Docoh
Loading...

LFC China Life Insurance

Filed: 28 Apr 21, 4:34pm

Commission File Number 001-31914

EXHIBIT 99.1

 

LOGO

中國人壽保險股份有限公司

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

(FIRST 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:

  

Wang Bin

  

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”)

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.

 

2.

According to the “Plan for Institutional Reform of the State Council” voted and passed at the first meeting of the 13th National People’s Congress of the PRC, the China Banking and Insurance Regulatory Commission (the “CBIRC”) has been formed through the consolidation of the duties and responsibilities of both the China Banking Regulatory Commission and the China Insurance Regulatory Commission, and such two commissions will no longer exist. The CBIRC has officially been put into operation since April 8, 2018.

 

1


(2)

Shareholding Structure, Shareholders and Their Changes

 

 1)

Shareholding Structure

Unit: Ten thousand shares or RMB ten thousand

Category         Changes in the number of shares or shareholding percentage         
 At the beginning of the period  during the period  At the end of the period 
             Capital reserve                 
 Shares or      Capital  transfer and          Shares or     
 capital      injection by  distribution of  Equity      capital     
 contribution  Percentage (%)  shareholders  dividend  transfer  Sub-total  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 “MOF”). As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:

 

LOGO

 

 Note:

In order to consistently carry out the relevant arrangements under the “Notice of the State Council on Issuing the Implementation Plan for Transferring Part of State-owned Capital to Supplement Social Security Fund” (Guo Fa [2017] No. 49), the CBIRC has approved the one-off transfer by the MOF of 10% of its equity interest in China Life Insurance (Group) Company (“CLIC”) to the National Council for Social Security Fund (the “SSF”) (the “Gratuitous Transfer”) in accordance with the “Reply for the Approval of Change of Shareholder of China Life Insurance (Group) Company” (CBIRC’s Reply [2020] No. 63). Following completion of the Gratuitous Transfer, the MOF and the SSF hold 90% and 10% equity interest in CLIC, respectively.

 

 

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 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   175    732,909    25.93  0 

China Securities Finance Corporation Limited

  State-owned shares   -1,570    70,824    2.51  0 

Central Huijin Asset Management Limited

  State-owned shares   0    11,972    0.42  0 

Hong Kong Securities Clearing Company Limited

  Foreign shares   333    5,176    0.18  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   -239    1,001    0.04  0 

China International Television Corporation

  State-owned shares   0    1,000    0.04  0 

China National Nuclear Corporation

  State-owned shares   0    895    0.03  0 

Feng Xiang

  Natural person   60    850    0.03  0 

Total

  –     -1,241    2,758,482    97.60  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.

 

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 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 
                 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    199,065    199,065    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


                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
 
 

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   9,539   18,967   9,428   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   401,200   402,400   1,200   99.98  99.98  0.00
 

18

 

Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership)

  Subsidiary   53,256   53,256   0   99.98  99.98  0.00
 

19

 

Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership)

  Subsidiary   53,256   53,256   0   99.98  99.98  0.00
 

20

 

CBRE Global Investors U.S. Investment I, LLC

  Subsidiary   366,046   411,086   45,040   99.99  99.99  0.00

 

5


                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
 
 

21  

 

China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership)

  Subsidiary   29,451   29,451   0   99.95  99.95  0.00
 

22

 

Beijing China Life Pension Industry Investment Fund (Limited Partnership)

  Subsidiary   900   900   0   99.90  99.90  0.00
 

23

 

China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership)

  Subsidiary   100   338,350   338,250   99.99  99.99  0.00
 

24

 

Annoroad Gene Technology (Beijing) Co., Ltd.

  
Associated
corporation
 
 
  25,000   25,000   0   13.09  13.09  0.00
 

25

 

China Life Property and Casualty Insurance Company Limited

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

26

 

China Guangfa Bank Co., Ltd.

  
Associated
corporation
 
 
  860,063   860,063   0   43.69  43.69  0.00
 

27

 

COFCO Futures Company Limited

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

28

 

Sino-Ocean Group Holding Limited

  
Associated
corporation
 
 
  225,346   225,346   0   29.59  29.59  0.00
 

29

 

Shanghai Jinshida Winning Software Technology Co., Limited

  
Associated
corporation
 
 
  19,200   19,200   0   19.25  18.31  -0.94
 

30

 

Sinopec Sichuan to East China Gas Pipeline Co., Ltd.

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

31

 

China United Network Communications Limited

  
Associated
corporation
 
 
  2,180,141   2,180,141   0   10.29  10.29  0.00
 

32

 

GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership)

  
Associated
corporation
 
 
  687,845   687,845   0   81.63  81.63  0.00
 

33

 

China Power Investment Nuclear Power Co,. Ltd.

  
Associated
corporation
 
 
  800,000   800,000   0   26.76  26.76  0.00
 

34

 

AVIC Investment Holding Limited

  
Associated
corporation
 
 
  600,000   600,000   0   16.70  16.70  0.00
 

35

 

Wonders Information Co., Ltd.

  
Associated
corporation
 
 
  329,828   329,828   0   18.21  18.21  0.00

 

6


    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
 
                                     

36

  

CCB Trust Sharing No. 9 Urbanization Investment Private Equity Fund

   
Associated
corporation
 
 
   100,000    100,000    0    24.89  24.89  0.00

37

  

Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership)

   
Joint
venture
 
 
   378,000    378,000    0    60.00  60.00  0.00

38

  

China Life (Sanya) Health Investments Co., Ltd.

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

39

  

RXR 1285 Holdings JV LLC

   
Joint
venture
 
 
   136,473    136,473    0    51.55  51.55  0.00

40

  

Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership)

   
Joint
venture
 
 
   1,085,330    1,396,130    310,800    49.9999  49.9999  0.00

41

  

China Life Haikong (Hainan) Healthy Investment Co., Ltd.

   
Joint
venture
 
 
   10,200    10,200    0    51.00  51.00  0.00

42

  

China Life Vanke No. 1(Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)

   
Joint
venture
 
 
   15,600    19,500    3,900    59.82  59.82  0.00

43

  

China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership)

   
Joint
venture
 
 
   15,600    19,500    3,900    59.82  59.82  0.00

44

  

China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership)

   
Joint
venture
 
 
   913,968    913,968    0    84.99  84.99  0.00

45

  

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

46

  

China Life (Jiangsu) Jiequan Health Industry Investment Fund (Limited Partnership)

   
Joint
venture
 
 
   35,400    35,400    0    60.00  60.00  0.00

 

 Note:

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

 

7


(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

                               

 

Wang Bin

  November 1958 Doctoral degree in Economics Since December 3, 2018 Chairman, Executive Director Yin Bao Jian Fu (2018) No. 322 

Chairman of China Life Insurance (Group) Company

 

Director of China Shimao Investment Company Limited

 

Director of China World Trade Center Limited

 

Chairman of China Guangfa Bank Co., Ltd.

 Mr. Wang became an Executive Director and the Chairman of the Company in December 2018. He has been the Chairman and the Secretary to the Party Committee of China Life Insurance (Group) Company since August 2018. From March 2012 to August 2018, he served as the Chairman and the Secretary to the Party Committee of China Taiping Insurance Group Ltd.
 

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.

 

8


                               

 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 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

 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.
        
 

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

 

Director of China Life Asset Management Company Limited

 

Chairman of China Life Pension 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

 

Vice Chairman of the National Association of Financial Market Institutional Investors

 

Mr. Yuan became a Non-executive Director of the Company in February 2018. He is the Vice Chairman, President and Deputy Secretary to the Party Committee of China Life Insurance (Group) Company. Mr. Yuan served as the Chairman of the Supervisory Committee and the Deputy Secretary to the Party Committee of Agricultural Bank of China Limited from April 2015 to May 2017.

 

9


                               

 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 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 of China Life Asset Management Company Limited

 

Director of China Life Insurance (Overseas) Company Limited

 

Director of China Life Property and Casualty Insurance Company Limited

 

Chairman of China Life AMP Asset Management Company Limited

 

Chairman of China Life Franklin Asset Management Company Limited

 

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

 

Director of China United Network Communications Limited

 Mr. Wang became a Non-executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016, the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited since December 2016. From 2004 to 2016, he served as an Assistant to the President and the Vice President of China Life Asset Management Company Limited, and the President of China Life Investment Holding Company Limited.

 

10


                               

 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 Hua Hong Semiconductor Limited

 Mr. Chang became an Independent Director of the Company in October 2014.
        
 

Robinson Drake Pike

  October 1951 Master’s degree in Economics Since July 11, 2015 Independent Director Bao Jian Xu Ke (2015) No. 718 Director of Yale-China Association Mr. Pike became an Independent Director of the Company in July 2015.
        
 

Tang Xin

  September 1971 Doctoral 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

 

Member of the Legal Professional Advisory Committee of the Shenzhen Stock Exchange

 

Chairman of the Independent Director Committee of the China Association for Public Companies

 

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.

 

11


                               

 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 PetroChina Company Limited

 Ms. Leung became an Independent Director of the Company in July 2016.

 

12


 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

        
 

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, he served as the Vice President and the Board Secretary of China Life Pension Company Limited.
        
 

Han Bing

  November 1971 Bachelor’s degree in Economics Since July 12, 2019 Supervisor Jing Yin Bao Jian Fu (2019) No. 492   Mr. Han became a Supervisor of the Company in July 2019. He has been the General Manager of the Human Resources Department of the Company since December 2018. He served as the General Manager of the Human Resources Department of China Life Pension Company Limited from March 2016 to December 2018. During the period from 2014 to 2016, he successively served as the Deputy General Manager of Ningbo Branch, and the Deputy General Manager of Tibet Autonomous Region Branch of the Company.

 

13


                               

 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

        
 

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. From 2010 to 2016, she successively served as an Assistant to the General Manager and the Deputy General Manager of the County Insurance Department, and the Deputy General Manager of the Audit Department of the Company.

 

14


 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

                               

 

Huang Xiumei

  June 1967 Bachelor’s degree Since May 2020 Vice President, Person in Charge of Finance 

Jing Yin Bao Jian Fu (2020) No. 232

Jing Yin

Bao Jian Fu (2020) No. 261

 

Director of China Life Pension Company Limited

 

Director of China Life Franklin Asset Management Company Limited

 

Director of Sino-Ocean Group Holding Limited

 Ms. Huang became the Vice President and the Person in Charge of Finance of the Company in May 2020. 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. She served as the Financial Controller and the General Manager of the Financial Management Department of the Company from 2014 to 2016.
 

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. He successively 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.

 

15


  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

                               

 

Zhan Zhong

  April 1968 Bachelor’s degree in Engineering Since July 2019 Vice President Jing Yin Bao Jian Fu (2019) No. 493   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 an Employee Representative Supervisor of the Company from July 2015 to August 2017. He served as the General Manager (at the general manager level of provincial branches) of the Individual Insurance Sales Department of the Company from July 2014 to August 2017.
 

Yang Hong

  February 1967 EMBA for the senior management Since July 2019 Vice President Jing Yin Bao Jian Fu (2019) No. 493 Vice President of China Life E-commerce Company Limited 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. 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.

 

16


  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

                               

 

Zhao Guodong

  November 1967 Bachelor’s degree Since October 2019 Assistant to the President Jing Yin Bao Jian Fu (2019) No. 851 

Chairman of the Insurance Society of Jiangsu Province

 

Vice Chairman of the Insurance Association of Jiangsu Province

 Mr. Zhao became an Assistant to the President in October 2019. He has been the General Manager of Jiangsu Branch of the Company since August 2018. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing Branch, and the General Manager of Hunan Branch of the Company. From 2007 to 2016, he successively served as the Deputy General Manager of Fujian Branch and the Deputy General Manager of Hunan Branch of the Company.
 

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.
 

Yang Chuanyong

  March 1963 EMBA for the senior management Since December 2020 Person in Charge of Audit Jing Yin Bao Jian Fu (2020) No. 993   Mr. Yang became the Person in Charge of Audit of the Company in December 2020. He has been the General Manager (at the general manager level of the provincial branches) of the Audit Department of the Company since June 2019. From 2012 to 2019, he successively served as the General Manager of the Legal and Compliance Department, the Director of the Office of the Company and the General Manager of the Company’s Branch of Guangxi Zhuang Autonomous Region.

 

17


Notes:

 

 1.

All information set forth in this table is as at the reporting time, 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.

 

 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 Mr. Chang Tso Tung Stephen has served as an Independent Director of the Company for six years, pursuant to the relevant regulations of the PRC, he has tendered his resignation as an Independent Director of the Company, the Chairman of the Strategy and Assets and Liabilities Management Committee, a member of the Audit Committee and a member of the Connected Transactions Control Committee on October 19, 2020. Since the resignation of Mr. Chang Tso Tung Stephen will result in the number of Independent Directors on the Board of Directors falling below the minimum number required by the relevant regulations and the Articles of Association of the Company, Mr. Chang Tso Tung Stephen will continue to perform his duties as an Independent Director and relevant duties as the chairman and member of various Board committees until the qualification of the newly appointed Independent Director is approved by the CBIRC.

 

 2)

Due to the adjustment of work arrangements, Mr. Yin Zhaojun tendered his resignation to the Board of Directors of the Company on January 15, 2021, resigning from his positions as a Non-executive Director of the Company and a member of the Risk Management and Consumer Rights Protection Committee with effect from the same day.

 

 3)

Due to the adjustment of work arrangements, Mr. Liu Huimin tendered his resignation to the Board of Directors of the Company on February 7, 2021, resigning from his positions as a Non-executive Director of the Company and a member of the Risk Management and Consumer Rights Protection Committee with effect from the same day.

 

18


 (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

   66,039,537.74    63,519,751.08 
 

Core solvency ratio

   266.35%    260.10% 
 

Comprehensive solvency surplus

   69,538,791.53    67,018,947.65 
 

Comprehensive solvency ratio

   275.16%    268.92% 
 

Gross written premiums

   32,389,191.80    6,871,173.82 
 

Net profit

   2,895,477.46    317,123.68 
 

Net asset

   46,750,235.88    44,936,084.71 

 

 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 fourth quarter of 2020) was A Category.

 

19


3.    

  

ACTUAL CAPITAL

   

Unit: RMB ten thousand

 

   Items Figures of the
Current
Quarter
   Figures of the
Preceding
Quarter
 
  

Admitted assets

  442,289,726.48    421,015,769.94 
  

Admitted liabilities

  333,050,845.28    314,321,876.47 
  

Actual capital

  109,238,881.20    106,693,893.47 
  

Core tier one capital

  105,739,627.41    103,194,696.91 
  

Core tier two capital

  0    0 
  

Supplementary tier one capital

  3,499,253.79    3,499,196.56 
  

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

  40,705,515.92    40,679,735.29 
  

Minimum capital for life insurance risk

  7,698,144.66    7,768,655.28 
  

Minimum capital for non-life insurance risk

  756,841.75    760,592.42 
  

Minimum capital for market risk

  38,651,190.14    38,918,033.39 
  

Minimum capital for credit risk

  6,986,097.82    6,612,458.95 
  

Quantitative risk diversification effect

  8,517,053.52    8,324,243.65 
  

Loss absorption effect of special types of insurance contracts

  4,869,704.94    5,055,761.10 
  

Minimum capital for control risk

  -1,005,426.24    -1,004,789.46 
  

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

  39,700,089.68    39,674,945.83 

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

 

20


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 fourth and third quarters of 2020) 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

  356,158
  

Comprehensive liquidity ratio

   
  

Comprehensive liquidity ratio within 3 months

  170%
  

Comprehensive liquidity ratio within 1 year

  5,324%
  

Comprehensive liquidity ratio within 1-3 years

  -470%
  

Comprehensive liquidity ratio within 3-5 years

  -1,281%
  

Comprehensive liquidity ratio beyond 5 years

  27%
  

Overall liquidity coverage of the Company

   
  

Stressed scenario 1

  5,077%
  

Stressed scenario 2

  4,370%

 

21


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   

× 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.

 

 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, April 28, 2021

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

 

Executive Directors:

 

Non-executive Directors:

 

Independent Non-executive Directors:

  

Wang Bin, Su Hengxuan, Li Mingguang

 

Yuan Changqing, Wang Junhui

 

Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, Leung Oi-Sie Elsie

 

22