China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People’s Republic of China (China). The company is a subsidiary of China Life Insurance (Group) Company (CLIC). Segments The company operates through four segments, including Life Insurance, Health Insurance, Accident Insurance and Other. Life Insurance segment This segment offers life insurance and annuity products to individuals and groups. It markets its individual life insurance products primarily through a distribution force comprised of approximately 979,000 exclusive agents operating in approximately 17,125 field offices throughout China, as well as other non-dedicated agencies located at branch offices of banks, banking operations of post offices and other organizations. This segment offers group life insurance and annuity products to the employees of companies and institutions through approximately 45,000 direct sales representatives, as well as insurance agencies and insurance brokerage companies. Products The company offers various life insurance and annuity products to individuals, providing a range of coverage for the whole length of a policyholder’s life. Its individual life insurance and annuity products consist of whole life and term life insurance, endowment insurance, annuities and universal life insurance. The company also offers group annuity products and group whole life and term life insurance products to enterprises and institutions. It bundles these products to serve as part of its group customers’ overall employee benefit plans. The company also markets each group product as an independent product. The company offers both non-participating and participating products. Whole Life and Term Life Insurance Non-participating Whole Life and Term Life Insurance The company offers non-participating whole life and term life insurance products. Non-participating whole life insurance products provide a guaranteed benefit, pre-determined by the contract, upon the death of the insured, in return for the periodic payment of fixed premiums over a pre-determined period. Non-participating term life insurance products provide a guaranteed benefit upon the death of the insured within a specified time period in return for the periodic payment of fixed premiums. Participating Whole Life Insurance The company also offers participating whole life insurance products, which are traditional whole life insurance policies that also provide a participation feature in the form of dividends. The company offers participating whole life insurance products only to individual customers. Endowment Non-participating Endowment Products Non-participating endowment products provide to the insured various guaranteed benefits if the insured survives specified maturity dates or periods stated in the policy, and provide to a beneficiary designated by the insured guaranteed benefits upon the death of the insured within the coverage period, in return for the periodic payment of premiums. Participating Endowment Products The company also offers participating endowment products, which are endowment policies that also provide a participation feature in the form of dividends. It offers endowment products only to individual customers. Annuities Annuities are used for both asset accumulation and asset distribution needs. Annuitants pay premiums into the company’s accounts, and receive guaranteed level payments during the payoff period specified in the contracts. The company offers both non-participating and participating annuities. For non-participating annuity products, risks associated with the investments are borne entirely by the company. Participating annuity products are annuities that provide a participation feature in the form of dividends. The company also offers participating group annuities. In the company's participating group annuities, interest on an annuitant’s deposits is either credited to the participating employee’s personal account or credited to the participating employee’s personal account, as well as the employer’s group account. Universal Life Products
china life insurance co-a
(601628:Shanghai Stock Exchange)
16 Financial Street
Phone: 86 10 6363 3333
Fax: 86 10 6657 5722www.e-chinalife.com
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