Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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: [phone]

(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

 

On October 26, 2023, China Life Insurance Company Limited issued an announcement in Chinese, the English translation of which is attached as Exhibit 99.1 hereto.

EXHIBIT LIST

 

Exhibit		Description
99.1		Announcement, dated October 26, 2023

---

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.

 

						China Life Insurance Company Limited
						(Registrant)
				By:		/s/ Li Mingguang
						(Signature)
October 26, 2023				Name:		Li Mingguang
				Title:		Principal Executive Officer and Executive Director

Commission File Number 001-31914

EXHIBIT 99.1

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

 

•

Under the PRC GAAP, as at 30 September 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB1,802 million and an increase in liabilities of long-term health insurance contracts by RMB2,589 million, which in aggregate reduced profit before tax by RMB4,391million for the nine months ended 30 September 2023.

 

•

Under the PRC GAAP, changes in impairment criteria for available-for-sale equity instruments resulted in an increase in profit before tax by RMB6,555 million for the nine months ended 30 September 2023.

I. Introduction

The changes in accounting estimates were considered and approved at the 31th meeting of the seventh session of the Board of Directors on 26 October 2023. Under the PRC GAAP, as at 30 September 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB1,802 million and an increase in liabilities of long-term health insurance contracts by RMB2,589 million, which in aggregate reduced profit before tax by RMB4,391 million for the nine months ended 30 September 2023. Changes in impairment criteria for available-for-sale equity instruments resulted in an increase in profit before tax by RMB6,555 million for the nine months ended 30 September 2023.

II. Details of the Changes in Accounting Estimates and the Impact on the Company

The Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, lapse rates, expenses assumptions and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet. Under the PRC GAAP, as at 30 September 2023, changes in actuarial assumptions resulted in an increase in liabilities of life insurance contracts by RMB1,802 million and an increase in liabilities of long-term health insurance contracts by RMB2,589 million, which in aggregate reduced profit before tax by RMB4,391 million for the nine months ended 30 September 2023.

The Company determined the impairment criteria for available-for-sale equity instruments based on current information available as at the date of the balance sheet. These impairment criteria were used to ascertain the impairment of available-for-sale equity instruments. The accounting estimates of the impairment criteria for available-for-sale equity instruments after change are as follows: the Company separately examines each investment in the available-for-sale equity instruments as at the date of the balance sheet, and will make impairment if the fair value of the investment in equity instruments as at the date of the balance sheet is lower than its initial investment cost by more than 50% or has been lower than its initial investment cost for a period of more than one year (inclusive). Under the PRC GAAP, such changes in accounting estimates resulted in an increase in profit before tax by RMB6,555million for the nine months ended 30 September 2023.

The Company adopted prospective application method to deal with the changes in accounting estimates.

---

Commission File Number 001-31914

 

III. Conclusive Opinions of the Independent Directors and the Board of Supervisors

The Independent Directors and the Board of Supervisors of the Company considered the changes in accounting estimates, and approved the accounting treatment on the changes in accounting estimates made by the Company.

IV. Relevant Documents for Record

 

1.	Independent opinion from the Independent Directors of the Company

 

2.	Special statement of the Board of Directors of the Company on the changes in accounting estimates

 

3.	Special statement of the Board of Supervisors of the Company on the changes in accounting estimates

 

The Board of Directors of

China Life Insurance Company Limited 26 October 2023

---