China Life Reinsurance Company Ltd. ("the Company") is the only specialized life reinsurance company in China approved by the State Council and Former CIRC and founded in December 2003. The Company has a registered capital of RMB8.170 billion and it is a wholly-controlled main business subsidiary of China Reinsurance (Group) Corporation ("China Re Group") . Headquartered in Beijing, the Company directly controls China Reinsurance (Hong Kong) Company Limited, which has one branch in Shanghai and Shenzhen.

　　The Company adheres to the principal of "integrity and prudence", focuses on the creation of shareholders' value, targets at market and clients' needs and dedicates itself to building a sustainable, time-honored company.

　　The business scope of the Company covers various types of insurance including life insurance, health insurance and accident insurance. By providing treaty reinsurance and facultative reinsurance, the Company relocates and resolves risks through proportional or non-proportional reinsurance arrangements.

　　The Company has a group of highly-competent, outstanding and young professionals and management personnel. As it has attracted and cultivated a large number of experienced actuaries, underwriters, claim adjustors and marketing personnel, the Company can provide clients with most efficient services of the best quality, and cater to different needs of clients by customizing its services.

　　In 2021, A.M. Best has confirmed the rating results of financial strength rating (FSR) of the Company and China Re HK as “A (Excellent)” and long-term issuer credit rating (ICR) as “a” for the 12th consecutive year. The prospect of the financial strength rating (FSR) was “steady”, and the prospect of the long-term issuer credit rating (ICR) as “positive”.

　　In 2021, Standard & Poor’s granted the Company and China Re HK an “A” rating with a “steady” prospect in terms of long-term financial strength and issuer credit rating.

　　The Company continued actively overcoming the adverse impact of the pandemic. The Company optimized its business structure, achieved significant growth in profitability, and effectively managed risks, thus successfully achieved the goals of the “13th Five-Year Plan”. The Company strategically developed the protection-type reinsurance business and continued to contribute to the supply-side structural reform of the industry based on “Product+” and “Data+” strategies, helping to fight against the pandemic by innovating products and providing risk solutions to cover insurance liabilities arising from COVID-19. The Company helped China Association of Actuaries with the revision of “China Life Insurance Critical Illness Morbidity Table (2020)”, joined hands with partners to participate in a number of local governments’ inclusive health insurance programs, explored innovative insurance model for specialty drugs, and promoted the integration of insurance products and health service. The Company attached great importance to savings-type reinsurance business, and strengthened cost control and asset-liability management. The Company strengthened financial reinsurance management by paying attention to the credit risk of counterparties and business compliance. Since the establishment of China Re HK, the Company has fully brought into play its advantages in both domestic and overseas markets to actively expand its foreign-currency savings-type business, providing reinsurance solutions with China Re’s characteristics for Hong Kong, Singapore and surrounding markets.

　　In 2020, the Company (consolidated with China Re HK) achieved RMB70,252 million in total written premiums (“TWPs”) (including TWPs of RMB3,734 million from savings-type non-insurance business), net profit of RMB2,576 million, investable assets of RMB142,312 million and a comprehensive solvency ratio of 229.34%.

　　The Company has in-depth knowledge of and has gained extensive experience in the PRC life reinsurance market. It diversified risks for its customers via specialized technology services, and gradually established a cooperation mechanism of “sharing risks and profits and realising win-win situations through long-term cooperation” with customers. Currently, the Company has established good cooperation with almost all of the life insurers in China. Our overall written premiums rank No. 1 in the domestic market, with our core businesses maintaining leading position and gaining good market reputation.

　　The Company implemented long-term diversified strategies, and actively expanded domestic and overseas markets. We grasped the implications of the new regulatory policies regarding life insurance products, promptly followed up with the updated regulatory requirements, increased our efforts in the promotion of “Data+” and “Technology+” strategy, and continuously strengthened data analysis. We enhanced products development and cooperation, conducted detailed analysis on customers’ demand, formulated customized solutions, and met customers’ demand for comprehensive reinsurance service. Meanwhile, the Company attached great importance to enhancing exchanges with industry peers of international life insurance and life reinsurance companies, and paid close attention to the development trend and business innovation of international life insurance and life reinsurance markets, carried out in-depth analysis on customer and product strategies, and deepened overseas business cooperation and communication.