Commission File Number001-31914
EXHIBIT 99.1
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 COMPANYNOTE
(FIRST QUARTER OF 2018)
1. | BASIC INFORMATION |
(1) | Basic Information of the Company |
Name of the Company in Chinese: | 中國人壽保險股份有限公司 | |
Name of the Company in English: | China Life Insurance Company Limited | |
Legal Representative: | Yang Mingsheng | |
Registered Address: | 16 Financial Street, Xicheng District, Beijing, P.R. China | |
Business Scope: | Life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sale of securities investment funds; other businesses approved by the national insurance regulatory departments. | |
Business Area: | the 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 (the “Former CIRC”). | ||
2. | According to the “Plan for Institutional Reform of the State Council” voted and passed at the first meeting of the 13th National 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. |
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(2) | Shareholding Structure, Shareholders and Their Changes |
1) | Shareholding Structure |
Unit: Ten thousand shares or RMB ten thousand
Category | At the beginning of the period | Changes in the number of shares or shareholding percentage during the period | At the end of the period | |||||||||||||||||||||||||||||
Shares or capital contribution | Percentage (%) | Capital injection by shareholders | Capital reserve dividend | Equity transfer | Sub-total | Shares or capital contribution | Percentage (%) | |||||||||||||||||||||||||
RMB ordinary shares | 2,082,353 | 73.67 | – | – | – | – | 2,082,353 | 73.67 | ||||||||||||||||||||||||
Overseas listed foreign shares | 744,118 | 26.33 | – | – | – | – | 744,118 | 26.33 | ||||||||||||||||||||||||
Total | 2,826,471 | 100.00 | – | – | – | – | 2,826,471 | 100.00 |
Note: | Currently, there is no feature in the shareholders’ information enquiry platform that can track down the type of shareholders according to the classification of “state-owned shares, corporate legal shares, foreign invested shares and natural person shares”. As such, the above information is presented by the Company based on the shareholding structure as disclosed in its annual report. |
2) | Effective Controller |
The effective controller of the Company is the Ministry of Finance of the PRC. The equity and controlling relationship between the Company and its effective controller is set out below:
Ministry of Finance of the PRC | ||||||
100% | ||||||
China Life Insurance (Group) Company | ||||||
68.37% | ||||||
China Life Insurance Company Limited |
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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 of capital period | Number of of capital period | Shareholding of the period | Number of or frozen | |||||||||||||
China Life Insurance (Group) Company | State-owned shares | 0 | 1,932,353 | 68.37 | % | 0 | ||||||||||||
HKSCC Nominees Limited | Foreign shares | 234 | 732,158 | 25.90 | % | 0 | ||||||||||||
China Securities Finance Corporation Limited | State-owned shares | 3,395 | 62,845 | 2.22 | % | 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 | (418 | ) | 5,081 | 0.18 | % | 0 | |||||||||||
China International Television Corporation | State-owned shares | 0 | 1,845 | 0.07 | % | 0 | ||||||||||||
Hong Kong Securities Clearing Company Limited | Foreign shares | (603 | ) | 1,695 | 0.06 | % | 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 | ||||||||||||
China National Nuclear Corporation | State-owned shares | 0 | 1,240 | 0.04 | % | 0 | ||||||||||||
Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund | Other | (94 | ) | 1,185 | 0.04 | % | 0 | |||||||||||
Total | 2,514 | 2,751,876 | 97.35 | % | 0 |
Note: | The figures shown in the columns of “Changes in the number of shares held by the shareholder or the amount of capital contribution during the period” and “Number of shares held by the shareholder or the amount of capital contribution as at the end of the period” in this table refer to number of shares held (Unit: Ten thousand shares). |
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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 International Television Corporation and China National Nuclear Corporation became the top 10 shareholders of the Company through the strategic placement during the initial public offering of the A Shares of the Company in December 2006. The trading restriction period of their shares from the strategic placement was from January 9, 2007 to January 9, 2008. | |||
3. | Industrial and Commercial Bank of China Limited is the fund depositary of Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund and Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund, and the asset trustee of China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan. Save for the above, the Company was not aware of any connected relationship and concerted parties as defined by the “Measures for the Administration of the Takeover of Listed Companies” among the top ten shareholders of the Company.
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(3) | Subsidiaries, Joint Ventures and Associated Corporations |
Unit: Ten thousand shares or RMB ten thousand
Company name
| Type of
| Number of shares held or cost | Shareholding percentage | |||||||||||||
At the 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 | 158,600 | 158,600 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
2 | China Life Pension Company Limited | Subsidiary | 240,518 | 240,518 | 0 | 70.74% | 70.74% | 0.00% | ||||||||
3 | China Life Asset Management Company Limited | Subsidiary | 240,000 | 240,000 | 0 | 60.00% | 60.00% | 0.00% | ||||||||
4 | Shanghai Rui Chong Investment Co., Limited | Subsidiary | 680,000 | 680,000 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
5 | Golden Phoenix Tree Limited | Subsidiary | 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 | 217,600 | 217,600 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
10 | Golden Bamboo Limited | Subsidiary | 173,400 | 173,400 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
11 | Sunny Bamboo Limited | Subsidiary | 163,200 | 163,200 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
12 | China Life (Beijing) Health Management Company Limited | Subsidiary | 173,000 | 173,000 | 0 | 100.00% | 100.00% | 0.00% | ||||||||
13 | Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership) | Subsidiary | 325,000 | 325,000 | 0 | 99.997% | 99.997% | 0.00% | ||||||||
14 | Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership) | Subsidiary | 168,000 | 168,000 | 0 | 99.98% | 99.98% | 0.00% | ||||||||
15 | Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) | Subsidiary | 60,600 | 60,600 | 0 | 99.98% | 99.98% | 0.00% | ||||||||
16 | Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) | Subsidiary | 60,600 | 60,600 | 0 | 99.98% | 99.98% | 0.00% |
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Company name
| Type of
| 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 | |||||||||||
17 | Shanghai Wansheng Industry Partnership (Limited Partnership) | Subsidiary | 390,000 | 390,000 | 0 | 99.998% | 99.998% | 0.00% | ||||||||
18 | Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) | Subsidiary | 0 | 39,905 | 39,905 | 0.00% | 99.98% | 99.98% | ||||||||
19 | Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) | Subsidiary | 0 | 39,905 | 39,905 | 0.00% | 99.98% | 99.98% | ||||||||
20 | Annoroad Gene Technology (Beijing) Co., Ltd. | Associated corporation | 25,000 | 25,000 | 0 | 13.09% | 13.09% | 0.00% | ||||||||
21 | China Life Property and Casualty Insurance Company Limited | Associated corporation | 600,000 | 600,000 | 0 | 40.00% | 40.00% | 0.00% | ||||||||
22 | China Guangfa Bank Co., Ltd. | Associated corporation | 672,876 | 672,876 | 0 | 43.69% | 43.69% | 0.00% | ||||||||
23 | COFCO Futures Company Limited | Associated corporation | 29,617 | 29,617 | 0 | 35.00% | 35.00% | 0.00% | ||||||||
24 | Sino-Ocean Group Holding Limited | Associated corporation | 225,346 | 225,346 | 0 | 29.79% | 29.79% | 0.00% | ||||||||
25 | Shanghai Jinshida Winning Software Technology Co., Limited | Associated corporation | 19,200 | 19,200 | 0 | 23.08% | 23.08% | 0.00% | ||||||||
26 | GLP U.S. Income Partners II | Associated corporation | 322,925 | 322,925 | 0 | 25.25% | 25.25% | 0.00% | ||||||||
27 | Sinopec Sichuan to Eastern China Gas Transmission Pipeline Co., Ltd. | Associated corporation | 2,000,000 | 2,000,000 | 0 | 43.86% | 43.86% | 0.00% | ||||||||
28 | China United Network Communications Limited | Associated corporation | 2,182,959 | 2,182,959 | 0 | 10.56% | 10.56% | 0.00% | ||||||||
29 | Puluosi Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership) | Associated corporation | 0 | 168,500 | 168,500 | 0.00% | 81.63% | 81.63% | ||||||||
30 | China Life (Sanya) Health Investments Co., Ltd. | Joint venture | 30,600 | 30,600 | 0 | 51.00% | 51.00% | 0.00% | ||||||||
31 | RXR 1285 Holdings JV LLC | Joint venture | 158,536 | 158,536 | 0 | 51.55% | 51.55% | 0.00% |
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Company name
| Type of
| 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 | |||||||||||
32 | Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) | Joint venture | 589,994 | 589,994 | 0 | 49.9999% | 49.9999% | 0.00% | ||||||||
33 | China Life Haikong (Hainan) Healthy Investment Co., Ltd. | Joint venture | 0 | 10,200 | 10,200 | 0.00% | 51.00% | 51.00% |
Note: | The figures shown in the “Number of shares held or cost” column under items numbered 1,4-20 and25-33 in this table refer to the amount of investment cost (Unit: RMB ten thousand). |
(4) | Basic Information of the Directors, Supervisors and Senior Management |
1) | Basic Information of the Directors |
Name | Month and 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 the Former CIRC from 2007 to 2012. |
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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 Society of China
Vice Chairman of the Insurance Association of China
Deputy Director of the Life Insurance Committee of the Insurance Association of China
Non-executive Director of China Insurance Security Fund Co., Ltd. Director of the Insurance Institutional Investors Professional Committee of the Insurance Asset Management Association of China
| Mr. Lin became an Executive Director of the Company in October 2008. He was appointed as the President of the Company by the Board in March 2014 and concurrently serves as aNon-executive Director of China Life Property and Casualty Insurance Company Limited, China Life Pension Company Limited and China Life Asset Management Company Limited. He served as the Vice President of the Company from 2003 to March 2014, and an Executive Director and the President of China Life Pension Company Limited from November 2006 to March 2014. | |||||||
Xu Hengping | November 1958 | Hunan University, majoring in Finance | Since July 11, 2015 | Executive Director | Bao Jian Xu Ke (2015) No. 718 | Mr. Xu became an Executive Director of the Company in July 2015. He has been the Vice President of the Company since November 2014, and the Chief Operating Officer of the Company since August 2010. |
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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 aNon-executive Director of China Life Asset Management Company Limited since September 2015, and the Vice President of the Company since November 2014. Mr. Xu served as the Business Controller of the Company from February 2014 to November 2014, and concurrently served as the General Manager of Hebei Branch of the Company.
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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
Director of China Shimao Investment Company Limited
Director of China World Trade Center Limited | Mr. Yuan became aNon-executive Director of the Company in February 2018. He is the Vice Chairman, President and Deputy Secretary to the Party Committee of China Life Insurance (Group) Company. Mr. Yuan served as the Chairman of the Supervisory Committee and the Deputy Secretary to the Party Committee of Agricultural Bank of China Limited from April 2015 to May 2017. He served as the Deputy General Manager and the Secretary to the Discipline Inspection Committee of China Everbright Group Corporation Limited from November 2014 to April 2015, the Secretary to the Discipline Inspection Committee of China Everbright Group Limited from December 2008 to August 2012, and an Executive Director, the Deputy General Manager and the Secretary to the Discipline Inspection Committee of China Everbright Group Limited from August 2012 to November 2014, during which he concurrently acted as the Chairman of Everbright Securities Company Limited.
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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 | |||||||
Liu Huimin | June 1965 | Doctorate degree in Law | Since July 31, 2017 | Non- executive Director | Bao Jian Xu Ke (2017) No. 897 | Vice President of China Life Insurance (Group) Company
Vice Chairman of the Insurance Society of China
Executive Director of The China Center for Insurance and Social Security Research, Peking University (CCISSR)
| Mr. Liu became aNon-executive Director of the Company in July 2017. He served as the Vice President of China Life Insurance (Group) Company from September 2013. | |||||||
Yin Zhaojun | July 1965 | Master’s degree in Public Administration | Since July 31, 2017 | Non- executive Director | Bao Jian Xu Ke (2017) No. 897 | Vice President of China Life Insurance (Group) Company
Chairman of China Life Investment Holding Company Limited
Director of China United Network Communications Limited
| Mr. Yin became aNon-executive Director of the Company in July 2017. He served as the Vice President of China Life Insurance (Group) Company from October 2016. He successively served as the President of Shanxi Branch, Hebei Branch and Beijing Branch of Bank of Communications since 2011. | |||||||
Chang Tso Tung Stephen | November 1948 | Bachelor’s degree in Science | Since October 20, 2014 | Independent Director | Bao Jian Xu Ke (2014) No. 864 | IndependentNon-executive Director of Kerry Properties Limited
IndependentNon-executive Director of China Cinda Asset Management Co., Ltd.
IndependentNon-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 | Mr. Pike became an Independent Director of the Company in July 2015. He served as the Managing Director of Goldman Sachs and the Chief Representative of the Beijing Representative Office of Goldman Sachs International Bank UK from August 2011 to May 2014. |
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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 | |||||||
Tang Xin | September 1971 | Doctorate degree in Law | Since March 7, 2016 | Independent Director | Bao Jian Xu Ke (2016) No. 150 | Member of the Listing Committee of the Shanghai Stock Exchange
Chairman of the Independent Director Committee of the Listed Companies Association of the PRC
Independent Director of Harvest Fund Management Co., Ltd.
Independent Director of GF Securities Co., Ltd.
Independent Director of Suzhou Oriza Holdings Co., Ltd.
| Mr. Tang became an Independent Director of the Company in March 2016. He served as an Independent Director of China Spacesat Co., Ltd. from 2008 to 2014, an Independent Director of each of SDIC Power Holdings Co., Ltd. and Changjiang Securities Company Limited from 2009 to 2013, and an Independent Director of Beijing Rural Commercial Bank Co., Ltd. from 2009 to 2015. | |||||||
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
IndependentNon-executive Director of United Company RUSAL Plc
IndependentNon-executive Director of China Resources Power Holdings Company Limited
IndependentNon-executive Director of PetroChina Company Limited | Ms. Leung became an Independent Director of the Company in July 2016. She has been an Independent Non- executive Director of United Company RUSAL Plc since December 2009, and an IndependentNon-executive Director of China Resources Power Holdings Company Limited since April 2010. She served as an IndependentNon-executive Director of Beijing Tong Ren Tang Chinese Medicine Company Limited from May 2013 to September 2017. She has been an IndependentNon-executive Director of PetroChina Company Limited since June 2017.
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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.
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Luo Zhaohui | March 1974 | PhD in Finance | Since February 11, 2018 | Supervisor | Bao Jian Xu Ke (2018) No. 196 | Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company | Mr. Luo became a Supervisor of the Company in February 2018. He was appointed as an Assistant to the General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in August 2013. He was seconded to Shijiazhuang Branch of the Company in Hebei Province as the Deputy General Manager during the period from November 2013 to October 2015, and was then appointed as the Deputy General Manager of the Strategic Planning Department of China Life Insurance (Group) Company in July 2016.
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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 served as the General Manager of the Sales Inspection Department of the Company from March 2009 to August 2014 and served as the General Manager of the Customer Services Department of the Company from September 2014 to February 2018. Ms. Wang became the General Manager of the Labor Union Department of the Company in January 2018.
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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
| |||||||
Song Ping | June 1964 | Bachelor’s degree in Arts | Since March 15, 2018 | Employee Representative Supervisor | Bao Jian Xu Ke (2018) No. 331 | Mr. Song became a Supervisor of the Company in March 2018. He has been the General Manager of the Administration Office of the Company since January 2017. From 2006 to 2017, he successively served as an Assistant to the General Manager of the Development and Reform Department, an Assistant to the General Manager of Beijing Branch, the Deputy General Manager of the Legal and Compliance Department, the Deputy General Manager of the Human Resources Department, and the General Manager of theE-Commence Department of the Company.
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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 month and year
| 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 Board Secretary since June 2017, as Vice President since November 2014 and as Chief Actuary since March 2012 | Vice President, Board Secretary, Chief Actuary | Bao Jian Xu Ke (2014) No. 918 Bao Jian Xu Ke (2017) No. 664 Bao Jian Shou Xian (2012) No.187 | Special Executive Director of the Insurance Institute of China
Executive Director of the China
Association of Actuaries
Chief Actuary of China Life Pension Company Limited
Member of China National Master of Insurance Education Supervisory Committee
| Mr. Li became the Board Secretary of the Company in June 2017, the Vice President of the Company in November 2014 and the Chief Actuary of the Company in March 2012. Mr. Li joined the Company in 1996 and successively served as the Deputy Director, the Director, an Assistant to the General Manager of the Product Development Department, the Responsible Actuary of the Company and the General Manager of the Actuarial Department. |
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Name
| Month and year of birth
| Academic qualification (degree)
| Commencement month and year
| 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 Lijun | July 1963 | EMBA for the senior management | As Financial Controller since November 2016, and as Vice President since July 2016 | Vice President, Financial Controller | Bao Jian Xu Ke (2016) No. 717 Bao Jian Xu Ke (2016) No. 1148 | Director of China Life Asset Management Company Limited
Director of China Life Franklin Asset Management Company Limited
Director of Sino-Ocean Group Holding Limited
Director of Chongqing International Trust Inc.
Director of China Guangfa Bank Co., Ltd. | Mr. Zhao 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 an Assistant to the General Manager and the General Manager of the Finance Department of the Company, the Deputy General Manager of Shandong Branch of the Company, and the General Manager of the Legal and Compliance Department.
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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
Director of China Life Insurance Sales Company Limited | Mr. Xiao became the Vice President of the Company in October 2016. He has been an Assistant to the President of the Company since July 2015. He has been aNon-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, an Assistant to the General Manager and the Marketing Director of Jiangsu Branch and the General Manager and the Deputy General Manager of Taizhou Branch in Jiangsu Province.
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Name
| Month and year of birth
| Academic qualification (degree)
| Commencement month and year
| 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 Peng | April 1972 | Double Master’s degrees in Business Administration and Economics | March 2018 | Vice President | Bao Jian Xu Ke (2017) No. 1202 | Mr. Zhao became the Vice President of the Company in March 2018. He has been an Assistant to the President of the Company since October 2017 and the General Manager of Zhejiang Branch of the Company since January 2015. From 2014 to 2015, he had successively served as the Deputy General Manager (at the general manager level of the provincial branches) and theperson-in-charge of Zhejiang Branch of the Company. From 2003 to 2014, he successively held various positions in China Life Insurance (Group) Company, including the Division Chief and an Assistant to the General Manager of the Capital Management Division of the Finance Department, an Assistant to the General Manager, the Deputy General Manager and the General Manager of the Finance and Accounting Department, and the General Manager of the Finance Department.
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Ruan Qi | July 1966 | EMBA for the senior management | Refer to the notes | Vice President | Subject to approval of the CBIRC | 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.
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Name
| Month and year of birth
| Academic qualification (degree)
| Commencement month and year
| 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 | August 2017 | Marketing Director | Mr. Zhan became the Marketing Director of the Company in August 2017. He has been the General Manager (at the general manager level of provincial branches) of the Individual Insurance Division of the Company since July 2014. Mr. Zhan served as the Deputy General Manager (responsible for daily operation), and General Manager of the Company’s Qinghai Branch from 2013 to 2014. He successively served as the Deputy General Manager (responsible for daily operation) and General Manager of the Personal Insurance Division of the Company from 2009 to 2013.
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Yang Hong | February 1967 | EMBA for the senior management | March 2018 | Operating Director | Ms. Yang became the Operation Director of the Company in March 2018. She has been the General Manager of the Operation Service Center of the Company since January 2018. Ms. Yang successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches) of the Business Management Department and the General Manager (at the general manager level of the provincial branches) of the Business Process Management Department of the Company from 2011 to 2018.
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Notes:
1. | All information set forth in this table is as of the disclosure date of this report, 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. | During the reporting period: |
(1) | Following the election at the First Extraordinary General Meeting 2017 of the Company and upon the approval by the Former CIRC, the appointment of Mr. Yuan Changqing as a Director of the Company became effective from February 11, 2018. |
(2) | Following the election at the First Extraordinary General Meeting 2017 of the Company and upon the approval by the Former CIRC, the appointment of Mr. Luo Zhaohui as a Supervisor of the Company became effective from February 11, 2018. Following the election at the sixth extraordinary meeting of the second session of the Employee Representative Meeting of the Company and upon the approval by the Former CIRC, the appointment of Mr. Song Ping as a Supervisor of the Company became effective from March 15, 2018. |
(3) | With the approval given at the nineteenth meeting of the fifth session of the Board of Directors of the Company, Mr. Zhao Peng was appointed as the Vice President of the Company with effect from March 2, 2018, Mr. Ruan Qi was appointed as the Vice President of the Company and his qualification as the Vice President of the Company is subject to the approval of the CBIRC, and Ms. Yang Hong was appointed as the Operation Director of the Company with effect from March 2, 2018. |
(4) | Resignation and retirement of Directors, Supervisors and Senior Management |
Name
| Former Position
| Gender
| Month and Year of Birth
| Term
| Reason for Changes
| |||||
Wang Sidong | Non-executive Director | Male | December 1961 | July 24, 2012 – January 12, 2018 | Resigned due to adjustment of work arrangements | |||||
Xiong Junhong | Supervisor | Female | December 1968 | October 20, 2014 – February 23, 2018 | Resigned due to adjustment of work arrangements | |||||
Li Guodong | Employee Representative Supervisor | Male | April 1965 | August 31, 2017 – January 2, 2018 | Resigned due to adjustment of work arrangements |
(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 |
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2. | KEY INDICATORS |
Unit: RMB ten thousand
Items | | Figures of the Current Quarter | | | Figures of the Preceding Quarter | | ||
Core solvency surplus | 46,464,368.84 | 45,201,321.00 | ||||||
Core solvency ratio | 270.82% | 277.61% | ||||||
Comprehensive solvency surplus | 46,475,106.12 | 45,212,058.28 | ||||||
Comprehensive solvency ratio | 270.86% | 277.65% | ||||||
Gross written premiums | 24,342,002.14 | 6,197,471.98 | ||||||
Net profit | 1,311,803.06 | 615,288.99 | ||||||
Net asset | 33,260,203.34 | 31,848,446.04 |
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 2017) was B Category.
3. | ACTUAL CAPITAL |
Unit: RMB ten thousand
Items | | Figures of the Current Quarter | | | Figures of the Preceding Quarter | | ||
Admitted assets | 294,763,216.31 | 285,679,393.43 | ||||||
Admitted liabilities | 221,086,795.16 | 215,017,079.41 | ||||||
Actual capital | 73,676,421.15 | 70,662,314.02 | ||||||
Core tier one capital | 72,886,526.86 | 69,872,419.73 | ||||||
Core tier two capital | 779,157.01 | 779,157.01 | ||||||
Supplementary tier one capital | 10,737.28 | 10,737.28 | ||||||
Supplementary tier two capital | 0 | 0 |
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4. | MINIMUM CAPITAL |
Unit: RMB ten thousand
Items | | Figures of the Current Quarter | | | Figures of the Preceding Quarter | | ||
Minimum capital for quantitative risk | 27,971,942.04 | 26,171,274.35 | ||||||
Minimum capital for life insurance risk | 5,935,003.23 | 5,535,634.20 | ||||||
Minimum capital fornon-life insurance risk | 453,767.98 | 448,176.17 | ||||||
Minimum capital for market risk | 27,293,217.74 | 25,448,263.48 | ||||||
Minimum capital for credit risk | 4,785,879.60 | 4,706,084.94 | ||||||
Quantitative risk diversification effect | 6,063,006.12 | 5,817,363.03 | ||||||
Loss absorption effect of special types of insurance contracts | 4,432,920.39 | 4,149,521.41 | ||||||
Minimum capital for control risk | -770,627.01 | -721,018.61 | ||||||
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 | 27,201,315.03 | 25,450,255.74 |
5. | INTEGRATED RISK RATING |
The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CBIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and based on the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.
The CBIRC conducts assessment on our IRR on a quarterly basis. The results of our IRR in the recent two quarters (being the fourth and third quarter of 2017) were B Category and A Category, respectively.
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6. | RISK MANAGEMENT |
The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. Based on an unified arrangement of the Former CIRC, Beijing Bureau of the Former CIRC conducted anon-site inspection on the solvency risk management of the Company in the fourth quarter of 2016. According to the “Notice Concerning the 2016 SARMRA Assessment Results” (Cai Kuai Bu Han [2017] No. 202) issued by the Financial and Accounting Department of the Former CIRC, the Company got a score of 85.51 in the 2016 assessment on solvency risk management. In particular, the Company got a score of 18.24 in the foundation and environment of risk management, a score of 8.85 in the objectives and tools of risk management, a score of
8.98 in insurance risk management, a score of 9.22 in market risk management, a score of 8.69 in credit risk management, a score of 7.93 in operational risk management, a score of 8.94 in strategic risk management, a score of 6.53 in reputational risk management, and a score of 8.15 in liquidity risk management. According to the “CIRC Notice Concerning Issues Regarding 2017 SARMRA Assessment” (Bao Jian Cai Kuai [2017] No. 156), the Former CIRC did not conduct SARMRA assessment on the Company in 2017, and therefore, the Company continues to calculate the minimum capital for control risk based on the 2016 SARMRA assessment results.
7. | LIQUIDITY RISK |
1) | Regulatory Indicators of Liquidity |
Unit: RMB million
Name of Indicators | | Figures of the Current Quarter | | |
Actual net cash flows | 13,231 | |||
Comprehensive liquidity ratio | – | |||
Comprehensive liquidity ratio within 3 months | 196% | |||
Comprehensive liquidity ratio within 1 year | 1175% | |||
Comprehensive liquidity ratio within1-3 years | -243% | |||
Comprehensive liquidity ratio within3-5 years | 4112% | |||
Comprehensive liquidity ratio beyond 5 years | 26% | |||
Overall liquidity coverage of the Company | – | |||
Stressed scenario 1 | 3353% | |||
Stressed scenario 2 | 2652% |
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Notes:
1. | Actual net cash flow refers to the net cash flow of the Company actually occurred during the reporting period; |
2. | Comprehensive liquidity ratio | = | Expected total cash inflow of existing assets | x 100%; | ||||
Expected total cash outflow of existing liabilities |
3. | Stressed scenario 1 refers to the hypothetical scenario where the premiums from signed policies decrease by 80% as compared with the corresponding period of last year, and the surrender rate assumption is twice of that in the basic scenario (but the surrender rate does not exceed 100%); |
4. | Stressed scenario 2 refers to the hypothetical scenario where the principal and interest of 20% of the fixed income investment which will become mature during the forecasting period cannot be repaid. |
2) | Analysis of Liquidity Risk and Measures Addressing Such Risk |
The Company has sufficient cash flows. Pursuant to the requirements of the “No. 12 Solvency Regulatory Rules for Insurance Companies: Liquidity Risk” and the relevant regulations, the Company has established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.
8. | REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY |
During the reporting period, there were no circumstances where the CBIRC had adopted any significant regulatory measures against the Company.
By Order of the Board
China Life Insurance Company Limited
Heng Victor Ja Wei
Company Secretary
Hong Kong, April 26, 2018
As at the date of this announcement, the board of directors of the Company comprises:
Executive Directors: | Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng | |
Non-executive Directors: | Yuan Changqing, Liu Huimin, Yin Zhaojun | |
Independent Non-executive Directors: | Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, LeungOi-Sie Elsie |
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