Form 6-K

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 30, 2007

 


China Life Insurance Company Limited

(Translation of registrant’s name into English)

 


16 Chaowai Avenue

Chaoyang District

Beijing 100020, China

Tel: (86-10) 8565-9999

(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      X                Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):              

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes                          No      X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            

 



Commission File Number 001-31914

 

China Life Insurance Company Limited issued an announcement on October 29, 2007, a copy of which is attached as Exhibit 99.1 hereto.

EXHIBIT LIST

 

Exhibit

 

Description

99.1

  Announcement, dated October 29, 2007


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/ Wan Feng

      (Signature)
October 30, 2007     Name:   Wan Feng
    Title:   President and Executive Director


Commission File Number 001-31914

 

EXHIBIT 99.1

 

LOGO

  

CHINA LIFE INSURANCE COMPANY LIMITED

LOGO

  
     
   (A joint stock limited company incorporated in the   
   People’s Republic of China with limited liability)   
   (the “Company”)   
   (Stock code: 02628)   

2007 THIRD QUARTER REPORT

 

This announcement is made by China Life Insurance Company Limited (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial statements of the Company for the third quarter of 2007 are unaudited and have been prepared in accordance with generally accepted accounting principles in People’s Republic of China.

1. IMPORTANT NOTICE

1.1 The Board of Directors, the Supervisory Committee of the Company and its Directors, Supervisors and senior management of the Company warrant that there are no false representations or misleading statements or material omissions in the 2007 third quarter report, and jointly and severally accept full responsibility for the authenticity, accuracy and completeness of the information contained in the 2007 third quarter report.

1.2 All of the Directors of the Company have, by way of written approval, approved the 2007 third quarter report of the Company.

1.3 The financial statements contained in the 2007 third quarter report are unaudited.

1.4 Mr. Yang Chao, Chairman of the Company, Mr. Liu Jiade, Vice President in charge of accounting affairs function, Ms. Shiu Wai Chung, Chief Actuary and Mr. Zhao Lijun, person in charge of the finance department, confirm that the financial statements in the 2007 third quarter report are true and complete.

 

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Commission File Number 001-31914

 

2. BASIC INFORMATION OF THE COMPANY

2.1 Major accounting data and financial indicators

 

    

As at

30 September,

2007

  

As at

31 December,

2006

  

Increase/decrease

compared to prior

year end (%)

Total assets (RMB million)

   925,237    727,085    27.25

Total equity (excluding minority interest) (RMB million)

   168,725    115,557    46.01

Net assets per share (RMB)

   5.97    4.09    46.01
     For the nine months ended
30 September, 2007
  

Increase/decrease

compared to

the same period

of 2006 (%)

Net cash flow from operating activities (RMB million)

      N/A    N/A

Net cash flow per share from operating activities (RMB)

      N/A    N/A
    

For the
reporting
period

(from July to

September)

  

For the nine
months
ended 30
September,

2007

  

Increase/decrease

compared to

the same period

of 2006

Net profit (RMB million)

   7,823    24,696    N/A

Basic earnings per share (RMB)

   0.27    0.87    N/A

Basic earnings per share after deducting non-recurring items (RMB)

   —      0.87    —  

Diluted Earnings per share (RMB)

   0.27    0.87    N/A

Return on net assets (%)

   4.64    14.64    N/A

Return on net assets after deducting non-recurring items (%)

   4.64    14.64    N/A

As at 30 September, 2007, investment assets of the Company were RMB878,827 million. For the nine months ended 30 September, 2007, the investment yield was 8.63% and the surrender ratio was 4.90%. (The growth ratio of premiums earned not applicable; no corresponding figures for the period ended 30 September, 2006)

 

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Commission File Number 001-31914

 

Non-recurring items

  

For the nine months ended

30 September, 2007

(RMB million)

 

Gains/losses on disposal of non-current assets

   12  

Non-operating income and expenses other than those mentioned above, net

   (22 )

Income tax expenses impacted

   3  

Total

   (7 )

2.2 Total number of shareholders and top ten holders of listed shares not subject to trading moratorium as at the end of the reporting period

 

Total number of shareholders at the end of the
reporting period (Shareholders)
  

Number of A share holders: 147,614

Number of H share holders: 37,055

Particulars of top ten holders of listed shares not subject to trading moratorium

Name of shareholders

  

Number of listed

shares not

subject to

moratorium held

at the end of the

reporting period

  

Type of shares

HKSCC Nominees Limited

   6,884,099,163    H shares

Richbo Investment Limited

   428,358,620    H shares

LOGO

     

Industrial and Commercial Bank of China - Lion Stock Securities Investment Fund*

   37,964,174    A shares

LOGO

     

China Everbright Bank Co., Ltd. - Everbright Pramerica Quantization Core Securities Investment*

   25,899,316    A shares

LOGO

     

Bank of China - Dacheng Blue Chip Sustaining Securities Investment Fund*

   15,000,000    A shares

LOGO

     

Jingfu Securities Investment Fund*

   14,000,000    A shares

LOGO

     

Industrial and Commercial Bank of China - Huitianfu (China Universal) Growing Focus Stock Securities Investment Fund*

   11,325,200    A shares

LOGO

     

Industrial and Commercial Bank of China - Boshi Tertiary Industry Growing Stock Securities Investment Fund*

   11,000,000    A shares

LOGO

     

Industrial and Commercial Bank of China - Huitianfu (China Universal) Balanced Growing Stock Securities Investment Fund*

   10,764,355    A shares

LOGO

     

China Pingan Insurance Co., Ltd. - Dividend-Individual Dividend*

   10,572,050    A shares

* English translation for the Chinese names.

 

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Commission File Number 001-31914

 

3. SIGNIFICANT EVENTS

3.1 Particulars of, and reasons for, material changes in major accounting items and financial indicators of the Company

x Applicable    ¨ Not applicable

 

Key Financial Index

  

As at 30

September, 2007

  

As at 31

December, 2006

   Change (%)   

Main reasons

Total equity (excluding minority interest) (RMB million)

   168,725    115,557    46.01    Steady growth of insurance business, significant improvement in investment return, increase in unrealized gains of available-for-sale financial assets

Net assets per share (RMB)

   5.97    4.09    46.01    Steady growth of insurance business, significant improvement in investment return, increase in unrealized gains of available-for-sale financial assets
            RMB million

Key Financial Index

  

As at 30

September, 2007

  

As at 31

December, 2006

   Change (%)   

Main reasons

Premiums receivables

   7,795    5,734    35.94    Steady growth of insurance business

Receivables from reinsurers

   67    126    -46.83    Settlement of reinsurance business

Policy loans

   4,880    2,371    105.82    Increase in policy loans business

Available-for-sale financial assets

   381,913    239,463    59.49    Increase in available-for-sale financial assets and the unrealized gains

Financial assets sold under agreements to repurchase

   53,016    8,227    544.41    Increase in investment

Premiums received in advance

   1,039    1,641    -36.68    Impact by the business cycle

Payables to reinsurers

   130    4    3150.00    Increase in short-term ceded business

Employees’ remuneration payable

   2,625    1,951    34.55    Increase in SARS expense due to the raise of H share price

Taxes and statutory fees payable

   9,171    1,157    692.65    Significant increase of income tax payable

 

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Commission File Number 001-31914

 

Key Financial Index

  

As at 30

September, 2007

  

As at 31

December, 2006

   Change (%)   

Main reasons

Benefits and claims payable

   3,442    2,594    32.69    Insurance business cycle, accumulation of insurance responsibility and centralized maturity of some products

Policyholder dividends payable

   62,980    30,491    106.55    Significant increase of investment return from participating insurance products

Deferred tax liabilities

   12,226    7,148    71.04    Increase of unrealized gains in available-for-sale financial assets

Capital reserves

   99,343    66,872    48.56    Increase of unrealized gains in available-for-sale financial assets

Surplus reserves fund

   3,696    2,736    35.09    Increase in surplus reserves retained by the Company

Retained earnings

   37,421    17,684    111.61    Steady growth of insurance business, significant improvement in investment return

Minority interest

   879    540    62.78    Increase of the net profits of the subsidiaries

3.2 Explanation and analysis of significant events and their impacts and solutions

x Applicable     ¨ Not applicable

By a resolution passed at the second extraordinary meeting of the second session of the Board held on 26 September, 2007, Mr. Wan Feng was appointed as the Company’s President following a nomination by the Chairman of the Company. Related announcements can be found in China Securities Journal and Shanghai Securities Journal on 27 September, 2007, as well as http://www.sse.com.cn and http://www.e-chinalife.com.

3.3 Status of performance of undertakings by the Company, its shareholders and de facto controllers

x Applicable    ¨ Not applicable

 

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Commission File Number 001-31914

 

During the reporting period ended 30 September 2007, our controlling shareholder China Life Insurance (Group) Company has undertaken that it will not, within 36 months from the listing of A shares of the Company, transfer nor authorize others to manage any shares of the Company that is directly or indirectly owned by it, nor will it allow the Company acquire such shares. China Life Insurance (Group) Company has strictly adhered to and will strictly adhere to the above undertaking.

At the time of the restructuring and establishment of the Company, China Life Insurance (Group) Company injected into the Company certain land use rights and properties. Of the land use rights titles injected into the Company, formalities for change of titles have not been completed for the land use rights in respect of 4 pieces of land with a total area of 10,421.12 square meters. Of the properties that were injected into the Company, formalities for change of title have not been completed for 6 properties with a gross floor area of 8,639.76 square meters. China Life Insurance (Group) Company undertakes that it will, within one year from the date of listing of the Company’s A shares, assist the Company in completing the formalities for change of titles in respect of the 4 pieces of land and 6 properties mentioned above, failing which it will bear any loss that may be suffered by the Company as a result of such defective titles. China Life Insurance (Group) Company will strictly adhere to the above undertaking and is now actively dealing with the formalities for change of titles in relation to the above land and properties.

China CMG Life Insurance Company Ltd. is a sino-foreign equity joint venture established on 4 July 2000 and owned as to 51% by China Life Insurance (Group) Company and as to 49% by CMG Group of Australia. The business scope of China CMG Life Insurance Company Ltd. is to conduct the following businesses (excluding statutory insurance business) within the administrative district of Shanghai municipality and in the provinces, autonomous regions and centrally-governed cities where its branches have been established: (1) insurance business such as life insurances, health insurances and accident and injuries insurances; (2) re-insurance of the above insurance business. China Life Insurance (Group) Company agrees that it will, within 3 years of the listing of the Company on the Stock Exchange of Hong Kong, sell all its interests in such equity joint venture to any third parties or otherwise eliminate any competition between China CMG Life Insurance Company Ltd. and the Company. China Life Insurance (Group) Company is now actively working towards the disposal of its interests in China CMG Life Insurance Company Ltd.

3.4 Warnings and explanation on accumulated net loss expected to be recorded from the beginning of the year to the end of the next reporting period or material changes as compared to the same period of 2006

¨ Applicable    x Not applicable

3.5 Other significant events

3.5.1 The Company’s shareholdings in other listed companies

x Applicable    ¨ Not applicable

 

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Commission File Number 001-31914

 

Serial No.    Stock code   

Abbreviation

   Number of
shares 
(million)
   Percentage in
the shares 
(%)
   Initial investment
cost 
(RMB million)
  

Items in financial statements

1    600030    CITIC Securities    393    12.01    6,430    Available-for-sale financial assets
         5       63    Hold-for-trading financial assets
2    600016    China Ming Sheng Banking Corporation    180    6.17    748    Hold-for-trading financial assets
         714       5,448    Available-for-sale financial assets
3    601939    China Construction Bank    702    0.48    4,529    Available-for-sale financial assets
   HK0939       408       1,063    Available-for-sale financial assets
4    601088    China Shenhua    137    0.69    5,071    Available-for-sale financial assets
5    601398    Industrial and Commercial Bank of China    24    0.44    75    Hold-for-trading financial assets
         779       2,432    Available-for-sale financial assets
   HK1398       651       2,030    Available-for-sale financial assets
6    601988    Bank of China    123    0.21    380    Available-for-sale financial assets
         17       53    Hold-for-trading financial assets
   HK3988       394       1,180    Available-for-sale financial assets
7    601318    China Ping An    31    0.42    1,160    Available-for-sale financial assets
8    600009    Shanghai Airport    43    2.37    1,002    Available-for-sale financial assets
         2       36    Hold-for-trading financial assets
9    600036   

China Merchants

Bank

   38    0.34    793    Available-for-sale financial assets
         11       83    Hold-for-trading financial assets
10    600019    Bao Steel    13    0.58    63    Hold-for-trading financial assets
         89       785    Available-for-sale financial assets
Total          —      —      33,424    —  

Note: The figures contained in “Number of shares” and “Percentage in the shares” have been rounded up

3.5.2 The Company’s shareholdings in unlisted financial companies or companies proposed to be listed

x Applicable    ¨ Not applicable

 

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Commission File Number 001-31914

 

Company name

   Initial investment
cost (RMB million)
   Number of
shares 
(million)
   Percentage in
the shares 
(%)
  

Book value as at the end of reporting period

(RMB million)

Guangdong Development Bank

   5,671    2,282    20    6,026

China Life Property and Casualty Insurance Company Limited

   400    400    40    393

Total

   6,071    2,682    —      6,419

Note: Excluding the subsidiary companies.

This announcement is published in both Chinese and English languages. The Chinese version shall prevail.

 

By Order of the Board of
China Life Insurance Company Limited
Heng Kwoo Seng
Company Secretary

As at the date of this announcement, the Board of Directors of the Company comprises:

 

Executive Directors:   Yang Chao, Wan Feng
Non-executive Directors:   Shi Guoqing, Zhuang Zuojin
Independent non-executive Directors:   Long Yongtu, Sun Shuyi, Ma Yongwei,
  Chau Tak Hay, Cai Rang, Ngai Wai Fung
Hong Kong, 29 October, 2007  

 

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