CHINA LIFE INSURANCE CO Business Summary

China Life Insurance Company Limited (CILJF) operates as the largest life insurer in the People’s Republic of China, generating revenue primarily through gross written premiums across its life, health, and accident insurance portfolios, as well as significant investment income from its massive asset management operations. The company’s business is structured into four primary segments: Individual Life Insurance, which remains the core revenue driver via its extensive agent force and bancassurance channels; Group Life Insurance; Short-term Health Insurance; and Accident Insurance. As a central state-owned enterprise, China Life leverages an unparalleled domestic distribution network and government-backed credit profile to maintain its dominant market share. It competes directly with Ping An Insurance, China Pacific Insurance (CPIC), and New China Life Insurance (NCI), distinguishing itself through its systemic scale and deep penetration into China’s lower-tier cities and rural markets. The leadership team is headed by Chairman Cai Xiliang, who assumed the role in late 2024 after serving as President of CITIC Group, bringing a high-level pedigree in financial conglomerate management and strategic investment. President Li Mingguang, a veteran actuary who joined the firm in 1996, oversees daily operations and has previously held key roles as Chief Actuary and Vice President. The executive board is further strengthened by Vice Presidents Liu Hui, who serves as Chief Investment Officer, and Ruan Qi, the Chief Risk Officer. The company is a subsidiary of the state-owned China Life Insurance (Group) Company, which holds a controlling interest of approximately 68%, while notable institutional investors include BlackRock and JPMorgan Chase & Co., reflecting its status as a benchmark constituent in global emerging market indices.