Stock Code : 2628 CONTENTS 01 Prelude Core Competitiveness 2 Honors and Awards 3 Business Highlights 5 Financial Summary 6

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Stock Code : 2628 CONTENTS 01 Prelude Core Competitiveness 2 Honors and Awards 3 Business Highlights 5 Financial Summary 6 Stock Code : 2628 CONTENTS 01 Prelude Core Competitiveness 2 Honors and Awards 3 Business Highlights 5 Financial Summary 6 The Company is a life insurance company established in Beijing, China on 30 June 2003 according to 02 the Company Law and the Insurance Law of the People’s Republic of China. The Company was Chairman’s Statement 10 successfully listed on the New York Stock Exchange, 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. 03 The Company is a leading life insurance company in China and possesses an extensive distribution network comprising exclusive agents, direct sales Management representatives, and dedicated and non-dedicated Discussion and Analysis agencies. The Company is one of the largest Review of Business Operations 14 institutional investors in China, and becomes one of in 2020 the largest insurance asset management companies in China through its controlling shareholding in China Business Analysis 18 Life Asset Management Company Limited. The Company also has controlling shareholding in China Analysis of Specific Items 27 Life Pension Company Limited. Technology Empowerment and 30 Operations and Services Our products and services include individual life insurance, group life insurance, and accident and Performance of the Corporate 32 health insurance. The Company is a leading provider Social Responsibility of individual and group life insurance, annuity products Future Prospect 32 and accident and health insurance in China. As at 31 December 2020, 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. 04 07 Embedded Value 34 Other Information Basic Information of 109 the Company Index of Information 112 Disclosure Announcements 05 Definitions and 115 Material Risk Alert Significant Events Material Litigations or Arbitrations 40 Major Connected Transactions 40 Material Contracts and 49 Their Performance 08 Undertakings 49 Financial Report Restriction on Major Assets 50 Independent Auditor’s Report 116 Targeted Poverty Alleviation 50 Consolidated Statement of 122 Others 50 Financial Position Consolidated Statement of 124 Comprehensive Income Consolidated Statement of 126 Changes in Equity 06 Consolidated Statement of 127 Cash Flows Corporate Governance Notes to the Consolidated 129 Report of the Board of Directors 51 Financial Statements Report of the Board of 59 Supervisors Changes in Ordinary Shares and 63 Shareholders Information Directors, Supervisors, Senior 67 Management and Employees Report of Corporate Governance 83 Core Competitiveness The predecessor of the Company, one of the first batch of enterprises to underwrite insurance business in China, was approved by the Chinese Government for establishment in October 1949, when the People’s Republic of China was founded. After the restructuring and reorganization, the Company was successively listed home and abroad, becoming the first financial insurance enterprise in China triple-listed on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New York Stock Exchange. Since its establishment, the Long history Company has played the role of an explorer and pioneer in China’s life insurance industry, and excellent and has committed to creating a world-class financial insurance brand. Through long-term and brand continuous brand building, China Life has become one of the famous and strong brands in the world with growing brand value and influence. The brand of China Life has been selected as one of the “World’s 500 Most Influential Brands” published by World Brand Lab for fourteen consecutive years, ranking No.127 for the year ended 31 December 2020, and was again ranked No. 5 on the “2020 (the 17th session) China’s 500 Most Valuable Brands” list published by World Brand Lab. The Company sticks to its principal business, further explores the huge potentials of the life insurance market, and maintains its leading position in China’s life insurance market. In 2020, the Company’s gross written premiums exceeded RMB600 billion, achieving a new record Prominent high. Through the long-term development and accumulation, China Life has solid financial principal strength comparable to world-class enterprises in the world. As at 31 December 2020, the business and Company’s total assets amounted to RMB4,252,410 million, ranking No.1 in the life insurance sound financial industry in China. As one of the largest institutional investors in China, the Company becomes strength one of the largest insurance asset management companies in China through its controlling shareholding in China Life Asset Management Company Limited. As at the end of 2020, the total market capitalization of the Company was USD138,900 million. The Company has a sound institutional and services network, with its business outlets and services counters covering both urban and rural areas. As at the end of the Reporting Period, the Company had approximately 20,000 branches1 and the number of sales force from all channels of the Company was over 1.458 million, which forms a unique and powerful Well- distribution and services network in China and through which, the Company becomes the established life insurance service provider within the reach of customers. Moreover, the Company network implemented the “Technology-driven China Life” development strategy in great depth by and leading adhering to the leading concept of technological innovation, and promoted the development technologies of enterprise with excellent services, so as to cultivate its first-class operational management, risk control and customer services. The Company upgraded its operations and services to be more Internet-based, intelligent, integrated and ecological, providing convenient insurance services to the public through technology empowerment. The Company has an extensive customer base. As at 31 December 2020, the Company Profound and had approximately 317 million long-term individual and group life insurance policies, annuity extensive contracts and long-term health insurance policies in force, offering insurance services for more customer base than 500 million customers. During the long course of its development, the Company has accumulated a wealth of experience in operation and management and has a stable and professional management team that is well versed in the art of management in China’s life insurance market. The Company’s Professional core management team and key personnel comprise those who have in-depth knowledge and and stable core understanding of the life insurance market in China, including members of the Company’s team senior management, experienced underwriting personnel, insurance actuaries and investment managers. During the Reporting Period, there was no movement of these personnel which might have a material impact on the Company. 1 Including branches at the provincial or prefecture level, sub-branches, sales offices and sales & services offices. 2 China Life Insurance Company Limited | Annual Report 2020 | Prelude Honors and Awards “2020 Forbes Global 2000”, ranking 37th Forbes “2020 Fortune China 500 List”, ranking 10th Fortune China “Most Respected Company in Asia” Institutional Investor “2020 Best Life Insurance Company in Asia” “Outstanding Financial Enterprise for Poverty Alleviation of the Year” 21st Century Business Herald “Golden Dragon Award – 2020 Best Listed Insurance Company” Financial Times “Gold Medal List of Chinese Financial Institution” “Ark Prize for Insurance Company with High-quality Development in 2020” “Ark Prize for Golden Insurance Service in 2020” “Ark Prize for Technological Progress of China’s Insurance Industry in 2020” Securities Times “Assessment and Selection of the Ark Prizes for China’s Insurance Industry in 2020” “Excellent Life Insurance Company of the Year” National Business Daily “2020 Assessment and Selection of Golden Tripod Award in China” “Influential Insurance Company of the Year” Hexun.com The “18th Financial Annual Champion Awards” “Corporate Social Responsibility Award of the Year” Shanghai Securities News “Assessment and Selection of the 11th ‘Golden Wealth Management’” China Life Insurance Company Limited | Annual Report 2020 | Prelude China Life Insurance Company Limited | Annual Report 2020 | Prelude 3 “People’s Corporate Social Responsibility Award – Annual Precedent Award” People’s Daily Online “Assessment and Selection of the 15th People’s Corporate Social Responsibility Awards” “2020 Excellent Competitiveness – Targeted Poverty Alleviation Contribution Award” China Business Journal “Assessment and Selection of the 12th Financial Institutions with Excellent Competitiveness” “Hong Kong Corporate Governance Excellence Award 2020” The Chamber of Hong Kong Listed Companies and Centre for Corporate Governance and Financial Policy of Hong Kong Baptist University “Hong Kong Corporate Governance Excellence Awards 2020” “Best Investor Relations of Listed Company” “Assessment and Selection of the 2020 China Securities ‘Golden Bauhinia Awards’” jointly organized by Hong Kong Tai Kung Wen Wei Media Group with the Listed Companies Association of Beijing, the Hong Kong Chinese Enterprises Association, the Chinese Securities Association of Hong Kong, the Chinese Financial Association of Hong Kong, the Hong Kong Institute
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