CILJF China Life Insurance Co Ltd (PK)

Commission File Number 001-31914

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

October 26, 2023

China Life Insurance Company Limited

(Translation of registrant’s name into English)

16 Financial Street

Xicheng District

Beijing 100033, China

Tel: (86-10) 6363-3333

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F ☒   Form 40-F ☐

Commission File Number 001-31914

China Life Insurance Company Limited issued its 2023 Third Quarter Report on October 26, 2023, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this report may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission, or SEC, on April 21, 2023 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this report is as of the date of this report, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this report is based on public information released by the National Administration of Financial Regulation.

EXHIBIT LIST

Commission File Number 001-31914

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT 99.1

Commission File Number 001-31914

CHINA LIFE INSURANCE COMPANY LIMITED

(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 2628)

2023 THIRD QUARTER REPORT

This announcement is made by China Life Insurance Company Limited (the “Company”) pursuant to the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

IMPORTANT NOTICE

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Currency: RMB  

Notes:

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RMB million

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Currency: RMB

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Total Number of Ordinary Share Shareholders and the Particulars of Top Ten Shareholders as at the End of the Reporting Period

Notes:

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In the first three quarters of 2023, as the momentum of economic upturn in China continued to consolidate, the recovery of the life insurance industry has sustained, but there were still uncertainties and complexities. During the Reporting Period, the Company continued to pursue high-quality development and achieved a steady business performance with improved business quality, which further enhanced its comprehensive strengths and solidified its market leading position in the industry. Firstly, the growth momentum was sustained with steady improvement in business quality. In the first three quarters of 2023, the Company achieved a rapid growth in its insurance businesses. Its revenues from insurance businesses¹ were RMB578,799 million, an increase of 4.5% year on year. Premiums from new policies were RMB196,656 million, an increase of 14.8% year on year. In particular, first-year regular premiums amounted to RMB105,982 million, an increase of 16.0% year on year. Both the scale and growth rate of revenues from insurance businesses, premiums from new policies and first-year regular premiums hit record highs for the corresponding period of the past three years. The Company realised a rapid growth in premiums from new policies with its business structure continuously optimised. First-year regular premiums with a payment duration of ten years or longer were RMB44,639 million, an increase of 15.4% year on year, and its proportion in the first-year regular premiums was 42.12%, rising by 2.13 percentage points from the first half of 2023. The value of new business for the first three quarters of 2023 continued to grow, recording a year-on-year increase of 14.0%. Renewal premiums were RMB382,143 million, which generally remained stable. Short-term insurance premiums amounted to RMB69,319 million, an increase of 3.4% year on year. The surrender rate² was 0.88%, an increase of 0.14 percentage point year on year. Secondly, the sales force of the Company was further stabilised and its quality was steadily improved. Focusing on the “Eight Reform Programs” and implementation of the “Sales Channel Strengthening Program”, the Company continued to drive business growth through productive agents, proceeded with the sales system reforms in greater depth, and reinforced agent recruitment and development, so as to push forward the transformation of the sales team to be more specialised and professional. As at the end of the Reporting Period, the Company’s total sales force was 0.72 million, of which the number of agents of the individual agent business sector was 0.66 million, further stabilising and solidifying the scale of its sales team. In the meantime, the quality of the sales team continued to optimise and its productivity was significantly improved, with the monthly average first-year regular premiums per agent increasing by 28.6% year on year. Thirdly, the Company remained under pressure in terms of investment income due to the complicated and severe capital market environment. In the third quarter of 2023, the coupon rate of domestic bonds was volatile at the low level with the neutral weight edging further downwards, which created a persistent pressure on the allocation of fixed-income assets. The stock market continued to fluctuate at the low level, severely affecting the investment income from open market equity investment. Affected by the above factors, in the first three quarters of 2023, the Company achieved gross investment income³ of RMB109,997

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million and gross investment yield⁴ was 2.81%. The net investment income⁵ was RMB148,340 million and the net investment yield⁶ was 3.81%. Fourthly, the solvency ratios of the Company continued to maintain at high levels. As at the end of the Reporting Period, the Company’s core solvency ratio and comprehensive solvency ratio were 161.25% and 232.68%, respectively, the increase of 17.66 percentage points and 25.90 percentage points from the end of 2022, respectively. The strong solvency ratios provide solid capital foundation for the development of the Company.

As at the end of the Reporting Period, the Company’s total assets and investment assets were RMB5,759,367 million and RMB5,519,950 million, respectively. In the first three quarters of 2023, due to the impact of the equity market staying at the low level, the investment income of the Company declined year on year and net profit attributable to equity holders of the Company was RMB16,209 million, a decrease of 47.8% year on year.

The Company will continue to pursue the guideline of making progress while maintaining stability, firmly implement the business strategy of “achieving stable growth, prioritising business value, optimising business structure, strengthening sales force, promoting reforms and guarding against risks”, properly coordinate its business development with team building, facilitate in-depth reforms on key areas, push forward the sales system reforms in great depth, and properly proceed with the empowerment and implementation of healthcare and senior-care ecosystem. It will also endeavour to improve capabilities in customer services and management, strengthen the supporting role of digital iteration, further enhance the protection of consumers’ rights and interests, and reinforce the bottom line of risk prevention and control, with the goal of promoting the high-quality development of the Company with stable and sustainable growth.

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Balance sheet as at 30 September 2023 (unaudited)

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Balance sheet as at 30 September 2023 (unaudited) (continued)

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Income statement for the third quarter of 2023 (unaudited)

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Income statement for the third quarter of 2023 (unaudited) (continued)

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Income statement for the third quarter of 2023 (unaudited) (continued)

RMB million (Unless otherwise stated)

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Cash flow statement for the third quarter of 2023 (unaudited)

RMB million (Unless otherwise stated)

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Cash flow statement for the third quarter of 2023 (unaudited) (continued)

RMB million (Unless otherwise stated)

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Cash flow statement for the third quarter of 2023 (unaudited) (continued)

RMB million (Unless otherwise stated)

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Notes:

Under Accounting Standards for Business Enterprises (“ASBE”), the Company adopts the transition plan for the new accounting standards for insurance contracts, namely: From 1 January 2023 to 31 December 2025, the Company will continue to apply ASBE No. 25 – Direct Insurance Contracts (Caikuai [2006] No. 3), ASBE No. 26 – Reinsurance Contracts (Caikuai [2006] No. 3), Regulations regarding the Accounting Treatment of Insurance Contracts (Caikuai [2009] No. 15), ASBE No. 22 – Recognition and Measurement of Financial Instruments (Caikuai [2006] No. 3), ASBE No. 23 – Transfer of Financial Assets (Caikuai [2006] No. 3), ASBE No. 24 – Hedging (Caikuai [2006] No. 3), ASBE No. 37 – Presentation of Financial Instruments (Caikuai [2014] No. 23) and other relevant accounting standards.

The following additional disclosures are related financial information prepared in accordance with ASBE No. 25 – Insurance Contracts (Caikuai [2020] No. 20), ASBE No. 22 – Recognition and Measurement of Financial Instruments (Caikuai [2017] No. 7), ASBE No. 23 – Transfer of Financial Assets (Caikuai [2017] No. 8), ASBE No. 24 – Hedge Accounting (Caikuai [2017] No. 9) and ASBE No. 37 – Presentation of Financial Instruments (Caikuai [2017] No. 14) (the “new standards”) by the Company for the third quarter of 2023. The Company has restated and presented the comparative information associated with insurance contracts in accordance with ASBE No. 25 – Insurance Contracts (Caikuai [2020] No. 20), and there is no need to restate and present any comparative information associated with financial instruments in accordance with ASBE No. 22 – Recognition and Measurement of Financial Instruments (Caikuai [2017] No. 7).

Balance sheet under the new standards as at 30 September 2023 (unaudited)

RMB million (Unless otherwise stated)