新華人壽保險股份有限公司 New China Life Insurance Company Ltd

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新華人壽保險股份有限公司 New China Life Insurance Company Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. (A joint stock company incorporatedin the People’s Republic of China with limited liability) (Stock Code: 01336) ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 The Board of Directors of New China Life Insurance Company Ltd. (the “Company”) hereby announces the unaudited results of the Company and its subsidiaries for the six months ended 30 June 2018. This announcement, containing the full text of the Interim Report 2018 of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) in relation to information to accompany preliminary announcements of interim results. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.newchinalife.com) and the Hong Kong Stock Exchange (www.hkexnews.hk). Printed version of the Company’s Interim Report 2018 will be delivered to the holders of H share of the Company and available for viewing on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and of the Company (www.newchinalife.com) in early September 2018. By Order of the Board New China Life Insurance Company Ltd. WAN Feng Chairman Beijing, China, 28 August 2018 As at the date of this announcement, the executive directors of the Company are WAN Feng and LI Zongjian; the non-executive directors are LIU Xiangdong, XIONG Lianhua, YANG Yi, WU Kunzong, HU Aimin, DACEY John Robert and PENG Yulong; and the independent non-executive directors are LI Xianglu, ZHENG Wei, CHENG Lie, NEOH Anthony Francis and GENG Jianxin. IMPORTANT INFORMATION 1. The board of directors, the board of supervisors and the directors, supervisors, and members of senior management of the Company warrant the correctness, accuracy and completeness of the contents of this report, and that there is no false representation, misleading statement or material omission in this report, and are legally liable for this report jointly and severally. 2. The Interim Report 2018 of the Company was considered and approved at the twenty-fifth meeting of the sixth session of the board of directors of the Company on 28 August 2018, which 14 directors were required to attend and 14 of them attended in person. 3. The 2018 condensed consolidated interim financial information of the Company is unaudited. 4. Mr. WAN Feng, the Chairman of the Company, Mr. YANG Zheng, the Chief Financial Officer and the person in charge of finance of the Company, Mr. GONG Xingfeng, the Chief Actuary of the Company and Mr. ZHANG Tao, the officer in charge of the Accounting Department of the Company warrant the truthfulness, accuracy and completeness of the condensed consolidated interim financial information in the Interim Report 2018. 5. In addition to the facts stated herein, this report includes forward-looking statements and analysis, which may differ from the actual results of the Company in the future. The Company does not make any warrant or undertaking upon its future performance. Investors are advised to exercise caution. 6. There is no non-operating usage of funds by the controlling shareholder or its related parties for the Company. 7. There is no external guarantee which violates the decision-making procedure of the Company. New China Life Insurance Company Ltd. 1 CONTENTS Section 1 Definitions 3 Section 2 Corporate Information 4 Section 3 Management Discussion and 5 Analysis Section 4 Embedded Value 23 Section 5 Significant Events 32 Section 6 Changes in Share Capital and 37 Shareholders’ Profile Section 7 Directors, Supervisors, 42 Senior Management and Employees Section 8 Financial Statements 44 2 Interim Report 2018 SECTION 1 DEFINITIONS SECTION 1 In this report, unless the context otherwise requires, the following terms shall have the meanings set out below: the Company, New China Life, NCI The general term of New China Life Insurance Company Ltd., its subsidiaries and its consolidated structured entities Asset Management Company New China Asset Management Co., Ltd., a subsidiary of the Company Asset Management Company (Hong Kong) New China Asset Management (Hong Kong) Limited, a subsidiary of the Asset Management Company Huijin Central Huijin Investment Ltd. China Baowu China Baowu Steel Group Corporation Limited NSSF National Council for Social Security Fund of the P.R.C. CBIRC China Banking and Insurance Regulatory Commission CIRC The former China Insurance Regulatory Commission CSRC China Securities Regulatory Commission SSE Shanghai Stock Exchange Hong Kong Stock Exchange or HKSE The Stock Exchange of Hong Kong Limited RMB Renminbi pt Percentage point(s) P.R.C., China People’s Republic of China, for the purpose of this report only, excluding Hong Kong, Macau and Taiwan Company Law Company Law of the People’s Republic of China Insurance Law Insurance Law of the People’s Republic of China Securities Law Securities Law of the People’s Republic of China P.R.C. GAAP China Accounting Standards for Business Enterprises issued by the Ministry of Finance of the P.R.C., and its application guide, interpretation and other related regulations issued thereafter IFRS International Financial Reporting Standards as promulgated by the International Accounting Standards Board Articles of Association The Articles of Association of New China Life Insurance Company Ltd., which was approved by the CBIRC and took effect on 29 June 2018 Hong Kong Listing Rules The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Model Code for Securities Transactions Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Hong Kong Listing Rules Corporate Governance Code Corporate Governance Code and Corporate Governance Report as set out in Appendix 14 to the Hong Kong Listing Rules SFO The Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) New China Life Insurance Company Ltd. 3 SECTION 2 CORPORATE INFOMATION Legal Name in Chinese: 新華人壽保險股份有限公司 Stock Exchange for A Share Listing: The Shanghai Stock Abbreviation in Chinese: 新華保險 Exchange Stock Name for A Share: 新華保險 Legal Name in English: NEW CHINA LIFE INSURANCE Stock Code for A Share: 601336 COMPANY LTD. A Share Registrar: China Securities Depository and Clearing Abbreviation in English: NCI Corporation Limited, Shanghai Branch Address: 36th Floor, China Insurance Building, 166 East Legal Representative: WAN Feng Lujiazui Road, Pudong New District, Shanghai, P.R.C. Board Secretary/Joint Company Secretary: GONG Xingfeng Stock Exchange for H Share Listing: The Stock Exchange of Securities Representative: XU Xiu Hong Kong Limited Tel: 86-10-85213233 Stock Name for H Share: NCI Fax: 86-10-85213219 Stock Code for H Share: 01336 Email: [email protected] H Share Registrar: Computershare Hong Kong Investor Address: 13th Floor, NCI Tower, A12 Jianguomenwai Services Limited Avenue, Chaoyang District, Beijing, P.R.C. Address: Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Joint Company Secretary: LEE Kwok Fai Kenneth Tel: 852-28220158 Domestic Auditor: Ernst & Young Hua Ming LLP Fax: 852-35898359 Address: Level 16, Ernst & Young Tower, Oriental Plaza, No. Email: [email protected] 1 East Chang An Avenue, Dong Cheng District, Beijing, P.R.C. Address: 31/F, Tower Two, Times Square, 1 Matheson Signing Certified Public Accountants: Guo Hangxiang and Street, Causeway Bay, Hong Kong Yu Yinyin Registered Office: No. 1, East Hunan Road, Yanqing District, International Auditor: Ernst & Young Beijing, P.R.C. Address: 22/F, CITIC Tower, 1 Tim Mei Avenue, Central, Postal Code: 102100 Hong Kong Place of Business: NCI Tower, A12 Jianguomenwai Avenue, Chaoyang District, Beijing, P.R.C. Domestic Legal Advisor: Commerce & Finance Law Offices Postal Code: 100022 Address: 6th Floor, NCI Tower, A12 Jianguomenwai Avenue, Place of Business in Hong Kong: 31/F, Tower Two, Times Chaoyang District, Beijing, P.R.C. Square, 1 Matheson Street, Causeway Bay, Hong Kong Website: http://www.newchinalife.com Hong Kong Legal Advisor: Freshfields Bruckhaus Deringer Tel: 86-10-85210000 Address: 55th Floor, One Island East Taikoo Place, Quarry Email: [email protected] Bay, Hong Kong Customer Service and Complaint Tel: 95567 Newspapers for Information Disclosure (A Share): China Securities Journal, Shanghai Securities News Website for publishing interim reports (A Share): http://www.sse.com.cn Website for publishing interim reports (H Share): http://www.hkexnews.hk Place where copies of interim reports are kept: Board of Directors Office of the Company 4 Interim Report 2018 SECTION 3 MANAGEMENT DISCUSSION AND ANALYSIS 1. FINANCIAL ANALYSIS I. Key accounting data and financial indicators (1) Key Accounting Data Unit: RMB million Increase/ decrease over the corresponding For the six months ended 30 June 2018 2017 period of last year SECTION 3 Total revenues 82,967 76,263 8.8% Gross written premiums and policy fees 67,902 61,273 10.8% Profit before income tax 7,748 4,879 58.8% Net profit attributable to shareholders of the Company 5,799 3,237
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