CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2022 INTERIM RESULTS (H SHARES)

HONG KONG,Aug. 25,2022 -- China Life Insurance Company Limited (SSE: 601628,SEHK: 2628,NYSE: LFC) announces the unaudited consolidated results of the Company (China Life Insurance Company Limited and its subsidiaries) for the six months ended 30 June 2022 (the "Reporting Period") prepared under the International Financial Reporting Standards today.

Highlights

As at the end of the Reporting Period,the Company's total assets reached RMB5,173,524 million,an increase of 5.8% from the end of 2021. The Company's embedded value was RMB1,250,877 million,an increase of 4.0% from the end of 2021,and the Company's business value continued to take the lead in the industry.

During the Reporting Period,the Company's total revenue was RMB516,670 million; the Company's gross written premiums were RMB439,969 million,and its industry leadership was further enhanced; the value of half year's sales for the six months ended 30 June 2022 was RMB25,745 million.

As at the end of the Reporting Period,the Company's investment assets reached RMB4,977,082 million,an increase of 5.5% from the end of 2021. During the Reporting Period,the Company's net investment income was RMB97,009 million,rising by 8.1% year on year. The gross investment yield was 4.21%,the net investment yield was 4.15%. The comprehensive investment yield taking into account the current net fair value changes of available-for-sale securities recognized in other comprehensive income was 3.75%.

During the Reporting Period,net profit attributable to equity holders of the Company was RMB25,416 million.

The Company will not declare an interim dividend of ordinary shares for the Reporting Period.

Review of Business Operations in the First Half of 2022

In the first half of 2022,facing the increasingly complicated and challenging international environment,as well as multiple and sporadic outbreaks of the COVID-19 pandemic in China,the domestic economy was under new and growing downward pressure. The growth of insurance premiums further slowed down due to the profound adjustments in the life insurance industry,the decelerated release of insurance demands and a decline of sales force. During the Reporting Period,despite exceptionally complicated and difficult circumstances,the Company prioritized stability while pursuing progress,adhered to the original function of insurance,constantly deepened supply-side reforms,and coordinated the pandemic control and high-quality development. As a result,its overall business operations registered a steady performance with sound momentum,its business scale and value continued to lead the industry,the quality and efficiency of its operations and services were consistently improved,and its comprehensive strengths were steadily enhanced with its leading position in the industry further solidified.

The Company continued to deepen reforms and innovation and promoted transformation and upgrade in key areas,injecting new driving forces for its high-quality development. The individual agent business sector consistently pushed forward the transformation of sales force to be high-quality,professional and efficient by focusing on its quality improvement. The diversified business sector consistently optimized its business mode,with its capability in specialized business operations continuing to increase. For the investment sector,the achievements of market-oriented reforms were continuously consolidated. Adhering to the top-level allocation strategy,the Company further improved the structure of asset allocation,and the long-term investment deployment was optimized. The technology sector facilitated the integration of internal and external data and digital collaboration,and fully enhanced its capability in digital connectivity within and outside the Company by deepening the construction of its digital platform. The operation sector innovatively promoted the implementation of a nationwide integrated model of intelligent centralization and sharing for business operations,consistently reinforced the protection of consumers' rights and interests,built up its service brand,and further enhanced service efficiency and customer experience,with a view to providing customers with "convenient,quality and caring" operations and services.

In the first half of 2022,the industry entered into a stage of profound adjustments. The Company prioritized business value and demonstrated greater resilience in its business development,with its business scale and value continuing to lead the market. During the Reporting Period,the Company's gross written premiums amounted to RMB439,generally remaining stable as compared to the corresponding period last year,and its industry leadership was further enhanced. The Company's business value continued to take the lead in the industry. Particularly,as at the end of the Reporting Period,the embedded value of the Company reached RMB1,an increase of 4.0% from the end of 2021; in the first half of 2022,the value of half year's sales was RMB25,745 million,a decrease of 13.8% year on year. The key performance indicators of the Company saw stable progress. Premiums from new policies were RMB139,358 million,an increase of 4.1% year on year. The first-year regular premiums were RMB79,838 million,a decrease of 1.0% year on year. In particular,first-year regular premiums with a payment duration of ten years or longer were RMB30,226 million,an increase of 4.4% year on year. Due to the impact of maturity of premium payment terms of certain insurance products,renewal premiums were RMB300,611 million,a decrease of 2.5% year on year. During the Reporting Period,the surrender rate was 0.51%,a decrease of 0.16 percentage point year on year.

As at the end of the Reporting Period,the total assets of the Company surpassed RMB5 trillion to RMB5,increasing by 5.8% from the end of 2021. Adhering to its strategic consistency and with an emphasis on the asset-liability interaction,the Company consistently implemented its medium- to long-term strategic plan of asset allocation,continued to optimize its allocation to core investment assets,and actively seized the long-term allocation opportunities during the equity market corrections. Due to the impact of the short-term volatilities in equity market,the Company registered a gross investment income of RMB98,542 million,a decrease of 16.2% year on year,and the gross investment yield was 4.21%,down by 148 basis points from the corresponding period of 2021. Net profit attributable to equity holders of the Company was RMB25,416 million,a decrease of 38.0% year on year.

Insurance Business

DuringtheReportingPeriod,grosswrittenpremiums fromthelifeinsurancebusiness of the Company were RMB356,528 million,a year-on-year decrease of 0.1%. Gross written premiums from the health insurance business were RMB75,284 million,a year-on-year decrease of 1.4%. Gross written premiums from the accident insurance business were RMB8,157million,ayear-on-yeardecrease of9.7%.

In the first half of 2022,there were severe complexities and uncertainties for the development of the industry,which posed greater challenges to the development of the Company's insurance business. The Company kept a close eye on the change of the market demands,maintained strategic consistency,and adjusted its development tactics in a timely manner. It focused on the basic operational units,strived to consolidate its foundation through specialized operation,standardized management,market-oriented mechanism and technological support,and unswervingly pursued the high-quality development of its businesses,thereby solidifying its market leading advantages further. As at the end of the Reporting Period,the number of total sales force of the Company was 810,000.

Individual Agent Business Sector

The individual agent business sector strived to make progress while maintaining stability,consistently deepened business restructuring,and saw stable progress of business development. During the Reporting Period,gross written premiums from the sector were RMB352,487 million,a decrease of 3.1% year on year. Renewal premiums amounted to RMB274,016 million,a decrease of 3.9% year on year. First-year regular premiums were RMB68,957 million,an increase of 0.5% year on year. In particular,212 million,an increase of 4.7% year on year,and its proportion in the first-year regular premiums rose by 1.76 percentage points year on year. In the first half of 2022,the value of half year's sales of the sector was RMB24,185 million,a decrease of 16.5% year on year,and new business margin by annual premium equivalent was 30.4%,a decrease of 6.1 percentage points year on year.

During the Reporting Period,the Company continued to drive business through productive agents,upheld the sales force strategy of "stabilizing headcount while seeking for higher productivity",and the size of its sales force was generally stabilized with enhanced quality. As at the end of the Reporting Period,the number of agents of the sector was 746,000,including 476,000 agents from the general sales team and 270,000 agents from the upsales team,and the proportion of the number of high-performance agents remained stable. In the first half of 2022,the individual agent business sector actively responded to multiple challenges from the regular pandemic prevention and control as well as the change of the market environment,focused on the basic operational units and adopted various measures to stimulate the vitality of its sales teams. The Company rolled out the "Zhongxin Project" specifically for building up a specialized and professional agent team. It also upgraded its fundamental agent force management rule,focusing on newly recruited agents,agent managers and high-performance agents,and further enhanced its business quality management. Meanwhile,the Company pushed forward technology-empowered sales and team management in great depth. Through the digital platforms such as "China Life e-learning" and intelligent training system,the Company strengthened online training and risk compliance education to revitalize its sales teams in an orderly manner,with a view to pushing forward their high-quality development.

Diversified Business Sector

By concentrating on specialized operation,quality and efficiency enhancement,as well as transformation and innovation,the diversified business sector coordinated well with the individual agent business sector and actively developed the bancassurance business,group insurance,and health insurance businesses. The bancassurance channel further promoted and implemented its business mode transformation and the operation modes of group insurance and health insurance were optimized for steady advancement.

Bancassurance Channel The bancassurance channel actively deepened its cooperation with banks,steadily enhanced its business scale and value,and gradually strengthened its capability of sustainable development. During the Reporting Period,gross written premiums from the channel amounted to RMB42,609 million,an increase of 23.7% year on year. First-year regular premiums were RMB10,864 million,a decrease of 9.4% year on year. In particular,first-year regular premiums with a payment duration of five years or longer were RMB3,511 million. Renewal premiums amounted to RMB25,707 million (a year-on-year increase of 15.5%),accounting for 60.33% of gross written premiums from the channel. The bancassurance channel constantly enhanced the professional and technological capability of its account manager team,the quality of which was steadily improved. As at the end of the Reporting Period,the number of account managers of the bancassurance channel was 23,the quarterly average active managers remained stable,and the productivity per manager increased continuously.

Group Insurance Channel With high-quality development as the guiding principle,the group insurance channel coordinated business scale and profitability and pushed forward stable development in all business lines. During the Reporting Period,gross written premiums from the channel were RMB16,759 million,an increase of 0.4% year on year. Short-term insurance premiums from the channel were RMB15,165 million,an increase of 2.3% year on year. As at the end of the Reporting Period,the number of direct sales representatives was 41,in which the proportion of high-performance personnel rose by 6 percentage points from the end of 2021.

Other Channels In the first half of 2022,gross written premiums from other channels were RMB28,114 million,an increase of 2.8% year on year. The Company proactively participated in a variety of government-sponsored health insurance businesses. As at the end of the Reporting Period,the Company carried out over 200 supplementary major medical expenses insurance programs,covering nearly 350 million people. It also undertook over 300 health care entrusted programs,providing services to more than 100 million people; over 60 long-term care insurance programs in 17 provinces and cities,covering nearly 26 million people; and more than 170 supplementary medical insurance programs in 26 provinces and cities,covering over 58 million people. The Company actively participated in the construction of a multi-tiered social security system and implemented nearly 70 city-customized commercial medical insurance projects in 21 provinces and cities accumulatively,covering more than 18 million people.

In recent years,the Company has greatly developed the online insurance business and provided customers with quality service experience through online-to-offline sales and online direct sales. During the Reporting Period,the Company's online insurance business grew rapidly. Total premiums under the China Banking and Insurance Regulatory Commission caliber were RMB38,872 million,an increase of 121.5% year on year,reaching a new record high. By adhering to the objective of "enhancing and optimizing the OTO business,actively expanding the public domain traffic business,and achieving a breakthrough in exclusive online insurance business",the Company consistently optimized its online organization and business system featuring centralized operation and unified management,and offered a variety of products that were tailored for different scenarios and customers. Going forward,the Company will take active actions to develop online exclusive life insurance business,with a view to providing customers with more convenient online insurance services.

Integrated Financial Sector

Being customer-centric,the Company fully leveraged the resource advantages of the fellow members of China Life Insurance (Group) Company and actively engaged in the construction of a "Life Insurance plus" integrated financial ecosystem,turning the integrated financial advantages into a driving force for the high-quality development of the Company. In the first half of 2022,premiums of China Life Property and Casualty Insurance Company Limited ("CLP&C") cross-sold by the Company were RMB11,058 million,with the number of insurance policies increasing by 18.8% year on year. Through the cross-sale of property insurance products,the Company diversified its client base and facilitated its sales team to meet sales targets,maintain its size and secure a higher commission income. Additional first-year receipts of enterprise annuity funds and pension products of China Life Pension Company Limited cross-sold by the Company through collaboration were RMB11,078 million. The Company entrusted China Guangfa Bank Co.,Limited ("CGB") to sell its bancassurance products,with the first-year regular premiums recording a relatively stable growth. Meanwhile,in order to satisfy the diverse needs of its customers,the Company worked with CGB and CLP&C to carry out various operation activities to provide customers with a series of quality financial and insurance service solutions.

By integrating online and offline as well as internal and external healthcare resources,the Company improved its health management and service capabilities and actively participated in Healthy China initiative. China Life Inclusive Healthcare Service Platform continued to diversify its services while upgrading its system functions. As at the end of the Reporting Period,more than a hundred types of services were available on the platform,and the accumulated registered users of the platform rose by over 13% from the end of 2021,remaining the leadership of the industry. The Company implemented the national strategy of proactively responding to population aging,continued to establish the China Life elderly care system,fully leveraged the advantage of the long term of insurance funds,and deployed towards multi-level elderly care services such as residential elderly care services and community-based elderly care services through the China Life Integrated Aged Care Fund. In the first half of 2022,the China Life Integrated Aged Care Fund accelerated the consolidation of health resources and continued to proceed with pension and retirement projects in strategic regions such as Beijing-Tianjin-Hebei,the Yangtze River Economic Belt,and the Guangdong-Hong Kong-Macao Greater Bay Area.

Insurance Products

Playing an important role in serving national strategies of Healthy China initiative and proactively responding to population aging,the Company adhered to the customer-centric product development concept,vigorously enhanced its capability in product innovation,and consistently improved its diversified product supply system. In the first half of 2022,for the purpose of serving the strategy of Healthy China initiative,the Company strengthened innovation in protection liabilities with respect to diseases,medical health and care,and launched several series of critical illness insurance products and medical insurance products,to provide better health protection for customers with diversified demands. It introduced exclusive accident protection products for flexible employees and new urban residents to increase the accessibility and convenience of insurance services to flexible employment groups. The Company also took active actions to serve the national strategy of proactively responding to population aging,diversified the series of insurance products for the seniors,and took an initiative to launch the insurance products tailored to the seniors. It actively engaged in the development of the third-pillar pension insurance and initiated nationwide promotion of the exclusive pension products.

In the first half of 2022,the Company newly developed and upgraded a total of 42 products,including two life insurance products,ten health insurance products,29 accident insurance products,and one annuity insurance product. Out of these products,39 were protection-oriented insurance products,and three were long-term savings insurance products.

Investment Business

In the first half of 2022,domestic bond yields were at historic lows and the interest rate pivot fell remarkably from 2021,which created a mounting pressure on the allocation of fixed-income assets. Due to the effects of various factors such as the Russia-Ukraine conflict,accelerated tightening of monetary policy by the Federal Reserve and the prevalence of the pandemic in China,the A-share market plummeted rapidly and such decrease was subsequently narrowed after the easing of the pandemic and the gradual rollout of domestic policies for stabilization of growth. The dramatic change of market situation posed greater challenges to investment management. In this circumstance,the Company adhered to its strategic consistency,firmly served the major national strategies and supported real economy,and consistently implemented its medium- to long-term strategic plan of asset allocation. It seized opportunities for making allocations,and adopted multiple measures concurrently to stabilize investment income. Firstly,the Company continued to optimize its allocation to core investment assets and flexibly adjusted allocation and the type of fixed-income assets in response to the fluctuations in interest rates and the supply of assets,with a view to stabilizing coupon income and asset durations. Secondly,the Company seized the long-term allocation opportunities during the equity market corrections and invested prudently,adjusting equity positions towards neutral weight. Thirdly,the Company strengthened the innovation in alternative investment models for the establishment and optimization of pyramid-shaped alternative investment portfolios with non-standard debt-type products as the foundation,supplemented by equity investment plans and equity investment funds,with an aim to stabilize the long-term expected returns of investment portfolios.

As at the end of the Reporting Period,an increase of 5.5% from the end of 2021. Among the major types of investments,the percentage of investment in bonds changed to 47.02% from 48.20% as at the end of 2021,the percentage of term deposits changed to 10.26% from 11.23% as at the end of 2021,the percentage of investment in debt-type financial products changed to 8.89% from 9.41% as at the end of 2021,and the percentage of investment in stocks and funds (excluding money market funds) increased to 11.17% from 8.75% as at the end of 2021.

In the first half of 2022,rising by 8.1% year on year,an increase of RMB7,245 million from the corresponding period of 2021. Affected by the decline in interest rate,the Company recorded the net investment yield of 4.15% in the first half of 2022,down by 18 basis points from the corresponding period of 2021. Due to the effects of volatilities in equity market and a year-on-year decrease in spread income from equity investment products,the gross investment income of the Company were RMB98,542 million in the first half of 2022,down by 16.2% year on year,a decrease of RMB19,096 million from the corresponding period of 2021. Gross investment yield was 4.21%,down by 148 basis points from the corresponding period of 2021. The comprehensive investment yield taking into account the current net fair value changes of available-for-sale securities recognized in other comprehensive income was 3.75%,down by 186 basis points from the corresponding period of 2021.

Outlook

The life insurance industry is an indispensable and important pillar of the modern financial system and multi-tiered social security system. As a leader in the industry,China Life will focus on serving the overall interests of national development and maintain strategic consistency to push forward the implementation of the "14th Five-Year Plan". By sticking to the original role of insurance and advancing reforms and innovation with steadfast efforts,we will take digital transformation as an important driving force and further leverage the advantages of synergy effects of integrated finance,so as to lead the industry in pursuing the high-quality development.

About China Life Insurance Company Limited

China Life Insurance Company Limited is a life insurance company established in Beijing,China on 30 June 2003 according to the "Company Law of the People's Republic of China" and the "Insurance Law of the People's Republic of China". The Company was successfully listed on the New York Stock Exchange[1],the Hong Kong Stock Exchange and the Shanghai Stock Exchange on 17 and 18 December 2003,and 9 January 2007,respectively. The Company's registered capital is RMB28,264,705,000.

The Company is a leading life insurance company in China and possesses an extensive distribution network comprising exclusive agents,direct sales representatives,and dedicated and non-dedicated agencies. The Company is one of the largest institutional investors in China,and becomes one of the largest insurance asset management companies in China through its controlling shareholding in China Life Asset Management Company Limited. The Company also has controlling shareholding in China Life Pension Company Limited.

Our products and services include individual life insurance,group life insurance,and accident and health insurance. The Company is a leading provider of individual and group life insurance,annuity products and accident and health insurance in China. As at 30 June 2022,the Company had approximately 317 million long-term individual and group life insurance policies,annuity contracts,and long-term health insurance policies in force. We also provide both individual and group accident and short-term health insurance policies and services.

[1] The Company has filed a Form 25 with the United States Securities and Exchange Commission on 22 August 2022 to delist its ADSs from the NYSE. It is expected that after 1 September 2022,the ADSs of the Company will no longer be listed and traded on the NYSE. For details,please refer tothe announcement published by the Company on 12 August 2022.

Forward-looking statements

Certain statements contained in this press release may be viewed as "forward-looking statements" as defined by Section 27A of the U.S. Securities Act of 1933 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 mean that the actual performance,financial condition or results of operations of the Company could 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 31 December 2021 filed with the U.S. Securities and Exchange Commission,or SEC,on 29 April 2022; and in the Company's other filings with the SEC. You should not place undue reliance on these forward-looking statements. Unless otherwise stated,all information provided in this press release is as of the date of this press release,and the Company undertakes no duty to update such information,except as required under applicable law.

Unless otherwise indicated,the Chinese insurance market information set forth in this press release is based on public information released by China Banking and Insurance Regulatory Commission.

For further information,please contact:

Media enquiries

Ms. Yinghui Li

China Life Insurance Company Limited

Tel: +86 10 6363 1191

E-mail:liyh@e-chinalife.com

Mr. Isaac Yau (Hong Kong)

Citigate Dewe Rogerson

Mobile: +852 6337 1723

Tel: +852 3103 0112

Email:isaac.yau@citigatedewerogerson.com

Mr. Benny Liu (Beijing)

Citigate Dewe Rogerson

Mobile: +86 135 2188 9320

Tel: +86 10 6567 5056

Email:benny.liu@citigatedewerogerson.com

Investor and analyst enquiries

Ms. Grace Hou

China Life Insurance Company Limited

Mobile:+86 138 1009 6827

Tel: +86 10 6363 1241

Email: houjue@e-chinalife.com

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