2017 Annual Results

23 March 2018

Hong Kong | Beijing

2

Forward-looking Statement

Certain statements contained in this presentation may be viewed as “forward-looking statements” as

defined by Section 27A of U.S. Securities Act and Section 21E of 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 2016 filed with the U.S. Securities and Exchange Commission, or SEC, on 21

April 2017; and in the Company’s other filings with the SEC. The Company does not undertake any

obligation to update any forward-looking statement, except as required under applicable law. All

information provided in this presentation is as of the date of this presentation, 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 presentation is

based on public information released by CIRC.

Note: The Company has prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRSs”), amendments to

IFRSs and interpretations issued by the International Accounting Standards Board (“IASB”).

3

Management Team

XU Haifeng

Vice President

LI Mingguang

Vice President, Chief Actuary

& Board Secretary

Beijing

Hong Kong

ZHAO Lijun

Vice President

ZHAN Zhong

Marketing Director

*Appointment pending approval by China Insurance Regulatory Commission.

XU Hengping

Vice President

LIN Dairen

President

XIAO Jianyou

Vice President

YANG Hong

Operations Director

RUAN Qi

Vice President*

Agenda

1

Business & Operations 2

Financials 3

4

Embedded Value

Investments

5

Overview

Overview

LIN Dairen, President

6

2017 Results Highlights

Highlights Performance Indicators Figures (RMB bn) Growth Rates

Premiums reached a new high1

Gross written premiums 511.97 18.9%

First-year regular premiums 113.12 20.4%

Renewal premiums 288.11 28.9%

Optimized premium structure

Percentage of first-year regular premiums 64.0% 7.7pps

Percentage of premiums with

10-year-or-longer payment duration 58.4% 3.7pps

Percentage of renewal premiums 56.3% 4.4pps

Expanded & enhanced

sales force

Total sales force 2.025mn 11.6%

Individual agent force 1.578mn 5.6%

Quarterly average productive agent force2 - 29.8%

Rapid business value growth Value of one year’s sales 60.12 21.9%

Significant net profit growth Net profit attributable to

equity holders of the Company 32.25 68.6%

Note:

1. Premiums are calculated in accordance with the Accounting Standards for Business Enterprises Interpretation No.2.

2. Productive agent force data is not covered by this disclosure.

7

Strong Growth Momentum through Five Years of Reform and Transformation

Value of One Year’s Sales First-year Regular Premiums

FYRP with 10-year-or-longer Payment Duration

21 23

32

49

60

2% 9%

36%

56%

22%

0%

20%

40%

60%

0

20

40

60

80

2013 2014 2015 2016 2017

Growth Rate

40 47

62

94

113

-11%

16% 33%

52%

20%

-20%

40%

100%

0

20

40

60

80

100

120

2013 2014 2015 2016 2017

Growth RateRMB bn RMB bn

21 26

32

51

66

12%

22%

25%

59%

28%

0%

20%

40%

60%

0

30

60

2013 2014 2015 2016 2017

Growth RateRMB bn

Gross Written Premiums

191 188 192 224 288

1% 1%

10%

18% 19%

0%

10%

20%

0

200

400

600

2013 2014 2015 2016 2017

Renewal Premiums Premiums from New Policy

Gross Written Premiums Growth

RMB bn

431

512

326 331 364

8

The Company will uphold the

keynote of achieving progress

while ensuring stability,

responding to demands for high-

quality development. It will

enhance its supply and demand

system, investment management

system, innovation system, talent

system and risk control system,

and endeavor to transform from

‘leading in scale’ to ‘leading in

quality’.

Future Development Outlook

From a macroeconomic perspective, China’s economy

switched from a phase of rapid growth to high-quality

development, and maintained steady growth. In this new

era, the demand for insurance protection and wealth

management has grown rapidly. The introduction of a

series of national policies relating to commercial pensions

and health will provide strong impetus and ample room for

the development of commercial insurance.

From an industry perspective, regulators tightened

regulation and guided the industry to return to its due role

of protection. With accelerated transformation of market

players in a more orderly market, the industry will focus

more on the protection-oriented and long-term savings

business, customer services and technology innovation.

The market competition is becoming increasingly fierce

and differentiated.

LIN Dairen, President

Business

& Operations

10

166,936 176,792

223,502

288,106

40,060

47,068

2016 2017Short-term Premiums

Renewal Premiums

Long-term First-year Premiums

Rapid Growth in Insurance Business

Pro-actively controlled the volume of single premiums; first-year regular premiums and renewal

premiums drove the rapid growth in gross written premiums

Long-term First-year

Premiums

72,991 63,671

93,945 113,121

2016 2017

First-year Regular Premiums

Single Premiums (excluding short-term insurance)

Gross Written Premiums Renewal Premiums

223,502

288,106

2016 2017

RMB mn RMB mn RMB mn

166,936 176,792

+5.9%

▲ +20.4%

▼ -12.8%

+28.9% +18.9%

▲ +5.9%

▲ +28.9%

▲ +17.5% 430,498

511,966

11

Premium Structure Further Optimized

19,239 21,900

23,328 25,218

51,378

66,003

2016 2017

Less than 5 years 5-9 years 10-year-or-longer

Business Structure of Long-term FYP

43.72% 36.01%

56.28% 63.99%

2016 2017Single Premiums First-year Regular Premiums

First-year Regular Premiums

RMB mn

113,121

93,945

+20.4%

▲ +13.8%

▲ +8.1%

▲ +28.5%

Business Structure of Long-term GWP

42.76% 38.03%

57.24% 61.97%

2016 2017Long-term FYP Renewal Premiums

12

个险渠道保费收入 Agent Channel FYRP

Strong Growth in Agent Channel Business

Continued to Showcase Strengths of the Core Channel

10,282 12,183

17,911 19,261

46,337

58,796

2016 2017

Less than 5 years 5-9 years 10-year-or-longer

RMB mn

In 2017, guided by the value-oriented principle, the Agent Channel continued to record

strong growth in regular premiums, with business structure being further optimized.

74,530

90,240

▲ +18.5%

▲ +7.5%

+21.1%

▲ +26.9%

Agent Channel GWP

199,826

253,586

82,310

100,082

2016 2017

Renewal Premiums Premiums from New Policy

RMB mn

282,136

353,668

▲ +26.9%

▲ +21.6%

+25.4%

13

Expanded Scale and Enhanced Quality of Agent Force

Overall Strength Continued to Improve

In 2017, the Company strengthened the day-to-day management of the Agent Channel and

actively pushed forward the transformation of the sales management model. While the agent

force expanded steadily, its quality was also enhanced significantly.

Total Individual Agent Force Quarterly Average Productive Agent Force

Quarterly Average Productive

Upsales Force

1.494

1.578

2016 2017

2016 2017

2016 2017

+5.6%

+29.8%

+53.0%

mn

14

Bancassurance Channel Continued its Sound Development

Value Contribution Rose Significantly

Bancassurance GWP Bancassurance FYRP

68,047 59,777

21,813 31,880

17,835 20,954

2016 2017Short-term PremiumsFirst-year Regular PremiumsRenewal PremiumsSingle Premiums (excluding short-term insurance)

8,531 9,240

5,107 5,575

4,197

6,139

2016 2017

Less than 5 years 5-9 years 10-year-or-longer

RMB mn RMB mn

108,256 113,505

17,835

20,954

+4.8% +17.5%

▲ +8.3%

▲ +9.2%

▲ +46.3%

▼-12.2%

▲ +46.2%

▲ +17.5%

The Channel deepened its business transformation. Both first year regular premiums and renewal premiums recorded rapid

growth, with business structure being further optimized.

Value of one year’s sales increased by 150.4% year-on-year, and its contribution to the total value of one year’s sales

increased by 5.6 pps.

Sales force totaled 339,000 people. Number of monthly average active insurance planners increased by 11.3% year-on-year.

15

18,782 20,840

6,133 5,367

2016 2017

Short-term Insurance Long-term Insurance

Group Channel GWP

Steady Growth in Group Channel Business

Strong Operations Further Sustained

RMB mn

Closely followed the national strategy to better people’s livelihoods, continued to diversify its business, and witnessed

the steady growth in the short-term insurance business.

Sales force totaled 104,000 people, up by 21.4% year-on-year.

24,915 26,207

+5.2%

Group Channel Sales Force

85,874

104,289

36,325

52,253

2016 2017

Total Sales Force High-performance Sales Force

Person

+21.4%

+43.8%

▲ +11.0%

16

Short-term Commercial Insurance Policy-sponsored Health Insurance

20,676 22,910

7,715

9,730 587

930

2016 2017

Group Channel Agent Channel Bancassurance Channel

Continued Growth in Short-term Insurance Business

Social Impacts Gained Recognition

Gross written premiums from short-term insurance grew steadily. It not only contributed to the Company’s development

but also served people’s well-being, thus expanding the Company’s social recognition.

Gross written premiums of short-term insurance business (including one-year term life insurance) reached RMB 33.57

billion, up by 15.8% year-on-year.

The Company played an active role in policy-sponsored health insurance business. It undertook more than 260

supplementary major medical expenses insurance programs in 31 provincial-level branches, covering 420 million

urban and rural residents. Gross written premiums reached RMB 15.56 billion, up by 18.1% year-on-year.

+15.8%

▲ +10.8%

▲ +26.1%

▲ +58.4%

RMB mn

13,175

15,556

2016 2017

Supplementary Major Medical Expenses Insurance

RMB mn

+18.1% 33,570

28,978

17

Surrender Rate

3.54%

4.13%

2016 2017

Persistency Rate

90.2% 90.9%

85.9% 85.7%

60%

65%

70%

75%

80%

85%

90%

95%

100%

2016.12.31 2017.12.31

14 Months 26 Months

Surrender Rate and Persistency Rate Remained Stable

Note: Surrender Rate = Surrender payment/(Liability of long-term insurance contracts at the beginning of the period + Premiums of long-term insurance contracts)

Policy persistency rate = in-force policies within the review month that are commenced 14/26 months prior to the review month / policies that are commenced

14/26 months prior to the review month

+0.59pp

18

Built a Technology-driven China Life, Promoted Reform and Transformation

Accelerated the development of a “Technology-driven China Life”, a client-oriented, internet- and AI-

based, responsive and reliable model; completed the new generation of integrated business

processing system, enabling the Company to transform and upgrade its operation and management.

Completed on-

line deployment

Advanced smart

and centralised

operations

Supported

transformation

of sales model

Launched smart

services

Established an advanced business structure

19

Advancement in Customer Service, Client Satisfaction Hit Historic High

Improved customer service capacity and fully launched digitalized and smart services.

Improved client relationship management capacity; precision services showed fruitful results.

Expanded the scope of services; client satisfaction hit historic high.

China Life Health Platform Client Activities Global VIP Services

20

Embarking on a New Journey of High-quality Development in the New Era

Transform and upgrade

sales management model

Lead in large- and

medium-sized cities

Emphasize risk prevention

Optimize business

structure

Build a

“Technology-

driven China

Life”

Steady

Growth

Value

centric

A client-oriented, big

service-led and

digitalized

operational and

management system

ZHAO Lijun, Vice President

Financials

22

Net Premiums Earned

Total Revenues

Steady Growth in Revenues

Investment Income and Realized/Unrealized

Gains and Impairment Losses

426,230 506,910

2016 2017

540,781 643,355

2016 2017

RMB mn RMB mn

RMB mn

+18.9%

+19.0%

109,147

8,694

-2,656 -7,094

122,727

2,799

-2,757

6,183

Investment Income

Net RealizedSpread Income onFinancial Assets Impairment Losses

Net Fair ValueGains throughProfit or Loss

2016 2017

23

Underwriting and Policy

Acquisition Costs Ratio1 Administrative Expenses Ratio2

Continued Optimization of Costs Structure

9.62% 10.07%

2016 2017

5.89% 5.59%

2016 2017

Note:

1. Underwriting and Policy Acquisition Costs Ratio = Underwriting and Policy Acquisition Costs/Total Revenues

2. Administrative Expenses Ratio = Administrative Expenses/Total Revenues

3. Percentage of Administrative Expenses = Administrative Expenses/(Administrative Expenses + Underwriting and Policy Acquisition Costs)

Percentage of

Administrative Expenses3

37.98% 35.69%

2016 2017

24

Significant Increase in Profit

2017 2016 Change

Net Profit Attributable to Equity

Holders of the Company (RMB mn)

32,253 19,127 +68.6%▲

Weighted Average ROE 10.49% 6.16% +4.33pps▲

Earnings Per Share (RMB: Yuan)

1.13 0.66 +0.47▲

Dividends Per Share

(RMB: Yuan) 0.40Note 0.24 +0.16▲

Note: Subject to the approval by the 2017 Annual General Meeting.

25

2,696,951 2,897,591

2,389,303 2,572,281

303,621

320,933

4,027

4,377

2016.12.31 2017.12.31

Equity Attributable to Non-controlling Interests

Equity Attributable to Equity Holders of the Company

Total Liabilities

Total Assets

1,332,612 1,417,192

515,374 607,941

2016.12.31 2017.12.31

Residual Margin

Reasonable Estimates of Reserves & Risk Margin

Assets, Liabilities and Equity Holders’ Equity Reserves of Insurance Contracts

Assets and Liabilities

RMB mn RMB mn

1,847,986 2,025,133

2017.12.31 2016.12.31

26

Equity Holders’ Equity

Equity Holders’ Equity

303,621 320,933

32,253 135

(7,912) (7,164)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2016 Equity Attributable to Equity Holders of the

Company

Net Profit Attributable to Equity Holders of the

Company

Other Comprehensive Income

Other Equity Movements Dividends 2017 Equity Attributable to Equity Holders of the

Company

RMB mn

27

Core Solvency Ratio Comprehensive Solvency Ratio

Strong Solvency Position

280.34% 277.61%

2016.12.31 2017.12.31

297.16%

277.65%

2016.12.31 2017.12.31

Investments

ZHAO Lijun, Vice President

29

Investment Assets (RMB mn)

31 December 2017 31 December 20161 Amount Percentage Change (%) Amount Percentage

Fixed-maturity Investments 2,094,289 80.81% 2.54% 1,920,125 78.27%

Term Deposit 449,400 17.34% -4.60% 538,325 21.94%

Bonds 1,188,606 45.86% 0.23% 1,119,388 45.63%

Debt-type Financial Products2 301,761 11.65% 6.27% 131,880 5.38%

Other Fixed-maturity Investments3 154,522 5.96% 0.64% 130,532 5.32%

Equity Investments 409,528 15.80% -1.37% 421,383 17.17%

Common Stocks 173,450 6.69% 0.98% 140,166 5.71%

Funds4 101,236 3.91% -0.98% 119,973 4.89%

Bank Wealth Management Products 40,327 1.56% -1.78% 81,854 3.34%

Other Equity Investments5 94,515 3.64% 0.41% 79,390 3.23%

Investment Properties 3,064 0.12% 0.07% 1,191 0.05%

Cash and Others6 84,771 3.27% -1.24% 110,584 4.51%

Total 2,591,652 100.00% 0.00% 2,453,283 100.00%

Investment Assets Allocation

Note:

1. The figures as at the end of last year were adjusted on the same basis.

2. Debt-type Financial Products include debt investment plans, trust schemes, project asset-backed plans, credit asset-backed securities, specialized asset management plans, asset management products, etc.

3. Other fixed-maturity investments include policy loans, statutory deposits, fixed-maturity bank wealth management products, and interbank deposits, etc.

4. Funds include equity funds, bond funds and money market funds, etc. of these, the balances of monetary market funds as at 31 December 2017 and 31 December 2016 were RMB 6.942 billion and RMB 13.609 billion respectively.

5. Other equity investments include private equity funds, unlisted equities, preferred shares, equity investment plans and specialized equity asset management plans, etc.

6. Cash and others include cash, cash at banks, short-term bank deposits and securities purchased under agreements to resell.

30

Net Investment Yield Gross Investment Yield

Significant Increase in Investment Yields

Comprehensive

Investment Yield

4.66% 4.91%

2016 2017

4.61%

5.16%

2016 2017

2.43%

4.55%

2016 2017

Note: Net investment yield = (Net investment income – interest expenses for securities sold under agreements to repurchase)/((Investment assets at the beginning of the period - securities sold

under agreements to repurchase at the beginning of the period + Investment assets at the end of the period - securities sold under agreements to repurchase at the end of the period)/2)

Gross investment yield = (Gross investment income - interest expenses for securities sold under agreements to repurchase)/((Investment assets at the beginning of the period - securities

sold under agreements to repurchase at the beginning of the period + Investment assets at the end of the period - securities sold under agreements to repurchase at the end of the

period)/2)

Comprehensive Investment Yield =(Gross investment income - interest expenses for securities sold under agreements to repurchase + net change in fair value of available-for-sale securities

recorded in other comprehensive income)/((Investment assets at the beginning of the period - securities sold under agreements to repurchase at the beginning of the period + Investment

assets at the end of the period - securities sold under agreements to repurchase at the end of the period)/2)

31

Enhanced Scale and Quality in Non-standard Investments

Seized the asset allocation opportunities presented by high

interest rates, with the new allocations towards fixed-income

assets amounting to over RMB 440 billion.

Mainly increased investments in fixed-income non-standard

assets; established investment positions in industry leaders

benefiting from the supply-side reform; and strengthened

investments in infrastructure. Newly added investments

totaled over RMB 200 billion for the whole year, with a

weighted average maturity of approximately seven years.

Over 95% of non-standard assets had an AAA external

rating. Of which, over 70% were invested in infrastructure,

finance, energy, transportation, electricity and municipal

utility industries.

21%

18%

14% 13%

11%

6%

4%

13%

基础设施

金融

能源

交通

不动产

电力

市政

其他行业

Maintained a prudent non-standard assets investment strategy

with well-controlled risks Non-standard Assets by Sector

Infrastructure

Finance

Energy

Transportation

Real Estate

Power

Municipal

Others

32

Synergy from Investments in Associated Company

Expanding synergy between China Life and China Guangfa Bank

Achieved RMB 4.186 billion investment income and 13.02% investment yield from

investment in CGB on the equity accounting basis.

CGB helped provide comprehensive and all-round financial products and services to our

clients.

CGB-China Life bancassurance business achieved 42% increase in premiums of new

policies, and 100% increase in first-year regular premiums

Issued over 1 million China Life – CGB debit cards and credit cards.

LI Mingguang, Vice President,

Chief Actuary & Board Secretary

Embedded Value

34

370,500

734,172

398,723

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Adjusted Net Worth Value of In-force Business (beforecost of required capital)

Cost of Required Capital Embedded Value

Components of Embedded Value (31 December 2017)

Components of Embedded Value

RMB mn

(35,050)

35

49,311

60,117

2016.12.31 2017.12.31

Embedded Value and Value of One Year’s Sales

349,528 370,500

302,530

363,673

2016.12.31 2017.12.31

Value of In-force Business (after cost ofrequired capital)

Adjusted Net Worth

RMB mn

734,172

652,057

+12.6%

▲ +20.2%

▲ +6.0%

RMB mn

Note: Value of one year’s sales is after cost of required capital.

Embedded Value Value of One Year’s Sales Value of One Year’s Sales

by Channel

+21.9%

RMB mn

Agent ChannelBancassurance ChannelGroup Channel

6,536

(10.9%)

53,170

(88.4%)

410

(0.7%)

36

652,057

734,172

52,472

60,117 529

(4,280) (5,926) (11,549) (459) (7,164) (1,625)

EV at thebeginning

ExpectedReturns

Value of OneYear's Sales

OperatingExperienceVariance

InvestmentExperienceVariance

Methodology,Model and

AssumptionChanges

Market Valueand Other

Adjustments

Exchange Gainsor Losses

ShareholderDividends and

Capital Injection

Others EV at 31December 2017

Embedded Value Movement of 2017

Embedded Value Movement Analysis

RMB mn

Q&A

Appendix

39

Honors and Awards in 2017

China Life Insurance (Group) Company, with China Life Insurance Company

Limited as a core subsidiary, has made it onto the Fortune Global 500 list for 15

consecutive years, ranking the 51st in 2017

China Life ranked 4th in “China’s Top 500 Most Valuable Brands 2017 (14th)”

with its brand value amounting to RMB 287.16 billion, helping it to sustain its

leading position in the insurance industry

Listed on the Forbes Global 2000 for 14 consecutive years, ranking 52nd in

2017

China Life and Chairman Yang Mingsheng received the “Best Investment Value

Award for Listed Companies” and the “Most Influential Leader of Listed

Companies” respectively of the “2017 China Securities Golden Bauhinia Awards”

organized by Ta Kung Wen Wei Media Group

Awarded the “Hong Kong Corporate Governance Excellence Award 2017” in the

Category for Hang Seng Index Constituent Companies

40

Corporate Social Responsibilities

Implemented supplementary major medical expenses insurance programs and administration for basic social

healthcare programs entrusted by local governments, covering 420 million and 97 million people, respectively

Donated RMB 40.14 million through the China Life Foundation to related organizations in 2017, mainly to

support targeted poverty alleviation projects and provide special donations for families who have lost their

only child

Sponsored orphans from Wenchuan earthquake, Yushu earthquake, Zhouqu mudslide and the Ludian

earthquake with RMB 2.33 million donations in 2017, held the 9th China Life Summer Camp, and provided

long-term consistent subsidies and emotional care for disaster-stricken orphans

China Life’s corporate culture and social responsibility concept:

“Success for you, Success by you”

Integrate social responsibilities

into customer services and

continue to improve service

quality and customer experience

Leverage the Company’s

business, network and

management advantages to

develop insurance products

beneficial to general public

Participate in public welfare

programs in a professional and

systematical manner to show

love and care and make sure we

contribute towards society

41

Sensitivity Analysis – Using 2016 EV Appraisal Assumptions

Sensitivity Analysis

RMB mn

Value of

In-force Business (after cost of required capital)

Value of

One Year’s Sales (after cost of required capital)

Using 2016 embedded

value appraisal

assumptions

357,052 60,114

42

Value of In-force Business

(after cost of required capital)

Value of One Year’s Sales

(after cost of required capital)

Sensitivity Analysis – Investment Return and Risk Discount Rate

(8,559)

(2,647)

60,117 2,848

8,573

InvestmentReturn-50bps

RiskDiscount

Rate +50bps

Base Case RiskDiscount

Rate -50bps

InvestmentReturn+50bps

363,673

(61,487)

(15,788)

16,949

61,781

InvestmentReturn-50bps

RiskDiscount

Rate +50bps

Base Case RiskDiscount

Rate -50bps

InvestmentReturn+50bps

RMB mn RMB mn

Note: Numbers may not be additive due to rounding.

43

Base 363,673

Morbidity Rates +/-10%

Lapse Rates +/-10%

Mortality Rates for Non-

Annuity Products +/-10%

Mortality Rates for

Annuity Products -/+10%

Expenses +/-10%

Sensitivity Analysis – Operational Assumptions

Note: Numbers may not be additive due to rounding.

-4,789

-2,560

-652

-4,737

4,788

2,555

464

4,775

-6,000 -4,000 -2,000 0 2,000 4,000 6,000

Sensitivity Analysis Results – Value of In-force Business (after cost of required capital)

RMB mn

44

Base 60,117

Morbidity Rates +/-10%

Lapse Rates +/-10%

Mortality Rates for Non-

Annuity Products +/-10%

Mortality Rates for

Annuity Products -/+10%

Expenses +/-10%

Sensitivity Analysis – Operational Assumptions (cont’d)

Sensitivity Analysis Results – Value of One Year’s Sales (after cost of required capital)

-3,239

-716

-968

-1,120

3,239

718

913

1,118

-4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000

RMB mn

Note: Numbers may not be additive due to rounding.