2013 Interim Results

Aug 29. 2013 Hong Kong ● Beijing

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Forward-looking Statements

Certain statements contained in this presentation may be viewed as “forward-looking statements” within the meaning of Section 27A of U.S. Securities Act andSection 21E of U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and otherfactors, which may cause the actual performance, financial condition or results ofoperations of the Company to be materially different from any future performance,financial condition or results of operations implied by such forward-lookingstatements. Further information regarding these risks, uncertainties and otherfactors is included in the Company’s Annual Report on Form 20-F for the fiscal yearended December 31, 2012 filed with the U.S. Securities and Exchange Commission,or SEC, on April 26, 2013; and in the Company’s other filings with the SEC. TheCompany does not undertake any obligation to update any forward-lookingstatement, except as required under applicable law. All information provided in thispresentation is as of the date of this presentation, and the Company undertakes noduty to update such information, except as required under applicable law.

Unless otherwise indicated, the Chinese insurance market information set forth inthis presentation is based on public information released by CIRC.

Agenda

1H 2013 OverviewSection I

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Investment Performance Section IV

Business Review Section II

Embedded ValueSection V

Financial Summary Section III

Section I: 1H 2013 Overview

Operating Environment in 1H 2013

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As the global economic recovery remained slow, China facedwith a complicated situation for economic growth; amidhighly volatile capital market, the task for life insurancecompanies to boost their investment yields was arduous.

Featured with growth deceleration, structural adjustmentand development model transformation, life insuranceindustry not only had to cope with competition from bankwealth management products, but also felt pressures fromhigh surrenders and maturity peaks.

China Life implemented the “innovation-drivendevelopment strategy”, adhered to the keynote of “tacklingdifficulties, making steady progress and striving for expansion”,emphasized equally on scale and value to ensure marketleadership and growth sustainability.

Business Development Overview in 1H 2013

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Responded to complicated environment and achieved steady growth ofpremiumsSeized market opportunities and increased investment yieldssignificantlyEmphasized equally on scale and value and achieved stable newbusiness value growth

Properly handled claims and payments to ride out maturity peaks

Continued with product innovation to support business development

Outlook for 2H 2013

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In the second half of 2013, the global and domestic environment maystay complicated and the life insurance industry may face manydifficulties. However, China’s overall trend of economic developmentremains steady, and the life insurance industry still has substantialgrowth potentials. Given the recently released “Guiding Opinions onFinancial Support for Adjusting, Transforming and Upgrading theEconomic Structures”, along with the launch of Traditional LifeInsurance Premium Rate Reform, the insurance industry will continueto enjoy “reform dividend” .Under such circumstances, China Life will adhere to the keynote of“tackling difficulties, making steady progress and striving forexpansion”, place emphasis upon business value growth whilemaintaining steady business development, and continue with ourinnovation-driven development strategy to further innovate productsand boost development vitality.

Section II: Business review

Life Insurance Industry in 1H 2013

Life insurance industry grew faster than the same period of last year.

New premiums recovered from two years of decrease.

Agent channel business maintained double-digit growth.

Affected by bank wealth management products, bancassurance channel still faced challenges.

572,853 

624,250 

1H2012 1H2013

1H 2013 Industry Gross Written Premiums

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RMB mn

First-year Regular Premiums

27,400 24,197 

1H2012 1H2013

103,614 112,301 

1H2012 1H2013

73,201 79,912 

1H2012 1H2013

Premium Income

Gross Written Premiums

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Long-term First-year Premiums

Renewal Premiums

185,438 203,251 

1H2012 1H2013

RMB mnRMB mn

RMB mnRMB mn

Business Structure

Long-term FYP

First-year Regular Premiums

Long-term Premiums

Short-term Premiums

37% 30%

63% 70%

1H2012 1H2013First‐year Regular Premiums Single Premiums

32% 29%

30% 29%

38% 42%

1H2012 1H2013Less than 5 years 5‐9 years 10 years or longer

59% 58%

41% 42%

1H2012 1H2013Renewal Premiums Long‐term FYP

61% 61%

39% 39%

1H2012 1H2013Short‐term Accident Short‐term Health

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Business Value

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Value of 1H 2013 SalesRMB mn

In-force Business Value

12,494  12,589 

1H2012 1H2013

209,088223,514

0

50,000

100,000

150,000

200,000

250,000

2012.12.31 2013.6.30

Note:: Both value of 1H 2013 sales and in-force business value are after the cost of solvency margin.

RMB mn

225.0%

13.3%

12.1%

14.1%

8.3%

Individual, Group and Short-term Business（GWP）

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Individual Business

1H2013

191,186

Change1H2012

Group Business 1,027

Short-term Business

9,770

Short-term Health 3,810 3,398

Short-term Accident

5,960 5,225

176,499

316

8,623

RMB mn

Supplementary major medical insurance* 1,268 ---- ----

Note: Supplementary major medical insurance for urban and rural residents.

1.38%

2.05%

1H2012 1H2013

Surrender Rate and Persistency Rate

Surrender Rate Long-term Individual Policy Persistency Rate

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

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92.5% 92.5%

90.0%

87.0% 87.0% 88.8%

84%

86%

88%

90%

92%

94%

96%

1H2011 1H2012 1H2013

14 Months 26 Months

22,453  22,412 

83,260  93,742 

1H2012 1H2013New Business Renewal Premiums

Individual Agent Channel

Business Development: Individual agent business achieved steady development， renewalpremiums continued to grow.Sales Force Development: Further upgraded Agent Management & Compensation System,incentivized team development; further promoted “e-chinalife” mobile marketing system amongsales force, and the number of agents remained stable with 684,000 in total.

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Agent Channel GWPRMB mn

57.0% 57.1%

27.4%24.6%

5%

15%

25%

35%

45%

55%

65%

1H2012 1H2013

Share in Gross Written Premiums Share in New Business

105,713116,154

Agent Channel Share in GWP & New Business

0.2%

12.6%

Note：In the first half of 2013, the Company's channel premium breakdown was presented based on the separate groups of sales personnelsbelonging to exclusive individual agent team, direct sales representatives, bancassurance sales team, and other distribution channels respectively, with the corresponding data for 2012 adjusted accordingly.

52,615  58,455 

19,874 18,035 

1H2012 1H2013

New Business Renewal Premiums

44,716 53,793 

7,875 

4,616 

1H2012 1H2013

Single Premiums First‐year Regular Premiums

20.3%

Bancassurance Channel

Business Development: The Company proactively responded to challenges from bank wealthmanagement products, and achieved growth in total premiums and solidified marketleadership.

Sales Force Development: The total number of account managers and financial advisorsreached 56,000, 9,806 more than the end of last year.

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Bancassurance FYP

72,48976,490

Bancassurance GWPRMB mnRMB mn

9.3%

11.1%

41.4%

3,551  4,283 

2,145 2,548 

1,296 

2,158 

1H2012 1H2013

Short‐term Accident Insurance Short‐term Health Insurance

Long‐term Business

105 

1,412 

139 

206 

1H2012 1H2013New Business

48.2%

Direct Sales and other Channels

Direct Sales Channel: Both long-term and short-term insurance premiums maintained rapidgrowth. Strengthened business development in large-and-medium-sized urban areas to enhancemarket competitiveness. Direct sales team remained stable with 16,000 representatives.

Other Channels: The Company proactively promoted the development of supplementary majormedical insurance for urban and rural residents. Meanwhile, the Company speeded up thedevelopment of telemarketing channel. In 1H2013, telemarketing business achieved rapid andsustainable growth with healthy business mix.

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Direct Sales Channel GWP Other Channels*GWPRMB mn

244

1,618

1244.8%

Note: Other channels mainly refer to supplementary major medical insurance for urban and rural residents and telemarketing channel.

RMB mn

6,992

8,989

20.6%

18.8%

66.5%

2H 2013 Development Focuses

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Continue to follow the keynote of “tackling difficulties, making steady progress and striving for expansion”, emphasize equally on business scale and value, implement innovation-driven development strategy, and promote sustainable and healthy development.

Focus on business value and keep steady growth of first-year regularpremiums.

Continue to promote product innovation with emphasis on traditionalproducts.

Enhance service capabilities to support business development. Consolidate the foundation of sustainable development with sales force

development as fundamental means. Strengthen primary-level organizations to invigorate innovation Reinforce stringent risk control to ensure solid operation.

Section III: Financial Summary

Revenues

Net Premiums Earned Total Revenues

Investment Income & Realized/Unrealized Gains and Impairment Losses

RMB mn RMB mn

184,739200,844

1H2012 1H2013

208,600

247,548

1H2012 1H2013

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35,303 

2,003 

(15,117)

177 

40,103 

7,618 

(3,696)

918 

Investment IncomeNet Realized Gainson Financial Assets Impairment Losses

Net fair value gainsthrough profit or loss

1H2012 1H2013

RMB mn

Cost Control

Underwriting and Policy Acquisition Cost Ratio

Administrative Expenses Ratio

7.0%

5.6%

1H2012 1H2013

4.7%4.4%

1H2012 1H2013

Notes：Underwriting and Policy Acquisition Cost Ratio = Underwriting and policy acquisition costs/ total revenueAdministrative expenses ratio = Administrative expenses / total revenue

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Profitability

Net Profit Attributable to Equity Holders Weighted Average ROE EPS

RMB mn RMB yuan

0.34

0.57

1H2012 1H2013

9,635

16,198

1H2012 1H2013

4.71%

7.11%

1H2012 1H2013

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Financial Position

Total Assets Equity Holders’EquityRMB mn RMB mn

1,898,9161,984,035

2012.12.31 2013.6.30

221,085230,643

2012.12.31 2013.6.30

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Solvency Ratio

Solvency Ratio

Affected by the combined effects of comprehensive income, distribution of last year's shareholder dividend and business development, China Life's solvency ratio was 237.90% as of June 30, 2013.

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235.58% 237.90%

2012.12.31 2013.6.30

Section IV: Investment Performance

1,790,8381,855,519

2012.12.31 2013.6.30

Investment Assets and Portfolio

Investment Assets

Note: Investment assets = Cash and cash equivalents + Securities at fair value through profit or loss + Available‐for‐sale securities + Held‐to‐maturitysecurities + Term deposits + Securities purchased under agreements to resell + Loans + Statutory deposits + investment properties 

RMB mn

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Investment Portfolio

46.24% 46.01%

35.80% 37.23%

9.20% 8.02%3.88% 2.75%4.88% 5.99%

2012.12.31 2013.6.30

Debt Securities Term Deposits

Equity Securities Cash & Cash Equivalents

Others

Investment Yields

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Gross Investment Yield

Note：Net investment yield = {[(Investment income + Rental income from investment properties - Business tax and extra charges for investment) / ((Investment assets at the beginning of the period + Investment assets at the end of the period) / 2)]/181} x 365Gross investment yield = {[(Investment income + Net realized gains/(losses) and impairment on financial assets + Net fair value gains/(losses) through profit or loss +Total income from investment properties - Business tax and extra charges for investment) / ((Investment assets at the beginning of the period + Investment assets at the end of the period) / 2)]/181} x 365Comprehensive investment yield = {[(Investment income + Net realized gains/(losses) and impairment on financial assets + Net fair value gains/(losses) through profit or loss + Current net fair value changes of available-for-sale securities recognized in other comprehensive income +Total income from investment properties - Business tax and extra charges for investment) / ((Investment assets at the beginning of the period + Investment assets at the end of the period) / 2) ]/181} x 365

Net Investment Yield

4.48% 4.42%

1H2012 1H2013

2.83%

4.96%

1H2012 1H2013

Comprehensive Investment Yield

5.99%

4.27%

1H2012 1H2013

New Investment Channels

Subscribed RMB 4.8 billion in the industry's first infrastructureequity investment plan for PetroChina Pipeline Project of the WestNatural Gas Lines No.1 and No.2. Proactively participated ininfrastructure and real estate debt investment plans, with cumulativeinvestment amount of RMB 45.5 billion.

Infrastructure Investment Plan

Equity Funds

Trust Plan and other

Financial Products

Interest Rate Swap and other Risk

Management Tools

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Explored the use of risk management tools, such as interest rate swap, and prepared the qualification filing with CIRC for stock index futures investment.

Steadily invested in financial products, including trust schemes, bank wealth management products and special-purpose asset management plans, with a total investment of RMB 3.7 billion.

The Company invested in China Life Suzhou Urban Development Industry Investment Fund with a contract amount of RMB 5 billion.The investment not only supported local infrastructure development, but also expanded our investment channels.

Section V: Embedded Value

Embedded Value Breakdown by Components

2013.6.30RMB mn

139,846 

363,359

261,005 

(37,491) 

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Adjusted Net Worth In-force Business Value Cost of Solvency Margin Embedded Value

- 30 -Note：Numbers may not be additive due to rounding.

12,494  12,589 

1H2012 1H2013

128,507  139,846 

209,088 223,514 

2012.12.31 2013.6.30

In‐force Business Value(After cost of solvency margin)

Adjusted Net Worth

Growth of EV and Value of New Business

Value of 1H 2013 SalesEmbedded ValueRMB mnRMB mn

363,359337,596

Note：Numbers may not be additive due to rounding.- 31 -

Embedded Value Movement Analysis

RMB mn

EV movement from 2012 year end to 30, June 2013

- 32 -Note：Numbers may not be additive due to rounding.

337,596 363,359

16,721 12,589 

5  3,426  881 

EV at Beginningof 2013

ExpectedReturns

Value of 1H2013 Sales

OperatingExperienceVariance

InvestmentExperienceVarience

Methodologyand ModelChanges

Market Valueand Other

Adjustments

Exchange Gainsor Losses

ShareholderDividends

Others EV at June30,2013

(3,277) (3,957)(363) (260)

Q & A

Appendix：Honors in 1H 2013

China Life Insurance (Group) Co. , with China Life Insurance Company Limited as its core member, has been selected as a “Fortune 500” company for 11 consecutive years, ranking 111th in 2013.

The brand of China Life continues to rank 5th on the list of “China’s 500 Most Valuable Brands” in 2013 with RMB 155.88 billion brand value. China Life ranked 1st among all 7 insurance companies on the list.

China Life has been selected in “Forbes Global 2000” for ten consecutive years, ranking 106th in 2013.

On the list of “ BrandZ Top 100 Most Valuable Global Brands ” in 2013, China Life ranked 57th with USD 15.28 billion brand value.

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Fulfilling Corporate Social Responsibilities

Sponsoring Orphans

Continued sponsoring orphans in Wenchuan earthquake, Yushuearthquake and Zhouqu mudslide, launched charity event - “Relay for Love, Sailing for Your Dream--Dreams of Earthquake Orphans Come True” to help orphans fulfill their dreams.

Funding for Xinjiang

Donated RMB 3 million to Urumqi Charity Association to fund the building of two community day care centers, and provided relief to poverty-stricken patients with serious diseases.

Aiding Police Families

The Company donated RMB 2 million to Beijing Police Foundation to aid impoverished families in police force.

- 35 -Note：Above undertakings were operated by China Life Foundation..

Post Disaster Relief

Donated RMB 10 million to fund the reconstruction of Ya’anearthquake-stricken areas, and offered living allowance to support Ya’an earthquake orphans until they reach 18.

Sensitivity Analysis–Investment Return and Discount Rate

Value of 1H 2013 Sales after the Cost of Solvency Margin

Value of In-force Business after the Cost of Solvency Margin

RMB mn RMB mn

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223,514 

( 36,945) 

( 10,855) 

11,657 

37,209 

InvestmentYield ‐10%

Risk AdjustedDiscount

rate=11.5%

Base Case Risk AdjustedDiscount

rate=10.5%

InvestmentYield +10%

12,589 

( 1,634) ( 661) 

709 1,653 

InvestmentYield ‐10%

Risk AdjustedDiscount

rate=11.5%

Base Case Risk AdjustedDiscount

rate=10.5%

InvestmentYield +10%

Note：Numbers may not be additive due to rounding.

Sensitivity Analysis-Operational and other Assumptions

Sensitivity Analysis Results (after the cost of solvency margin)RMB mn

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Claim Ratio for Short Term Insurance+/-10%

Morbidity Ratio+/-10%

Surrender Ratio+/-10%

Mortality Ratio for Non-Annuity Products +/-10%,

Mortality Ratio for Annuity Products -/+10%

Cost Ratio+/-10%

Base

Value of In-force Business Value of 1H 2013 Sales

‐939

‐48

‐105

‐54

‐404

939

48

106

54

404

‐1,500 ‐1,000 ‐500 0 500 1,000 1,500

‐2,633

‐1,967

‐1,172

‐2,100

‐384

2,633

2,017

1,210

2,120

384

‐3,000 ‐2,000 ‐1,000 0 1,000 2,000 3,000

223,514 12,589

Note：Numbers may not be additive due to rounding

Sensitivity Analysis Results –other assumptions

Sensitivity Analysis ResultsRMB mn

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Value of In-force Business after the Cost

of Solvency Margin

Value of 1H 2013 Sales after the Cost of Solvency Margin

Base 223,514 12,589

Solvency Margin at 150% of Statutory Minimum 213,238 11,604

Taxable income based on the accounting profit in accordance with “the Provisions on the Accounting Treatment Related to Insurance Contracts” under one possible scenario

226,245 11,956