CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES - Form 6-K

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

As at 31 December 2022, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB27,589 million and an increase in liabilities of long-term health insurance contracts by RMB6,878 million, which in aggregate reduced profit before tax by RMB34,467 million for the twelve months ended 31 December 2022.

I. Introduction

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.

The changes in accounting estimates were considered and approved at the 22nd meeting of the seventh session of the Board of Directors on 29 March 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.

As at 31 December 2022, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB27,589 million and an increase in liabilities of long-term health insurance contracts by RMB6,878 million, which in aggregate reduced profit before tax by RMB34,467 million for the twelve months ended 31 December 2022.

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