Company from August 2017 to July 2019, and the General Manager of the Individual Insurance Sales Department of the Company from July 2014 to August 2019. He served as an Employee Representative Supervisor of the Company from July 2015 to August 2017. |
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| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Yang Hong | February 1967 | EMBA for the senior management | Since July 2019 | Vice President | Jing Yin Bao Jian Fu (2019) No. 493 | Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019, and the General Manager of the Operation and Service Center of the Company from January 2018 to August 2019. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches) of the Business Management Department, and the General Manager (at the general manager level of the provincial branches) of the Business Process Management Department of the Company from 2011 to 2018. |
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| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Zhao Guodong | November 1967 | Bachelor's degree | Since October 2019 | Assistant to the President | Jing Yin Bao Jian Fu (2019) No. 851 | Mr. Zhao became an Assistant to the President of the Company in October 2019. He has been the General Manager of Jiangsu Branch of the Company since July 2018. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing Branch, and the General Manager of Hunan Branch of the Company. | ||||||||
| Liu Yuejin | April 1967 | Bachelor's degree in Economics | Since June 2021 | Assistant to the President | Yin Bao Jian Fu (2021) No. 445 | Mr. Liu became an Assistant to the President of the Company in June 2021. He has been the General Manager of Guangdong Branch of the Company since March 2020. During the period from November 2017 to March 2020, he served as the General Manager of Chongqing Branch of the Company. From 2012 to 2017, he successively served as the Deputy General Manager of Shanxi Branch and the Deputy General Manager (responsible for daily operations) and the General Manager of Guizhou Branch of the Company. |
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| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Zhang Di | January 1968 | Bachelor's degree in Engineering | Since December 2021 | Assistant to the President | Yin Bao Jian Fu (2021) No. 1034 | Director of China Guangfa Bank Co., Ltd. Director of COFCO Futures Company Limited | Ms. Zhang became an Assistant to the President of the Company in December 2021. She has successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Investment Management Department of the Company, and the General Manager of the Investment Management Center of the Company since July 2016. | |||||||
| Xu Chongmiao | October 1969 | Doctoral degree in Law | Since July 2018 | Compliance Officer | Yin Bao Jian Xu Ke (2018) No. 593 | Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General Manager of the Legal and Compliance Department and the Legal Officer of the Company since September 2014. |
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| Name | Month and year of birth | Academic qualification (degree) | Commencement date | Position | Approval No. for job qualification | Positions and part-time jobs held in affiliates and other entities | Key working experience in the recent five years | |||||||
| Liu Fengji | October 1969 | EMBA for the senior management | Since December 2021 | Person in Charge of Audit | Yin Bao Jian Fu (2021) No. 1032 | Mr. Liu became the Person in Charge of Audit of the Company in December 2021. During the period from October 2021 to December 2021, he served as the temporary Person in Charge of Audit of the Company. He has been the General Manager of the Audit Department of the Company since February 2021. During the period from February 2018 to February 2021, he served as the General Manager of Tianjin Branch of the Company. From 2016 to 2018, he successively served as the main person in charge, the Deputy General Manager (responsible for daily operations) and the General Manager of Qinghai Branch of the Company. |
Notes:
| 1. | All information set forth in this table is as at the end of the reporting period, and this table only provides the basic information of the senior management officers of the Head Office who are not Directors or Supervisors. For details of other senior management officers of the Head Office, please refer to the tables under the basic information of the Directors and Supervisors. |
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| 2. | The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report: |
| 1) | As considered by the Directors at the sixth meeting of the seventh session of the Board of Directors of the Company held on 13 January 2022, given that Mr. Wang Bin, a former Executive Director of the Company, was under the disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission for suspected serious violation of discipline and law, he was not able to perform his role and duties as the Chairman of the Board. In accordance with the Articles of Association, Mr. Yuan Changqing, a Non-executive Director of the Company, was elected to assume the roles and duties of the Chairman of the Board and the legal representative of the Company during the period commencing from January 13, 2022 and ending on the effective date of appointment of a new Chairman of the Board. |
| 2) | The Board of Directors of the Company received a resignation letter from Mr. Wang Bin on February 23, 2022. As Mr. Wang Bin was not able to perform his role and duties as a Director, he resigned from his positions as the Chairman of the Board and an Executive Director of the Company. The resignation took effect on the same day. |
| 3) | Following the approval by the shareholders of the Company at the AGM and the CBIRC, Mr. Zhai Haitao became an Independent Director of the Company on October 14, 2021. Mr. Robinson Drake Pike ceased to perform the duties as Independent Director of the Company on the same day. |
| 4) | As Mr. Tang Xin had served as an Independent Director of the Company for six consecutive years, he tendered his resignation from such position to the Board of Directors of the Company on March 6, 2022 pursuant to the relevant regulations. Since the resignation of Mr. Tang Xin will result in the number of Independent Directors falling below the minimum number required by the relevant regulations and the Articles of Association, Mr. Tang Xin will continue to perform his duties as an Independent Director until the qualification of a new Independent Director is approved by the CBIRC. |
| 5) | Following the approval by the shareholders of the Company at the AGM and the CBIRC, Mr. Niu Kailong became a Non-employee Representative Supervisor of the Company on October 14, 2021. Mr. Han Bing resigned from his position of Non-employee Representative Supervisor of the Company on October 18, 2021. |
| 6) | Following the approval by the sixth extraordinary meeting of the third session of the employee representative meeting and the CBIRC, Mr. Lai Jun became an Employee Representative Supervisor of the Company on October 14, 2021. |
| 7) | Following the approval by the CBIRC and the resolution adopted by the Board of Directors Ms. Zhang Di became an Assistant to the President on December 27, 2021. In accordance with the resolution adopted by the Board of Directors, Ms. Zhang Di became the Chief Investment Officer of the Company on January 12, 2022. |
| 8) | Following the approval by the CBIRC and the resolution adopted by the Board of Directors, Mr. Liu Fengji became the Person in Charge of Audit of the Company on December 27, 2021. |
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| (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 |
| 2. | KEY INDICATORS |
| Unit: RMB ten thousand |
| Items |
Figures of the Current Quarter |
Figures of the Preceding Quarter | ||||||
Core solvency surplus | 61,841,482.61 | 62,927,297.36 | ||||||
Core solvency ratio | 253.70% | 257.51% | ||||||
Comprehensive solvency surplus | 65,342,713.67 | 66,428,063.89 | ||||||
Comprehensive solvency ratio | 262.41% | 266.28% | ||||||
Gross written premiums | 6,488,981.19 | 11,113,781.49 | ||||||
Net profit | 425,762.36 | 704,482.21 | ||||||
Net asset | 47,705,646.07 | 46,798,429.58 |
| Note: | Gross written premiums, net profit and net asset are prepared in accordance with the China Accounting Standards for Business Enterprises. |
As at the disclosure date of this summary, the result of the integrated risk rating of the Company in the recent quarter (being the fourth quarter of 2021) was A Category.
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| 3. | ACTUAL CAPITAL |
| Unit: RMB ten thousand |
| Items |
Figures of the Current Quarter |
Figures of the Preceding Quarter | ||||||
Admitted assets | 482,756,292.17 | 467,840,868.96 | ||||||
Admitted liabilities | 377,179,444.36 | 361,462,455.62 | ||||||
Actual capital | 105,576,847.81 | 106,378,413.34 | ||||||
Core tier one capital | 102,075,616.75 | 102,877,646.81 | ||||||
Core tier two capital | 0 | 0 | ||||||
Supplementary tier one capital | 3,501,231.06 | 3,500,766.53 | ||||||
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 | 41,253,085.35 | 40,962,113.66 | ||||||
Minimum capital for life insurance risk | 7,450,846.73 | 7,578,687.93 | ||||||
Minimum capital for non-life insurance risk | 826,422.84 | 838,339.49 | ||||||
Minimum capital for market risk | 39,192,450.26 | 38,938,955.40 | ||||||
Minimum capital for credit risk | 6,954,790.31 | 6,876,950.65 | ||||||
Quantitative risk diversification effect | 8,457,677.86 | 8,461,148.61 | ||||||
Loss absorption effect of special types of insurance contracts | 4,713,746.95 | 4,809,671.19 | ||||||
Minimum capital for control risk | -1,018,951.21 | -1,011,764.21 | ||||||
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 | 40,234,134.14 | 39,950,349.46 |
Note: Due to rounding, there may be difference between the total amount and the sum of individual amounts.
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| 5. | INTEGRATED RISK RATING |
The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CBIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and based on the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.
The CBIRC conducts assessment on the IRR of the Company on a quarterly basis. The results of the IRR of the Company in the recent two quarters (being the third quarter of 2021 and the fourth quarter of 2021) were both A Category.
| 6. | RISK MANAGEMENT |
The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirement and Assessment (SARMRA) on 35 insurance companies in 2018. According to the "Notice Concerning the 2018 SARMRA Assessment Results" (Yin Bao Jian Cai [2018] No. 125), the Company got a score of 84.94 in the assessment and the respective scores in nine areas are as follows: 17.76 in the foundation and environment of risk management, 8.41 in the objectives and tools of risk management, 8.60 in insurance risk management, 8.65 in market risk management, 8.61 in credit risk management, 8.59 in operational risk management, 8.77 in strategic risk management, 7.34 in reputational risk management, and 8.22 in liquidity risk management.
| 7. | LIQUIDITY RISK |
| 1) | Regulatory Indicators of Liquidity |
| Unit: RMB million |
| Name of Indicators |
Figures of the Current Quarter | |||
Actual net cash flows | 358,427 | |||
Comprehensive liquidity ratio | ||||
Comprehensive liquidity ratio within 3 months | 245% | |||
Comprehensive liquidity ratio within 1 year | 613% | |||
Comprehensive liquidity ratio within 1-3 years | -442% | |||
Comprehensive liquidity ratio within 3-5 years | 763% | |||
Comprehensive liquidity ratio beyond 5 years | 37% | |||
Overall liquidity coverage of the Company | ||||
Stressed scenario 1 | 4,066% | |||
Stressed scenario 2 | 3,733% |
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Notes:
| 1. | Actual net cash flows refer to the net cash flows of the Company during the reporting period, and such figure is derived from the cash flows pressure test table of C-ROSS; |
| 2. | Comprehensive liquidity ratio = | Expected total cash inflow of existing assets Expected total cash outflow of existing liabilities | × 100%; |
| 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 absolute value of 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 "Regulatory Rules of Solvency of Insurance Companies No. 12: Liquidity Risk" and the relevant regulations, the Company has established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.
| 8. | REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY |
During the reporting period, there were no circumstances where the CBIRC had adopted any significant regulatory measures against the Company.
| By Order of the Board |
China Life Insurance Company Limited Heng Victor Ja Wei |
| Company Secretary |
Hong Kong, March 24, 2022
As at the date of this announcement, the board of directors of the Company comprises:
| Executive Directors: | Su Hengxuan, Li Mingguang, Huang Xiumei | |
| Non-executive Directors: | Yuan Changqing, Wang Junhui | |
| Independent Non-executive Directors: | Tang Xin, Leung Oi-Sie Elsie, Lam Chi Kuen, Zhai Haitao |
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China Life Insurance Co. Ltd. published this content on 24 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2022 20:23:15 UTC.
